Bull Radar

Style Outperformer:
Small-cap Value (+.25%)

Sector Outperformers:
Airlines (+5.28%), Hospitals (+5.10%) and Networking (+4.05%)

Stocks Rising on Unusual Volume:
BAS, NBR, CVLT, ERTS, UTX, STO, MICC, CMED, ASTE, QLGC, LNCR, HWAY, DNDN, YHOO, ORCL, SHOO, LMDIA, UMBF, SCHN, STBA, PALM, ARST, EVY, COH, MAN, PKG, ROG and DGX

Stocks With Unusual Call Option Activity:
1) WPI 2) COH 3) KEY 4) ALTR 5) CMA

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Tuesday Watch

Late-Night Headlines
Bloomberg:

- Regulators conducting the stress tests on the 19 largest U.S. banks are increasingly focusing on the quality of loans the companies made after finding wide variations in underwriting standards, a regulatory official said. Supervisors concluded that banks’ lending practices would need to be given as much weight as macroeconomic scenarios after finding a wide variation in standards for mortgages and other loans as about 200 examiners poured through the portfolios, the official said.

- International Business Machines Corp.(IBM), the world’s biggest seller of technology services, missed first-quarter revenue estimates after demand for services and computer hardware shrank and currency changes ate into sales. IBM declined $1.81 to $98.62 in extended trading, after closing at $100.43 on the New York Stock Exchange. The shares have climbed 19 percent this year.

- Texas Instruments Inc.(TXN), the second- largest U.S. chipmaker, reported earnings and gave forecasts that beat analysts’ estimates as chip orders recovered, sending the stock higher in extended trading.

- Toyota Motor Corp., the world’s largest automaker, will cut the base price of its Prius gas- electric hybrid model by $1,000 to $21,000, as it competes with Honda Motor Co.’s Insight, said a person familiar with the matter. Honda introduced the Insight on March 24 with a sticker price starting at $19,800, undercutting the 2009 Prius, which starts at $22,000. Toyota will announce prices on the 2010 model tomorrow, with details about the new car tomorrow, said the person, who asked not to be named because the statement is pending.

- Emerging-market governments’ credit quality “markedly” deteriorated in the past six months and policy responses will be key to avoid ratings downgrades, Standard & Poor’s Ratings Services said. The agency lowered 10 of 43 sovereign ratings among such debt issuers, including one default, and another 10 had their outlooks cut to negative in the six months ended March 31, S&P said in a report yesterday. Eighteen emerging markets are on negative outlook and none have positive outlooks, according to the statement.

Wall Street Journal:

- Just when you think the political class may have learned something in months of trying to fix the banking system, the ghost of Hank Paulson returns to haunt the Treasury. The latest Beltway blunder -- and it would be a big one -- is the Obama Administration's weekend news leak that it may insist on converting its preferred shares in some of the nation's largest banks into common equity. The stock market promptly tumbled by more than 3.5% yesterday, with J.P. Morgan falling 10% and financial stocks as a group off 9%, as measured by the NYSE Financials index. Note to White House: Sneaky nationalizations aren't any more popular with investors than the straightforward kind.

- China's government is considering measures to regulate the torrent of bank lending, arising from concerns that much of the credit surge that has helped keep the economy growing could be wasted. A senior official at a local branch of the China Banking Regulatory Commission, who declined to be named, said the commission is considering rules aimed at ensuring that loans go to the real economy, such as government stimulus projects, rather than being diverted into the asset markets or bank deposits.

- The Treasury Department kicked off meetings Monday with the heads of Chrysler LLC, Fiat SpA and the United Auto Workers union in Washington as signs increased that Chrysler could be headed for liquidation. Some officials in the Obama administration have come to conclude that Chrysler isn't worth trying to save because of its weak product line and lack of international reach, said people familiar with the matter.

- MBA Graduates Discover They Can’t Change Careers.

