Before the Bell: Positive Buffett comments may not lift market

Posted Oct 17th 2008 7:55AM by Jonathan Berr
Filed under: Google (GOOG), General Motors (GM), International Business Machines (IBM), Amer Intl Group (AIG)

Bullish comments from Warren Buffett and better-than-expected earnings from Google Inc. (NASDAQ:GOOG) and International Business Machines Corp. (NYSE: IBM) may not help boost the stock market. Futures were down because of lingering concerns about consumer confidence. Markets in Europe are rallying and were mixed in Asia. President Bush also is scheduled to give a "pep talk" to investors today.

Writing in the New York Times, Buffett said he is buying American stocks. "Let me be clear on one point: I can't predict the short-term movements of the stock market. I haven't the faintest idea as to whether stocks will be higher or lower a month - or a year - from now., " he writes. "What is likely, however, is that the market will move higher, perhaps substantially so, well before either sentiment or the economy turns up."

Here is a look at other news which may interest investors:

OPEC called an emergency meeting as oil slipped below $70 a barrel
Small businesses are feeling the effect of the Wall Street layoffs
According to the Wall Street Journal, lenders are eager for General Motors Co. (NYSE:GM) and Chrysler LLC.
Companies are finding it difficult to get financing when they are in bankruptcy.
New York Attorney General Andrew Cuomo reached a deal with American International Group Inc. (NYSE: AIG) to review compensation paid to former executives.