Today's Headlines

Bloomberg:
- Clashes between Venezuelan police and marchers protesting the government’s shutdown of Radio Caracas Television left dozens detained or injured across the country.
- Goldman Sachs Group’s(GS) Global Alpha hedge fund fell -3.4% in the first four months of this year, according to a report sent to investors last week. Global Alpha has declined -12% since 2005. The $10 billion fund struggled in a 16-month stretch when the S&P 500 rose 22%.
- Gold is falling another $4.70/oz. on speculation the US economy does not need a Fed rate cut, thus boosting the dollar and reducing demand for the precious metal.
- Federal Reserve officials acknowledged they underestimated to length of the US housing slowdown, while continuing to view inflation as the biggest threat to the economy, the release of the FOMC minutes showed.
- CBS Corp.(CBS) bought the music-focused social-networking site Last.fm for $280 million in cash.
- News Corp.(NWS/A) agreed to buy Web site owners Photobucket Inc. and Flektor Inc. to add digital picture services that let users store, edit and share images.
- Palm Inc.(PALM) will start selling a portable computer in a bid to increase sales as its Treo mobile phone and e-mail device loses ground to the BlackBerry.
- China’s stocks plunged 6.8% last night, the most in three months, after the government tripled the tax on securities transactions to cool a rally that’s drawing more than 300,000 new investors a day.

Wall Street Journal:
- The SEC intends to review so-called 12b-1 fees, charged by mutual funds to compensate intermediaries such as brokers.
- Pizza chains in the US are losing market share as consumers seek more innovative products.
- Navistar International(NAVZ), the delisted parent of International Truck & Engine Co., may be a buyout target and its stock has risen as a result.

Politico:
- Former Tennessee Senator Fred Thompson is expected to announce his candidacy for the 2008 Republican presidential nomination in Nashville over the Fourth of July holiday, citing unidentified Thompson advisers.

CNBC:
- The NYSE will close one of four trading rooms later this year because of a drop in activity.