Harold Maass of The Week The Best of Today's Business

Samsung gives the week a good start

Asian stocks got a lift today after South Korea's Samsung Electronics reported quarterly profits that beat expectations. (MarketWatch.com) Technology-related exporters such as Sony Corp. fared especially well, as rising U.S. consumer confidence and spending eased fears of declining demand. (Bloomberg) Oil-price worries will weigh on U.S. stocks as the Dow Jones Industrial Average approaches the 12,000 mark. OPEC announced a meeting this week to discuss production cuts. (CNNMoney.com) The big news will come later in the week, as tech giants including Apple, Motorola, Google, and Yahoo! report earnings. (BusinessWeek Online)

Health insurer's chief must go

The chief executive of UnitedHealth Group (UNH) resigned after a damning report from a law firm the company's board hired to investigate the timing of stock-option grants. Dr. William McGuire -- who built the company into one of the nation's two biggest health insurers -- was also forced to give up some of his $1.1 billion in options. (The New York Times, free registration required) McGuire was the latest in a string of executives ousted in a growing scandal over the tweaking of options to pad compensation. More than 100 companies are under government investigation, and many boards are cleaning house before an expected crackdown, analysts said. (Los Angeles Times, free registration required)

Elmo helps out

Mattel Inc. (MAT) reported quarterly profits and sales that beat Wall Street expectations. The world's largest toy maker said that Barbie sales rose worldwide for the first time in three years, indicating that its flagship doll was "showing encouraging signs of stabilization" after a slump. (MarketWatch.com) Sales of products linked to Walt Disney Co.'s "Cars" movie also helped, as did early shipments of T.M.X. Elmo -- the 10^th anniversary version of the furry red Sesame Street character. "Elmo will boost the toy category as a whole," said analyst Bob Goldsborough of Ariel Capital Management. (Bloomberg)

It's raining wine

Last year's record grape harvest has flooded California with cheap wine. Famous vineyards are selling surplus in bulk to private-label bottlers and retailers who sell it under house brands. As established vineyards reduce their inventories, consumers will be able to get a taste of wines that might have sold for $30 to $100 a bottle for as little as $10. "Lots of those wineries ... might not sell off the best of what they have," said wine broker Bill Turrentine, "but it can still be very good." (Los Angeles Times, free registration required)

BEST COLUMNS OF THE DAY

After November

Republicans are about to lose control of Congress, says Donald Luskin in SmartMoney.com. But businesses probably won't notice any difference. The pro-growth party hasn't delivered any pro-growth legislation, other than tax cuts. "Social Security privatization? Nope. Trade liberalization? Nyet. Estate tax repeal? Non. Malpractice and tort reform? Nada. Government spending restraint? Surely you jest!"

Vamps vs. vampires

"Since when did Halloween costumes become marital aids?" says Allison Block in The New York Times (free registration required). The adult costume aisle at Target has a Wonder Woman outfit featuring a "nearly invisible skirt." Kmart offers French maid and cheerleader costumes. Wal-Mart has a "saucy Red Riding Hood" and a "naughty rag doll," advertising "a sultry red bodice ... lollipop not included." Maybe it's just me, but "trick-or-treating with your children in anything featuring latex and cleavage seems like a little too much trick."

GOOD DAY FOR: Virtual reality, as the Reuters news agency has assigned a reporter to establish a news bureau inside the online role-playing game Second Life, where 850,000 players establish virtual businesses and sell each other homes, goods, and services. (The New York Times, free registration required)

BAD DAY FOR: Teamwork, as some big Chrysler dealers are refusing to take some of the 50,000 vehicles the automaker has in storage. Chrysler needs to get rid of its bloated inventory. Many dealers say they already have more 2006 vehicles than they can sell, and they need to make room for 2007 models. (The Wall Street Journal, paid subscription required)

NOTED: Thanks to high oil prices, the gross domestic product of the 22 countries in the Arab League reached $1 trillion for the first time in 2005. (Associated Press)