- Treasury Secretary Timothy Geithner indicated that the health of individual banks won't be the sole criterion for whether financial firms will be allowed to repay bailout funds, a position that might complicate their efforts to give back the cash. In an interview, Mr. Geithner laid out some broad principles, including the need to consider the overall health of the financial system and the flow of credit in judging whether banks can repay their government investment. Among large banks, Goldman Sachs Group Inc. and J.P. Morgan Chase & Co. have both said they want to repay the government. "We want to make sure that the financial system is not just stable, but also not inducing a deeper contraction in economic activity. We want to have enough capital that it's going to be able to support a recovery," Mr. Geithner said.

- Federal Reserve Vice Chairman Donald Kohn said Monday that the pieces were falling into place for a modest economic recovery this year, with some chance it could be stronger than expected.

CNBC.com:
- Airplanes of the future may not look like something out of the "Jetsons" or "Star Trek," but they'll be powered by anything from vegetable oil to algae.

NY Times:

- Spain’s Falling Prices Fuel Deflation Fears in Europe.

- Cash in Hand, Technology Giants Go Shopping.

NY Post:

- Disgraced political consultant Hank Morris pocketed a placement fee on an $85 million deal between the city's largest employee pension fund and the investment firm headed by a President Obama appointee, The Post has learned. It's the first link between the accused pay-to-play power broker -- indicted for demanding kickbacks from firms looking to do business with the state's retirement fund -- and the New York City Employees Retirement System, which has an estimated worth of $30.4 billion.

Business Week:
- India’s Outsourcers Should Worry about Delta’s Move.

CNNMoney:

- President Obama told his Cabinet on Monday to come up with ways to collectively cut $100 million from their agencies' budgets. Call it a slow start to curbing Uncle Sam's spending. In essence the president has asked government agencies to trim the equivalent of .003% of the federal budget. Looked at another way, $100 million is .006% of this year's estimated budget deficit.

- The Fortune 500’s 20 biggest winners.

Investors.com:

- The stars are aligning for CardioNet (BEAT). Its focus on monitoring cardiac patients in their homes dovetails with the Obama administration's plans to both improve delivery and reduce costs of medical services.

The Detroit News:

- General Motors Corp.(GM) will get up to $5 billion and Chrysler LLC $500 million in short-term aid, according to a 250-page government report obtained Monday by The Detroit News.

Forbes.com:

- The agribusiness bubble was great for fertilizer bulls, and the rebound hasn't been bad either. But watch out.

AP:

- Wealthy Wall Street executives may be outcasts to some Americans, but not to Democratic Sen. Chris Dodd. Facing his toughest re-election fight, the chairman of the Senate Banking Committee is reaching out to the financial sector's deep-pocketed donors for the campaign cash he needs to hang onto his Connecticut seat. It's a practice that worked for Dodd in the past as millions flowed in and the five-term lawmaker cruised to victory. Down in the polls and looking at a tough Republican challenge next year, Dodd again is turning to the financial industry for campaign money, undeterred by the populist Main Street anger.

Financial Times:
- The European Commission’s plans to regulate hedge funds and private equity for the first time threaten to become a central issue in the European parliamentary election campaign. Some key parliamentarians criticized draft proposals on Monday as being “almost worthless”. In a letter to José Manuel Barroso, the Commission president, leaders of the Socialist group, the second-largest bloc in the parliament, said the proposal was so “filled with loopholes” that it would be “highly ineffective” in regulatory terms. Poul Nyrup Rasmussen, president of the Party of European Socialists and a former Danish prime minister, accused Mr Barroso of failing to live up to personal commitments given last year, and of falling short of the demands of this month’s G20 summit in London. He thought it was “a scandal” that the European parliament had had to wait six months for the legislation, only to find it so inadequate, and said the hedge fund issue would be “central” to campaigning for June’s poll.

