Bloomberg:
- US stocks are headed for their best week in four years.
- Quincy Krosby, who helps manage about $325 billion as Chief Investment Strategist at the Hartford, says the US stock market is in now in a “bottoming phase.”
- Crude oil is only .29 higher in NY after Iran seized 15 Bristish naval personnel. Gold is falling $8 an ounce of the news.
- The US dollar is rising against the euro after a report showed US existing home sales rose the most in three years.
- David Land, who helps manage $3.9 billion at Advantus Capital Management, says the US prime mortgage market will remain “rock solid.”
- Whatever scare rising defaults of subprime loans wreaked on stocks and bonds may already be on the wane.
- David Kelly, an economic adviser to Putnam Investments in Boston, see home sales and subprime woes stabilizing.
- Vonage Holdings(VG) was ordered by a judge to stop using Verizon Communications(VZ) technology that allows customers to make calls to standard phone lines.
- The House of Representatives voted to require the withdrawal of US troops from Iraq in the most direct challenge to President Bush’s policy since Democrats won control of Congress in January.
- Google Inc.(GOOG) said its engineers are developing software for handheld devices and the company has no plans to build mobile phones.
- Genentech Inc.(DNA) said it halted a study of the drug Avastin as a treatment for small-cell lung cancer because of safety issues.
- DaimlerChrysler AG(DCX) shares rose as much as 6% on speculation the German carmaker moved closer to selling its Chrysler unit, said analysts and traders.
Wall Street Journal:
- Citigroup Inc.(C) may bid for ABN Amro Holding NV, which is talking with Barclays Plc about a takeover.
- UBS AG and Goldman Sachs(GS) are among foreign brokerages with joint ventures set to profit from IPOs in China this year.
- Ford Motor(F) may introduce a new Ford Flex crossover sport-utility vehicle next month, to appeal to families who don’t like minivans.
- Morgan Stanley(MS) split its trading business into two parts to clarify the risk factor and to improve contact with trading clients, citing an internal memo from Co-President Zoe Cruz.
- ConocoPhillips’(COP) CEO Mulva is confident the company will sign a joint venture with OAO Lukoil within the next 12 months.
NY Times:
- Some US states have sought the help of Eli Lilly(LLY) to rein in the costs of antipsychotic drugs such as Zyprexa, which is made by Lilly.
CNBC:
- The Chicago Merc(CME) sees “no need” to alter its $8.6 billion offer for the Chicago Board of Trade(BOT) to fend off a rival bid by the Intercontinental Exchange(ICE), CEO Donohue said.
USA Today:
- The Dept. of Homeland Security and the US military plan to test whether unmanned drones flying above airports could protect planes from terrorists armed with shoulder-fired missiles.
Globe and Mail:
- Canada’s ruling Conservative Party is close to having enough support to win a majority government in an election, citing the results of a new poll.
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