U.S. stocks mostly lower as crude spurts to new high

Date: Mon, 16 Jun 2008 12:03:21 -0400
U.S. stocks mostly lower as crude spurts to new high

U.S. stocks consolidate at lower levels as crude-oil futures earlier hit
another record high and a gauge of manufacturing in the New York region
drops unexpectedly, while Lehman Brothers Holdings Inc. posts its first
loss as a public company.

Crude-oil futures soar to a new record high near $140 a barrel,
supported by weakness in the U.S. dollar and the temporary shutdown of
an oil platform in the North Sea.

AIG's CEO, Martin Sullivan, leaves; Willumstad is successor

American International Group Chief Executive Officer Martin Sullivan has
resigned and will be replaced by Robert Willumstad, AIG's chairman of
the board, the Wall Street Journal reports.

Lehman posts first loss as public company

Lehman Bros. Holdings Inc said write-downs on soured debt securities and
bad trading results led to a loss of $2.8 billion, or $5.14 a share, the
Wall Street firm's first quarterly deficit since it went public in
1994.

Dissident Yahoo shareholders tone down attacks

With Microsoft Corp. balking at an all-our merger, Yahoo Inc.'s
dissident shareholders appear to be toning down the rhetoric in the
proxy campaign meant to bring the tech giant back to the negotiating
table.