News alert!

Date: Sat, 9 Aug 2008 16:00:02 -0400

Georgia-Russia Battle Intensifies

Russian Tanks Pour In; Provincial Capital In Ruins; Hundreds Feared
Dead; Attacks Launched In Another Breakaway Region

Markets Friday, 08/8/2008

8/8/2008

| Dow : 11734.32 up 302.89

| S & P : 1296.32 up 30.25

| NASDAQ: 2414.10 up 58.37

| Bond (10Y): 3.93%, 100.53

MARKETS:
Stocks end the week with a bang
Dow surges 300 points as investors welcome a nearly $5-a- barrel plunge
in crude prices and a stronger U.S. dollar.

U.S. stocks rally on crude's fall to end at six-week highs

Date: Fri, 08 Aug 2008 17:04:06 -0400

U.S. stocks rally on crude's fall to end at six-week highs

U.S. stocks leap as a surging dollar pushes the price of crude oil to
lows not since seen early May.

UBS settles auction-rate probe for record $19 billion

UBS settles with state and federal regulators over charges relating to
auction-rate securities, agreeing to buy back nearly $19 billion of the
securities.

U.S. banks remain under pressure, quarterly results show

Banks remain under pressure after bad loans increased during the second
quarter, according to one measure of financial strength in the
industry.

Beijing opens Olympics with elaborate ceremony

Powered by a lucky number and dazzling fireworks, the 29th Olympic Games
open in Beijing with an elaborate ceremony featuring thousands of
performers.

Commodities Corner: Talk of $200 oil by year's end quietly fades

SAN FRANCISCO
Talk of $200-per-barrel oil prices by the end of the year has quietly
faded away and been replaced by forecasts for $100.

The Dow skyrockets 265 points, as oil sinks more than $4 and the dollar extends its rally.

Date: Fri, 8 Aug 2008 13:31:03 -0400

The Dow skyrockets 265 points, as oil sinks more than $4 and the dollar
extends its rally.

Beijing opens Olympics with elaborate ceremony

Date: Fri, 08 Aug 2008 12:03:12 -0400

Beijing opens Olympics with elaborate ceremony

The 29th Olympic Games opened in Beijing Friday with an elaborate
ceremony punctuated by a dramatic fireworks display and a cast of
thousands of performers.

Credit expenses lead to $2.3 bln loss at Fannie Mae

Fannie Mae posts a $2.3 billion loss as the biggest U.S. buyer of home
mortgages says the struggling housing market and credit expenses again
hurt its performance during the second quarter. Investors react
negatively. Fannie CEO issues gloomy forecast for home prices.

MBIA reports surprise profit of $1.7 billion

MBIA Inc. reported a surprise second-quarter net income of almost $2
billion on Friday as the bond insurer booked gains on credit
derivatives.

The curse of the ABN Amro acquisition

It was billed as the biggest banking takeover ever and a deal that could
propel its participants into the top tier of global firms, but those
involved in the break-up of Dutch giant ABN Amro last year have suffered
more than most in recent months.

Toyota's net falls 28% on stronger yen, sales slump

Toyota Motor Corp. reports Thursday a 28.1% decline in net income for
the April to June quarter, owing to a stronger yen, higher raw material
prices and slumping North American and European sales.

Markets Thursday, 08/7/2008

Thursday, 8/7/2008

| Dow : 11431.43 down 224.64

| S & P : 1266.07 down 23.12

| NASDAQ: 2355.73 down 22.64

| Bond (10Y): 3.92%, 100.59

MARKETS:
Wall Street staggers
Dow falls 220-plus points as economic worries add up: big loss at AIG,
spike in consumer credit, weak retail sales and woes at Citi.

U.S. stocks end steeply down as financials shake up market

Date: Thu, 07 Aug 2008 17:05:21 -0400

U.S. stocks end steeply down as financials shake up market

U.S. stocks decline for the first day in three after the government
reports a rise in weekly jobless claims, American International Group
posts a large loss and Wal-Mart's sales cast a pall.

Hedge Funds: Managers lag equity benchmarks in painful July, indexes
show

SAN FRANCISC
A surge in financial-services stocks and slumping energy markets hit
some hedge funds hard in July, leaving the $2 trillion industry on
course for its worst year in at least two decades.

With end of stimulus checks, retailers miss July targets

With the end of stimulus checks, U.S. retailers led by Wal-Mart Stores
Inc. report disappointing July sales as cash-strapped consumers remain
cautious about discretionary purchases.

