Midday Report: U.S. stocks sharply lower as crude rises again

Date: Fri, 20 Jun 2008 12:03:19 -0400

U.S. stocks on Friday thud sharply lower as oil prices bounce higher and
as more negative news hits the battered financial sector.

Futures Movers: Crude futures rise sharply to trade near $135

Crude-oil futures rise sharply, boosted by weakness in the dollar and
expectations that Saudi Arabia will announce a hike in output.

Subprime Today: Bank stocks capitulating: Merrill; Ambac, MBIA
downgraded

Analysts at Merrill Lynch on Friday said investors appear to be
capitulating with regards to banks stocks, frustrated into selling them
down to levels below their real values as the credit crisis continues to
wreck balance sheets.

Grupo Modelo chairman resigns from Anheuser-Busch board

As Anheuser-Busch's board gathers to ponder InBev's $65-a-share offer,
it will be down a man after Carlos Fernandez, chairman and chief
executive officer of Mexican brewer Grupo Modelo, resigned.

Yahoo reportedly eyes major internal overhaul

Yahoo executives are discussing a plan to centralize numerous product
groups such as its mail, search and home-page divisions into a
global-product organization, according to a media report.