Market Overview

Citi shares down on concerns of U.S. government sale

2009-09-15T10:52:00.000-07:00

Citigroup Inc (NYSE:C - News) shares were trading down around 5 percent on Tuesday after reports that the government may begin shedding its stake in the New York-based bank.

Citigroup, eager to escape the burden of a significant government ownership stake, is in talks with U.S. officials about selling part of the government's 7.7 billion shares in the bank, sources familiar with the situation said.

Investors have generally welcomed banks unwinding government investments made during the financial crisis, but selling a large block of shares could pressure Citigroup stock.
How such a sale would take place is unclear, as is whether the government would ultimately go along with such a plan after having to give more than $45 billion in support to Citigroup over the past year.

The Wall Street Journal reported that Citigroup executives were eyeing plans for a joint stock sale in which the bank would issue as much as $5 billion in new shares to the public while the U.S. Treasury would sell an undetermined portion of its 34 percent stake.
Citigroup Spokeswoman Shannon Bell declined to comment.

Mike Holland, president of money manager Holland & Co in New York, said fears of an over-saturated market for Citi shares could be the reason why they are trading down today.

"One plausible explanation could be the huge supply coming on the market," said Holland, who nonetheless welcomed the news that Citi was exploring options for exiting the bailout program.

Citigroup shares were down 22 cents, or 4.9 percent, to $4.30 in late morning trading. The bank's stock was the trading session's biggest decliner on the KBW Banks index (Philadelphia:^BKX - News).

The Journal reported that Citi contacted a U.S. Treasury official during the weekend with the message that the company wanted to begin discussions about the government shedding its stake.

The government would stand to make billions of dollars in profit from its stake in Citi, as the shares have rallied about 40 percent since the announcement of a deal to convert the Treasury's stake into common stock.

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2009-08-30T21:07:00.000-07:00

"Overview: Upbeat bonds cast shadow over equities
By Neil Dennis
Published: August 28 2009 19:16 Last updated: August 28 2009 22:07
Economic data this week were more positive than observers had expected, but investors were divided over whether the path out of recession was straight and true, as government bond prices rallied alongside global equities.
There were no nasty surprises from growth data from the US and Germany, which confirmed it had emerged from recession in the second quarter. Meanwhile, UK numbers on Friday were revised to show the economy contracted by 0.7 per cent in the second quarter, not the 0.8 per cent estimated earlier in the month.
EDITOR’S CHOICE
US stocks retain positive edge despite rally fatigue - Aug-28Share sale rumours lift Thomas Cook - Aug-28On Wall St: Bernanke and Congress - Aug-28UK finances fears dent sterling - Aug-28Lead and sugar rally as crude takes tumble - Aug-28Natixis gives impetus to Eurofirst - Aug-28In the US, home sales data and durable goods orders pointed to a continued warming up of economic activity, while investor and consumer confidence measures in the eurozone and the US showed a gathering of momentum.
So why, analysts asked, were bond prices rising, forcing yields lower, while equity markets continued to rise? Normally, an equity rally of the magnitude seen in recent weeks would drive bond yields sharply higher.
Riccardo Barbieri, at Bank of America-Merrill Lynch, said: “Central banks remain cautious about the outlook and are signalling continuing accommodation while paying lip service to ‘exit strategies’. This explains why both equities and bonds have performed well of late.”
Sean Maloney, at Nomura, suggested tha"

Ben Bernanke

2009-08-25T18:47:00.000-07:00

For an academic from Dillon, S.C., Ben Bernanke is an unlikely gunslinger.
In nominating the Federal Reserve chairman to a second term, President Obama on Tuesday compared Bernanke's efforts to avert a second Great Depression to FDR's "bold, persistent experimentation" to get the country out of the first one.

But Bernanke's efforts weren't easy -- or without critics.

The Fed has taken on unprecedented risk: It took on a trillion dollars of troubled assets, slashed interest rates, bailed out financial industry titans and launched more than a dozen expensive lending programs.

Bernanke is sure to face a lively confirmation debate in the Senate before his first term is up in January of next year.

"The problem with all of the risk is that it has created an unhappiness with Congress," said Lyle Gramley, a former Fed governor. "It's going to create problems for Bernanke in his confirmation, but these things had to be done to prevent an absolute meltdown in the economy."
Exit strategy: Walking the tightrope

In part because of the Fed's aggressive efforts, there are some signs that the economy -- in free-fall late last year -- has stabilized. Gross domestic product is not falling as steeply. Neither are job losses. On Tuesday,home prices posted their first gain in three years from weak levels earlier in the year. U.S. stocks are rallying, up more than 50% in 5 months.

But all of the Fed's moves come at a cost: potential inflation down the road if the central bank is unable to rein back in the money it has pumped into the system.

Bernanke has acknowledged that concern, saying that the Fed will wind down the programs as the economy enters a recovery phase and will begin to raise interest rates.
"The fact that he had to take on a lot of risk and we have these huge debt loads shouldn't be a complete surprise -- after all, this is the Great Recession, the worst downturn we've seen since the Great Depression," said Lakshman Achuthan managing director Economic Cycle Research Institute.
"It's not about how much, it's about when they exit from this: If they leave too early, we get deep deflation, and we get spiraling inflation if they leave too late," he added. "It's a high-wire act the Fed is performing."

But that may be easier said than done. Bernanke and the Fed have come under intense scrutiny for missing the subprime mortgage bubble, and the risky solution to the crisis may lead us down the same path again.

"Bernanke has demonstrated that he is skilled at high-drama, emergency surgery, but it's not at all clear that he is good at preventative medicine to avoid the need to visit the ER," said Achuthan. "We are all hopeful that they get the timing right, but I wouldn't bet on that heavily."
Gramley agreed that timing is everything, but argued that Bernanke is the best man for the job -- because he's the one that got us into this situation.

"Obama's nomination is not just a reward for Bernanke's past performance," said Gramley. "He is the most well-qualified person to deal with the problems that the Fed has created for itself by doing what it had to do to avoid another Great Depression."
Risky assets: Counting to a trillion

The Fed's balance sheet is a measure of the assets that the central bank holds on to. Prior to the Sept. 15 collapse of Lehman Brothers, which marked the start of the credit crisis and the point in which the recession took a turn for the worse, the Fed held less than $1 trillion in assets, most of which were in safe U.S. Treasurys.

By mid-December, the Fed's balance sheet had more than doubled to over $2.3 trillion. Many of those holdings are mortgage-backed securities -- the hard-to-value assets that brought down the financial sector.

The massive expansion began after Sept. 15, when Bernanke's Fed began rolling out lending program after lending program, sending banks cash in exchange for the risky assets.
There is a Fed program that buys up corporate debt, a program that funds foreign central banks with billions of dollars, direct purchases of mortgage-backed securities from Fannie Mae (FNM, Fortune 500) and Freddie Mac (FRE, Fortune 500), loans to AIG and ramped-up purchases of government bonds, among many others.

These initiatives have been largely successful at restoring lending among banks, and financial institutions have begun to withdraw from the programs. But the Fed is still hanging onto a majority of the assets it has taken on in the past year, and the balance sheet now stands at just under $2.1 trillion.

In another bold move, Bernanke and the Fed dropped interest rates to a record-low range of 0% to 0.25% in December in an effort to jumpstart lending. Prior to December, rates had never been below 1%.

Bernie Madoff

2009-08-25T18:36:00.000-07:00

In her book "Madoff's Other Secret: Love, Money, Bernie and Me," Sheryl Weinstein reveals the details of her alleged affair with convicted Ponzi schemer Bernard Madoff, who she says was in love with her and was "a good kisser."

"He really got into it more emotionally than he expected to," Weinstein said, talking about the affair for the first time on television on "Good Morning America" today. "I think he loved me and was very afraid of that type of connection."

Weinstein writes that she met Madoff more than two decades ago while working as the chief financial officer for a Jewish charity, Hadassah, which was one of the hundreds of organizations Madoff eventually ripped off. At their first meeting, she wrote, he gave her a "welcoming smile, a smile [she'd] never forget."

"I knew instantly that he was attracted to me," she wrote. During the course of their 21-year relationship, Weinstein says she and Madoff had a sexual affair for a year and a half.
Weinstein had previously denied a romantic relationship with Madoff to ABC News earlier this summer. At Madoff's sentencing on June 29, she maintained she had only a professional relationship with Madoff, calling him a "beast."

Weinstein said today that she decided to write the book out of guilt over losing her family's money by investing with Madoff. "He took everything," she said.
"Investing money, investing my family's money was my responsibility," she said. "When this happened, the feelings of guilt, responsibility, failure became overwhelming

"I don't have any art, I don't have any jewelry," she added. "What I have to sell is my story." In addition to Weinstein's own money, according to Hadassah, the charity had invested more than $40 million with Madoff as of 1997, when it stopped adding principal. It believed its account was valued at $90 million when Madoff was arrested.

In June, Weinstein sat next to her husband of 37 years as she told the judge that Madoff "should not be given the opportunity to walk into our society again."

In response to the book, Madoff's lawyer Ira Sorkin blasted Weinstein for claiming the affair. "I certainly hope that Mrs. Weinstein was more discrete about her investment decisions on behalf of Hadassah than she was about her sex life -- and that is not to confirm the allegation [of an affair] is true," Sorkin said in a statement to "Good Morning America."

Sheryl Weinstein Shares Personal Details of Relationship With Bernie MadoffWeinstein's television appearance today follows reports that Madoff is dying of cancer -- reports that have since been dispelled by the U.S. Bureau of Prisons.

Weinstein says her long relationship with Madoff has given her insight into how he could have defrauded thousands of people, including many who were close to him.

"I think it was more important to Bernie to keep up the façade, the image at all costs … no matter what the moral implications," she said. "It was about Bernie and who Bernie had to be to the world."

That desire "could have stemmed back to his childhood," she said, adding that isn't an excuse for his actions.

In the book, Weinstein also divulges personal details about the man she referred to as "Mr. Winky Dink" because of a funny face he would make

"It was just a code name between me and a friend or two that was aware of the situation," she said.

She added that "he was a good kisser. Very nice."

As for her view of the relationship, Weinstein said, "I didn't like being second. I didn't like playing the back room type of person."

She says Madoff was afraid of what would happen if his wife, Ruth Madoff, learned of their affair. "He was petrified of Ruth … of his wife finding out," she said. "Divorces or something like that leads to books being opened … something might come out."

When asked if she had a message for Madoff, she said she wanted him to know that the victims of "this immense human tragedy ... will survive."

Airlines Frequent-Flier Programs

2009-08-25T18:24:00.000-07:00

After years of shrinking benefits and increasing fees, frequent-flier programs are courting their most loyal customers again.

In recent weeks, American Airlines introduced new awards for one-way flights; United dropped its $75 to $100 fees for booking an award within three weeks of travel; and Delta Air Lines made it easier for elite frequent fliers to retain their V.I.P. status.

Carriers have also been dangling mileage offers, including double-mile promotions, and have even resurrected bonuses for booking online.

Those who follow the programs describe the changes as a slight shift in a more consumer-friendly direction, giving customers more ways to earn and redeem miles.

“What we’re seeing is a bit of a resurgence on the airlines’ part in focusing on their frequent-flier programs,” said Tim Winship, who tracks loyalty programs for SmarterTravel.com. But he added that the issue members care about most — being able to use their miles for free tickets — remains a challenge, especially with planes flying nearly full.

“I think award availability remains the elephant in the room,” he said. “The travel slump has not resulted in any increase in award availability, and in fact, if anything my sense is that people are having a more difficult time now.”

That assessment, while hotly debated on travel Web sites, is difficult to confirm.
Randy Petersen, founder of the frequent-flier hubs InsideFlyer.com and FlyerTalk.com, said 2008 was a record year for award redemption, which he attributed to travelers using miles for more mundane trips, like visits to relatives in less exotic locales.

“In a good economy, everyone wants to use their miles to go to Hawaii, London or San Francisco,” he said. “But when the recession hit, award redemption really started to spread out because people were using their miles not as much for vacation as necessary travel.”

Another factor spurring award redemption, Mr. Petersen said, has been the shift to “dynamic pricing.” If a seat that requires 25,000 miles is available for the outbound leg of a trip, but there is only a 50,000-mile seat on the return, many airlines now offer the itinerary for an amount in between — say, 37,500 miles — rather than charging the higher price for the entire trip.
In a similar vein, the new one-way award from American Airlines lets members book a flight after as little as 12,500 miles, a good option for students returning to college or snowbirds heading south for the winter.

There have also been changes in financial regulations that require airlines to account for unused frequent-flier miles as a liability, which has motivated carriers to make awards easier to redeem.
“There really is an incentive now for the airlines to get all of their miles redeemed because it’s expensive for them to carry them as a liability,” Mr. Petersen said.

Even so, he acknowledged that as travelers prioritize low-priced tickets over flying with a preferred airline, carriers need to work harder to earn loyalty, especially among their elite fliers.
Delta Airlines, for example, recently announced new benefits for its elite SkyMiles members, which take effect in 2010.

Among the more significant changes, Delta added a “diamond” tier to its existing levels of Medallion membership (silver, gold and platinum) — all referred to as having elite status, which comes with benefits like free upgrades and fee waivers.

Paul R. Skrbec, a Delta spokesman, said adding a fourth tier encouraged Medallion members to stay with Delta, rather than switch to another carrier after obtaining platinum status. The higher the tier, the better the benefits. For example, a diamond member will get a 125 percent mileage bonus versus a 100 percent bonus for platinum elites.

Seth Miller, a freelance technology consultant in Manhattan, is one of the elite frequent fliers airlines have been courting, having maintained top-tier platinum status in Continental’s OnePass program for 10 years.

“The legacy airlines especially are doing as much as they can to generate loyalty, and these days that means crazy bonuses — double miles for this, triple miles for that, miles are being given out like candy on Halloween,” Mr. Miller said.

“It’s great now,” he added, but he worries that the airlines’ largess could have a downside. “The question is, what happens when everyone tries to take advantage of all these benefits that are being handed out now? I’ve got elite status, but am I going to be able to get upgrades or will everybody else have status, too?”

Another question is whether nonelite frequent fliers have dropped off the radar as airlines focus on their biggest spenders — a message that average consumers may be responding to by shifting their loyalty to other rewards programs, like those offered on credit cards.

A research company that tracks loyalty programs found that membership in credit card reward programs surpassed membership in frequent-flier programs for the first time in 2009.

According to Colloquy, the company that conducted the research, the average household in the United States is signed up for 14 loyalty programs, ranging from grocery stores and gas stations to airlines and hotels, but actively participates in only six.

The recession has diminished participation in multiple travel programs, said Kelly Hlavinka, a partner at Colloquy. She said this could bring about a return to the original premise of loyalty rewards: to cement a relationship with just one airline or hotel.

“Savvy travelers may be saying, ‘I may not be able to spread my business out to two or three airlines, but I can consolidate my travel with one company,’ ” Ms. Hlavinka said. “The real opportunity for airlines is to try to keep that business with their airline.”

Starbucks Hikes Prices, Customers Take a Hike?

2009-08-25T17:53:00.000-07:00

In the midst of a nasty recession, will customers want to pay more for their daily cuppa joe? Starbucks (Nasdaq: SBUX) may soon find out.

In some markets, the java giant is adjusting prices on what it calls "more complex" beverages. Some venti-sized fancy drinks will cost as much as a quarter more than they used to, but other drinks will decline in price by an average of $0.05 to $0.15.

Starbucks heralded these price changes back in April, and it's hardly clueless about the possible impact. In a memo to baristas, the company warned that its employees should "expect customers to be sensitive to pricing changes in this economic climate." In response, the chain apparently encourages baristas tell customers that the coffee giant is looking for ways to provide value. I'm not sure customers who are paying a quarter more will buy that line of thinking, but those paying a bit less just might.

Hiking prices could make sense if Starbucks wants to reestablish its credibility as a premium coffee purveyor. I could hardly complain about that, given my previous concerns that some of the company's "value" initiatives might tarnish its brand. Still, miffed customers could turn to many alternatives, including Peet's (Nasdaq: PEET), Caribou, and Green Mountain Coffee Roasters (Nasdaq: GMCR). And nobody underestimates the power of lower-end competition like McDonald's (NYSE: MCD) or Dunkin' Donuts, either.

Nor should we forget Starbucks' diminished traffic. Companies like Chipotle (NYSE: CMG) (NYSE: CMG-B) and Panera Bread (Nasdaq: PNRA) have successfully raised menu prices to offset flagging customer visits, but that's a dangerous game to play. Given its current precarious position, I have to wonder whether Starbucks should have left well enough alone.

Stocks touch new '09 highs

2009-08-25T14:12:00.000-07:00

Stocks gained Tuesday, extending a recent rally, after reports showed that consumer confidence and home prices are starting to recover.

News that President Obama is nominating Federal Reserve chief Ben Bernanke for a second term in office added to the positive sentiment.

The Dow Jones industrial average (INDU) added 30 points, or 0.3%, according to early tallies. The S&P 500 (SPX) index gained 2 points, or 0.2%. The Nasdaq composite (COMP) rose 6 points, or 0.3%.

Stocks slipped Monday as investors took a step back after pushing the major gauges to new 2009 highs Friday. But after Monday's brief hiccup, stocks resumed their advance Tuesday.
Stock gains were pretty broad based, with 21 of 30 Dow stocks rising, led by Boeing (BA, Fortune 500), JPMorgan Chase (JPM, Fortune 500), United Technologies (UTX, Fortune 500) and Travelers Companies (TRV, Fortune 500).

But falling oil prices cut into any stock gains, dragging down the influential energy sector. Dow components Exxon Mobil (XOM, Fortune 500) and Chevron (CVX, Fortune 500) declined and the Amex Oil (XOI) index was off 1%.

Since bottoming at a 12-1/2 year low on March 9, the S&P 500 is up 52% as of Tuesday afternoon. The pace and breadth of the run up has left many Wall Streeters calling for a big selloff in September and October. But so far, there has been no indication of that.

"Generally, the market keeps moving higher even though so-called experts are saying it's overbought," said Terry Morris, senior equity manager, National Penn Investors Trust. "It's surprisingly strong. Maybe we have turned a corner."

Consumer confidence: Stocks hit the highs of the day just after the 10 a.m. ET release of the August Consumer Confidence index. The index rose to 54.1, surprising economists who thought it would rise to 47.9. The index stood at a revised 47.4 in July.

While the report was significant, it doesn't often correlate to what the consumer ends up doing, said Kim Caughey, senior equity analyst at Fort Pitt Capital Group.

"Unemployment is continuing to rise, and that's going to keep the consumer out for the time being," Caughey said. She said inventory rebuilding on the part of corporations will help support the economy in the short term, rather than a rise in consumer spending.
She said the Bernanke announcement was more notable.

Fed: President Obama nominated Ben Bernanke to chair the Federal Reserve for a second term, announcing the reappointment months ahead of the expiration of Bernanke's current term.
The reappointment is expected to receive the approval of the Senate.

"There was a bit of uncertainty around Bernanke's reappointment and the fact that the announcement was made today is driving the gains," Caughey said.

Housing: Home prices rose 2.9% in the second-quarter versus the first quarter, according to an S&P/Case-Shiller report. That's the first quarterly rise in prices in three years and could signal that the housing market has bottomed.

The 20-city index declined 15.4% in June versus a year ago, but that was shy of forecasts for a drop of 16.4% versus a year ago.

Budget: The White House released its deficit and economic forecast. It predicts a federal budget deficit of $9 trillion over the next decade and a deficit of $1.58 trillion in 2009. The $9 trillion is $2 trillion more than what the administration had forecast previously.

The Congressional Budget Office (CBO) released its own forecast shortly after the Obama administration. The CBO said the 2009 deficit will total $1.6 trillion.

World markets: European markets rallied, while Asian markets slid, with the Japanese Nikkei losing 0.7%.

Bonds: Treasury prices inched higher, lowering the corresponding yields.

Oil: U.S. light crude oil for October delivery fell $2.32 to settle at $72.05 a barrel on the New York Mercantile Exchange, after touching a new 10-month high in the morning.

response to the first of three government debt auctions this week. The rise in prices lowered the yield on the benchmark 10-year note to 3.44% from 3.47% Friday. Treasury prices and yields move in opposite directions.

Treasury sold $42 billion of 2-year notes Tuesday and is planning to sell $39 billion of five-year notes Wednesday and $28 billion of 7-year notes Thursday.
Other markets: COMEX gold for December delivery rose $2.30 to settle at $946 an ounce.
In currency trading, the dollar fell versus the euro and the Japanese yen.

Market breadth was positive. On the New York Stock Exchange, winners topped losers three to two on volume of 890 million shares. On the Nasdaq, advancers beat decliners seven to six on volume of 1.65 billion shares.

World Cup 2010 Fifa 2010

2009-07-08T11:53:00.000-07:00

fifa world cup 2010

2009-07-07T07:21:00.000-07:00

Fifa 2010 fifa 2010 fifa 2010 fifa 2010 fifa 2010 fifa 2010 fifa 2010 fifa 2010 fifa 2010 fifa 2010 Fifa 2010 fifa 2010 fifa 2010 fifa 2010 fifa 2010 fifa 2010 fifa 2010 fifa 2010 fifa 2010 fifa 2010

world cup 2010 teams fifa 2010 fifa world cup 2010

GM could exit Chapter 11 this month

2009-07-05T00:32:00.000-07:00

Detroit-based GM /quotes/comstock/11i!gmgmq/quotes/nls/gmgmq (GMGMQ 0.82, -0.09, -9.64%) has been in bankruptcy court this week seeking approval to sell most of its assets to the so-called New GM, an entity that will be majority owned by the U.S. Treasury. Without that approval by July 10, the government said it would cut off funding for GM, which could lead to a liquidation.

