Today's Headlines

Bloomberg:
- NYSE Group(NYX) wants to increase the cost of trading on the floor of the NYSE as part of an effort to drive more transactions to its electronic market.
- Hedge fund managers gave up about half of this year’s gains in May as prices for stocks, oil and metals fell, investors said.
- Pulte Homes(PHM) cut its forecast for 2006 earnings after orders for April and May fell 29% from a year earlier.
- US Treasuries surged after a government report showed employers added fewer workers than forecast for a second month, prompting traders to pare bets the Federal Reserve will raise interest rates at its next meeting.
- Federal Reserve Bank of Chicago President Michael Moskow said interest rate decisions won’t be a “mechanical reaction” to inflation or job figures and that smaller employment gains can support sustained economic growth.
- Crude oil is rising more than a $1/bbl. because of an attack on a Nigerian oil rig and doubts that Iran will embrace new US-backed efforts to rein in the country’s nuclear research.

Wall Street Journal:
- Microsoft(MSFT) and Adobe Systems(ADBE) may confront each other over software used for creating electronic documents.
- Experimental gene-based drugs nearing sales approval may offer strong competition to existing cancer treatments that have been among the fastest-growing medications on the market.
- CVS Corp.(CVS) CEO Tom Ryan said he isn’t worried by credit-rating companies’ recent downgrades of CVS debt, and the drugstore company is planning more acquisitions.
- Experimental gene-based drugs nearing sales approval may offer strong competition to existing cancer treatments that have been among the fastest-growing medications on the market.

NY Times:
- School performance in NYC’s Harlem neighborhood has improved during the past seven years as more privately operated charter schools are opened.

NY Post:
- NY’s Metropolitan Transportation Authority plans to start testing next month a program sponsored by MasterCard and Citigroup(C) that uses smart cards to pay for subway rides.

Boston Herald:
- Fidelity Investments may create as many as 4,000 jobs in North Carolina as part of a plan for a new office complex in the Raleigh area.

Telegraph:
- India’s government, faced with the prospect of accelerating inflation, may allow interest rates to rise and curb prices.

Globe and Mail:
- Newfoundland has increased by 40% its estimate of the amount of oil and gas at two offshore fields.