Citi to settle charges on auction-rate securities

Citigroup agrees to buy back about $7 billion of auction-rate securities
it sold to customers, and the financial-services giant will pay at $100
million in penalties to settle charges that it made misrepresentations
in its marketing and sales of securities. 

IPO Report: Rackspace IPO may break record dry spell

SAN FRANCISCO
A record dry spell for venture-backed initial public offerings may be
broken Thursday, not by a Silicon Valley star but by a Web hosting
outfit out of San Antonio, Texas.

Dow industrials fall 225 points as U.S. indexes close near day's lows

Date: Thu, 07 Aug 2008 16:08:45 -0400

Dow industrials fall 225 points as U.S. indexes close near day's lows
8/7/2008 4:05:59 PM

Oil settles up $1.44 at $120.02 a barrel, bouncing off 3-month low, on renewed concerns about supply from the Middle East.

Date: Thu, 7 Aug 2008 14:53:03 -0400

Oil settles up $1.44 at $120.02 a barrel, bouncing off 3-month low, on
renewed concerns about supply from the Middle East.

U.S. stocks drop on AIG, Wal-Mart; off lows following data

Date: Thu, 07 Aug 2008 12:04:24 -0400
U.S. stocks drop on AIG, Wal-Mart; off lows following data

U.S. stocks on Thursday decline sharply after the government reported a
rise in weekly jobless claims, American International Group Inc.
reported a large loss, and Wal-Mart Stores Inc.'s sales weighed on
sentiment.

With end of stimulus checks, retailers miss July sales estimates

With the end of stimulus checks, U.S. retailers led by Wal-Mart Stores
Inc. reported disappointing July sales as cash-strapped consumers
remained cautious about discretionary purchases.

Hedge Funds: Pallotta to leave Tudor; firm to spin off Raptor

SAN FRANCISCO
James Pallotta, vice chairman and managing director of U.S. public
equities at Tudor Investment Corp., is leaving the giant hedge fund firm
and plans to launch the Raptor Global Funds unit he runs as a separate
business, according to a letter Tudor sent to investors this week.

AIG shares skid as blue-chip insurer posts $5.4 billion loss

American International Group shares fall in reaction to the largest
global insurer's second-quarter loss of more than $5 billion.

Economic Report: U.S. initial jobless claims rise to 455,000 in latest
week

First-time claims for state unemployment benefits remain unusually high
as more workers qualified for regular benefits under an unrelated
extended federal benefits program, the Labor Department says.

Government reports new claims for unemployment unexpectedly rose to 455,000 - the highest level since spring 2002, AP reports.

Date: Thu, 7 Aug 2008 08:34:04 -0400

Government reports new claims for unemployment unexpectedly rose to
455,000 - the highest level since spring 2002, AP reports.

Citigroup to buy back auction-rate securities from 40,000 customers as part of $7B settlement with NY attorney general, AP reports.

Date: Thu, 7 Aug 2008 11:04:03 -0400

Citigroup to buy back auction-rate securities from 40,000 customers as
part of $7B settlement with NY attorney general, AP reports.

Realtors' group says pending home sales rebounded...

Date: Thu, 7 Aug 2008 10:02:08 -0400

Realtors' group says pending home sales rebounded, rising 5.3% in
June, but still down 12.3% from last year.

Stocks open lower as economic jitters persist after Wal-Mart sales disappoint and U.S. says jobless claims surged to 6-year high.

Date: Thu, 7 Aug 2008 11:10:42 -0400

Stocks open lower as economic jitters persist after Wal-Mart sales
disappoint and U.S. says jobless claims surged to 6-year high.

Markets Wednesday, 08/6/2008

Wednesday, 8/6/2008

| Dow : 11656.07 up 40.30

| S & P : 1289.19 up 4.31

| NASDAQ: 2378.37 up 28.54

| Bond (10Y): 4.05%, 98.59

MARKETS:
Stocks rally on oil slide
The Nasdaq leads the charge, thanks to Cisco's earnings and strength in
Microsoft. Crude prices end lower.

U.S. stocks rise as oil drops, dollar firms

Date: Wed, 06 Aug 2008 17:04:32 -0400
U.S. stocks rise as oil drops, dollar firms

U.S. stocks rise, helped by another drop in oil prices and a firmer
dollar, with investors buying up battered shares of refiners as well as
mining firms after Xstrata's $10 billion hostile bid for Lonmin, the
world's third largest platinum miner.