WStreet.com auto industry analyst David Silver sees the deadline as more bluster than anything.

GM's CEO threatened liquidation by July 30 and now the auto task force is threatening July 10. I wonder if President Obama were to testify, would he throw the gauntlet for the sale to be done by July 4?" he said.

"From an American's point of view, it would be great to see the judge stand up to both GM and the administration because both have been trying to manipulate the courts," added Silver, who isn't convinced GM can pull out of bankruptcy anytime soon.
If and when the automaker does emerge, t

he U.S. government will hold about 60% and the Canadian government and a union-retiree trust fund will hold the rest.

The U.S. is looking to shed its holdings no later than 2018, in line with the Canadian government's plan, people familiar with the matter told the Wall Street Journal.

Canada would hold about 12% of the automaker and proposes to unload at least 5% of its GM shares a year until its fully divested in no more than eight years. The U.S. hasn't said how it plans to reduce its stake in GM.
A day earlier, automakers reported another month of poor U.S. sales, with GM's 33% decline for June even worse than anticipated.

GM's shares have managed to draw buying interest despite the bankruptcy, though it's a near certainty they will eventually be worthless.
Underscoring this, GM reminded investors in a statement Wednesday that it strongly believes "there will be no value for the common stockholders in the bankruptcy liquidation process, even under the most optimistic of scenarios."

The stock ended the week at 82 cents, down 9.6% in Thursday's session.

Air France Crash Searching for Black Boxes

2009-07-05T00:13:00.000-07:00

Modern airplanes are marvels of technology. Yet when they crash, as two have in the past month, investigators often must hunt for the recordings of the flight data and pilot communications since these "black boxes" are located on the plane. Both the June 1 Air France and June 30 Yemenia Airways Airbus crashes happened over water; in both cases, the boxes are thought to sit at major depths, not easily recoverable. Which prompts an obvious question: Why are such data even stored on the airplane? Isn't it more logical to transmit it to a land-based receiver, where it could be accessed quickly in a crash investigation?

The answer, say flight data experts, is "Yes, but…" Yes, most of the technology exists to send flight data and voice from commercial airplanes. But the cost remains so immense no one would fund it. Moreover, such a change would not address any safety issues—and safety almost always takes priority in spending decisions by airlines and regulators.

"The volume of information you're talking about is infeasible in terms of what it would cost to do that for every airplane," says Ray Oishi, a senior engineering fellow at Annapolis (Md.)-based ARINC, which transmits texts and other data for airline customers. Airlines would also discard virtually all the routine data that were sent, Oishi notes. "Just because it's imaginable doesn't mean it's practicable."

Another factor is that black boxes are nearly always recovered. In the past few decades, only the two jets that crashed on September 11 at the World Trade Center lost their flight data and voice recorders, industry officials say.

But it's possible that the Air France Flight 447 crash will add to that short list of unrecovered boxes. July 2 marked the end of the 30-day period during which the Air France devices were expected to transmit a useful locator beacon. Nonetheless, French investigators say they will extend their search until July 10. France has mounted a significant naval expedition some 900 miles northeast of the Brazilian coast, deploying ships and listening devices to locate the boxes. The jet appears to have struck the sea at high speed and intact, based on inspection of wreckage debris, French authorities said.

Investigators already have more than a dozen automatic data transmissions the Airbus A330 sent shortly before it was lost, and those signaled various operational problems. However, without the sophisticated data stored aboard the plane—25 hours of data on 88 flight parameters plus the final two hours of cockpit audio—the investigation will remain hampered. Ultimately, a mystery around an air disaster could also provide fresh impetus for finding a different system. Says Dan Elwell, vice-president of civil aviation for the Aerospace Industries Assn., a trade group representing airplane and component builders: "At some point we'll look back and remember when we sent divers down in the water."

Seven years ago, L-3 Aviation Recorders (LLL), the largest maker of flight data recorders, partnered with a satellite company to study the cost of moving to a flight-data transmission system. The exercise assumed a 50% reduction in future satellite transmission costs. But even that cost proved to be prohibitive: $300 million annually for a U.S. carrier flying a global network. "And that doesn't even address other hardware costs," says Bruce Coffey, president of the L-3 recorder unit, which is based in Sarasota, Fla. That compares with the $20,000 cost for on-board data and voice recorders, which are certified for 100,000 flight hours, or about 30 years. That essentially makes the boxes a one-time expense for an airline, Coffey says.

Yet many in the field expect that someday flight data and pilot communications will be beamed from airplanes, as transmission, computing, and storage costs continue to fall. "I don't think it's going to happen in my career," says Coffey, 52. "Change occurs very slowly in this industry," he said. "I think eventually if satellite transmission rates become affordable, then…you will have some operators looking at this." He expects transmission will ultimately become standard.

Elwell, with the AIA, says fuel costs will also factor into the math for airlines. Each box weighs roughly 10 pounds…a minor load except when calculated across a growing global air fleet in an era when fossil fuel costs are likely to rise. "At some point it will be cheaper to transmit the information off-ship and store it than the gas you burn to haul the…box," Elwell says.

The National Transportation Safety Board, which investigates U.S. airline incidents and recommends regulatory changes to the Federal Aviation Administration, has not taken a position on flight data or voice-recorder transmissions. Neither agency is pursuing the issue.

As for finding such boxes in the deep oceans, mapping sonar is one potential aid. The French investigative authority, BEA, has sought information from C & C Technologies, a Lafayette (La.) outfit that operates underwater sonar vehicles for oil companies, shipwreck exploration, and other deep-sea work. A search of the area using that equipment would cost as much as $90,000 per day, C & C president and CEO Thomas Chance said. C&C's "autonomous underwater vehicles" transmit low-frequency sonar to map undersea terrain. If an object needing further inquiry is spotted, high-frequency signals provide a more detailed read. The vehicle also has a camera. "We're ready to go if they ever decide to call us," Chance said Thursday

Until they're found, the missing boxes leave uncertainty about whether a safety problem exists for other Airbus planes. And the lack of crash details adds to the pain of those who lost loved ones. Marco Tulio Moreno Marques, a Brazilian attorney who lost his parents in the Air France crash, told the Associated Press on July 2: "They can say a flying saucer hit the plane, but if they don't find the black boxes we will never know for certain what happened."

Yemen Airways crash

2009-06-30T06:28:00.000-07:00

Some bodies were seen in the area of the crash," said Muhammed Abdul-Qadber, chairman of the Yemeni National Civil Aviation Association. "There is no further information available about the survivors."

The Airbus CM-300, was en route from Yemen to Moroni, the capital of the Comoros Islands, when flight controllers lost contact with the plane at 1.51 a.m. There were 153 people on board, including 11 crew members and three infants. Reports out of France said there were 66 French nationals on board the plane. The flight had originated in France, with a stop in Yemen before proceeding to the Comoros, according to French media reports.

Abdul-Qadber could provide no more information about the nationalities of the passengers.
He said the plane crashed in stormy weather with wind gusts reaching 161 km an hour.

Eyewitnesses have already sighted bodies and an oil slick 16-17 nautical miles from the Moroni airport. Investigation teams from Yemen Airways and the Yemen aviation authority plan to fly to Moroni on Tuesday.

French Navy units, including a frigate and military helicopters, have begun search and rescue operations. Comoros is located off the eastern coast of Africa between Madagascar and Mozambique.

michael jackson dies

2009-06-25T18:05:00.000-07:00

michael jackson die

2009-06-25T17:51:00.000-07:00

Michael suffered a cardiac arrest earlier this afternoon at his Holmby Hills home and paramedics were unable to revive him. We're told when paramedics arrived Jackson had no pulse and they never got a pulse back.

A source tells us Jackson was dead when paramedics arrived. A cardiologist at UCLA tells TMZ Jackson died of cardiac arrest.

Once at the hospital, the staff tried to resuscitate him but he was completely unresponsive.

A source inside the hospital told us there was "absolute chaos" after Jackson arrrived. People who were with the singer were screaming, "You've got to save him! You've got to save him!"We're told one of the staff members at Jackson's home called 911.La Toya ran in the hospital sobbing after Jackson was pronounced dead.

Michael is survived by three children: Michael Joseph Jackson, Jr., Paris Michael Katherine Jackson and Prince "Blanket" Michael Jackson II.

10 large US banks to repay $68B in TARP funds

2009-06-17T19:43:00.000-07:00

A key government effort to ease the credit crisis reached a milestone Wednesday as 10 large banks said they had repaid a total of $68 billion in bailout funds.

Treasury said last week that the banks could begin repaying money they received under the $700 billion financial system bailout known as the Troubled Asset Relief Program, or TARP. The government created the program in October as its flagship effort to address the global credit crisis and teetering financial markets.

Meanwhile, officials hustled to prepare an announcement about the pricing of stock warrants Treasury holds -- a final barrier to the banks' ending their ties to the bailout program. The warrants allow Treasury to buy the banks' stock at a fixed price at some future date. The banks now want to buy back those warrants

The flurry of activity around TARP followed months of criticism from opponents of government intervention in the financial industry. It showed that some of the biggest TARP investments are winding down sooner than many had feared.

More than $70 billion has been returned to the fund. That includes Wednesday's redemptions and about $2 billion in earlier repayments from smaller banks.

But until the banks can buy back the stock warrants Treasury holds, they remain entangled in a program that has subjected them to limits on executive pay and other restrictions. The banks have chafed against TARP from early on, fearing government-imposed rules could hurt their profits and prevent them from hiring or keeping top talent.

The warrants are hard to price because their values will fluctuate along with the banks' stock prices. Treasury wanted more money to unwind the contracts than the banks were willing to pay.

Uncertainty surrounding the warrant sales raises questions about whether Treasury "is getting the best possible price for taxpayers," the Government Accountability Office charged in a report released Wednesday

The GAO also urged Treasury to create consistent rules for evaluating bank requests to buy their way out of TARP.

Wednesday marked the first repayment opportunity for the 10 large banks whose exit applications Treasury approved last week. Throughout the day, the banks announced that they had finished repaying the government money

The list included some of the largest and best-known banks in the country. They were: JPMorgan Chase & Co., Morgan Stanley, Goldman Sachs Group Inc., U.S. Bancorp, Capital One Financial Corp., American Express Co., BB&T Corp., Bank of New York Mellon Corp., Northern Trust Corp. and State Street Corp.

To begin the process of leaving TARP, the banks had to clear a series of hurdles designed to make sure they would remain viable despite the financial crisis and the recession

All but Northern Trust underwent government "stress tests" to ensure they had an extra capital buffer in case the recession worsened. The 10 also were required to raise equity from investors and raise debt without a government guarantee.

Despite their relative strength, the banks still rely on government subsidies, including guarantees on debt they already issued and discounted credit lines from the Federal Reserve

The rapid repayments are not necessarily a sign that TARP itself will be scaled back. Treasury has said the money would be returned to the $700 billion bailout fund. It could be recycled in loans to other institutions the government hopes will lend money to people and businesses, supporting an economic recovery.

But an announcement about warrant pricing is expected by Friday, according to two industry sources who would speak only anonymously because the matter was not yet public.

That clarification and Wednesday's repayments provide a clearer way forward for banks wishing to end their involvement with the government's financial stabilization plans.

That clarification and Wednesday's repayments provide a clearer way forward for banks wishing to end their involvement with the government's financial stabilization plans.

That clarification and Wednesday's repayments provide a clearer way forward for banks wishing to end their involvement with the government's financial stabilization plans.

In addition, taxpayers will receive billions in exchange for the warrants, once Treasury and the banks agree on how to price them.

Harley Davidson Motorcycle Models

2009-06-17T15:12:00.000-07:00

Air France-KLM

2009-06-17T15:08:00.000-07:00

Air France-KLM is an airline company. The Company's core business is passenger transportation and represented approximately 80% of revenues at March 31, 2009. Its activities also include cargo, aeronautics maintenance and other air-transport related activities, including principally catering and charter services. The Company has three core businesses: passenger transport, cargo transport and aircraft maintenance services. As of March 31, 2009, the Air France-KLM Company fleet comprised 641 aircraft, of which 621were operational. The main fleet consists of 429 aircraft, of which 164 long-haul aircraft, including six at Martinair; 29 cargo aircraft; including 11 at Martinair and 236 medium-haul aircraft, including 35 aircraft in the transavia.com group fleet. The regional fleet comprises 212 aircraft. On March 25, 2009, the Company announced the acquisition of a 25% stake in Alitalia.

45, rue de Paris, Roissy-CDG Cedex, 95747 France +33-1-41567800 (Phone)

Company website:http://www.airfranceklm-finance.com/Investor Relations, Financial Information, Corporate History/Profile, Executives, Products/Services

Air france crash

2009-06-08T20:17:00.000-07:00

The Air France plane that disappeared between Brazil and France with 228 people on board today has almost certainly crashed, airline and government officials said.If no survivors are found it will be the worst loss of life involving an Air France plane in the firm's 75-year history.
The officials believe the Airbus A330-200 aircraft crashed after running into lightning and thunderstorms over the Atlantic Ocean.

Gordon Brown said he feared Britons were among the passengers. "I do fear there may be some British citizens on board," the prime minister told Sky News. "We are doing all the checking that is necessary."

The Air France chief executive, Pierre-Henri Gourgeon, told a news conference: "We are probably facing an air catastrophe."

He said the aircraft went through a thunderstorm with strong turbulence at about 3am BST.An automated message was received at 3.14am indicating a failure of the electrical system, Air France said in a statement.

"The whole company shares the anxiety of the families," Gourgeon said. "We are doing everything possible to get information through, little by little, as it comes through."

François Brousse, an Air France spokesman, said several of the plane's mechanisms had malfunctioned, preventing it from making contact with air traffic controllers.

"It is probably a combination of circumstances that could have led to the crash," he said.Brazilian air force planes are searching the Atlantic for flight AF447, which left Rio de Janeiro at 7pm local time (11pm BST) yesterday. It had been expected in Paris at 11.15am .

Brazilian air force officials told the Associated Press a search was under way near the island of Fernando de Noronha, about 1,500 miles north-east of Rio, but an Air France source was quoted as saying that there was "no hope" for those on board.

Jean-Louis Borloo, the second most senior figure in the French cabinet, said: "By now it would be beyond its kerosene [aviation fuel] reserves … unfortunately we must now envisage the most tragic scenario."

Borloo told the France Info radio station the plane had disappeared from both military and civilian radar screens.

The French president, Nicolas Sarkozy, expressed "extreme worry" and sent the junior minister for transport, Dominique Bussereau, and Borloo to Charles de Gaulle airport to monitor the situation.

The Air France flight was full – today is a French bank holiday and Brazil is an increasingly popular tourist destination among the French.

At midday, the flight was still up on the arrivals board with the word "delayed" beside it, even after official statements said that it had probably been lost. By 1pm, it had been removed from the board.

Relatives and friends of passengers who had arrived at Charles de Gaulle's terminal two to meet the plane were ushered into a closed area away from journalists, where they were being counselled by airport staff.

A former pilot told France Info he believed the plane was the first passenger-carrying Airbus A330 to crash. The model is known as having a good safety record.

The plane was carrying 216 passengers and 12 crew. Of the passengers, 126 were men and 82 were women. Seven children and a baby were on board.

According to the French media, Paris airport authorities were told by their Brazilian counterparts that the aircraft had vanished from radar screens.

Douglas Ferreira Machado told Brazil's Globo TV that he believed the plane must have left Brazilian waters and could have been near the coast of Africa by the time contact was lost, based on the speed it was travelling.

"It's going to take a long time to carry out this search," he said. "It could be a long, sad story. The black box will be at the bottom of the sea."

French military aircraft took off from Senegal in western Africa to take part in the search.
France Info quoted an airport authority source as saying it was possible, but extremely unlikely, that the radar drop-out had been caused by a transmitter failure.

Chris Yates, an aviation expert, told the BBC: "There is not radar coverage across the Atlantic, because it is too far from radar stations.

"But the fact [the plane] has not appeared on radar when it neared land gives me cause for concern."

He said that "if we are talking about an aircraft coming down over the ocean … then survivability is quite limited".

Air France said the pilot had flown 11,000 hours, 1,700 of them on an Airbus 330, making him a highly experienced pilot. Of the two co-pilots, one had 3,000 hours of flight time and the other 6,600 hours. Flight AF447, which had flown 18,870 hours, entered service in April 2005. Its last engineering overhaul was in April.

The A330-200 model has not had any fatal accidents involving passengers. In June 1994, an A330 owned by Airbus on a test flight simulating an engine failure on take-off crashed shortly after leaving Toulouse, killing all seven people on board.

In October last year, a Qantas A330 flying from Singapore to Perth reportedly experienced a sudden change in altitude.

The crew issued a mayday call before diverting the aircraft. About 36 passengers and crew members were injured, more than a dozen seriously.

The last major incident involving an Air France plane was in July 2000 when one of its Concordes crashed just after taking off from Charles de Gaulle Airport, bound for New York.All 109 people on board were killed, along with at least four on the ground.

Sony Blu-ray investigation

2009-06-02T20:37:00.000-07:00

It would appear Sony Corp.�s moment of basking in the glory of its recent HD victory is over

following news that the U.S. International Trade Commission (ITC) has launched an

investigation into possible patent infringements connected to Blu-ray HD hardware and various other related devices.

Sony is believed to be just one of around 30 companies currently being scrutinised by the ITC, with other notably prominent tech industry names including mobile phone titans Nokia Corp. and Motorola, along with consumer electronics giants Toshiba, LG, Hitachi and Panasonic (Matsushita Electrical).

According to the ITC�s official Web site, the investigation is centred on the allegedly illegal usage of short-wavelength LEDs and lasers commonly found in electronic devices such as mobile phone handsets and high-definition DVD players.

The ITC probe has been launched on the back of a patent violation complaint filed on February 20 of this year by retired Columbia University professor Gertrude Neumark Rothschild, who is demanding that U.S. imports of all patent-infringing products are blocked.

According to Rothschild�s lawyer, Albert Jacobs of Dreier LLP, his client is responsible for making a �seminal breakthrough� in the production of blue, ultraviolet and white light.
Unlike red lasers, blue and ultraviolet laser technology requires less electricity and has subsequently been integrated into everything from computers and HD disc players through to traffic light systems and instrument panels, reports Bloomberg .

The ITC, an official government agency that exists to better protect the U.S. market from unfair trade practice, commented that is �has not yet made any decision on the merits of the case.�It would appear Sony Corp.�s moment of basking in the glory of its recent HD victory is over following news that the U.S. International Trade Commission (ITC) has launched an investigation into possible patent infringements connected to Blu-ray HD hardware and various other related devices.

According to Rothschild�s lawyer, Albert Jacobs of Dreier LLP, his client is responsible for making a �seminal breakthrough� in the production of blue, ultraviolet and white light.

Unlike red lasers, blue and ultraviolet laser technology requires less electricity and has

subsequently been integrated into everything from computers and HD disc players through to traffic light systems and instrument panels, reports Bloomberg .

According to Rothschild�s lawyer, Albert Jacobs of Dreier LLP, his client is responsible for making a �seminal breakthrough� in the production of blue, ultraviolet and white light.

Unlike red lasers, blue and ultraviolet laser technology requires less electricity and has subsequently been integrated into everything from computers and HD disc players through to traffic light systems and instrument panels, reports Bloomberg .

The ITC, an official government agency that exists to better protect the U.S. market from unfair trade practice, commented that is �has not yet made any decision on the merits of the case.�

Air Force One Integrated Defense Systems

2009-06-02T20:31:00.000-07:00

Historically, several U.S. presidents have flown on Boeing aircraft.

In 1943, President Franklin D. Roosevelt flew to Casablanca aboard a Boeing model 314 Clipper.

In 1962, Boeing introduced U.S. presidents to modern jet transportation with the introduction of the Boeing model 707-320B. In all, seven presidents were served by the 707-320B.

Today, the chief executive flies aboard a specially configured 747-200B, the newest and largest

presidential airplane. Its capabilities include:

Longer range for presidential travel

Aerial refueling

Self-sufficiency at airports around the world

The "flying Oval Office" has 4,000 square feet of interior floor space. Among its accommodations are:

Conference/dining room

Quarters for the president and the first lady

An office area for senior staff members

Another office that converts into a medical facility when necessary

Work and rest areas for the presidential staff, media representatives and Air Force crews

Two galleys that can provide 100 meals at one sitting

Multi-frequency radios for air-to-air, air-to-ground and satellite communications

Principal differences between Air Force One and the standard Boeing 747 include state-of-the-art navigation, electronic and communications equipment; its interior configuration and furnishings; self-contained baggage loader; and front and aft air-stairs.

Air France Flight Missing Air France Flight Status Unknown

2009-06-02T20:23:00.000-07:00

Air France Flight 447 has gone missing, the flight left Rio de Janeiro, Brazil and was scheduled to land at Charles de Gaulle airport in Paris at a little after 11:00 a.m. on Monday; there are 228 people aboard the plane.

Air France Similar Model
The Air France-KLM Group has not had a fatal accident since the Concorde disaster nearly 10 years ago. The missing Air France Flight is a twin engine Airbus SAS A330 model; and has never had a fatal commercial flight.

The plane had encountered an area of strong turbulence, according to Air France, and an automatic message was received indicating a breakdown in the electrical circuitry. This in itself would not have been enough to bring the plane down.

“Modern airliners do not just go missing,” said David Learmount, safety editor at Flight

International in London. “They were en route and should have been fine. The question is, what happened after the electrical fault, because a short circuit in itself should not bring down a plane. That would be different if there was a fire, for example.”

