Weekend Headlines - Wall Street Journal:
- Shares in Saudi Arabia fell to their lowest in more than 31 months, as investors sold stock to raise funds before the listing of Saudi Kayan Petrolechemical Co. The benchmark Tadawul All Share Index fell 3%, the lowest since October 2004. The index has lost almost 14% this year, the second-worst performance among 90 indexes tracked worldwide by Bloomberg after
- General Motors(GM) is reassigning 500 engineers to speed up the creation of the Chevrolet Volt, an electric car designed to close the automaker’s technology gap with Toyota Motor(TM).
- Durham county District Attorney Mike Nifong was disbarred by the North Carolina State Bar for breaking rules of professional conduct while handling rape allegations against Duke University lacrosse players.
- The yen slumped the most against the US dollar since January as Bank of Japan Governor Toshihiko Fukui said the central bank needed to be “more confident” about price increases before raising rates.
- European Union leaders face “serious” obstacles to a deal on the bloc’s constitution after Poland stood firm in objecting to a proposed new voting system, German Chancellor Angela Merkel said.
- French President Nicolas Sarkozy intends to press ahead with his $14.6 billion tax-cut package even after an unexpected setback left him with a narrowed parliamentary majority.
- Airbus SAS is running out of tie. Six months after unveiling its latest long-range 300-seat jetliner, the most lucrative part of the commercial plane market, the company has received only 13 firm orders for the A350 XWB. Boeing’s(BA) Dreamliner has 584.
- The sliding dollar has made it cheaper for expatriates to work in US cities such as NY and LA, according to a cost of living index.
- Watch That Slump in Asia’s Pricing Power Abroad. Asian exporters are struggling to climb a slippery slope of rising costs and falling prices.
- Friendly Ice Cream(FRN), the 72-year-old chain that began exploring a sale in March, will be acquired for roughly $337.2 million by an affiliate of buyout firm Sun Capital Partners.
- Never in the history of Wall Street have analysts been so bearish.
- An internal hedge fund at Bear Stearns(BSC) may dissolve after Merrill Lynch, one of its top lenders, seized $400 million of its assets.
- General Electric(GE) and Pearson PLC, publisher of the Financial Times, may offer a joint bid for Dow Jones(DJ) that would allow the controlling family to retain a minority interest.
Wall Street Journal:
- Telecom: Back From The Dead All those YouTube videos and MySpace pages zipping back and forth on the Net have revived the telecom industry and charged up the economy.
- Lexicon Pharmaceuticals(LXRX), a developer of treatments for diseases like irritable bowel syndrome, is expected to announce today that it has signed deals with two private equity firms that will invest nearly $300 million into the 12-year-old publicly held company.
- Kohl’s Corp.(KSS) is changing its image by offering designer Vera Wang’s cut-rate collections in September.
- Restaurant Reservations Go Online.
San Francisco Chronicle:
- PeopleSoft Inc. founder David Duffield is hiring more staff at his Workday Inc. startup software company, which aims to challenge Oracle Corp.(ORCL) and SAP AG(SAP) in the business-software industry, citing Duffield.
- Here’s a good reason for believing that the bull market will continue: Journalists don’t think it will. Business commentators keep trying to see a peak or to imply that the market is high. Since this bull market began in 2003 they have been bearishly biased. And that’s bullish. They are fighting the last war.
- Iraqi Prime Minister Nuri al-Maliki said any
- A new study finds that American universities are luring technology entrepreneurs from overseas, fueling a $52 billion startup boom.
- Cerberus Capital Management LP, the private equity firm that bought Chrysler Corp. last month for $7.4 billion, may bid for Ford Motor’s(F) Jaguar and Land Rover units.
- French President Nicolas Sarkozy is pushing for outgoing
- An unprecedented coalition of large companies, pension funds, and trade unions will on Monday urge corporate America to scrap quarterly earnings guidance in an attempt to curtail the influence of hedge funds and other short-term investors.
- BP Group Plc is in talks with D1 Oils Plc about starting a biodiesel fuel joint venture.
- BHP Billiton(BHP) may consider a $40 billion takeover of
Economic Daily News:
- Quanta Computer expects to sell 20% more computers than previously estimated on new software and chips, citing company President Michael Wang. Thanks to Microsoft’s(MSFT) new Windows Vista operating system and Intel’s(INTC)
Xinhua News Agency:
Shanghai Securities News:
- China Petrochemical Corp., the nation’s largest oil refiner, is planning bio-diesel projects in the western and northern parts of the country. Sinopec Group, as China Petrochemical is known, will build a plant able to produce 100,000 tons of diesel from biomass every year in Panzhihua in southwestern
- Made positive comments on (Y) and (LEH).
- Reiterated Buy on (EBAY), target $41.
- Reiterated Buy on (FISV), target raised to $68.
- There are a number of reasons to expect
Asian indices are +1.0% to +1.75% on average.
S&P 500 indicated -.06%.
NASDAQ 100 indicated -.09%.
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- (PVA) 2-for-1
- (SEIC) 2-for-1
- (AGN) 2-for-1
- (ESRX) 2-for-1
1:00 pm EST
- The NAHB Housing Market Index for June is estimated at 30 versus 30 in May.
Other Potential Market Movers
- The Fed’s Minehan speaking and (UTX) analyst meeting could also impact trading today.