Chosun Ilbo:

- The International Monetary Fund will cut its forecast for South Korea’s economic growth next year to about 1.5%. The estimate, which will be announced in the IMF’s World Economic Outlook report tomorrow, is a downgrade from the fund’s previous projection of 4.2% growth. The Bank of Korea this month forecast the economy will expand 3.5% in 2010, after shrinking 2.4% in 2009.

Nikkei:

- Morgan Stanley(MS) may acquire regional banks in the US, citing an interview with CEO John Mack. “We are looking for potential opportunities to buy a bank that has a presence in an important market in the United States,” Mack said.

Oriental Morning Post:

- China’s electricity usage in April may be less than March levels, citing Xue Jing, an official with the China Electricity Council.

Late Buy/Sell Recommendations
Deutsche Bank:

- Rated (ESI) Buy, target $125.

- Rated (APOL) Buy, target $80.

CSFB:

- Upgraded (AUO) to Outperform..

Night Trading
Asian Indices are -3.0% to -1.0% on average.
S&P 500 futures -.01%.
NASDAQ 100 futures +.17%.

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Earnings of Note
Company/EPS Estimate
- (FRX)/.75

- (CSL)/.16

- (KO)/.65

- (JCI)/-.17

- (USB)/.22

- (MAN)/-.09

- (LMT)/1.65

- (LXK)/.62

- (UNH)/.68

- (UTX)/.78

- (DGX)/.82

- (BLK)/.80

- (CMA)/-.10

- (BRCM)/.02

- (DD)/.53

- (BK)/.63

- (CAT)/.05

- (KEY)/-.21

- (AKS)/-.75

- (GILD)/.61

- (COF)/-.04

- (AMD)/-.63

- (NSC)/.55

- (ILMN)/.26

- (ALTR)/.16

- (SNDK)/-.86

- (YHOO)/.08

- (COH)/.36

- (MRK)/.77

- (STT)/1.03

- (EAT)/.44

- (UAUA)/-4.37

- (SGP)/.47

- (DAL)/1.00

- (NTRS)/.97

- (BJS)/.24

- (AMTD)/.23

Economic Releases

- None of note

Upcoming Splits
- None of note

Other Potential Market Movers
- The Fed’s Hoenig speaking, weekly retail sales reports, (C) shareholders meeting, (GR) shareholders meeting, (CF) annual meeting, (AGU) annual meeting, (WFR) shareholders meeting, (NTRS) shareholders meeting and the (V) shareholder meeting could also impact trading today.

BOTTOM LINE: Asian indices are lower, weighed down by commodity and financial stocks in the region. I expect US equities to open modestly higher and to weaken into the afternoon, finishing mixed. The Portfolio is 75% net long heading into the day.

Stocks Finish Sharply Lower, Weighed Down by Financial, REIT, Homebuilding, Alternative Energy, Steel and Oil Service Shares

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In Play

Stocks Sharply Lower into Final Hour on Rising Credit Market Angst, Greater Financial Sector Pessimism, More Shorting, Profit-Taking