Freddie results make government bailout more likely, experts say

SAN FRANCISCO
Freddie Mac's $821 million second-quarter loss on Wednesday makes it
more likely that the government will have to bail out the mortgage
giant, experts said on Wednesday.

Futures Movers: Crude futures mark three-session loss as traders sort
supply data

Crude-oil futures pare their losses, but remain below the $119-a-barrel
mark to trade near a three-month low on inventory reports.
.

Emerging Markets Report: Rand falls as nationwide strike hits South
Africa

The South African rand extends its losses against the U.S. dollar, as
trade unions stage a nationwide strike to protest against soaring food
and electricity prices, disrupting activity in mining and other key
sectors of Africa's biggest economy.

MarketWatch First Take: Time Warner's still stuck in AO-Hell

Time Warner is still in AO-Hell, and its failure to make inroads on a
sale of its much-maligned America Online property continues to dog the
media giant.

Freddie Mac second-quarter loss widens to $821 million

Date: Wed, 06 Aug 2008 06:07:40 -0400

Freddie Mac second-quarter loss widens to $821 million
8/6/2008 6:04:32 AM

Markets Tuesday, 08/5/2008

Tuesday, 8/5/2008

| Dow : 11615.77 up 331.62

| S & P : 1284.88 up 35.87

| NASDAQ: 2349.83 up 64.27

| Bond (10Y): 4.02%, 98.75

MARKETS:
Dow gets 331-point boost
Wall Street cheers falling oil prices with one of the biggest gains of
the year - helped along by Fed's rate decision and comments about
inflation.

U.S. stocks end sharply higher on sliding oil, steady Fed

Date: Tue, 05 Aug 2008 17:04:12 -0400

U.S. stocks end sharply higher on sliding oil, steady Fed

U.S. stocks end sharply higher, fueled by a continued slide in crude oil
prices and as the Federal Reserve kept interest rates steady and gave no
hints it might change course any time soon.

Cisco reports 4.4% rise in fourth-quarter income

Cisco Systems Inc. reports a 4.4% rise in fiscal fourth-quarter net
income boosted by strong sales that exceeded Wall Street projections
despite what a company executive called "somewhat uncertain
macro-economic conditions in our largest geographies."

The Fed: Fed holds steady, keeps options open

Expressing considerable concern about both the feeble economy and high
prices, the Federal Reserve keeps its benchmark federal funds rate
unchanged at 2%.

Futures Movers: Oil ends lower, drops almost 5% in two days on demand
concerns

Crude-oil futures close below $120 per barrel as concerns that slower
economic growth will dampen oil demand and news of an apparent lack of
storm damage to energy-production facilities in the Gulf of Mexico
helped fuel a two-session oil price drop of nearly 5%.

Glitch blamed for undercount of Yahoo board's opponents

A firm representing one of Yahoo's biggest shareholder says a technical
glitch led to the undercounting of the votes effectively cast against
incumbent directors at last week's annual meeting.

Dow industrials up 320 points as closing bell nears; crude's retreat, steady Fed key rally

Date: Tue, 05 Aug 2008 15:55:39 -0400

Dow industrials up 320 points as closing bell nears; crude's retreat,
steady Fed key rally
8/5/2008 3:52:45 PM

Oil hits lowest price in three months, settling $2.24 lower to $119.17 a barrel.

Date: Tue, 5 Aug 2008 15:02:08 -0400

Oil hits lowest price in three months, settling $2.24 lower to $119.17 a
barrel.

Dow rises to its highest levels of the day - briefly climbing above 300 points - after Fed talks tough about inflation.

Date: Tue, 5 Aug 2008 14:51:03 -0400

Dow rises to its highest levels of the day - briefly climbing above 300
points - after Fed talks tough about inflation.

The Fed, squeezed by a weakening economy and inflation pressures, leaves key short-term interest rate unchanged.

Date: Tue, 5 Aug 2008 14:14:03 -0400

The Fed, squeezed by a weakening economy and inflation pressures, leaves
key short-term interest rate unchanged.

Stocks surge, with the Dow industrials gaining more than 200 points, as oil prices continue decline and ahead of Fed.

Date: Tue, 5 Aug 2008 11:27:03 -0400

Stocks surge, with the Dow industrials gaining more than 200 points, as
oil prices continue decline and ahead of Fed.

Activity at the nation's service businesses contracted in July for the second straight month, a group of purchasing managers reports.