The Airbus SAS A330 was last serviced in April and had over 18,000 flying hours since it began flights in 2005; according to Air France. The flights pilot has over 11,000 hours including 1100 hours on this specific type of plane.

For an airliner to just go missing is a terrible sign; in today’s world of modern aviation and communication, if this flight was okay, someone would have heard from them by now.

It seems that the worst fears of those related to the 228 souls onboard will most likely come true.

The Air-France Group last suffered a fatal accident when the Concorde, the famous supersonic jet, crashed in 2000; 113 people were killed in that incident.

Air france crash

2009-06-02T20:15:00.000-07:00

The officials believe the Airbus A330-200 aircraft crashed after running into lightning and thunderstorms over the Atlantic Ocean.

The Air France chief executive, Pierre-Henri Gourgeon, told a news conference: "We are probably facing an air catastrophe."

He said the aircraft went through a thunderstorm with strong turbulence at about 3am BST.
An automated message was received at 3.14am indicating a failure of the electrical system, Air France said in a statement.

"The whole company shares the anxiety of the families," Gourgeon said. "We are doing everything possible to get information through, little by little, as it comes through."

François Brousse, an Air France spokesman, said several of the plane's mechanisms had malfunctioned, preventing it from making contact with air traffic controllers.

"It is probably a combination of circumstances that could have led to the crash," he said.
Brazilian air force planes are searching the Atlantic for flight AF447, which left Rio de Janeiro at 7pm local time (11pm BST) yesterday. It had been expected in Paris at 11.15am .

Borloo told the France Info radio station the plane had disappeared from both military and civilian radar screens.

The French president, Nicolas Sarkozy, expressed "extreme worry" and sent the junior minister for transport, Dominique Bussereau, and Borloo to Charles de Gaulle airport to monitor the situation.

The Air France flight was full – today is a French bank holiday and Brazil is an increasingly popular tourist destination among the French.

A former pilot told France Info he believed the plane was the first passenger-carrying Airbus A330 to crash. The model is known as having a good safety record.

The plane was carrying 216 passengers and 12 crew. Of the passengers, 126 were men and 82 were women. Seven children and a baby were on board.

According to the French media, Paris airport authorities were told by their Brazilian counterparts that the aircraft had vanished from radar screens.

"It's going to take a long time to carry out this search," he said. "It could be a long, sad story. The black box will be at the bottom of the sea."

French military aircraft took off from Senegal in western Africa to take part in the search.

France Info quoted an airport authority source as saying it was possible, but extremely unlikely, that the radar drop-out had been caused by a transmitter failure.

Chris Yates, an aviation expert, told the BBC: "There is not radar coverage across the Atlantic, because it is too far from radar stations.

"But the fact [the plane] has not appeared on radar when it neared land gives me cause for concern."

He said that "if we are talking about an aircraft coming down over the ocean … then survivability is quite limited".

In October last year, a Qantas A330 flying from Singapore to Perth reportedly experienced a sudden change in altitude.

The crew issued a mayday call before diverting the aircraft. About 36 passengers and crew members were injured, more than a dozen seriously.

The last major incident involving an Air France plane was in July 2000 when one of its Concordes crashed just after taking off from Charles de Gaulle Airport, bound for New York.
All 109 people on board were killed, along with at least four on the ground.

Apple iphone

2009-06-02T14:13:00.000-07:00

iphone 3G

2009-06-02T14:08:00.000-07:00

mcdonalds

2009-06-01T05:10:00.000-07:00

world cup 2010 tickets,

2009-06-01T05:04:00.001-07:00

south africa world cup

2009-06-01T05:01:00.000-07:00

fifa the cup 2010

Fifa 2010

2009-06-01T04:52:00.000-07:00

The dates for the 2010 Football World Cup have been set for 11 June to 11 July, and the allocation of places will be the same as for 2006, meaning that with South Africa granted an automatic berth as the host country - Africa will have one extra team at the tournament.

In a statement issued on Wednesday following a two-day meeting in Zurich, Fifa's executive committee said that 32 teams would contest the 2010 World Cup in South Africa.

Thirteen of these will be from Europe, five from Asia and Oceania, eight from South America and the Concacaf region (North and Central America and the Caribbean), and five from Africa, plus the automatic spot granted to South Africa.

This effectively gives Africa six teams at 2010 - and Europe one less than in 2006.

Of the eight places for South America and the Concacaf region, four are guaranteed to South American countries and three to Concacaf countries. The eighth spot will be decided by a play-off between the fifth-placed South American country in the 2010 qualifiers and the fourth-placed Concacaf country.A similar play-off between the Oceania

champion and Asia's fifth-best team will decide who takes the fifth berth for Asia and Oceania.Fifa said the preliminary draw for 2010 would be held in Durban on 23 November 2007, and that the Fifa Confederations Cup South Africa 2009 would take place in the five venues of Port Elizabeth, Bloemfontein, Johannesburg (Ellis Park), Pretoria and Rustenburg from 14 to 27 June.

The Fifa Confederations Cup is contested by the winners of each of the six Fifa confederation championships - ie the reigning African, Asian, European, Oceanian, South American and Concacaf champions - along with the Fifa World Cup champion and the host country, to bring the number of teams up to eight.

Fifa said it had "listened with satisfaction" to a report on the status of South Africa's preparations for 2010, and "underlined its support for the local organising committee.

"However, the executive committee stated that it was now expecting work to begin, particularly on constructing and renovating the stadiums."Plans for the construction of four stadiums and upgrading of six others in South Africa's nine 2010 host cities has been completed, and their funding secured, and construction work is due to begin early in 2007.

Fifa World Cup 2010

2009-06-01T04:47:00.000-07:00

Group 1In this group Portugal will battle with Scandinavia’s Sweden and Denmark for a place at the World Cup 2010. This will be a hard battle, while only the first team will get the tickets. Denmark have the chance to revenge themselves over their neighbor after the defeat in the Euro 2008 Qualifiers.

Group 2Greece seems to have a simple task in this group. Main rivals will be Israel and Switzerland.

Group 3The Czech Republic will start as a favorite in this third group of the World Cup 2010 Qualifiers. Poland will look to upset them and Northern Ireland might want to profit from the battle above.
Group 4Germany have as always an easy task when it comes to a group stage competition. Their only rivals in group 4 are Russia but the Germans are considered big favourites.

Group 5Spain and Turkey will clash for winning this group of the Road to South Africa 2010. The Spanish side look to have an edge before the start of the Qualifers.

Group 6A draw expected by all the United Kingdom. England was given the chance to revenge themselves over Croatia in this World Cup 2010 Qualifiers. Third favorites are Ukraine.

Group 7France and Romania have to fight for a qualifying spot in the Group 7. France are favourites but Romania could create an upset. The Romanians have won their Euro 2008 Qualifiers group against Netherlands. Serbia are starting the Qualifiers with the third chance.
Group 8Italy have an easy task at the first look of the Group 8. Bulgaria and Ireland will try to upset them.

Group 9Netherlands, Scotland and Norway will battle for the reign of this group. This is the only group that contains five teams, the others have six.
FIFA World Cup 2010 Preliminary - RulesThe first placed teams in each Group qualify for the World Cup 2010. Europe have 13 places awarded for the World Cup 2010 from a total of 32 teams that will start the final tournament in South Africa. Back to Europe now. Having 9 groups leaves 4 additional places left along with each group winners. The rest of the places are awarded for the four best placed runners-up from all 9 groups.

Tarek El Hewehi

2009-04-04T11:12:00.000-07:00

klm

2009-01-30T02:40:00.000-08:00

U.S. airline Mesa Air Group

2009-01-14T00:52:00.000-08:00

Struggling U.S. airline Mesa Air Group (MESA.O) on Tuesday said US Airways Group (LCC.N) plans to reduce the number of aircraft it pays Mesa to fly regionally.
The carrier said the flight cuts, which are planned for January, July and next January, could continue, putting new strain on the company.

Mesa said that US Airways said it would eliminate three CRJ-200 flights by next year.
"We anticipate US Airways will continue to further reduce the number of covered aircraft in accordance with the agreement," the company said in a regulatory filing.
Mesa said that as of September 30, it operated 38 CRJ-900, 11 CRJ-200, and 6 Dash-8 aircraft for US Airways under a code-share agreement.

Mesa, which provides regional service for US Airways, Delta Air Lines (DAL.N) and other carriers has been looking to shore up its finances for months as it tries to ride out volatile fuel prices and a drop in travel demand.

Mesa said on Monday it received a letter from Nasdaq warning the company its stock is subject to delisting because Mesa was not in compliance with some listing requirements.
Mesa shares were down 10 percent at 26 cents in afternoon trade on the Nasdaq.

drive-in hamburger company Sonic

2009-01-13T03:45:00.000-08:00

In similar fashion to retailers, fast food operators have resorted to price slashing in an effort to stem slowing consumer traffic. Old style, drive-in hamburger company Sonic (Nasdaq:SONC) recently rolled out a value menu that offers junior burgers, small fries and ice cream cones. Sonic's discount menu coincides with its earnings, which likely will remain stalled for the foreseeable future. At current share prices, Sonic is arguably a value from an investment standpoint.

Digesting the QuarterSonic rang in the first quarter of its fiscal year with a resounding thud as sales fell 3% to $184.1 million, which consisted of overall negative same-store sales growth of 3.6% on a 1.7% decline in foot traffic and a 1.9% decline in average check size.

The drop in comparable sales was more severe at partner, or company-owned locations, which saw a decline of 6.6%, while franchised locations registered a decline of 2.9%. During the earnings conference call, an analyst suggested that the difference was due to more aggressive pricing that didn't pan out at partner locations. Meanwhile, management referred to the overall need to bring customers back to Sonic. Currently, consumers have opted to buy groceries from the likes of Kroger (NYSE:KR) and SUPERVALU (NYSE:SVU) to save money by eating at home. (Get a taste for how to analyze this sector at Sinking Your Teeth into Restaurant Stocks.)

The introduction of the value menu is designed to improve traffic trends. But the success or failure of this strategy has yet to be determined, as Sonic only rolled out the new menu options on December 29, 2008. The company hopes that increased foot traffic as a result of the value menu will stave off the significant decline in profitability, as first quarter earnings fell by nearly half - to $0.12 per share on lower sales. Higher advertising spending related to the roll out of the value menu and hefty interest expense on an ill-timed decision to take on debt and buy back shares in an attempt to fend off a hostile takeover at the height of the private equity boom in 2006 also contributed to Sonic's decline in profits.

Battening Down the BurgerUntil macro conditions improve, Sonic has a few levers it can pull. Lowering prices on certain menu items should help on the fringes and the company has plans to opportunistically increase them in other categories. In addition, Sonic is also looking to sell company-owned stores in order to shift the mix of partnered stores to between 12% and 14% of total stores, down from 17-18%, currently. Such measures will leave room for Sonic to pay down debt. And fundamentally, Sonic is "primarily a franchiser" of its restaurants, which leads to a high margin fee and royalty revenue.

Bottom LineLast year, Sonic reported 97 cents in full-year earnings per share, and the average analyst projection for the coming year is a similar 96 cents. That puts the forward P/E at just under 12, which falls well below fast food rivals such as McDonald's (NYSE:MCD), Burger King (NYSE:BKC) and Wendy's/Arby's Group (NYSE:WEN). This multiple appears quite reasonable, provided that consumers start spending again, because it would allow the company to reignite its store expansion plans and return to bottom line growth. (EPS helps investors analyze earnings in relation to changes in new-share capital.

Yahoo Shares

2009-01-13T03:37:00.000-08:00

Yahoo stock closed down 91 cents, or 6.9 percent, to $12.22. The stock has ranged between $8.94 and $30.25 over the past year.

American Technology Research analyst Rob Sanderson wrote in a note to investors that he expects a significant slowdown in online shopping.

Sanderson also wrote that he expects "the online advertising market to take a much greater than seasonal decline" in the first three months of 2009. The post-holiday first quarter is traditionally slower for online ad spending.

However, Sanderson noted that the possibility of a sale to Microsoft Corp. or another sort of deal could keep Yahoo's stock from falling too far.

"We continue to believe this is the ultimate outcome and will reward Yahoo shareholders, but have no visibility on timing," Sanderson wrote.

The analyst downgraded shares of Sunnyvale, Calif.-based Yahoo to "Neutral" from "Buy" and cut his price target to $14.50 from $18.

Goldcorp

2009-01-13T03:30:00.000-08:00

I can think of no more essential question to pose to investors during these tumultuous times. I could, of course, state it more eloquently: "Pardon me, would you happen to have any Goldcorp (NYSE: GG)?"

A flurry of downgrades and target-price reductions rained down upon Goldcorp after the company released lowered guidance late last week, projecting a pit stop for production growth during 2009. Until those analysts begin including their gold price forecasts alongside their outlook for miners, however, I find it best to tune them out entirely. It is indeed unfortunate that declining production from mines like Goldcorp's El Sauzal will offset many of the gains from the newer ones this year, but I continue to urge Fools to focus upon the larger picture.

The newly issued forecast for 50% production growth through 2013 is only about 5% below what analysts had targeted, and the starting point of 2.3 million ounces of gold produced in 2008 is nothing to sneeze at. Goldcorp continues to post impressive cost metrics, with anticipated 2008 costs of about $300 per ounce of gold and about $365 for 2009. I have heaped praise upon intermediate miners like Yamana Gold (NYSE: AUY) and my top pick Agnico-Eagle Mines (NYSE: AEM) on the basis of their low cost structure, but Goldcorp achieves similar margins on a much grander scale.

After divesting its sizeable stake in spin-off Silver Wheaton (NYSE: SLW) a year ago, Goldcorp's debt-free balance sheet is a thing of beauty. Nonetheless, the company is deferring some longer-range development projects to focus resources upon the three core properties under development: Penasquito, Red Lake, and Pueblo Viejo. Penasquito is truly a world-class deposit, and will be the primary driver of Goldcorp's production growth for years to come. At Red Lake, where Goldcorp founder Rob McEwen has struck another bonanza through junior explorer Rubicon Minerals (AMEX: RBY), Goldcorp will obtain more than one quarter of 2009 production despite deferring some improvement projects. Of the $1.4 billion Goldcorp plans to spend in 2009, $430 million will go to Pueblo Viejo, a joint venture with larger rival Barrick Gold (NYSE: ABX).

Bring on the downgrades, analysts! In the long run, I believe they can only help Fools by creating more attractive entry points. After shares promptly doubled from their October low, we frankly needed a little consolidation.

Watch Out

2009-01-12T08:59:00.000-08:00

Oil fell below $40 a barrel as investors worried that a weak economy will hurt demand. That weighed on energy stocks. Financial stocks also declined as investors looked to Citigroup and Morgan Stanley, which could announce as early as Monday a deal to combine their brokerages. The potential tie-up underscores the troubles with tattered balance sheets that many banks are still trying to address.

Investors are also digesting comments from General Motors that the company has presented a worst-case scenario to Congress in which it would need more money than the $13.4 billion allocated by the Treasury Department.

2009-01-11T08:28:00.001-08:00

israel defence force

2009-01-11T06:10:00.000-08:00

Obama Smoking

2009-01-11T06:07:00.000-08:00

Yahoo!

2009-01-11T05:07:00.000-08:00

Yahoo! is getting closer to picking a new chief executive to replace Jerry Yang and investors are abuzz about who might be on top. While two names are riding the rumor circuit, Yahoo! might need something that neither of the named candidates has: youth.

On Friday speculation began circulating about possible CEO picks after a report said the Internet company narrowed its search to Carol Bartz, the current chairwoman of Autodesk (nasdaq: ADSK ), Susan Decker, Yahoo! (nasdaq: YHOO )’s president, and one other candidate.

Yahoo! is expected to make a decision before its earnings report on Jan. 27.
Yahoo’s shares rose 0.5% to $13.13, at the close on Friday.

Global Equities Research analyst Trip Chowdhry said that the ideal candidate is neither Bratz nor Decker, but a 25 to 30 year-old Steve-Jobs-like-wunderkind who is brash and product savvy. The problem with Yahoo! he said is products, technology, and motivation, and the new leader will have to be able to deal with all three. “If Bartz becomes CEO, investors should run the other way,” said Chowdhry. “Autodesk is a prehistoric company when it comes to technology. We want someone who can cut through the generation gap and who can take the company to the next level.”

Chowdhry doesn’t see an outside candidate taking the reins of Yahoo! and said that any internal promotion would probably come from the engineering ranks. “If someone is super bright Yahoo! is not going to be their first choice, it’s not going to be their second choice and it’s not going to be their third choice,” said Chowdhry. “I haven’t seen any person externally who can change the fortunes of Yahoo!”

Chowdhry isn’t happy with Decker as a pick either. “She oversaw three failed CEO’s and under her leadership the stock has gone down more than 80.0%,” he said.

Delta Air

2008-10-05T05:35:00.000-07:00

Delta Air Lines Inc. said Friday that systemwide traffic and capacity decreased in September compared with the same month a year ago.

The Atlanta-based carrier said it flew 9.71 billion revenue passenger miles last month, a 0.8 percent decline from 9.79 billion a year earlier.

A revenue passenger mile is a widely watched industry measurement accounting for one paying passenger flown one mile.

Available seat miles, or capacity, fell 3.7 percent to 12.14 billion from 12.61 billion a year earlier.
Load factor, or occupancy, rose 2.4 percentage points to 80 percent from 77.6 percent.

For the first nine months of the year, Delta recorded systemwide traffic of 94.46 billion revenue passenger miles, compared to 92.83 billion a year earlier. Available seat miles rose to 115.2 billion from 114.35 billion. Year-to-date load factor was 82 percent, compared with 81.2 percent a year earlier.

Shares of Delta Air Lines slipped 36 cents, or 4.6 percent, to $7.55 in afternoon trading

where the market is heading

2008-08-28T18:38:00.000-07:00

For the next couple of months we can expect the market, as we have seen oil prices that we expected to reach $120 has passed $145 back to the $114-120 range , and for gold its soaring as the U.S dollar is gaining strength , but for Oil , Gold and most of the sectors are heading up.

For the past couple of years everybody has been talking about recession and the falling economy , that's only spreading rumors for weak investors like those who immediately sell as they hear about oil & gas future expectations , That's not true the market is in a well condition, i can tell its a bull market for the rest of this year.

i haven't blogged since Google (goog) announced its second quarter earnings report based on its Internet advertisement sales which is a big lie to little individuals who open their AdSense accounts as to earn with Google, but the truth is that they work for Google for free and they get a foot in the ass just as they are about to get paid.

That was my first post and its my return to the market we share but this time no AdSense , a quick pick for you my fellow investor you can comfortably go short MCD at about $63 to $65 and pt a summer watermelon in your stomach.

Airlines Best Fares

2008-04-11T18:19:00.000-07:00

Just about every air-travel trend is getting worse, driven largely by soaring jet-fuel prices. To save money, strapped carriers are adding every surcharge they can get away with, raising fares, eliminating perks, and cutting back flights.

That means air travel is going to get more stressful than ever. Most flights will be full, with crammed overhead bins and no chance for a better seat. Delays have hit record levels recently and will probably get worse. And there will be less margin for error, so a problem with one flight could quickly cascade to others.

Frequent fliers who spend a lot on air tickets, of course, get the best seats and other preferential treatment--and often know the best tricks for traveling smoothly. The rest of the flying public has less recourse. But there are a few things you can do to reduce the odds of a middle seat, a lost bag, a surprise surcharge, or a nightmare trip:

Book directly with the airline. Use websites like Orbitz, Travelocity, and Expedia to research flights, but once you've found the one you want, book through the airline's website or a live agent. That's often where you'll find the best fare and have the best chance of getting an aisle or window seat. And if something goes wrong, the airline is more likely to help if you originally made the reservation through it.

Use every automated service available. Airlines have replaced many of their live agents with online services and machines at the airport--one trend that actually benefits travelers. Fliers with no bags to check can avoid lines by printing their boarding pass either at the airline's website up to 24 hours in advance or at an airport kiosk. This is also a chance to check whether a better seat is available. The sooner you check in, the better--all your fellow travelers are doing the same thing, and if any choice seats are still left, they'll go to whoever claims them first.

Pack light--really light. Most airlines allow one checked bag at no extra charge but now tack on $25 for a second checked bag. That's meant to bring in a bit of extra revenue--but also to encourage passengers to pack less, to help cut down on the weight in the plane and reduce fuel use. Some fliers try to skirt the surcharge by packing two bags' worth of stuff into one huge suitcase. Bad idea--many airlines also charge $100 for an overweight bag.

Then there are fliers who stuff a week's worth of gear into an oversize carry-on. That can backfire, too. On full flights, the overhead bins are often full before half the passengers have even boarded, and that bulging duffel won't fit under a seat, either. That means it will end up getting checked, costing you--and those around you--lots of added inconvenience.

Better to underpack and pick up spare socks or underwear at your destination if you really need them. If you're transporting gifts or anything that can be shipped by mail or UPS, do that ahead of time. It'll cost less than that $100 surcharge.

Fly off-off-peak. A red-eye or crack-of-dawn departure might cost you some sleep--but buy you some comfort. The only flights these days with any chance of a light load are those at the start or end of the day, when airlines are often moving planes into position for a long shift of full-capacity hauling.

Consider paying for a more comfortable seat. Some airlines now charge an extra $15 or $20 for exit-row seats or other spots in coach that tend to have a bit more legroom or are closer to the front of the plane. Get over the outrage, and pay up. "It's not such a terrible amount to pay to be comfortable," says David Stempler, president of the Air Travelers Association. Paying the extra fee might also entitle you to board before the rest of the horde, ensuring an overhead spot for your bag and less jostling.