BOTTOM LINE: The Portfolio is lower into the final hour on losses in my Technology longs, Retail longs and Financial longs. I added (IWM)/(QQQQ) hedges and added to my (EEM) short today, thus leaving the Portfolio 75% net long. The tone of the market is very negative as the advance/decline line is substantially lower, almost every sector is declining and volume is heavy. Investor anxiety is above average. Today’s overall market action is very bearish. The VIX is rising 16.12% and is very high at 39.41. The ISE Sentiment Index is below average at 123.0 and the total put/call is slightly above average at .90. Finally, the NYSE Arms has been running very high most of the day, hitting 2.53 at its intraday peak, and is currently 2.22. The Euro Financial Sector Credit Default Swap Index is rising 10.74% today to 164.33 basis points. This index is down from its record March 10th high of 208.75. The North American Investment Grade Credit Default Swap Index is rising 4.18% to 185.26 basis points. This index is also well below its Dec. 5^th record high of 285.99. The TED spread is rising .71% to 98 basis points. The TED spread is now down 365 basis points since its all-time high of 463 basis points on October 10th. The 2-year swap spread is rising 5.91% to 62.75 basis points. The Libor-OIS spread is falling .30% to 90 basis points. The 10-year TIPS spread, a good gauge of inflation expectations, is down 6 basis points to 1.22%, which is down 142 basis points since July 7th. The 10-year TIPS spread bottomed at .65% in October 1998 during the Asian financial crisis and at 1.24% in October 2001 during the technology bubble-bursting meltdown. The 3-month T-Bill is yielding .12%, which is down 1 basis point today. Financials, REITs and the most cyclical shares are under the most pressure today. Much of today’s weakness is likely related to profit-taking after recent sharp gains, however the large jump in the euro financial sector credit default swap index is a large negative. As I suspected last week, the US Dollar Index is busting up through its 50-day moving average today. I expect this index to continue to trend higher over the intermediate-term. While US stocks likely have a bit more downside in the near-term, I still suspect the pullback will be relatively mild and short-term in nature. Too many large funds are too short or underexposed to US stocks and will likely look to cover quickly on signs of stabilization. Nikkei futures indicate a -225 open in Japan and DAX futures indicate a -9 open in Germany on Monday. I expect US stocks to trade modestly higher into the close from current levels on short-covering and bargain-hunting.

Today's Headlines

Bloomberg:

- Oracle Corp.(ORCL) agreed to buy Sun Microsystems Inc. for about $7.4 billion in cash, stepping in after International Business Machines Corp.’s talks to purchase the server maker collapsed. The per-share price is $9.50, 42 percent more than what Sun closed at April 17. The acquisition probably will add $1.5 billion to Oracle’s operating profit, excluding some items, in the first year, the companies said today in a statement.

- The United Steelworkers union asked President Barack Obama to cap automobile-tire imports from China, saying the lower-priced goods are costing U.S. jobs. The union, which represents tire-factory workers, filed a petition with the U.S. International Trade Commission today to cut imports of automobile tires from China by more than half to 21 million, the level in 2005. China sent 46 million tires to the U.S. in 2008, valued at $1.7 billion, the union said.

- Some delegates at a United Nations conference on racism in Geneva staged a walkout as Iranian President Mahmoud Ahmadinejad criticized Israel. During his speech, Ahmadinejad said racism posed a serious threat to world peace and, in a clear reference to Israel, called for an effort against racism by “Zionists.” “The word Zionism personifies racism that falsely resorts to religion and abuses religious sentiments to hide their hatred and ugly faces,” Ahmadinejad told the conference. Delegates from countries including France, Finland and Denmark walked out to protest the remarks. The Czech Republic, which holds the rotating presidency of the European Union, also said its delegates are withdrawing from the conference.

- Companies with the most debt and lowest returns on assets are turning the biggest six-week rally in stocks since 1938 into a bloodbath for last year’s best- performing trading strategy. Investors in so-called quantitative momentum funds -- which speculate that the worst stocks in the past 12 months will continue to decline -- have become this year’s biggest losers after banks and companies that rely on consumer spending surged. Quant momentum managers may have tumbled 27 percent this month in the U.S., the most since at least 1993, while those in Europe may have lost 20 percent in March and 24 percent in April, according to data compiled by JPMorgan Chase & Co. “Not in a million years would we have expected this gyration to be as vicious and enduring as it has been,” Steven Solmonson, the head of Park Place Capital Ltd., a hedge fund that oversees $150 million, said in an interview from New York. “The quants got whipsawed badly.”

- The 42 percent, four-month rebound in rubber prices may be coming to an end as global tire demand plunges the most in three decades. Tire makers, the biggest consumers of rubber, may report a 6.8 percent sales slump in 2009 as the global recession cuts auto demand, according to the government-funded International Rubber Study Group in Singapore. Supplies from Thailand, the top exporter, will increase after a seasonal drop, producers say. Prices of $1,530 a ton are 18 percent higher than alternatives made from oil, data compiled by Bloomberg show. Michael Coleman, who helps manage a commodity fund that returned 24 percent last year, and Felix Yeo, trading manager at the Singapore unit of Marubeni Corp., say prices may weaken as much as 35 percent. Bridgestone Corp., the world’s largest tire company, said Feb. 19 that lower rubber and raw material costs may add 99 billion yen ($1 billion) to earnings this year.

