Today's Headlines

Bloomberg:
- UBS AG and Credit Suisse Group AG led a decline in the cost of protecting company bonds from default after Federal Reserve Chairman Ben S. Bernanke said the central bank may extend its emergency-loan program into 2009.
- Optimism about U.S. stocks among newsletter writers slid to the lowest level since July 1994 after the Dow Jones Industrial Average fell into a bear market and oil prices reached records, according to Investors Intelligence
- The U.S. Commodity Futures Trading Commission named Stephen Obie acting director of enforcement as the agency faces political pressure to ensure energy and agricultural markets are not being manipulated as prices soar.
- Iran's test-firing of a long-range missile capable of reaching Israel violates United Nations Security Council resolutions and further isolates it from the rest of the world, U.S. officials said.
- Boeing Co.(BA) raised its 20-year forecast for world jetliner deliveries by 2.8 percent, saying air travel is expanding and carriers will need new, more fuel-efficient planes to replace aging jets amid surging oil prices.
- Corn fell for the seventh time in eight sessions, after setting a record last month, as better weather helped plants in the U.S. Midwest recover from the worst flooding in 15 years.
- Fadel Gheit, managing director of oil and gas research at Oppenheimer says oil may fall further as China demand slows. (video)

Wall Street Journal:
- Yahoo Inc.(YHOO) CEO Jerry Yang accused Microsoft(MSFT) of trying to destabilize the Internet company without a real desire to complete a deal, and he responded sharply to recent comments by investor Carl Icahn.
- Newer, Faster, Cheaper iPhone 3G.

NY Times:
- Chrysler, Toyota, Adapt Designs for Fuel Efficiency.
- US Republican and Democratic lawmakers, confronted with growing concern among constituents about oil prices, returned to Capital Hill this week inclined to compromise on energy policy. Lawmakers are envisioning an agreement that would ease restrictions on domestic offshore oil drilling while allowing for renewable fuel incentives and stricter rules for oil speculators, citing Senator Susan Collins, Republican of Maine.
- Obama Donors Aren’t Rushing to Aid Clinton. A prominent donor to Senator Barack Obama recently sent an e-mail plea to other supporters, asking them — for the sake of Democratic unity — to write checks to Senator Hillary Rodham Clinton to help retire her $23 million in campaign debt. Some of the replies are unprintable, given the coarse language, the donor said. A sampling of others included: “Why would I help pay off debts that Hillary amassed simply to keep damaging Senator Obama?”

CNBC.com:
- Lehman Brothers(LEH) has enough capital to rebuild its business, former CEO Peter Cohen said. Lehman has raised capital that’s many multiples of the losses it incurred on mortgage-related assets.

NY Post:
- A blind trust run by Mayor Bloomberg is willing to pay between $4.5 billion and $5 billion to buy Merrill Lynch's 20 percent stake in Bloomberg LP, sources tell The Post.
- NYC Welfare Cases Drop to 45-Year Low.
- NYC Bus Ridership Surge Leaves Many Standing.