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Oil Reverses Slide As Iran Tests Missiles, Inventory Data Awaited
Crude oil futures spiked more than $2 a barrel Wednesday as investors braced for a weekly U.S. government oil data report that could show a further drawdown
in the country’s crude inventories, while saber-rattling by Iran reignited concerns about the security of supply from the Middle East.
Google Push to Sell Ads On YouTube Hits Snags
Wringing ad revenue from YouTube is proving to be a challenge for Google Inc. (NASDAQ:GOOG).
Stock Futures Stall, Crude Oil in Focus
U.S. stock futures were flat Wednesday, but a rebound in oil prices ahead of inventories data threatening to pressure shares.
Bernanke Moves to Extend Powers as Credit Woes Linger
In a sign of continuing worries about the financial system and the economy, Federal Reserve Chairman Ben Bernanke on Tuesday outlined a series of sweeping measures designed to shore up mortgage lending and help markets operate more smoothly.
Yang Denounces Microsoft, Icahn Over Proxy Move
Yahoo Inc. (NASDAQ:YHOO) Chief Executive Jerry Yang accused Microsoft Corp. (NASDAQ:MSFT) of trying to destabilize the Internet company without a real desire to complete a deal, and he responded sharply to recent comments by investor Carl Icahn.
Rising Food Costs Further Pressure World Hunger
The soaring cost of food increased the number of hungry people in the world by 122 million in 2007 and now threatens to swell the malnourished population for a decade, the U.S. Department of Agriculture said.
MTN Extends Talks With Reliance
NEW DELHI — South Africa’s MTN Group Ltd. (JNB:MTN) and India’s Reliance Communications Ltd. (BOM:532712) agreed to extend their exclusive talks in a sign that the two companies are still trying to create an emerging-markets telecommunications giant and overcome a legal threat from India’s Reliance Industries Ltd.
Hedge Funds Fell 0.75%, Worst First-Half Performance
July 9 (Bloomberg) — Hedge funds turned in their worst first-half performance in almost two decades because of the credit crunch and the onset of a bear market in stocks.
Co-op Close to $3.2 Billion Purchase of Somerfield, People Say
July 9 (Bloomberg) — Co-operative Group Ltd., the U.K. chain of 2,200 grocery stores, is close to buying Somerfield Plc in a deal valued at about 1.6 billion pounds ($3.2 billion), two people familiar with the plan said.
\ GfK May Make Cash Offer for Taylor Nelson Against WPP
July 9 (Bloomberg) — GfK AG, Germany’s biggest market research company, is considering a cash offer for U.K. competitor Taylor Nelson Sofres Plc, (LON:TNS) after WPP Group Plc (LON:WPP) took its 1.08 billion-pound ($2.13 billion) bid to investors.
Fannie, Freddie Downgraded by Derivatives Traders
July 9 (Bloomberg) — Fannie Mae (NYSE:FNM) and Freddie Mac (NYSE:FRE), ranked Aaa by the world’s largest credit-rating companies, are being treated by derivatives traders as if they rated five levels lower.
JPMorgan CEO: Banks ‘Not Too Big to Fail’
JPMorgan Chase (NYSE:JPM) CEO Jamie Dimon on Tuesday defended the Federal Reserve’s involvement of the bank’s fire-sale purchase of Bear Stearns and endorsed part of a regulatory
overhaul bring considered that could aid similar future crises.
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It will be like this all summer. We are going to trade sideways for now. We just might as well relax and enjoy the ride.