Today's Headlines

Bloomberg:
- Barton Biggs, co-founder of hedge fund Traxis Partners LLC, said he’s “gradually increasing” his holdings of US equities because he doesn’t expect a recession and shares are “very, very cheap.”
- Investments in agricultural-commodity indexes soared to $1.5 billion in the week ended Feb. 5, almost double the previous weekly record, which helped drive up prices for the underlying commodities, UBS AG said.
- Cheap Natural Gas Seen Returning 20% as Oil Meets Slowdown.
- Crude oil is rising to a one-month high on increasing investment fund speculation after Valero Energy(VLO) shut its Delaware refinery because of a “power failure” late yesterday and Venezuela’s President said he may cease selling oil to the US.
- GM(GM) Tops Toyota Abroad Proving Drop to No. 2 Premature.
- Delta Air(DAL) may reach a merger agreement with Northwest Air(NWACQ) that would form the world’s largest carrier.
- Microsoft’s P/E Pushes Technology Valuation Hell.
- Bank of America(BAC) and Chevron Corp.(CVX) will replace Altria Group(MO) and Honeywell Intl.(HON) in the Dow Jones Industrial Average, the first changes in the US stock benchmark since April 2004.
- American International Group(AIG) fell the most in 20 years in NY trading after saying it overstated the value of contracts protecting fixed-income investors against losses. Goldman Sachs said it would be aggressive buyers of the shares on today’s weakness.

Wall Street Journal:
- Circuit City’s(CC) CEO Schoonover Concedes Shake-Up Last Year Disrupted The Electronics Retailer, But He Says It Will Pay Off.
- Cardinal Health(CAH) Could Be Regaining Its Strength.
- Marking a milestone for US law firms, Latham & Watkins LLP said its 2007 gross revenue was just over $2 billion, the highest figure ever reported for a US-based law firm.

NY Times:
- Oil Money Cultivates an Ivy League in Mideast.

Dow Jones:
- European Central Bank council member Michael Bonello said he doesn’t see signs of a “negative impact” on European economic growth from the US slowdown.

Trademork.com:
- Apple(AAPL) Trademark Filing Suggests Game Unit Plan.

SiliconValleyWatcher:
- I’m hearing from a reliable source that Salesforce.com has approached Oracle(ORCL) to gauge if there is any interest in a sale at $75 a share. That would be almost a 50% premium over Friday’s close of $50.87.

Forbes:
- Alternative Fuel Technology Expects to Drive Growth of the Environmental Testing Equipment Market.

USA Today:
- In Mexico, an energized economy raises hopes.
- Countrywide(CFC) plans to help more avoid foreclosure.

AFP:
- Venezuelan President Hugo Chavez said the country could seize dairy plants owned by Nestle SA, the world’s largest food company, and Italian milk producer Parmalat SpA. The government “has got to take a tougher line,” Chavez said. The country is facing an “economic conspiracy,” he said.

Les Echos:
- Gucci Group had “solid” 15-percent growth in the US last year, citing Mark Lee, the luxury label’s CEO.

globeandmail:
- SEI White Paper: Maturing Hedge Fund Industry Must Shift Gears to Grow Institutional Business.

BusinessDay:
- The Group of Seven(G-7) rich states on Saturday approved the sale of gold by the International Monetary Fund from April as part of a broad reform of its budget.