Look into the government's Registered Traveler program. Fliers who enroll in this new program agree to supply personal info and submit to a background check, in exchange for an ID that allows them to pass through expedited security lines at the airport. Road warriors who have VIP status with their airline often get access to express security lines, anyway, and wouldn't need it. And so far, just a few airports and carriers participate, so it makes sense only for certain travelers. But this program is likely to grow quickly, and for people who travel once or twice per month, the cost--about $100 upfront, plus a $28 annual fee--might seem quite reasonable if it takes one long line out of the usual airport experience.

Be a low-maintenance traveler. Flights go more smoothly for people who do what they're supposed to. Check the Transportation Security Administration's website before your trip for the latest baggage rules. Use a regulation-size carry-on. Pack snacks. Most important, with so many things that can go wrong, arrive early, and have a backup plan. "Time is your friend," says Stempler. "Getting there late only puts you at a disadvantage." And no traveler wants to start a flight like that.

7 Stocks You Need to Know for Monday

2008-04-11T18:02:00.000-07:00

Stocks plunged on Friday after General Electric reported much weaker than anticipated results, and lowered its earnings forecast for 2008, and consumer sentiment fell to a 26-year low The Dow fell -256.56, the Nasdaq Composite -61.46 and the S&P 500 -27.72.

7 Stocks You Need to Know for Monday

General Electric (NYSE:GE) plunged nearly 13%, the most since the '87 crash, after the company reported earnings that missed estimates by $0.07 per share. The news was particularly disappointing because the company announced in January that it expected to report earnings in-line with estimates. GE's Short Term PowerRating is 5.

Shares of AMR Corp (NYSE:AMR) dropped after American Airlines was forced to cancel hundreds more flights on Friday. The total number of flights cancelled by American Airlines so far this week rose above 2,600. AMR's Short Term PowerRating is 5.

Genentech (NYSE:DNA) reported earnings of $0.84 per share, beating the consensus forecast by $0.02. DNA's Short Term PowerRating is 6.

Fastenal (NasdaqGS:FAST) rose more than 4% after the company beat estimates by $0.03. FAST's Short Term PowerRating is 4.

Shares of Frontier Airlines (NYSE:FRNT) collapsed 69% after the company filed for Chapter 11 bankruptcy protection.

Before the market open on Monday, BlackRock (NYSE:BLK) is scheduled to report earnings, with analysts looking for $2.05 per share. BLK's Short Term PowerRating is 7.

And, Charles Schwab (NYSE:SCHW) is expected to report earnings of $0.26. SCHW's Short Term PowerRating is 5.

Microsoft and News Corp Bid for Yahoo

2008-04-10T06:45:00.000-07:00

Yahoo and AOL are reportedly on the verge of announcing a surprise merger plan, as part of a brilliant Yahoo counter-attack. And now Andrew Ross Sorkin and Miguel Helft of the NYT report that Microsoft and News Corp (NWS) are in talks to make a joint bid for Yahoo:

Rupert Murdoch’s News Corporation (NWS) is in talks with Microsoft (MSFT) about joining in its contested bid for Yahoo, according to people involved in the discussions. The pairing, which would combine Yahoo (YHOO), Microsoft’s MSN and News Corporation’s MySpace, would create a behemoth that would upend the Internet landscape.

If News Corporation throws its weight behind Microsoft’s offer, it could allow Microsoft to raise its bid, putting even more pressure on Yahoo and its shareholders. At the same time, the alignment of Microsoft and News Corporation would remove a possible alternative for Yahoo, leaving it with fewer opportunities to escape Microsoft’s grasp.

The talks between Microsoft and News Corporation are at a sensitive stage, people involved in the discussions said. “There’s a long way to go before anything is definite,” one person involved in the talks said.

Would this combination make sense? Sure it would make sense. Owning MySpace standalone isn't doing Rupert any good--he's getting his clock cleaned by Facebook. MSN's dead in the water. But throw all that together with Yahoo and you could build a pretty honkinging global communications, social networking, and advertising platform.

Rupert's got some cash, too, which means that the two might be able to pay more without infuriating their own shareholders bases.

In any event, at this point, you gotta believe Yahoo's stock is going up.

Don't Miss

AOL and Yahoo May Announce Merger Next Week

American Airlines Cancels Flights

2008-04-09T18:16:00.000-07:00

Business trips and vacations were disrupted for tens of thousands of travelers Wednesday as American Airlines canceled more than 1,000 flights -- nearly half its schedule -- to fix faulty wiring that could cause a short-circuit or even a fire and explosion.

Executives at American said safety was never compromised, and they suggested the nation's biggest airline was the victim of suddenly stepped-up scrutiny by federal regulators.

American estimated that more than 100,000 travelers were booked on the canceled flights. Many had to scramble to book new flights and were stranded at hotels far from home.

The airline had already scrubbed 460 flights on Tuesday after federal inspectors found problems with wiring work done two weeks ago, during the first set of shutdowns.

A top executive said the cancellations would be a "significant" cost to American, and shares of parent AMR Corp. fell 11.1 percent, down $1.15 to $9.17.

The issue stems from an order that the Federal Aviation Administration gave airlines in September 2006 -- and gave airlines until last month to meet -- about the bundling of wires in the backup power system for the fuel pump of the MD-80 airplanes. The fear is that improperly bundled wires could rub, leading to an electrical short or even fire. However, no serious incidents have been blamed on the bundles, the FAA said.

American officials thought they had fixed the problem last month. But this week, FAA inspectors found problems with the work done on more than a dozen planes. American said it had no choice but to ground all 300 of its MD-80s to deal with the wiring bundles.

American operates about 2,200 daily flights, more than one-third with MD-80s. Nearly half the cancellations were concentrated at two airports, in Dallas and Chicago.

At New York's LaGuardia Airport on Wednesday, hundreds of passengers stood in check-in lines or milled about, using cell phones to get updates on their flights. The airline offered free doughnuts, coffee and orange juice, but there were few takers.

"They should be able to predict these kinds of things," said Laura Goodman, whose flight home to Dallas was canceled. She said would miss an important meeting because the airline couldn't rebook her until Thursday.

New Yorker Michelle Soss had hoped to steal a few days in Albuquerque, N.M.

"I covered my kids' schedules, I covered my work schedule to get away for a few days," she said. "I don't know if I'm getting anywhere."

American's cancellations came after similar delays at Southwest, Delta and United. Last week, hundreds of travelers were marooned when Aloha Airlines and ATA Airlines shut down and filed for bankruptcy protection.

Alaska Airlines said Wednesday it canceled 14 flights to inspect the wiring on its nine MD-80s.

For travelers, the bad news might not be over. Daniel Garton, American's executive vice president, said flights would be canceled Thursday -- he said it was too early to say how many -- and possibly on Friday, too.

A return to normal operations depends on how quickly mechanics can inspect and fix the wire bundles. As of Wednesday morning, only 30 MD-80s had been cleared to fly by the FAA.

Garton acknowledged that the bundling of wires had not met FAA standards, but he said "these were not huge errors" and posed no threat to safety. He said the agency used to give airlines "latitude" in interpreting safety regulations, but no longer.

The FAA began looking more closely at airlines' compliance with safety directives in recent weeks, after it was criticized for letting Southwest operate planes that had missed inspections for cracked fuselages.

In the past few weeks, the FAA levied a $10.2 million penalty against Southwest and conducted new inspections at all U.S. airlines, leading to flight cancellations at Southwest, Delta and United.

FAA spokeswoman Diane Spitaliere said inspectors found problems with the wiring bundles at 15 of 19 American MD-80s that it checked this week.

The 2006 safety order from the FAA directs airlines in how to pack and stow wiring to a hydraulic pump in the wheel well to prevent the wires from rubbing together.

According to the FAA, shorted wires could ignite fuel vapors and cause a fuel-tank explosion that could destroy a plane.

The explosion of TWA Flight 800 off New York's Long Island that killed all 230 people aboard in July 1996 was blamed on fuel vapors ignited by wiring. But it was a Boeing 747, not an MD-80, and investigators believe the disaster involved different wiring from the bundles now under scrutiny.

Brian Stirm, an aircraft-maintenance expert at Purdue University, said airlines had plenty of time for the inspections and that even an untrained mechanic could spot a problem.

The cancellations could hardly come at a worse time for American. Its parent, AMR Corp., is scheduled to report first-quarter earnings in two weeks, and analysts are forecasting a loss of more than $300 million. High fuel prices and the downturn in the economy are hurting the industry.

American officials said the company would give $500 travel vouchers to anyone stranded overnight. It also paid for hotel rooms and meals for an undisclosed number of passengers.

Bob McAdoo, an airline analyst, said passengers might soon forget the debacle, especially since several other major airlines have canceled flights recently. But he said passengers who missed big events like weddings might avoid American again.

Kathy Neer of Santa Fe, N.M., was caught up in both waves of cancellations to and from a vacation in Paris. She and her husband were stranded in Dallas on Tuesday on the final leg of their journey home. American gave the Neers a voucher for a hotel room and seats on another flight home Wednesday.

"They say our flight is leaving at 3:55 p.m., but do you think we trust them?" Neer said. "After being burned twice, we're a little skeptical."

Hewehi Market Updates

2008-04-07T09:40:00.000-07:00

The major indices are holding near their best levels of the session. Financials (+1.9%) led the recent buying interest, taking the leadership spot from the energy sector (+1.5%).

Market breadth leans bullish. Advancers outpace decliners by more than 2-to-1 on the NYSE and by 4-to-3 on the Nasdaq. New 52-week highs outpace new lows by 61-to-1 on the NYSE, and are even on the Nasdaq. Volume is on the light side.DJ30 +93.30 NASDAQ +14.61 SP500 +12.43 NASDAQ Dec/Adv/Vol 1180/1616/802 mln NYSE Dec/Adv/Vol 951/2097/530 mln

The stock market has maintained last week’s bullish bias. At midday, the stock market is posting a substantial gain, with all ten economic sectors in positive territory. Market moving news has been relatively slow this session, with only one economic report set for release later in the afternoon, and no earnings reports.

Shares of Washington Mutual (WM 23.99, +2.44) have soared 24% on reports that it is close to a deal that will supply the struggling company with $5 billion in capital. The Wall Street Journal reports the deal will be funded by private-equity firm TPG and other investors.

Meanwhile, UBS (UBS 35.29, +1.64) is posting a healthy gain after being upgraded to Buy from Neutral at Merrill Lynch.

As a result, the financials sector has climbed 1.7%, and is providing leadership.

Microsoft (MSFT 29.27, +0.11) sent Yahoo! (YHOO 27.81, -0.55) a letter, warning that if Yahoo does not accept its Jan. 31 $44.6 billion offer, Microsoft will take its offer hostile by going directly to shareholders, according to reports. Yahoo responded that it is open to a deal with Microsoft, but feels the current offer undervalues the company.

In other deal news, Novartis (NVS 50.82, -1.30) is paying $11 billion to acquire a 25% stake in Alcon (ACL 153.61, +5.17) from Nestle.

Crude oil has rallied 2.9% to $109.25 per barrel. There does not appear to be a specific catalyst for the gains. As a result, the energy sector (+1.7%) has been a standout.
DJ30 +86.87 NASDAQ +13.81 SP500 +11.96 NASDAQ Dec/Adv/Vol 1138/1641/710 mln NYSE Dec/Adv/Vol 914/2095/471 mln

The stock market is trying to recover back to its session highs. The recent gains have been broad-based, with all ten economic sectors making it back to positive territory. Treasuries are facing some selling interest, with the 10-year note shedding 24 ticks.DJ30 +68.55 NASDAQ +10.16 SP500 +9.25 NASDAQ Dec/Adv/Vol 1140/1608/601 mln NYSE Dec/Adv/Vol 927/2046/396 mln

The Nasdaq fell to the unchanged mark, but has since recovered a bit as it posts a modest gain. All sectors have slipped off their best levels. Materials is now up only 0.8%, after being up as much as 1.9%. It remains the only sector in positive territory year-to-date, with a 3.7% advance.DJ30 +47.17 NASDAQ +8.46 SP500 +7.75 NASDAQ Dec/Adv/Vol 1167/1555/505 mln NYSE Dec/Adv/Vol 921/2005/328 mln

The major indices continue to post a gain, but are off their best levels of the morning. Four of the ten economic sectors are in negative territory, although their losses are modest.

The stock market is now up 9.6% from its 52-week low that was reached on March 17, with financials rebounding 17.8%.DJ30 +34.36 NASDAQ +7.02 SP500 +6.55 NASDAQ Dec/Adv/Vol 1190/1409/364 mln NYSE Dec/Adv/Vol 954/1903/235 mln

After dipping a bit, the major indices are trading near their opening highs. Washington Mutual (WM 11.95, +1.78) is spiking 17.5% on the capital infusion report.

The energy sector (+1.7%) is showing strength as crude rallies 2.1% to $108.45 per barrel. There is not a specific catalyst for the gain in crude oil prices. The materials sector (+1.8%) is providing leadership, as the fertilizer & agricultural chemicals group extends its rally.

Defensive oriented utilities (-0.2%), consumer staples (flat) and healthcare (+0.2%) are underperforming on a relative basis.

This session's economic calendar is light, with only the February consumer credit report at 15:00 ET.DJ30 +56.18 NASDAQ +13.14 SP500 +8.26 NASDAQ Dec/Adv/Vol 937/1516/229 mln NYSE Dec/Adv/Vol 780/2002/159 mln

The major indices open on a high note. Financials (+0.9%) are outperforming after the Wall Street Journal reported Washington Mutual (WM) is close to getting a $5 billion capital infusion from a private equity group and other investors.

Also topping headlines, is news that Microsoft (MSFT) sent Yahoo! (YHOO) a letter that stated Yahoo has three weeks to accept Microsoft's offer. Yahoo responded it is not against a deal with Microsoft, but the current offer is not in the best interest for Yahoo's shareholders.

DJ30 +43.90 NASDAQ +9.97 SP500 +6.91

S&P futures vs fair value: +9.7. Nasdaq futures vs fair value: +6.2.

S&P futures vs fair value: +9.4. Nasdaq futures vs fair value: +6.0.

S&P futures vs fair value: +11.9. Nasdaq futures vs fair value: +10.8. Current indications suggest a positive start to trading. In commodity trading, crude oil is up 1.1% to $107.38 per barrel. Gold is up 0.7% to $915.40 per ounce.

S&P futures vs fair value: +11.3. Nasdaq futures vs fair value: +10.3. Futures suggest a higher open to the trading day. Washington Mutual (WM) is close to completing a deal to get a $5 billion capital infusion from private-equity firm TPG and other investors, according to the Wall Street Journal. Microsoft (MSFT) has threatened a hostile takeover of Yahoo!(YHOO), if Yahoo does not agree to a merger within the next three weeks, according to the Wall Street Journal. Yahoo responded that it is not opposed to a deal with Microsoft, but feels the current offer undervalues Yahoo. In other deal news, pharmaceutical company Novartis AG (NVS) is buying a 25% stake in eye-care product maker Alcon (ACL), and may purchase another 52%.

06:13 am : S&P futures vs fair value: +12.0. Nasdaq futures vs fair value: +12.0.

06:13 am : FTSE...5990.30...+43.20...+0.7%. DAX...6826.34...+62.34...+0.9%.

06:13 am : Nikkei...13450.23...+157.01...+1.2%. Hang Seng...24578.76...+314.13...+1.3%.

Stocks Head to Higher Open

2008-04-07T06:10:00.000-07:00

Stocks were poised to open higher Monday after several reports of potential corporate deals, including speculation Washington Mutual Inc. will get a $5 billion investment from private equity firms.

The nation's largest thrift is in talks with buyout shop TPG Inc. about a possible capital injection, according to The Wall Street Journal. The company, which has suffered big losses tied to subprime mortgages, would become the latest U.S. financial institution to reach such a deal.

In addition, Microsoft Corp. gave Yahoo Inc. a three week deadline to agree to a takeover, or Microsoft would launch a proxy fight for control of the company. Yahoo said Monday the deal isn't in the best interests of its shareholders, and called the proxy threat counterproductive.

And Swiss pharmaceutical maker Novartis AG said it will spend about $38 billion in a two-step bid for a majority stake in U.S. eye-care company Alcon Inc.

Earnings season unofficially begins after the closing bell when Alcoa Inc., the world's third-largest aluminum producer, is scheduled to release first-quarter results.

Dow Jones industrial average futures rose 69, or 0.70 percent, to 12,679. Standard & Poor's 500 index futures advanced 11.90, or 0.87 percent, to 1,383.80. Nasdaq 100 index futures rose 15.75, or 0.84 percent, to 1,885.50.

Bond prices fell. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 3.52 percent from 3.47 percent late Wednesday.

Light, sweet crude rose $1.16 to $107.39 in premarket electronic trading on the New York Mercantile Exchange. Gold was higher, and the dollar was mixed against other major currencies.

There were no major economic reports scheduled to be released during the session.

Overseas, Japan's Nikkei stock average rose 1.18 percent. Britain's FTSE 100 added 0.95 percent, Germany's DAX index rose 0.32 percent, and France's CAC-40 added 1.13 percent.

investors Await 1Q Earnings

2008-04-06T17:20:00.000-07:00

The fear of the unknown that has rattled the stock market for months appears to be fading. The question now is whether upcoming corporate financial reports and readings on the housing market will further calm Wall Street's anxieties or rekindle them.

Stocks rose early last week and, despite data showing that U.S. employers are eliminating more jobs than they have in five years, held onto their gains. There was a palpable relief that some banks such as Merrill Lynch & Co. feel they have enough cash, while others in need of capital -- namely Lehman Brothers Holdings Inc. and Switzerland's UBS AG -- are able to sell stock to raise cash.

Now that JPMorgan Chase & Co. has offered to buy Bear Stearns Cos. and the Federal Reserve has lent hundreds of billions of dollars to banks, investors are more confident that the financial system can bounce back from what looked last month like a worst-case scenario: a big bank on the brink of collapse.

Wall Street knows other problems could arise, but at this point the overriding sentiment is that troubles down the road won't pull the whole market and economy down with them.

"There's been so much talk of recession for so long now. If anything, I get the sense that people are looking to get back in," said Brian Gendreau, investment strategist for ING Investment Management. But they're apprehensive, he added. "There's bad economic news still coming in. It takes some pretty steely nerves."

The Dow Jones industrial average finished last week up 3.22 percent, the Standard & Poor's 500 index rose 4.86 percent, and the Nasdaq composite index ended up 4.20 percent.

The stock market's recovery was aided by selling exhaustion among big investors. Although it's impossible to predict the market's direction, it's likely that stocks are going to be driven less by investors' need to cash out, and more by the fundamentals underlying each stock. Those fundamentals will be determined mostly by profit reports.

Alcoa Inc. on Monday reports first-quarter results, and analysts, on average, predict the aluminum company's earnings per share fell 36 percent from where they were last year. Another Dow component, General Electric Co., reports on Friday, and the average analyst estimate is for a 16 percent gain in per-share earnings.

The big headliners, however, are likely to be next week's bank earnings.

Last week, the various banks traded more divergently from one another than they have in months, indicating that there is less fear about the sector as a whole. This is not to say the battered financial sector's troubles are over. Rather, there are winners and losers emerging, and market participants know that buying the winners now could bring huge returns in the months and years to come.

Meanwhile, the Fed on Tuesday is scheduled to release minutes from its March 18 meeting, when it lowered the key interest rate to 2.25 percent. Though the minutes will be regarded to some extent as old news -- they precede the Bear Stearns buyout -- investors will want to see evidence that the Fed remains ready to come to the financial system's rescue if the credit markets deteriorate further.

It's certainly possible the credit markets, though they've loosened up over the past week, could seize up again. The reason is the housing market is anticipated to take at least another year to recover. On Tuesday, economists expect the National Association of Realtors to report that pending sales of homes in February were only slightly higher than in January -- which saw the second-lowest reading on record.

"The core, the kernel, of the credit problems are mortgages," said Quincy Krosby, chief investment strategist at The Hartford. She said defaults in Alt-A mortgages may spike higher since they became popular relatively late in the mortgage boom. Alt-A mortgages are loans to individuals with cleaner credit records than subprime borrowers, but who are not considered prime.

Hewehi Market Overview

2008-04-02T17:30:00.000-07:00

Textainer Group reports refrigerated container market update (TGH) 15.90 +0.60 : Co reported that 770 units out of the 800 reefer containers, initially purchased in January 2008, have been committed to leases with various shipping lines. Co says, "we expect a fairly modest capital expenditure of $30 mn for reefers in 2008. Based on our initial success with the first units produced, and the recent new order, we may exceed that goal for the year."

Cliffs North American coal declares force majeure on coal shipments from Pinnacle Mine (CLF) 132.99 +5.53 : Co announced its Cliffs North American Coal, LLC subsidiary has declared force majeure on coal shipments from its Pinnacle Mine in Pineville, W. Va. Cliffs indicated the longwall plow is currently mining through a sandstone intrusion into the coal seam, which has caused coal production at the mine to significantly slow, as well as reduced shipments. The sandstone intrusion is a continuation of the same geology that slowed production at Pinnacle Mine in August 2007.

Baker Hughes announces in an 8-K, on April 2, 2008, the co increased by $500 mln its commercial paper program (BHI) 72.05 +1.56 : In an 8-K, co says as of April 2, 2008, the co may issue from time to time unsecured commercial paper notes up to a maximum aggregate amount outstanding at any time of $1 bln.

Patriot Coal announces agreement to acquire Magnum Coal (PCX) 46.95 -0.76 : Co today announced that it has signed an agreement to acquire Magnum Coal ("Magnum"). Magnum is one of the largest and lowest-cost coal producers in Central Appalachia, operating 12 mines and 7 preparation plants. Magnum sold 18.4 mln tons of coal in 2007 and has over 600 million tons of proven and probable reserves in southern West Virginia. On a pro forma basis, the combination of PCX and Magnum would have sold more than 40 mln tons in 2007 and generated revenues of just under $2.0 bln. Proven and probable reserves on a combined basis will exceed 1.9 bln tons. The combined assets will provide Patriot a more balanced production mix, with ~70% underground and 30% surface mining.

