Today's Headlines

Bloomberg:
- US stocks rallied for a third day on diminishing concern that mortgage losses will hurt earnings at homebuilders and banks and after Cisco Systems(CSCO) increased its sales forecast.
- Citigroup(C), the largest US bank, and food maker Kraft Foods(KFT) led at least 13 companies taking advantage of a renewed appetite for debt in the busiest day in a month.
- Lehman Brothers(LEH) led the biggest increase in the Amex Securities Broker/Dealer Index since June 2006, as investors bought beaten down shares.
- President Bush said the US economy is “thriving” and he criticized congressional Democrats for crafting tax-and-spend programs that he said may derail growth or disrupt the path to a balanced federal budget.
- Blackstone Group LP(BX) raised $21.7 billion for the world’s biggest private-equity fund, just as a global credit crunch slows leveraged buyouts.
- Nokia Oyj(NOK) will retreat from most development of chips in handsets and put four semiconductor makers including Texas Instruments(TXN) in charge of the designs to help cut costs.
- Mortgage applications in the US rose last week by the most since January, as cheaper borrowing costs encouraged more Americans to seek loans for home purchases and refinancing.
- Copper is falling in NY to the lowest in six weeks as global inventories of the metal jumped the most since 2005, easing supply concerns.
- Sugar is falling to a three-week low in NY on speculation that supplies from Brazil and India, the world’s biggest producers, will expand a glut of the sweetener.
- Uranium prices, which have plunged by 20% in the past 10 weeks, may fall as low as $95 a pound in the “next few months,” said Troika Dialog, Russia’s oldest investment bank.

Wall Street Journal:
- Walt Disney’s(DIS) ESPN may say today that it will revamp its ESPN360.com all-video Internet site, aiming to draw new viewers with more live programming.

NY Times:
- Roadside bombs supplied by Iran caused 23 of 69 combat deaths suffered by US-led forces in Iraq last month, citing Lieutenant General Raymond Odierno, the No. 2 US commander in Iraq.

NY Post:
- Democratic Governor Eliot Spitzer wants illegal immigrants to have access to protective services without facing the risk of deportation.

Washington Post:
- The US and Mexico are close to reaching an agreement for an aid package aimed at combating drug cartels in Mexico, citing US lawmakers, congressional aides and Mexican officials.

CNBC:
- Bear Stearns(BSC) CEO Cayne is planning to go to China in the next few weeks to look for a joint-venture partner or a partnership that would lead to a strategic investment in the company, Charles Gasparino reported.

Chronicle of Higher Education:
- An English-language university in North Korea is nearing completion and its backers hope it will open next spring.

Daily Telegraph:
- China suggested it will sell holdings of Treasuries should the US congress impose trade sanctions to force a yuan revaluation, citing two Chinese officials.