Markets Friday, 06/20/2008

Friday, 6/20/2008

| Dow : 11842.69 down 220.40

| S & P : 1317.93 down 24.90

| NASDAQ: 2406.09 down 55.97

| Bond (10Y): 4.17%, 97.63

MARKETS:
Down day, down week
Wall Street tumbles, with the Dow closing at a 3-month low, as crude
prices jump and the financial and auto sectors struggle.

Stocks tank in Dow's first close under 12,000 since March

Date: Fri, 20 Jun 2008 17:04:31 -0400
Stocks tank in Dow's first close under 12,000 since March

The Dow ends under 12,000 for the first time in three months, as
escalating oil prices and more trouble in the financial sector compound
market anxiety.

Futures Movers: Oil futures end session 2% higher, but tally weekly
loss

Crude-oil futures close 2% higher, finding support from hostilities in
the Middle East and weakness in the dollar. However, uncertainty ahead
of a meeting of oil producers and consumers in Saudi Arabia this weekend
and China's increase in fuel prices prompt prices to end slightly lower
for the week.

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 the board at Anheuser-Busch gathers to ponder InBev's offer of $65 a
share, it will be down one person after Carlos Fernandez, chairman and
chief executive of Mexican brewer Grupo Modelo, resigns.

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.

U.S. stocks suffer steep losses Friday; Dow close below 12,000 is first since March 17

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U.S. stocks suffer steep losses Friday; Dow close below 12,000 is first
since March 17
6/20/2008 4:01:08 PM

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.

Stocks open lower as oil prices rise sharply and economic uncertainty persists.

Date: Fri, 20 Jun 2008 09:31:03 -0400

Stocks open lower as oil prices rise sharply and economic uncertainty
persists.

Markets Thursday, 06/19/2008

Thursday, 6/19/2008

| Dow : 12063.09 up 34.03

| S & P : 1342.83 up 5.02

| NASDAQ: 2462.06 up 32.35

| Bond (10Y): 4.21%, 97.28

MARKETS:
Stocks jump on oil slump
Tech leads a broader market advance as investors welcome a nearly $5 a
barrel drop in crude prices. Blue-chip gains are limited after Citigroup
warns about mortgage writedowns.

The number of people filing for first-time unemployment benefits fell slightly last week to 381,000.

Date: Thu, 19 Jun 2008 08:33:04 -0400

The number of people filing for first-time unemployment benefits fell
slightly last week to 381,000.

Crude-oil futures fall on report that China is cutting gasoline and diesel subsidies

Date: Thu, 19 Jun 2008 10:10:47 -0400

Crude-oil futures fall on report that China is cutting gasoline and
diesel subsidies
6/19/2008 10:07:28 AM

U.S. stocks shed opening gains after mixed jobs message

Date: Thu, 19 Jun 2008 12:03:31 -0400
U.S. stocks shed opening gains after mixed jobs message

U.S. stocks lapse into a third day of losses, with the Dow nearing the
12,000 level after surprisingly soft data on the business climate in the
Mid-Atlantic area stokes worries about the nation's economy.

Emerging Markets Report: China will hike retail gasoline prices by 17%

China, the world's second largest oil consumer, said Thursday that it
will increase retail energy prices, responding to the soaring cost of
oil and joining other Asian countries in reducing energy subsidies.

Aetna reaffirms view after Coventry's warning

Health insurer Aetna reaffirms its second-quarter and full-year profit
outlook on the heels of an earnings warning from one of its rivals.

British retail sales defy slowdown fears with May surge

British shoppers ignore a slumping housing market and signs of a sharply
slowing economy last month, instead sending retail sales volume soaring
by 3.5%, the Office for National Statistics reports.

Circuit City loss widens, to suspend dividend payments

Circuit City Stores Inc., which is exploring its strategic alternatives
following a buyout offer from Blockbuster Inc., says its quarterly loss
widens on lower sales of warranty services and increased clearance
sales.

Markets Wednesday, 06/18/2008

Wednesday, 6/18/2008

| Dow : 12029.06 down 131.24

| S & P : 1337.81 down 13.12

| NASDAQ: 2429.71 down 28.02

| Bond (10Y): 4.13%, 97.88

MARKETS:
Wall Street down as oil turns around
Dow briefly dips below 12,000 for first time in 3 months. Oil reverses
direction and surges more than $2.50. Investors ready for 'quadruple
witching.'

U.S. stocks slide as oil rises; Dow ends at three-month low

Date: Wed, 18 Jun 2008 17:04:53 -0400

U.S. stocks slide as oil rises; Dow ends at three-month low

U.S. stocks drop, with the Dow sliding to three-month lows, as economic
bellwether FedEx Corp. delivers disappointing results and Fifth Third
Bancorp trims its dividend, highlighting rising energy prices and the
ongoing credit crisis. .

FDIC chief Bair calls for more investment-bank oversight

The head of the Federal Deposit Insurance Corp. sees a greater need for
regulatory oversight of investment banks. .

