Bloomberg:
- Francois Trahan, Wall Street’s top-ranked strategist, left Bear Stearns & Co. to become head of portfolio strategy at ISI Group Inc.
- The Federal Reserve Bank of Atlanta named international-business professor Dennis Lockhart, a former banking executive, as its president following a nationwide search to fill the first of at least four Fed openings.
- Shares of US mortgage lenders fell after New Century Financial(NEW) and HSBC Holdings Plc(HBC) said losses from bad home loans are piling up faster than they expected.
- Investors in Red Kite Metals Ltd., a hedge fund run by RK Capital Management LLP that lost about 30% last month, agreed to give more notice before withdrawing their money from the fund.
- Juniper Networks(JNPR) will increase the size of a planned stock buyback to as much as $2 billion to return more money to shareholders.
- Crude oil jumped $2/bbl. in NY after Occidental Petroleum said it had to shut its Elk Hills production field in California.
Wall Street Journal:
- The SEC is ready to approve the merger of NYSE owner NYSE Group(NYX) and European exchange owner Euronext NV over the next few days.
- BlackRock Inc.(BLK), which acquired Merrill Lynch’s(MER) investment management business last year, is introducing a series of life-cycle funds for retirement planning.
- Walgreen Co.(WAG) is stocking up on exotic items including caviar and seaweed to counter rising competition from rival pharmacy chains.
- Americans are using more generic drugs rather than expensive brands, both in private health programs and state-funded plans, citing data from the National Assoc. of Chain Drug Stores and the government.
NY Times:
- Some advertisers are using Web-based automated systems to create their own advertisements.
Financial Times:
- Hedge funds paid as much as $50 billion in fees and interest to investment banking firms last year, or a quarter of their pretax profit, citing a Dresdner Kleinwort Group Ltd. survey.
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