MI Developments rejects mischaracterizations in Greenlight press release (MIM) 28.94 -0.13 : Co responded to the press release issued by Greenlight Capital (Greenlight) with respect to the reorganization proposal received on March 31, 2008 on behalf of various MID shareholders, including entities affiliated with Frank Stronach, MIM's controlling shareholder, and institutional shareholders. MIM shareholders owning an aggregate of more than 50% of the outstanding Class A Subordinate Voting Shares and 95% of the outstanding Class B Shares have signed support agreements in favour of the reorganization proposal. MIM rejects the mischaracterizations contained in the Greenlight press release concerning the manner in which MID has conducted its affairs.

Selectica: Leading Government contractor chooses selectica contract lifecycle management solution (SLTC) 1.37 -0.03 : Selectica (SLTC), a provider of enterprise contract lifecycle management solutions, announced that ManTech International (MANT) plans to implement SLTC Contract Performance Management.

First Place Finl announces definitive agreement to acquire OC Financial for $12.86 (FPFC) 13.93 -0.06 : Co First Place Financial (FPFC), the holding co for First Place Bank headquartered in Warren, Ohio, and OC Financial (OTC Bulletin Board: OCFL), the holding co for Ohio Central Savings headquartered in Dublin, Ohio, today announced that they have reached a definitive agreement for First Place to acquire OC Financial in a stock merger transaction. This transaction is valued at ~$7.2 mln, based on the average closing price of FPFC common stock for the 10 business days ended April 1, 2008 of $13.37 which would result in a value of $12.86 for each OC Financial share. The transaction is expected to contribute positively to FPFC's EPS, excluding one-time merger-related costs, in its fiscal year ending June 30, 2009.

Chevron cites bias and improper collaboration in rejecting conclusions of report submitted to Ecuadorian Court (CVX) 87.51 +0.77 : Co said that it will petition the Superior Court in Lago Agrio to strike from the record a flawed and patently partisan report submitted in the ongoing environmental lawsuit filed by Ecuadorian citizens against Chevron.

Helix Energy Sells Interest in Deepwater Fields for $165 mln (HLX) 31.42 +0.43 : Energy Resource Technology GOM, Inc. (ERT), a wholly owned subsidiary of Helix Energy Solutions (HLX), has agreed to sell a 30% working interest in its Danny Noonan discoveries (Garden Banks Blocks 463, 506 and 507) and other Outer Continental Shelf oil and gas properties (East Cameron Blocks 371 and 381), in two separate transactions to a private independent oil and gas co for total cash consideration of ~$165 mln (which includes their share of past capital expenditures on these fields), and additional cash payments of up to $20 mln based upon certain field production milestones.

City Holding Co announces issuance of $16 mln trust preferred securities and redemption of trust preferred securities (CHCO) 41.84 +0.50 :

City Holding Co announces it has received proceeds of $2.3 mln from the Visa IPO (CHCO) 41.84 +0.50 : The co announces that it received proceeds of $2.3 million on the partial redemption of its equity interest in Visa. In addition, City expects to reverse approximately $1.0 million of liabilities previously established that represented City's share of legal judgments and settlements related to Visa litigation. As a result, City's first quarter 2008 results are expected to benefit by $2.1 million after-tax, or $0.13 per diluted common share.

RenaissanceRe acquires Claims Management Services (RNR) 53.25 -0.54 : Co announces that its indirect wholly-owned subsidiary, Glencoe Group Claims Management, has acquired the assets of Claims Management Services, a privately-held provider of claims Perini and Tutor-Saliba Corp to combine (PCR) 38.21 +0.15 : Co announces that they have signed a definitive agreement to merge with Tudor-Saliba Corp. The transaction has been structured as a tax-free, all-stock merger. Under the agreement, Tutor-Saliba shareholders will receive shares equal to approximately 45% of the common stock of PCR in exchange for their interests in Tutor-Saliba. The total transaction value will be approximately $862 mln based on PCR's closing price of $38.10 on April 1, 2008, including assumed adjusted net cash of Tutor-Saliba as of December 31, 2007. The transaction, which is expected to close during the third quarter of 2008, is expected to be accretive to diluted earnings per share beginning in the first full fiscal year of combined operations. PCR is maintaining its existing guidance for fiscal 2008 of diluted earnings per share of $3.50 to $3.75. Co is now targeting fiscal 2009 revenue and diluted earnings per share in the range of $7.3 to $7.8 bln and $4.00 to $4.20, respectively, and targeting diluted earnings per share growth in 2010 of between 10% to 20%.

Fisher Companies appoints Joseph Lovejoy as acting CFO (FSCI) 32.10 -0.20 : The co announces that following the resignation of S. Mae Fujita Numata from her position as SVP, CFO and Corporate Secretary on April 1, 2008, Joseph L. Lovejoy has been named Acting CFO effective today. Lovejoy has been a senior vice president of the co since December 2006, responsible for strategic planning, financial analysis and business development.

Amgen: Pivotal Phase 3 Data Show Denosumab Increased Bone Density at Multiple Skeletal Sites in Early and Later Stage Postmenopausal Women (AMGN) 42.45 +0.29 : The co announces the publication of results from its 24-month, 332-patient Phase 3 pivotal study in women with early and late stage postmenopausal osteoporosis in the Journal of Clinical Endocrinology and Metabolism. In this Phase 3 study, twice-yearly subcutaneous injections of denosumab increased bone mineral density at all sites measured, including in highly cortical areas of the skeleton. Cortical bone comprises 75% of skeletal mass and is a primary determinant of overall strength in vertebral and non-vertebral sites throughout the skeleton... Amgen expects the results of its large, pivotal Phase 3 registrational study, which will evaluate denosumab's impact on fracture risk reduction, in women with postmenopausal osteoporosis, in the second half of this year.

Robbins & Myers announces $5.4 mln gain; increases Q3 2008 EPS guidance to $0.53-0.58 vs. $0.47 and FY08 EPS guidance to $1.92-2.03 vs. $1.94 consensus (RBN) 33.64 -0.41 : The co announces that certain contingency obligations relating to the sale of two of its Romaco product lines in fiscal year 2006 expired on March 31, 2008. As a result, the co expects to recognize an additional pretax gain on that sale of approximately 3.5 mln euros, or $5.4 mln at current exchange rates, in its third fiscal quarter ending May 31, 2008. This gain, which was not included in the co's previously issued earnings guidance, is expected to increase diluted earnings per share for its third quarter and full year of fiscal 2008 by approximately $0.11 per share. Therefore, the co increased its third quarter fiscal 2008 DEPS guidance to $0.53-0.58, including an $0.11 gain, vs. $0.47 First Call consensus, from $0.42-$0.47, and its full year fiscal 2008 guidance to $1.93-$2.03, including the $0.11 gain, vs. $1.94 First call consensus, from $1.82-$1.92.

Solutia raises price on all Ascend and Vydyne nylon plastics and polymers (SOA) 13.96 +0.16 : Co announced a price increase of $0.10 per pound across its Ascend and Vydyne polyamide 66 resins in the North American market. This increase applies to orders shipped on or after April 15, 2008, and will be applied across the Ascend and Vydyne product families.

AMR Corp: American Eagle Airlines reports March traffic; traffic decreased 9.5% YoY (AMR) 9.59 -0.26 : American Eagle reports a March load factor of 73.4%, down 0.7 points compared to the same period last year. Traffic decreased 9.5% YoY as capacity decreased 8.6%. American Eagle boarded 1.7 mln passengers in March.

Isilon Systems reports Q3 and Q4 results, has completed its restatement of financial statements (ISLN) 4.91 -0.11 : Co announces its financial results for the fiscal year ended December 30, 2007, including the third and fourth quarters of 2007. Co also announced that its Audit Committee has concluded its independent review of the timing and treatment of revenue recognition and the co has completed the restatement of financial statements for certain previous periods. ISLN reports Q3 EPS ($0.10) vs ($0.09) First Call consensus; revs $21.6 mln vs $23.88 mln First Call consensus. Co also reports Q4 EPS ($0.11) vs ($0.06) First Call consensus; sees revs $26.60 mln vs $26.63 mln First Call consensus.

Synthesis Energy Systems regains complaince with NASDAQ listing requirements (SYMX) 8.47 +0.47 :

BEA Systems: SEC notifies BEA Systems of termination of inquiry (BEAS) 19.19 +0.00 : Co announces that on March 31, 2008, it received a letter from the San Francisco Regional Office of the Securities and Exchange Commission stating that the inquiry concerning the Company's historical stock option granting practices has been terminated and that no enforcement action has been recommended to the Commission. Briefing note: BEAS has been acquired by ORCL.

KBR Inc. joint venture awarded engineering and procurement management services (KBR) 28.66 +0.30 : Co announces that its "Eos" joint venture with WorleyParsons has been awarded contract options for the detailed engineering and procurement management services for Woodside's North Rankin 2 project. The Eos Joint Venture has completed Front-End Engineering Design for the North Rankin B platform and the North West Shelf Venture participants have recently announced final approval of the complete NR2 project. The combined revenue of the Front-End Engineering Design and contract options for the Eos Joint Venture is ~$320 mln.

AngioDynamics reports EPS in-line, revs in-line; guides FY08 EPS above consensus, revs in-line (ANGO) 11.55 -0.04 : Reports Q3 (Feb) earnings of $0.12 per share, excluding $0.08 gain from Diomed settlement which was announced today, in-line with the First Call consensus of $0.12; revenues rose 52.4% year/year to $40.7 mln vs the $40.7 mln consensus. Co issues mixed guidance for FY08, sees EPS of $0.58-0.61 vs. $0.50 consensus; sees FY08 revs of $165-167 mln vs. $164.82 mln consensus. "The co also announced it has entered into a settlement agreement with Diomed. AngioDynamics reduced its litigation provision and recorded a gain, net of costs, of approximately $3.2 million pre-tax, $2.0 million after-tax, and $0.08 in earnings per share, as reflected in the fiscal third quarter results."

EXFO to acquire Brix Networks for $28.5 mln in cash plus earn-out (~$37.5 mln) (EXFO) 5.90 +1.05 : Co announced today that it has signed an agreement to acquire all the shares of Brix Networks, a global provider of open and extensible converged service assurance solutions. Consideration to be paid consists of $28.5 mln in cash and an additional earn-out based upon the achievement of bookings levels exceeding $16 mln in the 12 months following the closing date of the transaction. Total purchase price could reach $37.5 mln, including a maximum earn-out and other acquisition-related costs. The deal is expected to be negative to earnings for the remainder of fiscal 2008, neutral in fiscal 2009 and accretive in 2010, excluding stock-based compensation costs and after-tax amortization of intangible assets.

Ruby Tuesday beats by $0.05, misses on revs; guides FY08 EPS in-line (RT) 7.87 +0.05 : Reports Q3 (Feb) earnings of $0.23 per share, $0.05 better than the First Call consensus of $0.18; revenues fell 7.1% year/year to $351.2 mln vs the $367.9 mln consensus. Co issues in-line guidance for FY08, sees EPS of $0.40-0.50, includes expenses incurred in our remodel initiative of $0.18 to $0.20 per diluted share, vs. $0.45 consensus.

HNI warns of weakening first quarter revenue and profit (HNI) 27.76 +0.41 : Co announces it expects Q1 2008 revenue and operating profit in its office furniture segment to experience a significant decline over previously communicated expectations. The co estimates Q1 office furniture revenue declined 6% as compared to the prior year. The revs decline resulted from substantial weakness in the supplies-driven channel, which consists primarily of small office and home office customers and represents ~50% of HNI's total office furniture revenue. The supplies-driven channel weakness will have a significant impact on profitability. Escalating input cost pressures and plant consolidation costs are also negative contributing factors.

LDK Solar signs a ten-year wafer supply agreement with Moser Baer Photo Voltaic (LDK) 30.09 +2.59 : Co announced that it has signed a ten-year contract which is a blend of "Take or Pay" linked with market-based pricing to supply multicrystalline solar wafers to India-based Moser Baer Photo Voltaic Limited, a subsidiary of Moser Baer India Limited. Under the terms of the agreement, LDK Solar will deliver 640 MW of multicrystalline solar wafers to MBPV over a ten-year period commencing in mid 2008 through 2017. MBPV will make a suitable advance payment reflecting the contract value to LDK Solar.

Landec delays Q3 release and provides preliminary Q3 results (LNDC) 8.13 -0.34 : Co announces that its newly appointed independent registered public accounting firm need additional time to complete the preparation and review of financial statements for Q3. The public accounting firm has raised some questions regarding the interpretation of certain complex technical accounting rules affecting the accounting treatment for the transactions entered into with Monsanto and its subsidiaries. Co had expected to report Q3 EPS of approx $0.15 vs $0.15 consensus with revs of approx $59.6 mln vs $58.8 mln consensus, but these numbers are subject to adjustment depending on the outcome of the ongoing review.

La-Z-Boy announces consolidation; to take charge of $0.20-0.24 (LZB) 8.85 +0.16 : The co will consolidate all of its domestic cutting and sewing operations in Mexico and will transfer production from its Tremonton, Utah plant, which will be closed, to its five remaining La-Z-Boy branded upholstery manufacturing facilities. As a result of these actions, La-Z-Boy will take a pre-tax restructuring charge in the range of $17 - $20 mln, or $0.20 to $0.24 per share. This charge will be principally for severance and other benefit costs and will also include training costs to begin production in the other facilities, the write-down of certain fixed assets and other associated costs. As the plant is closed and the cut-and-sew operations are transferred, these charges will be incurred as follows: $2.0 - $2.5 mln in the fourth quarter of fiscal 2008; $9.0 - $10.0 mln in fiscal 2009; and the balance in 2010. Once these moves are completed, the co expects to realize in excess of $25 mln in annual cost savings, with the full benefit beginning in fiscal 2011.

Design Within Reach announces multi-year employment agreement with CEO Ray Brunner (DWRI) 3.05 +0.01 :

Wireless Xcessories intends to cease trading on Amex and to deregister its common stock with the SEC (XWG) 1.31 +0.06 :

Triad Guaranty: Fitch downgrades Triad's IFS to 'BBB-'; watch negative (TGIC) 3.60 -1.65 : Fitch has downgraded the following ratings on Triad Guaranty and its mortgage insurance subsidiary: Triad Guaranty Insurance Corporation Insurer financial strength (IFS) to 'BBB-' from 'AA-', Long-term Issuer to 'BB-' from 'A-' and $35 million 7.9% fixed coupon senior notes due Jan.15, 2028 to 'BB-' from 'A-'. This action follows the publication of Triad Guaranty's yearend 2007 10-K filing in which the company disclosed that it has not been successful in obtaining any new capital commitments to date. The company also disclosed that it is considering placing its operating company Triad into 'run-off', and creating a newly formed mortgage insurance subsidiary that would underwrite all future business.

VCG Holding CFO no longer with the co; co engages financial consultants to assist in accounting until the search for a CFO is completed (VCGH) 5.22 -1.33 : Co announced that its Chief Financial Officer and Chief Accounting Officer, Mr. Brent Lewis, is no longer with the Company effective March 31, 2008. The Company is conducting a search for a Chief Financial Officer and has engaged financial consultants on an interim basis to assist with the preparation of the Company's Form 10-K for the period ended December 31, 2007, as well as other accounting issues.

CBOT Agriculture and Ethanol Closing Prices (COMDX) : May corn closed higher by 12 cents to $5.96 per bushel, May soybeans closed higher by 32 1/4 cents to $12.43 1/4 per bushel, May wheat closed higher by 41 cents to $9.36 per bushel, May Ethanol closed higher by $0.063 to $2.480 per gallon.

NYMEX Energy Closing Prices (COMDX) : Crude closed the session up $3.87 to $104.85, nat gas settled higher by 11.6 cents to $9.84, heating oil ended up 7.23 cents to $2.9520 and RBOB gasoline finished higher by 13.46 cents to $2.7738.

TechTeam wins USA contact program award with the GSA office of Citizen Services and Communications (TEAM) 9.32 +0.15 : Co announces it has won a government-wide indefinite delivery, indefinite quantity contract for multi-channel contact center services with the General Administration Services' Office of Citizen Services and Communications. The program, called USA Contact, has a potential value over ten years of up to $2.5 bln. Eight other companies were also awarded program contracts.

Alpha Pro Tech announces $2 mln stock buy back program (APT) 1.22 +0.05 :

Brush Engineered Materials awarded $9.8 mln in new orders to produce infrared window assemblies and hybrid circuits (BW) 27.09 +0.28 :

Packeteer: Elliott Associates reaffirms offer to acquire PKTR, sends merger agreement to seek consensual transaction (PKTR) 5.92 +0.69 : Elliott Associates sent the following letter to the Board of Directors of PKTR: "On March 20, 2008, we commenced a tender offer to acquire all of the outstanding shares of Common Stock of Packeteer for $5.50 per share. We were extremely disappointed to have read in your press release and Schedule 14D-9 filed April 1, 2008 that you have advised shareholders to reject our offer and that you have instituted a poison pill. Our offer provides shareholders with quantifiable, certain value that can be realized in an extremely short timeframe. As we informed you weeks ago, we were -- and remain -- prepared to negotiate a consensual transaction on customary terms immediately. To this end, we sent your counsel a merger agreement yesterday... Our offer and the transaction set forth in the draft merger agreement we sent to you provides a level of certainty far in excess of the alternatives you described to your shareholders, which alternatives consist only of: 1) a sale of the company or business combination transaction which you acknowledge are only "potentially attractive" and which your Board has not yet determined whether to pursue; or 2) pursuing your newly devised operating plan, which you refer to as being able to deliver "materially higher numbers than are anticipated by Wall Street consensus estimates," without any explanation of how this is to be achieved. These nebulous alternatives of a potential sale or the promise of improved operating performance contrast sharply with the speed and surety of our offer."

Westmoreland Coal announces Kevin Paprzycki has been named Chief Financial Officer (WLB) 14.23 +0.53 : Co announces Kevin Paprzycki has been named Chief Financial Officer, replacing David Blair who is leaving the co. Paprzycki has served as the co's Controller and Principle Accounting Officer since June 2006.

Schering-Plough: Fitch places ratings on rating watch negative (SGP) 14.23 -0.52 : Fitch Ratings has placed Schering-Plough ratings on Rating Watch Negative. The action applies to ~$11.98 bln of outstanding debt. The Rating Watch reflects Fitch's concern that Schering-Plough will be unable to reduce leverage, total debt-to-EBITDA, to below 2.0x by the end of 2009 given potential sales erosion of the cholesterol-lowering medicines, Vytorin and Zetia.

China Security and Surveillance reaffirms Q1 and FY08 guidance in 8-K presentation (CSR) 18.68 +0.37 : Co sees Q1 revs of $68-70 mln, EPS of $0.31-0.34 and FY08 revs of $350-370 mln, EPS of $1.50-1.75. (no consensus)

Golden Star Resources appoints D. Scott Barr as Executive Vice President and Chief Operating Officer (GSS) 3.42 +0.08 : Co announces that it has appointed D. Scott Barr as Chief Operating Officer commencing on April 2, 2008.

OMNI Energy Srvs announces appointment of Brian Recatto as President and Chief Executive Officer (OMNI) 3.69 -0.08 : Co announces that its Board of Directors has approved the appointment of Brian Recatto as the President and Chief Executive Officer, effective July 1, 2008. Recatto has significant operational and public company experience and has served as the Chief Operating Officer since December 2007.

Trinity Biotech announces the launch of new GeneSys Neonatal Haemoglobin Variant Screen (TRIB) 4.53 -0.05 :

RLI Corp expands small fleet trucking program (RLI) 50.83 +0.30 : Co announces the expansion of its small fleet trucking program to include new retail agents. The program had previously been limited to existing, appointed agents. The expansion is intended to provide more retail agents with direct access to RLI.

Commonwealth Biotech subsidiary announces two new major drug discovery collaborations (CBTE) 2.05 -0.04 : Co announces that it has entered into two new drug discovery collaborations: one with a leading US pharmaceutical company and one with a major European pharmaceutical company. Given the proprietary nature of the collaborations both partners declined to be named. "With our new European partner, we have entered into a broad-based collaboration to discover and develop novel small-molecule therapeutics for use in the fields of CNS; Alzheimer's disease, neuro-inflammation and type-2 diabetes... Under the terms of the agreement, based on compounds discovered by Exelgen, our partner will receive an option to license the compounds and collaborate in specific programs. With the signing of the agreement, our partner will make an initial up-front cash payment to Exelgen for exclusivity on certain program assets and have the option to continue development of the assets in collaboration with Exelgen." If this collaboration proves successful and a drug candidate is identified, Exelgen would receive ongoing support through additional research funding and, more importantly, will be eligible to receive success-based milestones of up to $25 million and additional royalties on any product sales.

Computer Task announces extension of 10b5-1 plan to facilitate share repurchases (CTGX) 3.37 -0.11 : Co announces that it extended a stock repurchase plan under Rule 10b5-1 of the SEC to facilitate the repurchase of its common stock under its outstanding repurchase authorizations. The Company has approx 1.1 mln shares available for repurchase as of April 2, 2008 under previous authorizations.