Date: Tue, 5 Aug 2008 10:03:03 -0400

Activity at the nation's service businesses contracted in July for the
second straight month, a group of purchasing managers reports.

Stocks open higher as oil prices continue to decline and investors await the Federal Reserve's interest-rate decision.

Date: Tue, 5 Aug 2008 09:32:05 -0400

Stocks open higher as oil prices continue to decline and investors await
the Federal Reserve's interest-rate decision.

Market Briefing Newsletter for Monday, 08/4/2008

Monday, 8/4/2008

| Dow : 11284.15 down 42.17

| S & P : 1249.01 down 11.30

| NASDAQ: 2285.56 down 25.40

| Bond (10Y): 3.96%, 99.28

MARKETS:
Stocks stumble on economy jitters
Trepidation about Tuesday's Fed rate decision has investors playing
defense, overshadowing oil drop.

Stocks end in the red as economic worries overshadow falling oil prices. Dow, Nasdaq, S&P all edge lower.

Date: Mon, 4 Aug 2008 16:01:03 -0400

Stocks end in the red as economic worries overshadow falling oil prices.
Dow, Nasdaq, S&P all edge lower.

Crude futures close at a three-month low

Date: Mon, 04 Aug 2008 17:03:46 -0400
Crude futures close at a three-month low

Crude-oil futures close at their lowest level in three months, after
briefly dropping below $120 per barrel, as government data showing a
spike in U.S. inflation rekindles worries about the world's largest
economy and demand for oil.

Economic Report: CORRECT: High inflation trumps tax rebates, U.S. data
show

The windfall of cash from Washington in June got eaten up by the worst
inflation in nearly three years, Commerce Department data shows.

Motorola taps Qualcomm vet to head wireless-device unit

Motorola names a high-ranking executive from Qualcomm to run its ailing
wireless-handset business in a prelude to spinning off that unit,
possibly sometime next year.

ImClone says Bristol-Myers' bid undervalues company

ImClone Systems Inc. says Monday that a buyout offer from Bristol-Myers
Squibb Co. "substantially undervalues" the company but stopped short of
rejecting the offer outright.

Oil settles at $121.41, down $3.69 a barrel, on talk of a political compromise on drilling and a weakening Gulf storm.

Date: Mon, 4 Aug 2008 14:52:02 -0400

Oil settles at $121.41, down $3.69 a barrel, on talk of a political
compromise on drilling and a weakening Gulf storm.

Breaking News

Date: Mon, 4 Aug 2008 12:25:20 -0400

Oscar-winning actor Morgan Freeman is in serious condition after a car
accident in Mississippi, according to hospital officials.

Dow industrials erase triple-digit decline as crude-oil futures fall sharply

Date: Mon, 04 Aug 2008 11:46:46 -0400

Dow industrials erase triple-digit decline as crude-oil futures fall
sharply
8/4/2008 11:43:51 AM

Oil tumbles $4, after falling below $120 a barrel, as a weak economy stokes demand concerns. Update soon.

Date: Mon, 4 Aug 2008 11:38:03 -0400

Oil tumbles $4, after falling below $120 a barrel, as a weak economy
stokes demand concerns.

U.S. stocks open under pressure on financials, inflation woes

Date: Mon, 04 Aug 2008 12:03:01 -0400
U.S. stocks open under pressure on financials, inflation woes

U.S. stocks open lower with concerns about financials fueled by HSBC
Holdings' $10 billion worth of bad debt, and as data rekindled inflation
worries a day ahead of the Federal Reserve's decision on interest
rates.

Futures Movers: Oil falls below $120 as U.S. data weigh on demand
prospects

Crude-oil futures retreat more than 1% as goverment data show the worst
U.S. inflation in 27 years and rekindle worries about the world's
largest economy. Tropical Storm Edouard tracks west in the Gulf of
Mexico.

Economic Report: Worst inflation in 27 years trumps tax rebates, U.S.
data show

The windfall of cash from Washington in June got eaten up by the worst
inflation in 27 years, Commerce Department data shows.

HSBC profit slides 29% as bad-debt charges top $10 billion

First-half net income drops 29% for banking giant HSBC as bad-debt
charges surge past $10 billion, while profit also tumbles for Fortis.

Stocks open lower as investors continue to fret about reports showing job losses and consumer weakness.

Date: Mon, 4 Aug 2008 09:32:08 -0400

Stocks open lower as investors continue to fret about reports showing
job losses and consumer weakness.