MORNING COFFEE

GMAC Needs More Cash.  GMAC will need more Federal money to stay afloat.  The company will likely receive another $3.5B in cash, adding to the $12.5B the feds have already used to stabilize the ailing auto lender. The additional money will help GMAC absorb losses related to its mortgage operations.

Credit Card Delinquencies Increase. November U.S. credit card chargeoffs rose half a percentage point to 10.56%, halting two-months of improvement.  Delinquencies rose, to 6.2%. Analysts believe that bad debts will continue to rise through much of the winter, and that chargeoffs could peak at 12-13% in mid-2010.

Nokia Says Apple Stole Patents.  Nokia (NOK) filed a complaint with the U.S. International Trade Commission saying that Apple infringes on seven Nokia patents in nearly all of its consumer products. The patents relate to Nokia's technology to create features in user interface, camera, antenna and power management technologies.

·         Futures: Dow -0.5% to 10431. S&P -0.6% to 1115. Nasdaq -0.4%.
30-year Tsy +0.03%. 10-year +0.03%.
Euro-0.15% vs. dollar. Yen -0.1%. Pound -0.3%.
Crude -0.2% to $78.70. Gold -0.6% to $1,091.70.

·         Asia: Nikkei -0.9% to 10546. Hang Seng -0.0% to 21497. Shanghai+1.6% to 3263. BSE -0.3% to 17344.

·         Europe at midday: FTSE -0.5% to 5409. CAC -0.7% to 3934. DAX -0.8% to 5964.