- Israeli forces bombed the Beirut headquarters of Hezbollah, and the chief of staff of the Israeli military said attacks would continue unit the Lebanese government exerts authority over southern Lebanon.
- Ford Motor(F), losing US market share to Asian rivals, had its credit rating cut further into junk status by Moody’s Investors Service on concern that the automaker won’t be able to stem North American losses.
- Crude oil rose .30 to $77 as concern mounted over escalating violence in the Middle East.
- Kentucky Derby winner Barbaro, who has both hind legs in casts, was upgraded to stable from guarded condition a day after his surgeon called his prognosis “poor” because of life-threatening inflammation.
Wall Street Journal:
- Brazilian President Luiz Inacio Lula da Silva said he is proposing a world forum on ethanol, the crop-based fuel additive, to promote and try to set it up for trade as a commodity.
- Student-run investment funds are taking off as a teaching tool at universities across the US.
- Hertz Corp. is making final preparations for an IPO.
- A US Senate panel approved a fiscal 2007 budget for the EEOC of $327 billion, the same as last year, yet $4 million more than the Bush administration had requeted.
- Republicans are criticizing Democrats for an Internet ad that shows coffins arriving in the US from the Iraq war.
- A drop in shares of Germany’s SAP AG(SAP) yesterday after the company said license revenue fell short of forecasts may make the software maker’s stock a good bet for traders.
- OAO Lukoil, Russia’s biggest oil producer, agreed to buy a controlling stake in a venture exploring for oil off West Africa’s Ivory Coast.