Abraxas Petroleum provides operational results on exploratory Wilcox Well (ABP) 3.27 -0.03 : Co provided operational results on the Gisler #1, an exploratory well targeting the Wilcox formation, located in Karnes County of South Texas. The Gisler #1 was drilled vertically to a total depth of approx 13,000', completed without stimulation and placed on-line approx two weeks ago. This well is currently producing at a gross rate of approx 2.9 MMcf of gas and 55 Bbl of condensate per day, or 3.2 MMcfepd. This well may be fracture stimulated in the future. Abraxas Petroleum owns a 63% working interest in this well. "The production rates from the Gisler #1 are above our expectations. Even though a typical Wilcox well has a relatively steep initial decline rate, these wells are very economic and pay out quickly. We intentionally limit our exploratory budget to 20% of our overall capital expenditure budget. Our upcoming capital projects will focus on projects that are more development and exploitation in nature,"

Hearst-Argyle TV announces the acquisition of Map of Medicine (HTV) 20.73 +0.11 : Co announces the acquisition of Map of Medicine, a provider of evidence-based health-care resources designed to help health practitioners make sound decisions by following accessible clinical information on a range of relevant medical issues. Terms not disclosed.

Summary of Bernanke's prepared comments to the Joint Economic Committee : "In response to deterioration in the near-term outlook for the economy and intensified strains in financial markets, in recent months the Federal Reserve has eased monetary policy substantially further and taken strong actions to increase market liquidity. In my remarks today, I will first offer my views on conditions in financial markets and the outlook for the U.S. economy, then discuss recent actions taken by the Federal Reserve... Although our recent actions appear to have helped stabilize the situation somewhat, financial markets remain under considerable stress. Pressures in short-term bank funding markets, which had abated somewhat beginning late last year, have increased once again... Notably, in the housing market, sales of both new and existing homes have generally continued weak, partly as a result of the reduced availability of mortgage credit, and home prices have continued to fall. Starts of new single-family homes declined an additional 7 percent in February, bringing the cumulative decline since the early 2006 peak in single-family starts to more than 60 percent. Residential construction is likely to contract somewhat further in coming quarters as builders try to reduce their high inventories of unsold new homes... The unemployment rate edged down in February and remains at a relatively low level; however, in light of the sluggishness of economic activity and other indicators of a softer labor market, I expect it to move somewhat higher in coming months... I expect the tax rebates associated with the fiscal stimulus package recently passed by the Congress to provide some support to consumer spending in coming quarters... Overall, the near-term economic outlook has weakened relative to the projections released by the Federal Open Market Committee (FOMC) at the end of January. It now appears likely that real gross domestic product (GDP) will not grow much, if at all, over the first half of 2008 and could even contract slightly. We expect economic activity to strengthen in the second half of the year, in part as the result of stimulative monetary and fiscal policies; and growth is expected to proceed at or a little above its sustainable pace in 2009, bolstered by a stabilization of housing activity, albeit at low levels, and gradually improving financial conditions. However, in light of the recent turbulence in financial markets, the uncertainty attending this forecast is quite high and the risks remain to the downside... Inflation has also been a source of concern. We expect inflation to moderate in coming quarters. That expectation is based, in part, on futures markets' indications of a leveling out of prices for oil and other commodities, and it is consistent with our projection that global growth--and thus the demand for commodities--will slow somewhat during this period. And, as I noted, we project an easing of pressures on resource utilization. However, some indicators of inflation expectations have risen, and, overall, uncertainty about the inflation outlook has increased. It will be necessary to continue to monitor inflation developments carefully in the months ahead... I turn now to the Federal Reserve's policy responses to these financial and economic developments. On March 13, Bear Stearns (BSC) advised the Federal Reserve and other government agencies that its liquidity position had significantly deteriorated and that it would have to file for Chapter 11 bankruptcy the next day unless alternative sources of funds became available. This news raised difficult questions of public policy. Normally, the market sorts out which companies survive and which fail, and that is as it should be. However, the issues raised here extended well beyond the fate of one company. Our financial system is extremely complex and interconnected, and Bear Stearns participated extensively in a range of critical markets. With financial conditions fragile, the sudden failure of Bear Stearns likely would have led to a chaotic unwinding of positions in those markets and could have severely shaken confidence. The company's failure could also have cast doubt on the financial positions of some of Bear Stearns' thousands of counterparties and perhaps of companies with similar businesses. Given the current exceptional pressures on the global economy and financial system, the damage caused by a default by Bear Stearns could have been severe and extremely difficult to contain. Moreover, the adverse effects would not have been confined to the financial system but would have been felt broadly in the real economy through its effects on asset values and credit availability. To prevent a disorderly failure of Bear Stearns and the unpredictable but likely severe consequences of such a failure for market functioning and the broader economy, the Federal Reserve, in close consultation with the Treasury Department, agreed to provide funding to Bear Stearns through JPMorgan Chase (JPM)... Clearly, the U.S. economy is going through a very difficult period. But among the great strengths of our economy is its ability to adapt and to respond to diverse challenges. Much necessary economic and financial adjustment has already taken place, and monetary and fiscal policies are in train that should support a return to growth in the second half of this year and next year. I remain confident in our economy's long-term prospects."

Republic Airways reports a 30% increase in March 2008 traffic (RJET) 22.07 -0.47 : Co reported preliminary passenger traffic results for March 2008. The co generated 874.0 mln revenue passenger miles, a 30.2% increase over the same month last year, while available seat miles increased 28.7% to 1.1 bln. Block hours were 65,457 in March 2008, a 22.8% increase over March 2007. Load factor was 76.7% versus 75.8% in March 2007. A total of 1,674,324 passengers were carried during the month, a 31.8% increase over the same month last year.

Spire receives contract for combined solar module and cell line in China (SPIR) 16.77 +0.41 : Co announces it has won a contract in China for a combined solar module and solar cell facility. This order includes a 25-megawatt module factory and an adjacent 25MW solar cell factory designed to produce high efficiency multi-crystalline cells. "We are delighted to be selected, after a very competitive bidding process, by Jiangxi Gemei Sci-Tech LTD for this groundbreaking project..."

Newspaper Notable Mentions (WIRES) : FT: First Direct has suspended new mortgage lending after being swamped by applications. The decision was taken after rival banks withdrew their mortgage deals because of worsening conditions in the money markets. The bank, part of HBC, yesterday withdrew all loans to homeowners who were not already customers after it received five times the normal level of applications... WSJ: As the largest specialty-electronics retailers get set to report year-end results, recent consumer surveys and comments from a TV supplier and from club stores point to slowing TV demand. TV sales were expected to slow this year after a couple of big years tied to technology improvements and following the usual surge around the holidays, but some industry watchers suspect sales have slowed even more than anticipated... DigiTimes: Despite some industry players projecting a possible shortage of 32-inch LCD TV panels in 2008, the recent adjustments in strategy at leading panel makers and branded vendors means the situation may not be as dire as previously thought. Industry players earlier projected a shortage of 32-inch LCD TV panels because of the limited fresh capacity from major suppliers. Some even estimated that supply would fall short of demand by 30%... Oversupply of LCD panels for the TV segment, coupled with demand from top LCD TV vendors for lower-price panels to facilitate their second-quarter marketing campaigns, may prevent overall price increases for LCD panels in April, as suppliers are likely to adjust their capacity to put out more PC-use panels that offer higher profits, according to industry sources.

UniFirst beats by $0.30, beats on revs (UNF) 38.08 : Reports Q2 (Feb) earnings of $0.79 per share, $0.30 better than the First Call consensus of $0.49; revenues rose 21.6% year/year to $270.3 mln vs the $259.5 mln consensus.

S&P futures vs fair value: +1.0. Nasdaq futures vs fair value: -0.2. : Futures have come off their previous levels and now indicate a mixed start as S&P Futures lead fair value and Nasdaq Futures lag fair value.

On The Wires (WIRES) : Goodrich (GR) has been selected by Lockheed Martin to supply the air data system for the F-35 Lightning II program, which has the potential of generating $300 mln in revenue over the life of the program... Energy Partners (EPL) announces its second discovery in 2008 in the Bay Marchand field located in its Central core area on the Gulf of Mexico Shelf and has begun drilling its third well in the program.

SAP AG appoints Leo Apotheker Co-CEO (SAP) 49.65 : Co announces the appointment of SAP Deputy CEO Leo Apotheker as the company's co-CEO alongside SAP CEO Henning Kagermann, effective immediately.

Commscope reaffirms FY08 outlook at industy conference (CTV) 36.99 : Co reaffirms guidance for Q1 (Mar), sees Q1 (Mar) revs of $950-970 mln vs. $964.72 mln First Call consensus. Co reaffirms guidance for FY08 (Dec), sees FY08 (Dec) revs of $4.1-4.3 bln vs. $4.23 bln consensus.

Harris Stratex awarded $9.1 mln emergency communications network wireless transmission contract by the city of San Jose, CA (HSTX) 10.23 : Co announces a new $9.1 mln contract with the City of San Jose, California to engineer, install, integrate and provision the Emergency Communications private microwave radio network. Under the terms of the agreement, Harris Stratex Networks also will supply full maintenance support and services for the ECOMM network during its first year of operation.

Sempra Energy initiates a $1 bln share repurchase program (SRE) 54.31 :

S&P futures vs fair value: +1.8. Nasdaq futures vs fair value: +2.0. : U.S. stocks are on track to begin the session for the better. The major Asian indices registered an impressive performance Wednesday. The Nikkei finished up 4.2% and the Hang Seng finished 3.2% higher. Optimism is also prevailing in Europe, the DAX is up 0.8% and the FTSE is up 0.6%.

On The Wires (WIRES) : Reliance Steel & Aluminum (RS) announces that on April 1, 2008, it acquired Dynamic Metals International. Dynamic's 2007 revs were approximately $11 mln... Kenexa (KNXA) announces its acquisition of Quorum International, a co providing recruitment process outsourcing services in Europe, the Middle East and Africa. Financial details of the transaction were not disclosed.

Southwest Air announced today it flew 6.7 bln revenue passenger miles in March 2008, a 9.8% increase YoY (LUV) 12.75 : Co announces that it flew 6.7 bln revenue passenger miles in March 2008, a 9.8% increase from the 6.1 bln RPMs flown in March 2007. Available seat miles increased 5.3% to 8.7 bln from the March 2007 level of 8.3 bln. The load factor for the month was 76.5%, compared to 73.3% for the same period last year.

On The Wires (WIRES) : In connection with Clear Channel Communications' (CCU) previously announced tender offer for its outstanding 7.65% Senior Notes due 2010 and its subsidiary AMFM Operating's previously announced tender offer for its outstanding 8% Senior Notes due 2008, the co announces that it has extended the date on which the tender offers are scheduled to expire from 8:00 a.m. New York City time on April 4, 2008 to 8:00 a.m. New York City time on April 11, 2008... St. Jude Medical (STJ) announces regulatory approval from the Japanese Ministry of Health, Labour and Welfare for the Merlin Patient Care System... Raser Technologies (RZ) announces that it has initiated the development of an additional geothermal project in Utah... Deere & Company (DE) announces plans to significantly expand its presence in Russia...China Direct (CDS) announces it has received approval from the NASDAQ Stock Market for its common shares to be listed on the NASDAQ Global Market... EnerNOC (ENOC) announces a 5-yr contract with the Ontario Power Authority to provide demand response capacity in the Greater Toronto Area, Waterloo Region and City of Hamilton.

Alfacell updates status of ONCONASE phase III clinical program; confirms 316 deaths (ACEL) 2.41 : Co announced that it has confirmed that 316 evaluable events (patient deaths) have occurred in the confirmatory Phase IIIb clinical trial of its lead compound, ONCONASE, for the treatment of patients with unresectable malignant mesothelioma. In accordance with the statistical plan for the trial, the company has begun the process necessary to conduct the formal statistical analyses required to complete the final sections of the ONCONASE rolling New Drug Application.

S&P futures vs fair value: +3.5. Nasdaq futures vs fair value: +2.5. : Futures continue to indicate an upside open. Both Best Buy (BBY 43.47) and Monsanto (MON 113.13) announced EPS results this morning that topped consensus EPS estimates.

IntercontinentalExchange reports record ADV and OTC commissions for First Quarter 2008; ADV future volume exceeds 1 mln (ICE) 139.11 : Total ADV for all ICE Futures contracts reached 1,031,683 in March 2008, an increase of 42% over March 2007. Total ADV for all ICE Futures contracts reached 1,004,713 in the first quarter. Average daily commissions for ICE's global OTC business more than doubled to $1,324,510, a 124% increase over March 2007, and the third consecutive month surpassing $1 mln per day.

CGI Group: Revenu Quebec awards CGI $40 mln in consulting contracts (GIB) 10.95 : Co announces that it has won consulting contracts awarded by Revenu Quebec worth more than $40 mln. Under the terms of the contracts, GIB will work with Revenu Quebec to improve the government's existing personal income tax system and will develop a new system.

Hain Celestial announces the acquisition of Daily Bread; expected to be accretive (HAIN) 30.35 : Co announces the acquisition of Daily Bread, a London-based producer of branded fresh prepared foods for the foodservice channel in the United Kingdom. Daily Bread generated ~ $24 mln in continuing sales in its last fiscal year. Terms of the acquisition were not disclosed. The transaction is expected to be accretive to Hain Celestial's earnings during its fiscal year 2009.

S&P futures vs fair value: +4.4. Nasdaq futures vs fair value: +2.8. : Futures indicate a more positive start following the latest ADP Employment Report. The March ADP Employment Report indicated jobs grew by 8,000 in the private sector. The consensus estimate called for a loss of 45,000. February's rate was revised to a drop of 18,000 from a drop of 23,000.

Equity futures tick up to pre-mkt highs on better than expected ADP Employment number... SPX futures gain about 4 pts on the data, now +5 pts :

On The Wires (WIRES) : Park Electrochemical (PKE) announces that its new wholly owned subsidiary, Park Aerospace Structures, has purchased substantially all the assets and business of Nova Composites... Veeco Instruments (VECO) announces that Millenium Communication of Hsinchu, Taiwan has ordered a TurboDisc E450 arsenic phosphide Metal Organic Chemical Vapor Deposition System for production of high-efficiency III-V compound multi-junction solar cells... Chartered Semiconductor Manufacturing (CHRT) announces the extension of its joint development collaboration with IBM (IBM) to include 22-nanometer bulk complementary metal oxide semiconductor technology. Financial terms were not disclosed... Abraxis BioScience (ABII) announces it has initiated enrollment in its Phase II clinical trial to evaluate the efficacy and safety of Coroxane for the prevention and reduction of restenosis following revascularization of the superficial femoral artery... Brightpoint North America, a subsidiary of Brightpoint (CELL), has entered into a Logistics Fulfillment and Services agreement with Sprint's XOHM business unit in support of their upcoming launch of a next generation mobile WiMAX network.

Monsanto beats by $0.07, beats on revs; reaffirms FY08 EPS guidance (MON) 113.13 : Reports Q2 (Feb) earnings of $1.79 per share, excluding non-recurring items, $0.07 better than the First Call consensus of $1.72, compared to 03/25 guidance of EPS in the range of $1.75; revenues rose 44.8% year/year to $3.78 bln vs the $3.6 bln consensus. Co reaffirms guidance unchanged from the guidance given 3/25 when MON raised 2008 guidance, sees EPS of $3.15-3.25, excluding non-recurring items, vs. $3.20 consensus. Between Y07 and the end of Y12, co expects to effectively double the gross profit potential of its business. Co also announces its intention to make an investment of up to $196 mln over the next 18 months at its glyphosate manufacturing facility in Luling, Louisiana. The planned development will increase its global capacity to produce Roundup and other glyphosate-based herbicides.

S&P futures vs fair value: +0.3. Nasdaq futures vs fair value: -1.0. : Futures currently indicate a mixed start, but the major world indices extend their rallies into Wednesday. The Dow Jones World Index, excluding the U.S., is up 1.9%. The Wall Street Journal reports that National City (NCC $9.99) is considering selling itself to KeyCorp (KEY $23.49).

Monsanto announces planned expansion at its facility in Louisiana (MON) 113.13 +0.18 : The co announces its intention to make an investment of up to $196 mln over the next 18 months at its glyphosate manufacturing facility in Luling, Louisiana. The planned development will increase its global capacity to produce Roundup and other glyphosate-based herbicides. In addition to the planned expansion, Monsanto announces that it will be undertaking an energy-reduction project at its Luling facility. The co will be implementing a hydrogen-recovery project, a step that will enable it to reduce natural gas costs and better conserve and utilize hydrogen, a by-product of the glyphosate manufacturing process.

iMergent reaches settlement with the state of Connecticut; continues doing business in Connecticut (IIG) 11.83 : Under the terms of the settlement and without an admission of any liability, iMergent refunded certain customers approximately $65,000 and agreed to pay the state of Connecticut's costs of approximately $65,000. The company also agreed to make certain disclosures regarding the software sold and certain disclosures related to sales representations made by the company.

Suntech Power to supply 4MW of modules to 'leading' Italian PV system developer Enerray (STP) 41.47 : Co announces a 4MW module supply agreement with Enerray, an Italian designer, developer and manager of photovoltaic systems. The Suntech modules will be installed by Enerray in PV systems for the rooftops of large Italian industrial complexes. "We are experiencing significant demand for the deployment of commercial rooftop solar systems," said Eng. Marco Ghirardello, CEO of Enerray. "As one of Italy's leading installers of photovoltaic systems, we have chosen to partner with the well respected Suntech brand to bring their superior quality solar products to key projects in high commerce cities across Italy."

Optimer Pharma announces peer-reviewed publication of OPT-80 Phase 1 clinical results for the treatment of clostridium difficile infection (OPTR) 6.29 : Co announces the publication of its Phase 1 clinical trials of OPT-80 in the April 2008 edition of Antimicrobial Agents and Chemotherapy published by the American Society for Microbiology. The results from these studies support the development of OPT-80 as an oral therapy for Clostridium difficile infection, or CDI. OPT-80 is currently being tested in Phase 3 clinical trials for CDI, also known as Clostridium difficile-associated diarrhea. The paper highlights previously reported data from a Phase 1a single-dose and a Phase 1b multiple-dose trial of OPT-80 for the treatment of CDI. In both the single-dose and the multiple-dose studies, OPT-80 was well tolerated by all subjects and no drug-related adverse events were observed. OPTR believes that in the Phase 1 studies, OPT-80 also exhibited a favorable pharmacokinetic profile for CDI treatment.

InterMune provides additional information on ITMN-191 MAD study results (ITMN) 17.29 : The co provides additional information on its Phase 1b multiple-ascending-dose study of ITMN-191 to facilitate comparison with previously published data describing other HCV protease inhibitors. For cohort 1, the dose was 100 mg q12h, total daily dose was 200, mean maximum reduction was 1.6 (97.49%) and day 14 median reduction was 0.7 (80.05%).

Chevron: Independent expert has proposed that Chevron pay a minimum of $7 bln and up to $16 bln to compensate for environmental contamination (CVX) 86.74 : In a long-awaited court report submitted as part of the final phase of a trial, an independent expert has proposed that Chevron (CVX) pay a minimum of $7 bln and up to $16 bln to compensate for environmental contamination caused to Ecuador's Amazon rainforest during a 26-year period when the oil giant operated a large concession in the country. If the assessment is accepted by the court, the subsequent judgment likely would be the largest civil damages awards in an environmental case. The higher $16 bln figure could result if the court accepts an "unjust enrichment" penalty tied to Chevron's actual cost savings over several

Emcore receives $4.6 mln follow-on order for concentrator solar cell receiver assemblies from Concentration Solar la Mancha (EMKR) 5.90 : The co announces that it has been awarded a $4.6 mln follow-on production order for solar cell receiver assemblies from Concentration Solar la Mancha of Manzanares, Spain. The receivers will be incorporated into CS la Mancha's 500X concentrator photovoltaic system and will be deployed throughout Spain and other locations in fully licensed and funded projects. Shipments are scheduled to commence in the September quarter and complete in early 2009.

Sinovac Biotech receives China State Food and Drug Administration approval for pandemic influenza H5N1 vaccine (SVA) 3.83 : Co announces that Panflu, its pandemic influenza H5N1 whole viron inactivated vaccine, has been granted a production license by the China State Food and Drug Administration. Panflu is the first and only approved vaccine available in China against the H5N1 influenza virus. The vaccine is approved for production solely to be supplied to the Chinese national vaccine stockpiling program and will not be sold directly to the market. The license also indicates that the Chinese government has the exclusive right to initiate Panflu vaccinations in an emergency or in the event of an influenza pandemic.

Sirtris Pharma receives orphan drug designation from FDA for Resveratrol in Mitochondrial Disorder, MELAS syndrome (SIRT) 13.85 : Co announces that the United States Food and Drug Administration has granted the co orphan-drug designation for resveratrol in the treatment of MELAS syndrome. Orphan-drug designation for resveratrol in MELAS syndrome provides Sirtris with seven years of marketing exclusivity upon receipt of FDA approval.

On The Wires (WIRES) : Trina Solar Limited (TSL) announced that the co has signed a long-term polysilicon supply agreement with a subsidiary of GCL Silicon Technology Holdings... CBIZ (CBZ) announces that it has acquired EFL Associates, effective April 1, 2008. EFL recorded approx $4.8 mln in revenue during 2007 and has approx 34 associates.

7:37AM Verifone reaffirms Q4 and FY07 revenues (PAY) 16.83 : Co expects to report revenues for the three months ended October 31, 2007, of $238.9 mln (vs $237.27 mln First Call consensus), consistent with its December 3, 2007, announcement of the anticipated restatement. For the full year ended October 31, 2007, VeriFone expects to report net revenues of $903.9 mln (vs $903.15 mln First Call consensus), also consistent with the information reported on December 3, 2007.

