Friday, January 12, 2007

Today's Headlines

- AT&T(T) is extending its brand to incorporate Cingular Wireless and BellSouth in an effort to save $2.8 billion in advertising costs.
- A rocket attack on the US embassy in Athens, Greece this morning left no injuries and little damage, an official said.
- OAO Lukoil, Russia’s biggest oil producer, reported a 10% increase in third-quarter profit as output climbed at overseas projects.
- The Dolan family raised Cablevision Systems(CVC) to $30 a share from $27 previously.
- US Treasuries are falling, pushing yields to the highest since October, after a stronger-than-expected retail sales report.
- Credit Suisse Group CEO Oswald Gruebel said he’s confident about business in 2007 and “very optimistic” for investment banking.
- Quality Systems(QSII) and other health-care information companies are drawing interest from investors and potential buyers who want a piece of the market for electronic medical records in the US.
- Delphi Corp. won court approval of a $3.4 billion investment by five financial firms led by Cerberus Capital Management, paving the way for a plan to exit court protection.
- Democratic Representative John Murtha, chairman of a House subcommittee on defense spending, said he will try to block the increase of US forces in Iraq and force the closing of a military prison in Guantanamo Bay by withholding funds for those operations.
- Senators Joe Lieberman, a Connecticut Independent, and John McCain, an Arizona Republican, introduced climate legislation that calls for a national cap on the pollution that some scientists claim is leading to higher temperatures.
- Copper prices in NY are falling another 2% as inventories rose and demand for the metal used in cars, appliances and construction eased.
- BP Plc(BP), Europe’s second-largest oil company, said CEO John Browne will retire more than a year ahead of plan after missteps including a fatal refinery explosion and pipeline leaks eroded investor confidence.
- Rates to ship oil in the Caribbean basin fell for the third straight week as lower demand for crude reduced the need for ships.
- Roger Nightingale, a global strategist at Millennium Global Investments, expects oil to fall to $45-50/bbl. this year.
- OPEC is unaware of any plan to hold a meeting during Jan. 19-21, the public relations department at OPEC’s Vienna-based Secretariat said in an e-mail.
- Crude oil is bouncing .90 higher today as shorts cover after the recent decline sent oil 14% lower for the year so far.

Wall Street Journal:
- NYSE Group’s(NYX) NYSE plans a test program this year that may bring stock price information to Web users with almost no delay.
- British newspapers such as Telegraph Group’s Daily Telegraph and News Corp.’s(NWS) Times are buying search words on Google Inc.(GOOG), so connections to their Internet site appear first when Web users carry out a search.
- US stocks are worth at least 20% more, even though market indexes are at or near records, according to Bill Miller, who manages the Legg Mason Value Trust fund. The market is being driven by strong corporate earnings, steady interest rates, acquisitions and the decline of commodity prices from overheated levels, Miller said.
- US banks and saving institutions are hiring officers tasked with increasing the number of customers who sign up for savings, checking and other accounts.
- Nissan Motor may borrow design ideas from it partner, Renault SA, in developing economical vehicles for sale in emerging markets.
- PepsiCo(PEP) will start changing its cola cans every three or four weeks as it seeks to gain the attention of young people.

Le Figaro:
- French Internet sales jumped about 40% to $15.5 billion last year, citing industry group Fevad.

- Malaysia plans to increase the generation of hydroelectric and cut reliance on natural gas, citing Energy, Water and Communications Minister Lim KengYaik.

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