- Prime Minister Vladimir Putin’s trade measures are starting to keep Deere & Co.(DE) combines and Caterpillar Inc.(CAT) trucks out of Russian wheat fields and coal mines, dimming the companies’ prospects for expansion abroad. Deere and Caterpillar, reeling from the longest U.S. recession in a quarter century, were the companies most affected by loan restrictions and tariffs of as much as 25 percent that Putin imposed this year, according to a U.S. Chamber of Commerce survey of the top 50 American businesses operating in Russia. Putin is trying to boost Russian industries with tariffs on everything from drugs to farm equipment as declining oil revenue saps the nation’s economy. The policies are hurting sales by Caterpillar, Deere and Agco Corp. in a market where revenue was forecast to rise as much as sixfold in the next decade.

- American International Group Inc., Morgan Stanley and other companies squandered more than $5 billion on executive pay since 2005 and must recoup the payments or face lawsuits, a pension fund said. The Service Employees International Union’s pension fund said today it sent letters to 29 companies, including AIG and Morgan Stanley, demanding that directors recover “incentivized executive pay” based on derivatives or other investments whose value was later written off. “The collective choices of top executives to reward themselves despite their failure to deliver a profit on their investments negatively impacted our pension fund and left our economy in shambles,” Andy Stern, the union’s president, said in a statement.

- Gold, down 8% in the past year, closed April 17 below the 100-day moving average, on weak volume, a sign the metal’s decline may steepen, said Ralph Preston, a commodity analyst at Heritage West Futures Inc. The most-active gold contract slid below the 100-day line on April 16 and April 17 while volume this month averaged about 17% less than the previous 100 sessions. The last time the price slipped below the 100-day line on weakening volume, gold fell 21% in about two weeks, from $906.50 on Oct. 8 to $714.70 on Oct. 23. Gold may trade near $800 by June 30, said analysts including Preston. “We see a decrease in indirect investments, and this also weighs on gold prices,” said Bayram Dincer, a Dresdner Bank commodity analyst in Zurich.

- Oil fell the most in seven weeks as a stronger dollar reduced the appeal of commodities and on speculation supplies will rise as the recession reduces demand. Oil dropped as the dollar rose to a one-month high versus the euro, making crude less attractive as a currency and inflation hedge. An Energy Department report last week showed U.S. crude oil inventories climbed to the highest level since September 1990 as demand dropped. “This weakness is being driven by deteriorating oil demand,” Goldman analysts David Greely in New York and Jeffrey Currie in London said in a report dated April 17. “In the U.S., oil demand has fallen to its lowest level since October of last year, while implied oil demand in China and the non-OECD countries fell back to 2007 levels in February.”

- Crude prices around $50 a barrel will help the economy recover while supporting investment, the oil minister of the United Arab Emirates said today. A price of “$50 provides support for the global economy while sustaining investment,” Mohamed al-Hamli said in Dubai.

- China, the world’s second-biggest energy user, will continue to have a surplus of coal in the short term as a slowing economy restrains demand, an industry official said. Some small mines may also reopen, exacerbating the oversupply, Wang Xianzheng, head of the China National Coal Association, said at an industry conference in Beijing today.

- UBS rated Bidu(BIDU) “Sell,” saying the company faces rising competition from Google(GOOG).

Wall Street Journal:

- As consumers focus on the bottom line, investors should focus on Priceline.com(PCLN). Leisure travel is down sharply, part of the reason shares of Priceline.com are off 29% in the past year. But the online-travel agency is grabbing business from rivals and is in a prime position to benefit from the economic downturn, making its shares tempting, despite a recent rally.