On The Wires (WIRES) : ZBB Energy (ZBB) announces that as part of its efforts in the alternative energy sector, its ZESS 50 fuel cell zinc energy storage system has been chosen to provide a key element in the Zero Net Energy, Future House USA home that will be on display at the Beijing Olympic Games in August 2008... CBIZ (CBZ) announces that it has acquired EFL Associates, effective April 1, 2008. EFL recorded approx $4.8 mln in revenue during 2007 and has approx 34 associates.

Lululemon Athletica beats by $0.02, beats on revs; guides FY09 EPS in-line; appoints new COO & CEO designate (LULU) 31.57 : Reports Q4 (Jan) earnings of $0.21 per share, $0.02 better than the First Call consensus of $0.19; revenues rose 101.3% year/year to $105.1 mln vs the $92.7 mln consensus. Co issues in-line guidance for FY09, sees EPS of $0.72-0.74, excluding $0.02 charge resulting from the Company's planned closure of its four stores currently operating in Japan, vs. $0.72 consensus. Co said, "While the current overall consumer environment may be challenging, the increasing loyalty of our guests and our unique positioning in the historically resilient active and healthy-lifestyle market, are providing for continued acceptance of our brand." Co also announced the appointment of Christine Day as President, Chief Operating Officer and CEO designate. Robert Meers will be retiring from his position as CEO on June 30, 2008, at which time Ms. Day will assume this role.

Verifone completes independent investigation (PAY) 16.83 : The co announces that its Audit Committee has completed its independent investigation into certain accounting and financial control matters... The restatements will correct the accounting errors that were identified by mgmt... the restatements are expected to have the following effects: 1) Previously reported inventories will be reduced by approximately $13.3 mln, $23.9 mln and $40.6 mln as compared to originally reported amounts at January 31, 2007, April 30, 2007, and July 31, 2007; Previously reported operating income will be decreased by approximately $12.5 mln, $9.8 mln and $14.7 mln as compared to originally reported amounts for the three months periods ended January 31, 2007, April 30, 2007, and July 31, 2007, principally due to higher cost of net revenues as compared to originally reported amounts. 3) The aggregate decrease in operating income for the nine months ended July 31, 2007, of approximately $36.9 million, as determined through the Audit Committee investigation, represents an increase of approximately $7.2 mln compared to the original estimate of approximately $29.7 mln reported on December 3, 2007.

Medcath announces acquisition of ownership in Arizona Cath Lab; anticipates joint venture will add ~$0.05/share in earnings annually (MDTH) 18.78 : Co announces that MedCath Partners has acquired a 27.4% interest in a joint venture known as Southwest Arizona Heart and Vascular Center. The joint venture provides cardiac catheterization lab services to Yuma Regional Medical Center under a Management and Service Agreement with the Hospital. Co acquired its 27.4% interest for $8.5 mln and anticipates that the joint venture will add ~$0.05 in diluted earnings per share annually.

LaserCard says the US Dept of Homeland Security orders its encoding solution for green cards (LCRD) : Co announced that it has received a purchase order to supply a next generation card encoding solution for the Department of Homeland Security's (DHS) U.S. Permanent Resident Card ("Green Card") Program. Under the terms of the purchase order, received from DHS U.S. Citizenship and Immigration Service's Prime Contractor, LaserCard will supply 40 next generation encoders, associated software and services. The new solution will replace "Green Card" personalization equipment which is more than a decade old. The encoders and software, valued at approximately $170,000, are expected to be delivered over the next six months.

Medical Action announces the hiring of Charles Kelly as Chief Financial Officer (MDCI) 17.00 : Co announced that it has hired Charles Kelly as its Chief Financial Officer. A certified public accountant with over 25 years of financial management experience, including more than 10 years with a big four public accounting firm, Mr. Kelly will be joining Medical Action as of April 7, 2008.

On The Wires (WIRES) : THQ (THQI) announced the acquisition of the Elephant Entertainment casual and online games business. In conjunction with this acquisition, THQI also announced an exclusive, worldwide retail publishing agreement with Oberon Media, the world's leading cross-platform casual games company. Terms not disclosed... Smith Micro Software (SMSI) announced it has received a Notice of Allowance from the U.S. Patent and Trademark Office for a patent on technology that enables management of computer systems and network infrastructure from handheld mobile devices... Aetna (AET) announced that it has closed a new $1.5 bln five-year credit facility with 21 domestic and foreign financial institutions. The new bank facility amends, restates and supersedes Aetna's existing $1.0 bln five-year revolving credit agreement.

On The Wires (WIRES) : iRobot (IRBT) disclosed in 8-k that Colin Angle, Chief Executive Officer of the Company, entered into trading plans for himself and his family trust adopted pursuant to Rule 10b5-1... General Mills (GIS) disclosed in 8-k that the Chief Executive Officer, Kendall J. Powell, established a trading plan in accordance with Rule 10b5-1... Nordic American Tanker Shipping (NAT) announced that earnings and dividend payments for the Q1 of 2008 can be expected to be appreciably higher than Q4 of 2007. NAT will be able to declare dividend to shareholders which can be expected to exceed $1.00 for the first quarter, up from previous dividend of $0.50.

Thompson Creek announces Davidson Deposit feasibility study (TC) 18.46 : The Davidson Deposit feasibility study estimates that the development of the Davidson Deposit would require a capital expenditure of C$109 mln. Molybdenum production is estimated at approximately 4 mln pounds per year over a 10-year period. The average annual cash costs are estimated to be US$9.46 per pound. The estimated pre-tax I.R.R is 20% and payback is 3.4 years from the start of full production at the assumed molybdenum prices including a long-term price of US$14 per pound starting in 2012. The sensitivity analysis shows the I.R.R would increase to 43% if molybdenum prices are 20% higher than assumed.

PMC-Sierra appoints President and CEO Greg Lang (PMCS) 6.05 : The co announces that Greg Lang has been appointed as the co's president and chief executive officer. The position will become effective immediately upon the resignation of Robert Bailey as the co's president and chief executive officer following the filing of the Company's first quarter 2008 financials Form 10-Q, which will be on or before May 9, 2008. Prior to his appointment at PMC-Sierra, Mr. Lang was president and CEO at Integrated Device Technology.

On The Wires (WIRES) : Caterpillar (CAT) announced price actions of up to 5% on products worldwide. This action includes adjustments to list prices and merchandising support. This price action is a result of current general economic conditions and industry factors... Century Aluminum Company (CENX) announced that it has entered into a joint venture agreement with Pingguo Qiangqiang Carbon to acquire a 40% stake in Baise Haohai Carbon, which owns a newly constructed carbon anode and cathode facility located in the Guangxi Zhuang Autonomous Region of south China... Cell Therapeutics (CTIC) announced that the European Medicines Agency has accepted for review CTI'Cs Marketing Authorization Application for XYOTAX for first-line treatment of patients with non-small cell lung cancer with Eastern Cooperative Oncology Group performance status 2.

Alaska Comms to acquire Crest Communications (ALSK) 12.48 : Co announces that it has entered into an agreement to purchase Crest Communications, owner and operator of the North Star submarine fiber-optic cable. ALSK expects the acquisition will provide it with a new source of cash flows: $11 mln in annual recurring revenue; an EBITDA contribution from recurring revenue of $3 mln annually; and additional non-recurring IRU sales that have averaged approximately $9 mln per annum. The co expects the Crest acquisition to provide cost synergies of approximately $1 mln per annum in operating expenses for AKORN. ALSK plans to fund a substantial portion of the purchase price from cash on hand, cash flow from operations and by drawing up to $20 million on its existing revolving credit facility.

Synnex completed acquisition of New Age Electronics, raised guidance (SNX) 22.08 : Co updated its guidance to include the New Age acquisition. New Age will contribute approximately nine weeks of financial results to SYNNEX' fiscal 2008 second quarter. Co raised Q2 guidance, sees EPS $0.51-0.53 vs $0.51 First Call consensus (up from previous guidance of $0.50-0.52 ); revs $1.845-1.915 bln vs $1.75 bln First Call consensus (up from previous revs guidance of $1.715-1.785 bln).

On The Wires (WIRES) : Nanogen (NGEN) and Thermo Fisher Scientific have entered into an agreement in which Thermo Fisher will be the exclusive provider of a variety of products used in gene-expression experiments...China Nepstar Chain Drugstore (NPD) announces that it has signed an agreement with Shenzhen Tong TransCard under which Nepstar will install TransCard POS equipment in all Shenzhen outlets to enable customers to make purchases with or recharge their TransCards... EntreMed (ENMD) announces that it has commenced a Phase 1, open-label, continuous dosing study with its oral cell cycle inhibitor, MKC-1, in patients with advanced or metastatic solid tumors.

Great Plains Energy announces definitive agreement for sale of Strategic Energy (GXP) 25.16 : Co announces that it has today signed an agreement to acquire Strategic Energy, a subsidiary of Great Plains Energy Inc. (GXP), for a total cash consideration of $300 mln. The transaction is debt free and includes an amount of working capital which will be subject to a subsequent true-up.

MF Global names J. Randy MacDonald Chief Financial Officer (MF) 10.54 +0.63 : Co announces that its Board of Directors has named J. Randy MacDonald chief financial officer. Ira Polk, who has been serving as interim CFO, will continue his role as chief administrative officer.

Argonaut Group announces offer for Heritage Underwriting Agency (AGII) 3619 : Co announces an offer to acquire Heritage Underwriting Agency in a $272 mln all-cash transaction.

UAL Corp advises customers of some delays and cancellations today (UAUA) 23.13 : United Airlines is informing customers traveling on April 2, 2008 on United's Boeing 777 aircraft that they may experience flight delays or cancellations as a result of a functional check being performed on the aircraft. As part of a regular review of maintenance records, the co discovered that the functional test that checks the firing system on one of the five bottles in the cargo fire suppression system on the Boeing 777 was not performed, and this was voluntarily disclosed to the FAA. United is in the process of checking this part of the system. This system is regularly tested as part of the pre-flight safety checks. These checks are related to compliance. United will not operate these aircraft until the tests are complete.

Pharsight Corp announces that two 'Top 25' global pharmaceutical companies have become customers for its Drug Model Explorer software (PHST) 5.15 :

S&P futures vs fair value: -7.5. Nasdaq futures vs fair value: -12.0. :

European Markets : FTSE...5852.40...-0.20...0%. DAX...6738.03...+17.70...+0.3%.

Asian Markets : Nikkei...13189.36...+532.94...+4.2%. Hang Seng...23872.43...+734.97...+3.2%.

6:13AM Frontline announces resignation of Chief Executive Officer Bjorn Sjaastad (FRO) 47.07 :

On The Wires (WIRES) : Double Eagle Petroleum (DBLE) announces it reached a record level of gross sales volumes for a month from its Catalina Unit in the Atlantic Rim of Wyoming... SVB Financial (SIVB) announces that it has priced $200 mln aggregate principal amount of 3.875% convertible senior notes due in 2011.

Baidu.com appoints Peng Ye as Chief Operating Officer, effective April 25, 2008 (BIDU) 273.25 :

On The Wires (WIRES) : CryptoLogic Limited (CRYP) confirms the co will not be affected materially by a narrow vote by Dutch parliamentarians that will prevent Holland Casino from establishing an Internet gaming site... Clean Diesel Technologies, Inc. (CDTI) announces approval for the inclusion of their Purifier e4 retrofit technology in the Scottish Government Emissions Reduction Register program.

STMicroelectronics announces its Board has authorized the co repurchase up to 30 mln common shares (STM) 11.17 :

12:40AM On The Wires (WIRES) : Capital Corp of the West (CCOW) annnounces co is in the process of finalizing its audit and preparation of the 2007 Form 10-K and was unable to complete this in time for the extended deadline following its filing of Form 12b-25... CastlePoint Holdings (CPHL) doubles its quarterly dividend to $0.05 per share.

OMNOVA Solutions reports Q108 results (OMN) 3.75 : Reports Q1 (March) loss of $0.07 per share, $0.03 worse than the First Call consensus of ($0.04); revenue increased 15.7% year/year to $190.6 mln vs the $207.0 mln consensus.

Hansen Medical prices its offering of 3.0 mln shares of common stock (HNSN) 14.58 : Co announces offering was increased to 3.0 mln from 2.5 mln shares.

Alpha Natural Resources announces pricing of concurrent offerings of common stock and convertible notes (ANR) 41.29 : Co prices its 3,636,363 common share offering at $41.25/share. Co also announces pricing of its $250 mln aggregate principal amount of 2.375% convertible senior notes due 2015.

AM Monotype Imaging announces secondary offering of 6.0 mln shares of common stock (TYPE) 15.42 :

Stock Market update

2008-03-31T23:21:00.000-07:00

The stock market closed the first quarter on a winning note, but alas, today's gains weren't enough to avoid yet another month of declines. The end result is that the S&P 500 extended its losing streak to five consecutive months - the longest such losing streak since 1990.

Monday's outing was accented by a handful of developments, the most prominent of which was a proposal put forth by Treasury Secretary Paulson to enact a sweeping overhaul of the U.S. financial regulation system.

Paulson's plan, among other things, calls for a much larger oversight role for the Federal Reserve, the merging of the Securities Exchange Commission with the Commodity Futures Trading Commission, a federal charter for insurance companies and the closure of the Office of Thrift Supervision.

The main thrust of Paulson's proposal is to streamline bureaucracy in the regulatory system. The plan, which had its roots last spring, wasn't intended to be a response to the current crisis in the financial markets. The plan itself provided some provocative talking points, yet the realization that it wasn't going to be implemented any time soon - if at all - diminished its impact on today's market.

The latter point notwithstanding, the attempt to modernize the regulatory process and make the U.S. financial system more competitive in the global marketplace did not go unappreciated.

The financial sector, rebounding from last week's losses, played a supportive role that enabled the broader market to overcome substantive declines in S&P components Merck (MRK 37.95, -6.56) and Schering-Plough (SGP 14.41, -5.06). Those stocks declined 15% and 26%, respectively, after the efficacy of cholesterol-lowering drugs Vytorin and Zetia was questioned by a panel of cardiologists who recommended prescribing the drugs only as a last resort.

Other supportive influences in Monday's trade included a decline in oil prices and a better than expected regional manufacturing report. Specifically, oil prices, which touched $106.78 early in the day, fell 3.7% to $101.74, while the Chicago Purchasing Manager's Index checked in at 48.2 versus the market's expectation for a reading of 46.0. A number below 50 still connotes contraction, so bullish enthusiasm was held in check.

On Tuesday the market will be provided some insight on national manufacturing activity in the form of the March ISM Index. Economists expect the survey to reveal an overall reading of 47.5 versus 48.3 in February; Briefing.com looks for a slightly higher reading of 48.0.

Until then investors will be left to contemplate overnight the worst quarterly performance for the market, in which the S&P 500 declined 9.9%, since 2002. Separately, the Dow Jones Industrial Average dropped 7.6%, the Nasdaq Composite declined 14.1%, the S&P 400 Midcap Index slipped 9.2% and the Russell 2000 fell 10.2%.DJ30 +46.49 NASDAQ +17.92 SP500 +7.48 NASDAQ Dec/Adv/Vol 1178/1736/1.74 bln NYSE Dec/Adv/Vol 1218/1918/1.46 bln

3:30 pm : After some choppy trading, the stock market is largely unchanged from 30 minutes ago. If the S&P 500 is unable to make a decent run in the last half-hour, it will finish the month in the red. This will mark the fifth consecutive monthly loss, which has not occurred since 1990.

First Quarter 2008 Performance Review: All ten economic sectors are set to post a loss. Technology is the worst performing sector with a 15.4% decline, with financials close behind with a 14.8% slide. Consumer staples and industrials are relative outperformers with losses of 2.7% and 4.5%, respectively.DJ30 +40.95 NASDAQ +14.54 SP500 +6.65 NASDAQ Dec/Adv/Vol 1139/1743/1.32 bln NYSE Dec/Adv/Vol 1208/1898/1.03 bln

3:05 pm : The major indices extend their decline, but remain in the green. On CNBC, the CEO of Wells Fargo (WFC 29.19, -0.16) said it is possible to have another Bear Stearns (BSC 10.39, -0.39) incident, and that the markets are very volatile.

First Quarter 2008 Performance Review: The weakness in the dollar has captured the market's attention, some arguing it is bad, and some arguing it is good. The DXY Index--a basket of major currencies compared against the dollar--is down 6.5%, which is its largest quarterly decline since 2004. Of the ten major currencies, the Swiss Franc has posted the largest gain of 14.3%. The only major currency to post a loss against the dollar is the Canadian dollar (-3.3%). In emerging currencies, the largest gainer is the Chilean Peso (+14.3%) and the largest decliner is the Iceland Krona (-16.9%). DJ30 +46.33 NASDAQ +15.06 SP500 +6.41 NASDAQ Dec/Adv/Vol 1184/1667/1.19 bln NYSE Dec/Adv/Vol 1257/1839/930 mln

2:30 pm : The major indices slip a bit, but continue to hold onto solid gains. It has been a slow news day. Within the S&P 500, 370 stocks are trending higher. General Electric (GE 37.15, +0.54) is providing leadership, while Merck (MRK 37.96, -6.55) is the worst performing name.

First Quarter 2008 Performance Review: The S&P 400 Mid Cap Index is down 9.4%. Its best performing stock is homebuilder Hovnanian (HOV), up 48.0%. PMI Group (PMI) is down 56.1%, making it the worst performing stock.DJ30 +70.42 NASDAQ +21.79 SP500 +9.08 NASDAQ Dec/Adv/Vol 1105/1729/1.08 bln NYSE Dec/Adv/Vol 1186/1889/845 mln

2:00 pm : Buying interest fades, but selling interest has not picked up much either as the major indices trade modestly below their best levels. This session's gains have sent the Dow and Nasdaq into positive territory for the month, although the S&P 500 is still posting a slight loss.

First Quarter 2008 Performance Review: Seven of the 30 Dow components have posted a gain. Wal-Mart (WMT) is up 11.6%, making it the best performing component. Merck (MRK) is the worst performing component with a 35.0% decline.DJ30 +85.59 NASDAQ +24.80 SP500 +10.66 NASDAQ Dec/Adv/Vol 1089/1741/977 mln NYSE Dec/Adv/Vol 1127/1943/762 mln

1:35 pm : The stock market climbs higher. Market breadth is positive with advancers outpacing decliners by 9-to-5, and by more than 3-to-2 on the Nasdaq. Meanwhile, crude continues to tumble on no apparent news. It is now down 4.2% to $101.22 per barrel.

First Quarter 2008 Performance Review: The small-cap Russell 2000 Index (-9.6%) is performing on par with its large-cap counterparts. Encysive Pharmaceuticals (ENCY) is its best performing stock, with a 175.3% advance. Keryx Biopharmaceuticals (KERX) saw the steepest drop of 92.9%.DJ30 +103.23 NASDAQ +27.96 SP500 +12.91 NASDAQ Dec/Adv/Vol 1063/1749/898 mln NYSE Dec/Adv/Vol 1052/1985/698 mln

1:00 pm : The major indices are trading at their best levels of the session. Telecom (+2.5%) is posting the largest gain, although financials (+2.2%) are having the most influence due to their heavy weighting. Investment banks & brokerages (+3.3%) is the best performing financial group, although it is still down 8.6% over the last five sessions.

First Quarter 2008 Performance Review: The Nasdaq 100 is down 14.7%. Its best performing component is biopharm company Celgene (CELG), with a 31.9% gain. The worst performing stock is GPS maker Garmin (GRMN) with a 44.3% drop.DJ30 +73.22 NASDAQ +20.17 SP500 +10.27 NASDAQ Dec/Adv/Vol 1120/1666/801 mln NYSE Dec/Adv/Vol 1106/1918/932 mln

12:30 pm : The major indices are off their best levels, but are holding onto decent gains. The CRB Commodity Index (-1.6%) has taken a turn south in conjunction with crude oil (-3.4% to $101.99). Gold is now down 0.9%.

The reversal in crude prices has taken a toll on the energy stocks. The energy sector is now up only 0.2% after being up as much as 1.7% in earlier trade.

First Quarter 2008 Performance Review: The CRB Commodity Index is posting a gain of 8.2%, which is its largest in 2.5 years. However, the index is well off its best levels of the quarter when it was up 17.7%. Natural gas has seen the largest gain of 31.9%, while cattle are posting the largest loss of 15.7%. Crude oil is up 7.7%, but was up as much as 16.5% when it hit its all-time high of $111.80 per barrel.DJ30 +66.44 NASDAQ +14.71 SP500 +8.52 NASDAQ Dec/Adv/Vol 1193/1564/736 mln NYSE Dec/Adv/Vol 1188/1828/577 mln

12:05 pm : The final day of trade in first quarter 2008 has been a positive one, although news has been relatively slow. At midday, the stock market is posting a healthy gain of 0.7%, near its best levels of the session. Topping headlines is a plan to overhaul financial regulation, and news that two popular cholesterol fighting drugs may not be effective.

Treasury Secretary Henry Paulson outlined his proposal to revamp financial regulation by streamlining current bureaucracy. The Federal Reserve would have increased power, and several regulatory agencies would be combined. Paulson noted the plan is not in response to the current market turmoil, and will not be completed this year.

Shares of Merck (MRK 38.04, -6.47) are posting their largest one-day percent decline since 2002, and shares of Schering-Plough (SGP 14.40, -5.07) are down the most ever on news that their popular cholesterol fighting drugs may not be effective. According to reports, a panel of cardiologists said the two drugs—Vytorin and Zetia—should only be used as a last resort. The combined sales of the drugs were roughly $5 billion in 2007.

Eight of the ten sectors are trending higher, led by a 1.9% gain in financials. Healthcare (-1.0%) is the main laggard.

