Today's Headlines

Bloomberg:
- Hedge funds run by Goldman Sachs(GS) and AQR Capital Management LLC fell in November as swings in financial markets confounded the computer-driven trading models used by the quantitative managers.
- Crude oil is falling another $2.83/bbl. today and is down $12/bbl. from recent highs on recent US dollar strength and worries over global demand.
- Gold is falling $8.70/oz., the most in a week, after a fall in energy prices reduced the appeal of the precious metal as an inflation hedges.
- Goldman Sachs Group(GS) Chief Economist Jim O’Neill said it is ‘hard to be bearish’ on the US dollar. (video)
- Cheesecake Factory(CAKE) increased its buyback program by 5 million shares after repurchasing $250 million of stock this fiscal year.
- Treasuries are declining, heading for their first weekly fall since October, as a government report diminished chances of a recession by showing employers added more jobs last month than economists forecast.
- Imax Corp.(IMAX) had its biggest gain ever in Nasdaq Stock Market trading after announcing plans to install 100 digital projection systems in AMC Entertainment(AC) theaters.
- The US and its European allies will proceed with efforts to impose a third round of United Nations sanctions against Iran.
- Cintas Corp.(CTAS), the largest US supplier of uniforms, jumped the most in two years after a Robert W. Baird analyst raised his rating, saying the stock is poised to climb if a historical correlation with US hiring holds true.
- Iraq Bonds Rally on US Troop Surge, Oil Earnings. Holders of Iraqi bonds are giving President Bush a vote of confidence.
- CA Inc.(CA), the second-largest maker of software for mainframe computers, gained the most in 10 months after Goldman Sachs(GS) upgraded the stock to “buy” and said a measure of profitability will improve next year.
- Papa John’s(PZZA), the third-largest US pizza chain, rose the most in two months in US trading after forecasting 2008 profit that may exceed analysts’ estimates and announcing the repurchase of as much as $50 million of its stock.
- Macrovision Corp.(MVSN) agreed to buy Gemstar-TV Guide(GMST) for $2.8 billion in cash and stock, adding interactive program listings to software that protects TV shows and movies from piracy.
- Synopsys Inc.(SNPS), whose programs help engineers design semiconductors, surged the most in more than a year on the Nasdaq after demand for software licenses produced fourth-quarter sales and profit that beat estimates.
- The dollar rose for a third day versus the yen, the longest winning streak since October, after a report showed U.S. employers added more jobs than forecast last month, suggesting the economy will avoid a recession.

Forbes.com:
- Sinking mortgage values have made big write-downs from banks and brokerages almost commonplace but that hasn’t deterred Joseph Lewis. The billionaire has upped his already sizable stake in Bear Stearns(BSC).

Boston Globe:
- Tens of thousands to see Winfrey, Obama.

Fortune.com:
- Apple’s(AAPL) $15 billion cash hoard. Which tech company has the most cash? Apple’s stash is indeed the biggest of the group, putting the iPod maker in the elite ranks of well-heeled Fortune 500 tech companies. Apple has added $5 billion to its coffers in the past year alone.

eWeek.com:
- NetSuite Plans Google-Style Auction IPO.

Energy Business Review:
- Nova Biosource Fuels has announced that start-up operations are progressing on schedule at the 20 million gallon per year biodiesel refinery being constructed for Scott Petroleum along the Mississippi river in Greenville, Mississippi.

Financial Times:
- ‘Quants’ continue to lose credibility. Given uncertainty in the current climate, the unemotional investment strategy used by quantitative funds based on core fundamentals in the market looks attractive. Yet “quant” funds, and quant-based funds, have come in for criticism in recent months after been widely blamed for the severity of the downturn in the summer.