Bloomberg:
- Consumers continued spending in May even as gas prices rose, helping many retailers post sales gains that exceeded analyst estimates.
- Nickel plunged the most in 19 months, and copper’s decline reached the trading limit in NY, reviving speculation that the rally in metals may be over.
- Toyota Motor(TM) and Honda Motor increased US sales by more than 15% in May while their biggest US rivals, GM(GM) and Ford(F), posted their fourth consecutive monthly declines.
- Crude oil fell to session lows, reversing $1.55 from session highs as speculators continued to take profits in most commodities.
Wall Street Journal:
- Goldman Sachs’(GS) board will meet tomorrow to decide whether Lloyd Blankfein, currently No.2 at the world’s largest securities firm, will succeed Henry Paulson as chairman and CEO.
- The US FCC has proposed charges on Internet phone users and some wireless customers to help subsidize telephone services to rural and low-income customers.
- Management-led buyouts in the US have grown in size this year.
- Wal-Mart Stores(WMT) may sell ethanol-based biofuel at company owned gas stations, providing a boost to the market for alternative fuels.
- Goldman Sachs(GS) quit as an adviser to Mirant(MIR) in the US power producer’s $7.86 billion hostile takeover bid for NRG Energy(NRG) that was revealed Tuesday.
- IBM(IBM) and Microsoft(MSFT) are scouring Silicon Valley for start-ups they might work with or acquire.
Washington Post:
- About 170 employees of the Washington Post(WPO) have accepted early retirement offers as the company tries to contain costs at a time when circulation is falling.
LA Times:
- Sony’s(SNE) Connect Internet music store is still losing in its competition with Apple Computer’s(AAPL) iTunes service.
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