In economic news, the Chicago PMI—a regional manufacturing survey—rose to 48.2, from 44.5. This was better than the expected reading of 46.0. However, the reading is still below 50, which indicates deteriorating manufacturing condition in the Chicago region.

Crude oil prices are down 3.0% to $102.40 per barrel, after being up as much as 1.1% in earlier trade. Currently, there is no apparent news item for the quick reversal and it may be a technical based move.

First Quarter 2008 Performance Review: The U.S. stock market’s weakness has garnered a lot of negative press, although it is actually outperforming most of the major world stock markets. The S&P 500’s 9.8% drop is better than returns on France’s CAC (-16.2%), Germany’s DAX (-19.0%), London’s FTSE (-11.7%), Japan’s Nikkei (-18.2%), China's CSI 300 (-29.0%) and Hong Kong’s Hang Seng (-17.8%).
DJ30 +67.66 NASDAQ +15.98 SP500 +9.02 NASDAQ Dec/Adv/Vol 1145/1574/636 mln NYSE Dec/Adv/Vol 1148/1822/495 mln

11:35 am : The stock market hits its best level of the session, although its overall advance is modest. Only healthcare (-1.0%) remains in the red, due to weakness in Merck (MRK 38.03, -6.48) and Schering-Plough (SGP 14.48, -4.99). Merck is posting its largest one day percent decline since 2004, and Schering is posting is largest loss ever on news that the effectiveness of their popular cholesterol drugs has been questioned.

First Quarter 2008 Performance Review: Of the 90 primary world stock market indices, 21 have posted a gain. Ghana is leading the way with a 15.4% advance. The Vietnam Stock Index is the worst performing with a 44.2% drop.DJ30 +50.80 NASDAQ +12.23 SP500 +7.78 NASDAQ Dec/Adv/Vol 1201/1478/552 mln NYSE Dec/Adv/Vol 1187/1738/426 mln

11:00 am : The major indices are trading with a slight gain. The financial sector (+1.4%) is now the best performing sector, as it trades at its best level of the session. Paulson has finished his speech on his proposal to overhaul regulation on U.S. financial markets.

First Quarter 2008 Performance Review: The best performing S&P 500 industry group has been trucking (+29%)--its only component is Ryder System (R).DJ30 +12.13 NASDAQ +6.64 SP500 +4.58 NASDAQ Dec/Adv/Vol 1235/1401/454 mln NYSE Dec/Adv/Vol 1263/1628/346 mln

10:35 am : After some choppy action, the Dow falls into the red, and the Nasdaq and S&P fall to the unchanged mark. Treasury Secretary Paulson is outlining his plan to overhaul financial regulation. He noted that this task will take a long time, and will not be completed this year.

Five sectors remain in the green. The energy sector (+1.5%) has taken the top leadership spot as crude oil is up 1.0% to $106.60 per barrel.

First Quarter 2008 Performance Review: Of the S&P 500's 130 industry groups, 109 have posted a loss. The worst performing group is education services (-41%), which got clipped after traders were displeased with results from for-profit education provider Apollo (APOL).DJ30 -17.01 NASDAQ +3.01 SP500 +2.12 NASDAQ Dec/Adv/Vol 1302/1238/338 mln NYSE Dec/Adv/Vol 1331/1480/259 mln

10:10 am : All three major indices are now in the green. Eight of the ten sectors are posting a gain. Telecom (+1.2%) and energy (+1.2%) are showing the most strength. Healthcare (-1.3%) is the main laggard.

The Chicago PMI, a regional manufacturing survey, came in at 48.2. This was higher than the expected reading of 46.0, and higher than the prior reading of 44.5.

First Quarter 2008 Performance Review: The S&P 500 is down 10.2%. The worst performing stock is Bear Stearns (BSC) with a 88% decline. Rumors of liquidity problems caused a run on the bank, causing it to sell itself to JPMorgan for $2 per share to avoid bankruptcy. The offer was later raised to $10 per share.DJ30 +4.89 NASDAQ +10.35 SP500 +3.30 NASDAQ Dec/Adv/Vol 1015/1436/222 mln NYSE Dec/Adv/Vol 1112/1634/176 mln

09:40 am : The major indices open in mixed fashion on a slow news day. Topping headlines is news that Treasury Secretary Henry Paulson is going to outline a proposal that will give the Federal Reserve more power. This has made a nice talking point, but since there is nothing concrete it has had limited effect on stock prices.

Shares of Merck (MRK) and Schering-Plough (SGP) are under pressure on news that a panel of cardiologists questioned the effectiveness of cholesterol-lowering drugs Vytorin and Zetia.

Today marks the last day of first quarter 2008. Unless stocks make some incredible gains this session, this quarter will mark the largest percent decline for the S&P 500 since 2002.

First Quarter 2008 Performance Review: Only 110 S&P 500 stocks are in the green. The best performing S&P 500 stock has been Big Lots (BIG) with a 40.2% gain.DJ30 -10.58 NASDAQ +6.16 SP500 +0.47

09:18 am : S&P futures vs fair value: -1.0. Nasdaq futures vs fair value: +4.0.

09:02 am : S&P futures vs fair value: -1.5. Nasdaq futures vs fair value: +3.8. Futures slip a bit. The S&P 500 is poised for a slightly lower open, while the Nasdaq is set for a slightly higher open. Merck (MRK) is down 11% in pre-market trading and Schering-Plough (SGP) is down 22% on news that a panel of cardiologists questioned the effectiveness of cholesterol-lowering drugs Vytorin and Zetia.

08:31 am : S&P futures vs fair value: +0.8. Nasdaq futures vs fair value: +7.8. Futures indicate a positive open. Asian markets had steep declines, with the Hang Seng falling 1.9% and the Nikkei shedding 2.3%. European market's were trading lower, but are now trading in mixed fashion.

08:00 am : S&P futures vs fair value: +1.8. Nasdaq futures vs fair value: +9.2. Futures suggest a modestly higher opening on the last trading day of the first quarter. According to reports, Treasury Secretary Hank Paulson will outline a plan today that will increase the Federal Reserve’s power. On the economic front, the March Chicago PMI is set for release at 9:45 ET.

06:19 am : S&P futures vs fair value: -2.4. Nasdaq futures vs fair value: -2.0.

06:18 am : FTSE...5659.20...-33.70...-0.6%. DAX...6469.36...-90.54...-1.4%.

06:18 am : Nikkei...12525.54...-294.93...-2.3%. Hang Seng...22849.20...-436.75...-1.

Fed interest-rate cuts

2008-03-31T06:22:00.000-07:00

In a gloomy market, where the headlines have been dominated by crisis and interest-rate cuts, a lot of consumers have figured that they would at least get some payback when the rate cuts hit home.

For that to happen, however, consumers are going to have to work for it and make some moves that they might not have been expecting.

But what the rate situation is making plain is that for any consumer carrying debt and nervous about the stock market and inflation the best way to increase net worth is likely to come from refinancing and paying off debt.

That said, it won't be mortgages that lead the way in refinancing. Mortgage rates tend to be tied more to Treasury yields than to the short-term rates that the Federal Reserve is cutting, so while consumers may expect a Fed cut to help them out at home, there's no guarantee.

In general, long-term rates like mortgages move in sync with short-term rates because the cuts are being made in order to help a slowing economy; what makes today's situation different is that the cuts are being made to stem a financial crisis that occurred without a recession. Lacking that downward stimulus, longer-term rates have not followed the short-term made-to-bail-out-the-market-now trend.

The only plus for consumers is that rates on adjustable-rate mortgages have dropped, so that the mortgage resets that were expected to crush consumers -- as debts they took on a few years back were repriced to much higher levels -- have actually not been such a big burden. In some cases, the reset rate has actually been better than the introductory rate.

"This has helped people who got into trouble with ARMs," says Greg McBride, senior financial analyst for BankRate.com, "but for almost every other consumer, this news hasn't been so good."

The one sure outcome of a Fed rate cut is that savings rates are going down. For savers, that has dropped rates on certificates of deposit and money-market accounts back towards the record lows they didn't expect to see for awhile. The average one-year CD is now paying 2.89%, down from just over 3% a week ago and likely to fall further before stabilizing.

"Savers are watching two things happen right before their eyes," McBride says. "First, they are seeing savings rates go back to levels where they have to wonder if it's worth it, and they are watching each rate cut fuel inflation, which makes it harder for their savings to keep pace with inflation."

In fact, most savings vehicles currently lag inflation, meaning that the nervous investor who wants to find a safe haven to avoid principle risk in the stock market is, in fact, embracing purchasing-power risk -- the chance that their money will lag inflation -- if they move money into savings vehicles.

Stocks closed lower Friday

2008-03-28T19:49:00.000-07:00

Stocks closed lower Friday after a profit warning from J.C. Penney renewed fears about slower consumer spending. Financials and techs caved in after earlier attempts to rally.

Major U.S. Indexes

A third straight day of declines was enough to erase gains from the rally at the start of the week triggered by JPMorgan's upgrade to $10 a share for Bear Stearns. The Dow Jones Industrial Average and S&P 500 finished down more than 1 percent for the week.

The Nasdaq finished flat for the week but today's losses were enough to push the tech-heavy index back into bear-market territory, down 21 percent from its October high.

Still, all three indexes are up more than 2 percent in the past two weeks since news of the Bear Stearns bailout and extraordinary measures by the Federal Reserve were announced.

The resilience we've seen in March has been an encouraging sign after weakness in January and February. The consensus is that the market has found a bottom and that better times are ahead in the second quarter.

Tech Rally Fizzles

Tech stocks, which are down about 15 percent so far for the quarter, held on longer than most sectors today, but eventually caved in to the selling pressure.

mong the remaining holdouts were BlackBerry maker Research In Motion [RIMM 115.34 3.19 (+2.84%) ], which gained 2.8 percent after RBC Capital raised its price target on the stock, and Apple [AAPL 143.01 2.76 (+1.97%) ], which rose 2 percent after Bank of America said the company is getting ready to roll out iPhones using 3G technology, which uses higher bandwidth and allows for global roaming.

In economic news, consumer confidence fell to a 16-year low at the end of March, according to a report from the University of Michigan.

Analysts pointed out that consumer confidence is clearly in recession mode, though spending isn't. Consumer spending ticked up 0.1 percent in February, a weak reading but still better than the 0.1 percent decline expected.

J.C. Penney

JC Penney Co Inc

JCP

37.48 -3.04 -7.5%

NYSE

Quote | Chart | News | Profile

[JCP 37.48 -3.04 (-7.5%) ] shares fell 7.5 percent after the mid-tier department store lowered its first-quarter earnings forecast, saying sales through the Easter holiday were "well below expectations."

Competition from lower-priced retailers like Wal-Mart

Wal-Mart Stores Inc

WMT

52.12 -0.25 -0.48%

NYSE

Quote | Chart | News | Profile

[WMT 52.12 -0.25 (-0.48%) ] spurred JPMorgan to cut its rating on Bed, Bath & Beyond to "underweight" from "neutral."

There's also concern that spending on the high end is slowing. Merrill Lynch cut its rating on Tiffany

Tiffany & Co

TIF

41.15 -2.00 -4.63%

NYSE

Quote | Chart | News | Profile

[TIF 41.15 -2.00 (-4.63%) ] to "neutral" from "sell," and downgraded online jeweler Blue Nile [NILE 52.99 -2.60 (-4.68%) ] to "sell" from "neutral."

On the inflation front, the government's report on consumer income and spending showed that the core PCE price index, an inflation gauge closely watched by the Fed, rose 2 percent year over year, the top of the Fed's comfort zone. In the Michigan survey, the 12-month inflation forecast climbed to 4.3 percent from 3.6 percent in February, while the projection for inflation in five years dropped to 2.9 percent from 3 percent last month.

Bear Holds Above $10; a Boost for Lehman

In the financial sector, the big buzz was that Bear Stearns CEO Jimmy Cayne is selling his stock in the company. He's getting about $60 million for a stake once valued at closer to $1 billion. Bear Stearns shares

Bear Stearns Cos Inc

BSC

10.78 -0.45 -4.01%

NYSE

Quote | Chart | News | Profile

[BSC 10.78 -0.45 (-4.01%) ] fell 4 percent to $10.78.

Lehman Brothers

Lehman Brothers Holdings Inc

LEH

37.87 -0.84 -2.17%

NYSE

Quote | Chart | News | Profile

[LEH 37.87 -0.84 (-2.17%) ] shares declined 2.2 percent even after Citigroup advised clients to start buying shares of the stock, which has been battered by shorts convinced the brokerage is going to be the next to collapse.

"It's tough to have a liquidity-driven meltdown when you're being backed by government entities that have the ability to print money," Citigroup said.

Overall, financials were rattled after Oppenheimer analyst Meredith Whitney said banks such as Citigroup

Citigroup Inc

20.83 -0.96 -4.41%

NYSE

Quote | Chart | News | Profile

[C 20.83 -0.96 (-4.41%) ] and Wachovia [WB 25.99 -1.08 (-3.99%) ] are likely to announce dividend cuts in April as earnings won't support the current level of dividends.

Citigroup, the largest U.S. bank, is also said to be working on hiring an outsider to take over its flagging U.S. consumer business, according to a report in the Wall Street Journal.

Boston Fed President Eric Rosengren called for more detailed reports from banks on how they respond to problems amid concerns that troubles of U.S. banks could grow as the economy slows down.

U.S. money manager Legg Mason

Legg Mason Inc

54.12 -1.80 -3.22%

NYSE

Quote | Chart | News | Profile

[LM 54.12 -1.80 (-3.22%) ] said Friday that it is mulling options for providing liquidity to holders of auction-rate preferred securities issued by seven closed-end funds of its affiliates.

On the home front, KB Home

KB Home

KBH

24.54 -1.25 -4.85%

NYSE

Quote | Chart | News | Profile

[KBH 24.54 -1.25 (-4.85%) ] shares dropped nearly 5 percent after the homebuilder reported it swung to a loss amid impairment and abandonment charges and said it didn't expect conditions to improve in the near term.

A day earlier, Lennar

Lennar Corp

LEN

17.94 0.04 +0.22%

NYSE

Quote | Chart | News | Profile

[LEN 17.94 0.04 (+0.22%) ] posted a quarterly loss but beat estimates. That coupled with a lower-than-expected decline in new-home sales and a slight decline in inventories had offered some hope that a turnaround may be brewing for the housing sector. But both homebuilders stressed that, until prices and consumer confidence rebound, inventory levels are going to remain out of whack with demand.

Responding to a question about a proposal from Democratic presidential contender Hillary Clinton, a housing official said the the idea of freezing mortgage rates for any length of time would be a mistake.

"You'd really cause market dislocations," said James Lockhart, the director of the Office of Federal Housing Enterprise Oversight Director. "I think we're going to let the market work and interest rates have come down dramatically and people are going to be able to refinance," Lockhart said.

Google Paid Clicks

2008-03-28T02:29:00.000-07:00

New data confirming slowing growth in Google Inc.'s paid clicks renewed debate Thursday on Wall Street over whether the Internet search company's revenue can quickly adjust to changes it made in how it generates clicks.

Citing data that comScore Inc. released after the market closed on Wednesday, analysts said growth in Google's click-through rate has nearly ground to a halt.

Google's stock closed down $14.11, or 3.1 percent, to $444.08 in afternoon trading.

The click-through rate grew 3 percent in February compared to a year earlier, and January saw no increase compared to January 2007. Several months earlier, the rate was growing 25 percent to 40 percent compared to a year earlier. The new data is in line with click-through declines Google reported last quarter.

Google, which gets paid when users click on a sponsored ad that comes up as the result of a Google search, has reported steadily rising per-click revenue.

The Mountain View-based company said in January that the drop in click-through rates is a result of its efforts to boost the usefulness of each click to its advertisers' sales performance. For instance, the company decreased the space around a word that would result in a click, so more clicks would be intentional.

Analysts disagree on how long it will take Google's per-click revenue to adjust to any increased value per click it has created.

Rob Sanderson, an analyst with American Technology Research, said per-click revenue will rise immediately if advertisers see more value in each click, because they'll pay more for them at auction.

"It's not clicks that advertisers are really buying, it's what those clicks get them, which is sales conversions," said Sanderson.

Colin Gillis, an Internet analyst at Canaccord Adams, also was optimistic.

"It's very difficult to spin this as positive data point, but it also doesn't mean the world is ending," Gillis said.

The click-through rate is only one piece of the equation for Google, he said.

"The counter point is that Google is out there saying, 'We are trying to make our clicks more worthwhile.' They want to actually deliver relevant hot leads to their customers because that's what their customers want," Gillis said.

Other analysts disagreed.

Piper Jaffray analyst Gene Munster predicted Google will fall short of Wall Street expectations in the current quarter because of the click-through rate.

Lehman Brothers analyst Doug Anmuth cut his 2008 profit estimate for Google and reduced his price target to $580 per share from $644, citing the click-through rates.

He also said advertisers may be trimming their budgets -- and not responding to the changes Google has made.

Google, which reports first quarter earnings April 17, declined to comment on the comScore data.

Numbers from comScore are closely watched by some industry analysts, even though the firm uses online recruitment techniques dismissed by many traditional pollsters.

Sanderson said comScore's numbers have a wide margin of error and can't be used to predict quarterly results.

"ComScore data has a really wide range of plus or minus in terms of being accurate. They don't know what the real number is, it's just a sample," he said.

Motorola to Break Into 2 Companies

2008-03-26T07:41:00.000-07:00

Motorola Inc. announced plans to separate its struggling handset business from other operations Wednesday, forming two separate publicly traded companies after months of agitation from frustrated investors.

The suburban Chicago-based cell phone maker has been under pressure from billionaire investor Carl Icahn for changes meant to revitalize its cell-phone business. The cell phone unit has seen its sales and stock price plummet with the company unable to produce second act to the once-popular Razr phone.

Motorola said the handset business will operate separately from another company that will encompass its home and networks business, which sells TV set-top boxes and modems, and its enterprise mobility solutions, which sells computing and communications equipment to businesses.

"Our priorities have not changed with today's announcement," Chief Executive Greg Brown said in a statement. "We remain committed to improving the performance of our Mobile Devices business by delivering compelling products that meet the needs of customers and consumers around the world."

Schaumburg-based Motorola said it hopes the transaction will be tax-free, allowing shareholders to own stock in both of the new companies. If the deal is approved, the two units would be separated in 2009.

Brown said Motorola will launch a search for a new chief executive of the Mobile Device business as it works to regain favor with customers and its No. 2 position in the cell phone market.

Motorola lost that spot last year to rival Samsung Electronics Co.

Finland's Nokia Corp. is the industry leader.

"We believe strongly in our brand, our people and our intellectual property, and expect that the Mobile Devices business will be well-positioned to regain market leadership as a focused, independent company," Brown said.

Wednesday's announcement was just the latest shake-up at Motorola, which rode the success of the iconic Razr phone from 2005 to 2006, but has stumbled since amid stiff competition.

Last year, the company pulled back from developing markets, cut 7,500 jobs and CEO Ed Zander resigned.

A flock of executives have left the company this year, and more cuts and changes are likely as the new management team scrambles to retain control in the face of a revived threat from Icahn.

Icahn, who has been steadily increasing his Motorola position, disclosed in a filing this month that he now owns 142,362,000 million shares, or 6.3 percent -- up from 5 percent a month ago.

Wednesday's announcement came two days after Icahn sued Motorola, seeking documents about its executives and its cell phone business.

Icahn plans to use the material in his battle to win four seats on the Schaumburg-based company's board, his second proxy fight in two years with Motorola. He rejected a concessionary offer of two seats from the company.

A message left with Icahn's office was not immediately returned.

Motorola shares climbed 45 cents, or 4.6 percent, to $10.21 at the open of trade.

http://www.motorola.com

US Stocks Head for Lower Open

2008-03-26T06:30:00.000-07:00

U.S. stocks headed for a lower open Wednesday after orders for big-ticket manufactured goods declined for a second straight month in February.

The Commerce Department report that durable goods orders fell 1.7 percent last month -- rather than rising as the market expected -- appeared to rekindle some unease about the health of the economy.

The report comes a day after stocks generally extended their gains after two sessions of sharp advances. The market's recent ability to add to its climb has been greeted by bullish investors as a sign that its troubles are on the mend; Wall Street hadn't succumbed to a recent pattern of selling off after such a strong move upward. The Dow Jones industrial average has risen more than 425 points in the past three sessions.

But the durable goods numbers made it unclear whether the rally would hold.

Government figures are also due after the opening bell on new home sales.

Dow Jones industrial average futures fell 38, or 0.30 percent, to 12,477. Standard & Poor's 500 index futures fell 4.30, or 0.32 percent, to 1,347.10, while Nasdaq 100 index futures fell 4.80, or 0.26 percent, to 1,821.20.

Bond prices rose. The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 3.50 percent from 3.51 percent late Tuesday. The dollar was mixed against other major currencies, while gold prices rose.

Light, sweet crude rose $1.01 to $102.23 in premarket electronic trading on the New York Mercantile Exchange.

Corporate news appeared to weigh on some investors. Private equity firms leading a $19.5 billion buyout of Clear Channel Communications Inc. were having difficulty reaching terms with the banks committed to financing the deal and the plan was close to collapse, according to a report by The Wall Street Journal.

In other corporate news, Motorola Inc. said it plans to split its troubled handset business from other operations, creating two separate, publicly traded companies.

Electronic parts manufacturer Jabil Circuit Inc. posted a fiscal second-quarter loss and warned its third-quarter results will fall short of Wall Street's expectations.

Overseas, Japan's Nikkei stock average fell 0.30 percent. In morning trading, Britain's FTSE 100 fell 0.48 percent, Germany's DAX index fell 0.41 percent, and France's CAC-40 was off 0.62 percent.