Bloomberg:
- Billionaire investor Warren Buffett, stung by $955 million in losses from an incorrect bet against the US dollar in 2005, slashed his bet against the dollar this year, just before its steepest decline in 18 months.
- The week-long heat wave that has hit the US East Coast will start rolling out by this morning.
- According to Thomson Financial, US companies’ second-quarter earnings rose by an average of 19%.
- The NFL, which became the world’s richest sports league mainly through its multibillion-dollar tv contracts, may be positioning itself to challenge its biggest benefactors.
- Senate Republicans’ failed in attempts to lure Democrats into voting for a reduction in the death tax by combining it with an increase in the minimum wage and popular tax breaks.
- Best Buy(BBY) is considering further acquisitions in China, including Beijing Dazhong Electrical Appliances, as the biggest US home-appliance chain prepares to open its first store in the world’s most populous country.
- Shares of Sanofi-Aventis SA(SNY) and partner Bristol-Myers(BMY) fell after a US pharmaceutical distributor said Apotex may introduce a generic version of their best-selling Plavix clot treatment.
- Futures traders see another interest-rate increase by the Fed this year as unlikely after a government report showed weaker-than-expected job creation.
- Shares of DreamWorks Animation SKG(DWA), maker of the “Shrek” films, rose as much as 17% after Bank of America(BAC) analyst Michael Savner said the company may buy back shares from Paul Allen, its largest investor.
- Crude oil fell more than $1/bbl. on signs slower global economic growth will curtail fuel consumption.
- US Treasuries are rising, pushing the 10-year yield to the lowest since April.
Wall Street Journal:
- Buyout funds, hedge funds and other speculators are pouring billions of dollars into energy related businesses of all kinds. Energy is “as hot right now as tech was in 2000,” Ben Dell, an analyst with Sanford C. Bernstein said.
- A group of nine advertisers including Wal-Mart Stores(WMT) and Toyota Motor(TM) is starting a Web site today that introduces their plan for an Internet auction for television advertising time.
- Warner Music Group plans to sell DVDs with a music album that plays stereo and surround-sound on a standard player and has video footage that can been displayed using a DVD player or computer.
- France is playing a different role in its approach to the conflict in Lebanon than it did toward the US decision to liberate Iraq in 2003 and is working more closely with the US on the issue.
- US hedge-fund firms sometimes set up separate accounts known as “side-pockets” to hold investments that are difficult to value.
- Managers of “value” mutual funds have been putting money into stocks, as opposed to last year’s cash investments, a move which indicates professionals see bargains in the US stock market.
NY Times:
- Merck’s(MRK) strategy of trying every case of plaintiffs claiming they suffered heart attacks after taking the painkiller Vioxx could be paying off, as the company has won five of seven jury trials.
Philadelphia Inquirer:
- DuPont(DD) said 40% of its businesses aren’t reaching profitability goals and it may restructure or sell some of them.
AP:
- Some computers using wireless Internet access are vulnerable to being taken over by another user who could gain passwords, bank account numbers and other personal information.
- Two New Jersey scientists are seeking money for a plan to place pumps in the ocean that could cool waters in a hurricane’s path, potentially weakening it before it hits land.
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