Today's Headlines

Bloomberg:
- US stocks are surging, sending the DJIA to another all-time high and above 13,000 for the first time, after earnings from Amazon.com(AMZN) bolstered speculation that profit forecasts are too low.
- Israel held back today from retaliating for a barrage of rockets fired by Hamas members in the Gaza Strip, while warning that any further attacks will draw a powerful response.
- Shares of Amazon.com(AMZN), the world’s biggest Web retailer, sky-rocketed 27% after the company boosted its 2007 profit and sales forecasts. As of today, the short-interest ratio on the shares was at an all-time high, surpassing the peak in March 2003.
- Crude oil rose .60/bbl. after a government report showed that US gasoline supplies fell again as refinery utilization dropped substantially on ongoing nationwide “outages.” US oil supplies jumped and are near eight year highs.

Wall Street Journal:
- Fuel-efficient car drivers are having a negative impact on the US federal highway trust fund as less gasoline tax is paid.
- Martha Stewart Living(MSO) will start selling craft products, citing an interview with CEO Lyne.

NY Times:
- Jarden Corp.(JAH), a maker of consumer goods including Coleman camping equipment and Bicycle playing cards, will buy K2 Inc.(KTO) for $1.2 billion in cash and stock.

- Energy News Today:
- Exxon Mobil Corp.(XOM) halted production on a catalytic cracker at its Beaumont, Texas, refinery in the past 24 hours to repair a “minor problem.”

China Information:
- China needs to control the expansion of short-term assets as people put less money in bank deposits and the stock market booms, a state Statistics Bureau affiliated newspaper said. Financial risks have also risen as short-term currency arbitrage increases, and the economic and financial bubble grows, the paper said. International “hot money” has directly or indirectly flowed into the stock market, while assets from domestic banks, private equity, and assets managed by financial companies are participating in the equity market boom. To stop the stock market overheating, the government should remind people of the risks associated with buying shares now. Regulators should tighten supervision of mutual funds and control equity growth, and should accelerate changes to the currency.