- New research suggests that on days when the indexes make big moves, leveraged exchange-traded funds could trigger a trading cascade, turning the market close into a buying or selling frenzy. Leveraged ETFs offer double or even triple the daily return of a market index. Some of them, called "inverse" ETFs, move opposite to the market -- for example, going up twice as much as an index goes down. These funds are the hottest thing on Wall Street. In March alone, $3.4 billion of new money poured into ETFs that use leverage to magnify the returns on U.S. stocks. Further amplifying the ETFs' actions: Every day, trading desks at big banks and brokerage firms blast out customized spreadsheets to favored clients. These tools, linked to live data feeds, predict whether the leveraged ETFs will be buying or selling as 4 p.m. approaches. That enables hedge funds and other big investors to trade ahead of the ETFs. The excessive trading set off by releveraging is perfectly legal -- but upsetting to many people. "The market doesn't seem like a fair, level playing field," says Andrew Brooks, head of U.S. equity trading at T. Rowe Price in Baltimore.

CNBC:

- Warren Buffett says you should judge a banker by how they bank, not by their speeches or PR: "It's what they do and what they don't do. And what Wells (Fargo) didn't do is what defines their greatness.” Buffett tells Fortune’s Adam Lashinsky that Wells didn't do "dumb things" just because all the other banks were doing them:

- A sharp decline in deep water and ultra-deepwater dayrates expected for late 2010 and 2011 will cut away at profits for Transocean Ltd.(RIG), said an analyst Monday as he downgraded the offshore drilling contractor. Jefferies & Co. analyst Judson Bailey lowered his rating for Transocean to "Hold" from "Buy" due to expectations that the deep water rig market will be oversupplied by late 2010 and 2011, which will drive down dayrates and earnings.

- A U.S. congressional watchdog panel for financial bailouts will grill U.S. Treasury Secretary Timothy Geithner on Tuesday over his handling of the program and his plans to purge problem assets from bank balance sheets. The Congressional Oversight Panel for the Troubled Asset Relief Program said Geithner will testify at 10 a.m. EDT on Tuesday.

- Berkshire Hathaway Chairman Warren Buffett said his firm retained its stake in Bank of America(BAC) in the first quarter. The Web site’s “Warren Buffett Watch” wrote that CNBC reporter Becky Quick spoke with Buffett, who said Berkshire owned 5 million shares as of March 31.

MarketWatch:
- The recent spurt in deal making is an encouraging sign for portions of the stock market -- with further action expected in cash-rich sectors, specifically health care and technology, stock-market analysts say.

Briefing.com:

- Apple(AAPL): Channel checks suggest consumer spending may have found a floor, according to Friedman Billings.

The Detroit News:

- Ford Motor Co.(F) says it is working with battery suppliers and university researchers to speed the development of lithium-ion battery systems for a new generation of hybrids and electric vehicles that it expects to begin building next year. "Ford is strongly positioned to accelerate its electric vehicle strategy this year thanks to the significant research we've already completed," said Susan Cischke, Ford group vice president in charge of sustainability, environment and safety engineering.

Boston Globe:

- Senator John F. Kerry will hold hearings in Washington next week on the financial problems facing the newspaper industry, as dwindling advertising dollars push many US papers to the brink of closure. "The increase in media conglomerates has resulted in an increase in agenda-driven reporting and over time, if those of us who value a diversity of opinion and ideas, and are unafraid to be confronted with pointed commentary and analysis, do not act, it is a situation which will only get worse," Kerry wrote. The senator has received political endorsements over the years from the Globe's editorial page, which is operated separately from its news-gathering operation.

- As Congress returns today from a two-week recess, Senators Edward M. Kennedy and Max Baucus reaffirmed their intention to push through a healthcare overhaul this year. Baucus, a Montana Democrat who is chairman of the Senate Finance Committee, and Kennedy, a Massachusetts Democrat who leads the Senate Health, Education, Labor, and Pensions Committee, have been leading the charge so far. In a letter to President Obama, they announced what they called an "aggressive" schedule for their committees to draft comprehensive healthcare legislation in early June.

