Today's Headlines

Today’s Headlines
Bloomberg:
- US stocks are surging for a second day after Fed Chairman Bernanke said the Fed is ready to take “substantive additional action” in a “timely and decisive manner.”
- Bank of America(BAC) is in advanced talks to buy Countrywide Financial(CFC), the biggest US mortgage lender. Shares of Countrywide soared as much as 72% on the report.
- The US asset-backed commercial paper market expanded for a second straight week, bolstering optimism that the worst rout in short-term credit markets in more than seven years may be ending.
- Micron Technology(MU) said on its conference call today that nothing has changed since December call and demand looks pretty good.
- FTI Consulting Inc.(FCN), a provider of forensic accounting, and Comtech Telecom(CMTL) were recommended by Jason Votruba, portfolio manager at UMB Scout Small Cap Fund.
- Blackstone Group(BX), the world’s largest buyout firm, agreed to buy hedge fund manager GSO Capital Partners LP for $930 million in cash and stock, a sign it expects debt markets to rebound from subprime-loan losses.
- Despite Bernanke’s comments today, a weaker dollar and rising gold, crude oil is falling $2/bbl. on worries over slowing global demand and rising production. Global oil production reached 87.3 million barrels per day during the latest month, a new record high.
- Citigroup Inc.(C) rose in Germany and Japan after the Wall Street Journal reported that the biggest US bank is seeking as much as $10 billion from foreign investors.

Wall Street Journal:
- Iraq Surge Worked, McCain, Lieberman Write.
- Start-Up Can Cool Specific Parts of Chips That Get Too Hot.
- Verizon Communications’(VZ) software on the new Voyager mobile phone isn’t as capable as that on Apple’s iPhone, nor is it as well-designed, Walter Mossberg wrote.

NY Times:
- Murdoch Said to Offer $4.8 Billion for Monster(MNST).

NY Post:
- Time Warner(TWX) is joining media heavyweights like Disney, Viacom and Sony in making financial best on online virtual worlds.

MSNBC.com:
- Senator John Kerry of Massachusetts, the 2004 Democratic presidential nominee, endorsed Senator Barack Obama for the White House Thursday in a timely slap at Senator Hillary Rodham Clinton as well as his own vice presidential running mate.

USA Today:
- The number of slot machines is soaring as states seek more revenue and gamblers increasingly move from table games to the flashy electronic devices.