Today's Headlines

Bloomberg:
- The US Supreme Court told a lower court to reconsider a decision that trimmed the power of federal prosecutors to press cases against child pornographers.
- The US Supreme Court agreed to consider limiting antitrust suits against pharmaceutical companies, computer makers and other patent holders.
- US companies that generate most of their revenue overseas, such as McDonald’s and Colgate-Palmolive, may trail the stock market this year as the dollar’s surge hurts sales and earnings.
- Crude oil is rising above $59/bbl. to a second-straight record in NY as producers struggled to meeting increasing fuel consumption.
- The euro fell the most this month against the dollar after European Union leaders failed to agree on the group’s seven-year budget, adding to concern economic integration will slow.
- Time and Newsweek have agreed to eliminate tobacco ads from four magazines distributed to school libraries.
- The Fed is likely to continue a “moderate pace” of interest rate increases, even as inflation and inflation expectations remain low, said Jeffrey Lacker, president of the Richmond Fed.

Wall Street Journal:
- Cablevision Systems’ chairman and president offered to take the cable-tv provider private for $7.9 billion.
- The threat of house-price slumps in some parts of the US has risen, partly because of laxer lending standards, according to Fannie Mae.
- US drugmaker Wyeth will cut as much as 30% of its 2,500 fulltime sales force by the end of the year.
- Toronto-Dominion Bank and Ameritrade Holding are close to a deal.
- JetBlue Airways Group plans to issue an American Express credit card that will accumulate points on the discount carrier’s frequent flier program.
- Chinese antique furniture prices are soaring as growing demand prompts dealers to scour remote villages in China for artifacts.
- These are hard times for any company involved in steel, excess supply having led to an eight-month decline in steel prices, and metal service centers such as Ryerson Tull, Olympic Steel and Reliance Steel are more vulnerable than most.
- Procter & Gamble and other companies are expected to put more money this fall into placing products in television shows as digital video recorders make it easier to skip traditional commercials.

Barron’s:
- Molecular Devices, which makes measurement systems used in discovering new drugs, has highly profitable and rare products that are helping the company increases sales.

Guardian:
- The European Union needs to find consensus to engage in economic change and become competitive in global markets or face decline, EU Trade Commissioner Mandelson wrote.

Die Welt:
- UPS expects European sales to growth by a “double-digit” percentage this year as the delivery company continues an expansion into Eastern Europe.