FINalternatives:

- An adviser to some of the world’s largest hedge funds is heading back to the Federal Reserve to manage its growing balance sheet. Brian Sack has been named head of the Federal Reserve Bank of New York’s markets group, where he will oversee both the Fed’s portfolio and all open-market operations. Sack joins from Macroeconomic Advisers, where he specialized in Fed analysis. Macroeconomic Advisers boasts 50 of the world’s largest money managers and hedge funds as clients.

Here is the City:

- Reuters reports that top-rated commodities traders are ditching the likes of Goldman Sachs and Morgan Stanley for hedge funds. And the reason is simple - hedge funds do not have the same compensation restraints that firms with TARP funding have. And as many TARP-firms have previously enjoyed strong revenues from commodities trading, losing talent like this looks certain to adversely impact the bottom line. No wonder Goldman Sachs raised $5bn last week to go towards the early repayment of their $10bn TARP funding. The news agency quotes New York-based headhunter George Stein from Commodity Talent, who said: 'There have been a slew of very high departures from Morgan Stanley and Goldman Sachs....people going off to the world of alternative asset management, hedge funds and private equity'. Reuters also reports that some traders have become frustrated at the lack of risk appetite at the bigger firms (especially the ones that have government-backing). Vikram Tandon from recruiter Options Group said: 'With the angst of everything else going on, there are 10 people you have to report to, and to get a trade approved, you have to jump through hoops. When you go to a hedge fund, you have your own portfolio, or you're just part (of a team) of one or two people. That makes a massive difference'.

Politico:

- Former House Speaker Newt Gingrich tore into President Barack Obama Monday for his friendly greeting of Venezuelan President Hugo Chavez, saying Obama is bolstering the "enemies of America.” Gingrich appeared on a number of morning talk shows comparing Obama to President Jimmy Carter for the smiling, hearty handshake he offered Chavez, one of the harshest critics of the United States, during the Summit of the Americas.

USAToday:

- The company that's made it so easy for television viewers to avoid watching ads will unveil Monday a plan to help stations sell them. TiVo (TIVO) will challenge Nielsen, whose audience ratings provide the basis for most ad sales, with Stop/Watch Local Markets. It will supplement TiVo's measurements of national TV audiences with data from all but the smallest of the nation's 210 markets.

Reuters:
- The U.S. Treasury said on Monday there was "no basis" for a report that said its "stress tests" on the health of the nation's 19 top banks showed several were "technically insolvent." A Treasury spokesman said the department has not yet received the results. The Turner Radio Network, which describes itself as a "free speech" blog, said 16 of the 19 are "technically insolvent," citing what it said was a U.S. government report. Shares of several banks fell sharply on the report. "There is no basis for that report; we do not even have results yet," Treasury Spokesman Andrew Williams said. The Obama administration has said the results would be released on May 4.

- A growing number of U.S. banks are repaying or planning to repay the bailout money they received from the government as they seek to escape the restrictions that come with the funds. Some banks have also said they believe repayment of the funds signals their management's confidence in their capital levels. While the funds under the Troubled Asset Relief Program, or TARP, were mostly intended for banks weakened by the credit crunch, a significant portion of the $700 billion fund went to banks that described themselves as well capitalized. Five of these banks have already repaid all the bailout funds they received, while some others said they plan to repay the money and have applied for permission to do so.

- American International Group Inc (AIG), which has received more than $150 billion in taxpayer support since last September, has closed a deal to access nearly $30 billion in additional federal funds. In a filing with the U.S. Securities and Exchange Commission on Monday, AIG said it would issue and sell to the U.S. Treasury 300,000 preferred shares, including warrants to purchase common stock, in exchange for up to $29.835 billion.