GAO backs Boeing's protest over Air Force tanker award

The government backs Boeing's protest against the U.S. Air Force award
of a $35 billion contract to Northrop Grumman to begin replacing its
Eisenhower-era Stratotankers.

FedEx swings to fourth-quarter loss on charge, fuel, economy

FedEx swings to a loss from a year-earlier profit, reflecting a $696
million after-tax asset-impairment charge tied to the acquisition of
Kinko's, a surge in fuel prices and a weak U.S. economy.

Financial Stocks: Fifth Third dives on capital raise; bank sector closes
lower

U.S. financial stocks lose more ground as investors fretted over news of
regional bank Fifth Third Bancorp's bid to raise $2 billion while Morgan
Stanley posted a 60% drop in its quarterly profit.

Dow industrials close at three-month low, pressured by financials, FedEx outlook

Date: Wed, 18 Jun 2008 16:04:30 -0400

Dow industrials close at three-month low, pressured by financials, FedEx
outlook
6/18/2008 4:01:43 PM

Markets Tuesday, 06/17/2008

Tuesday, 6/17/2008

| Dow : 12160.30 down 108.78

| S & P : 1350.93 down 9.21

| NASDAQ: 2457.73 down 17.05

Bond (10Y): 4.20%, 97.34

MARKETS:
Big selloff on Wall Street
Stocks decline after economic reports show slower growth and rising
wholesale inflation. Oil settles down for the third day in a row.

U.S. stocks end lower on trouble in financial sector

Date: Tue, 17 Jun 2008 17:04:31 -0400
U.S. stocks end lower on trouble in financial sector

U.S. stocks hang up early gains, with financial shares leading the sharp
decline, after Goldman Sachs warns of further losses in the sector and
economic data fuels further fears about inflation and the troubled
housing market.

Economic Report: U.S. producer prices gain 1.4% in May as energy costs
surge

U.S. wholesale prices increase a larger-than-anticipated 1.4% in May,
after seasonable adjustments, with energy prices gaining by fully 4.9%
and food prices rising 0.8%, government data show.

Goldman Sachs' profit slips 10%; shares gain modestly

Goldman Sachs, widely considered to have weathered the current storm in
the financial markets better than its rivals, again reports quarterly
results topping those of competitors.

Wal-Mart cuts capital-spending outlook, repeats value message

Wal-Mart's cutting capital spending to help generate excess cash to
invest back in its business, while continuing to focus on offering the
best value to lure shoppers beset by higher gasoline prices, food costs
and other economic concerns, a top executive says.

Dow industrials down 100 points as closing bell approaches

Date: Tue, 17 Jun 2008 15:23:44 -0400

Dow industrials down 100 points as closing bell approaches
6/17/2008 3:20:52 PM

U.S. stocks turn mixed after opening gains

Date: Tue, 17 Jun 2008 12:03:18 -0400
U.S. stocks turn mixed after opening gains

U.S. stocks lose the bulk of opening gains, with investor concentration
on Goldman Sachs Group Inc.'s earnings waning in the wake of economic
data.
Goldman Sachs' profit slips 10%; shares gain modestly

Goldman Sachs, widely considered to have weathered the current storm in
the financial markets better than its rivals, again reports quarterly
results topping those of competitors.

Economic Report: U.S. producer prices gain 1.4% in May as energy costs
surge

U.S. wholesale prices increase a larger-than-anticipated 1.4% in May,
after seasonable adjustments, with energy prices gaining by fully 4.9%
and food prices rising 0.8%, government data show.

Belgian newspaper says Buffett backs InBev bid for Anheuser-Busch

Warren Buffett, whose Berkshire Hathaway investment vehicle holds 5% of
Anheuser-Busch, backs InBev's bid for the brewer of Budweiser beer,
according to a Belgian newspaper report.

Goldman Sachs posts lower profit as CEO cites 'difficult market conditions'

Date: Tue, 17 Jun 2008 08:31:42 -0400

Goldman Sachs posts lower profit as CEO cites 'difficult market
conditions'
6/17/2008 8:28:45 AM

U.S. wholesale-level inflation jumps 1.4% in May; PPI up 7.2% in past year

Date: Tue, 17 Jun 2008 08:35:34 -0400

U.S. wholesale-level inflation jumps 1.4% in May; PPI up 7.2% in past
year
6/17/2008 8:31:30 AM

New housing construction falls 3.3% in May as glut of homes for sale discourages builders - signaling more housing woes.

Date: Tue, 17 Jun 2008 08:34:03 -0400

New housing construction falls 3.3% in May as glut of homes for sale
discourages builders - signaling more housing woes.

MarketsMonday, 06/16/2008

Monday, 6/16/2008

| Dow : 12269.08 down 38.27

| S & P : 1360.14 up 0.11

| NASDAQ: 2474.78 up 20.28

| Bond (10Y): 4.27%, 96.78

MARKETS:
Nasdaq gains, Dow wanes
Tech index rises as oil backs off records, but blue chips struggle on
weak economic news. Financial shares up despite Lehman loss, AIG CEO
shakeup.

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.