Today Reuter Lisa Von Ahn News Mail 28July

Welcome to the Reuters Before the Bell news mail.

"The federal government giveth, and the federal government taketh away" is Wall Street's philosophical reaction to the housing rescue bill and news of two bank failures.

Stock futures are pointing sideways as better-than-expected results from Verizon and Kraft Foods offset the financial sector's woes and higher oil prices.

News surfaced on Friday that federal regulators took over First National Bank of Nevada and First Heritage Bank NA of California and sold them to Mutual of Omaha Bank.

Meanwhile, Bloomberg is reporting that Merrill Lynch says Lehman may post a quarterly loss and take more write-downs.

Oil is up after rebel attacks on pipelines in Nigeria. The dollar is down against an index of major currencies. Longer-term U.S. Treasuries are higher.

The Dallas and Chicago Feds are releasing manufacturing reports, and Fed Gov. Frederic Mishkin is giving a luncheon speech.

Make way for Kohlberg Kravis Roberts. The powerful private equity firm plans to brave the turbulent stock markets and go public this year.

Until tomorrow,

Lisa Von Ahn

News Mail Editor

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Today Reuter Lisa Von Ahn News Mail

Welcome to the Reuters Before the Bell news mail.

After yesterday's pounding because of lower-than-expected existing home sales, Wall Street is facing still more data on the housing market with a measure of bravado. Stock futures are pointing up a bit even as new home sales figures are due shortly.

Also on tap are reports on durable goods orders and consumer sentiment.

The dollar is down against an index of major currencies. U.S. Treasuries are mixed.

The stock market's weakness is translating into strength for commodities. Oil prices are higher, and so is gold.

CNBC says Lehman Brothers has considered selling at least part of its Neuberger Berman asset management unit.

Fortune Brands can't be feeling particularly ... er, fortunate. The maker of bourbon, faucets and golf balls reported lower quarterly profit.

When the economy gets tough, the beleaguered get in front of their TV sets. That's one theory, at any rate, and online DVD rental company Netflix is giving it credence by announcing higher earnings and a jump in subscribers.

Until Monday,

Lisa Von Ahn
News Mail Editor

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Reuters Before the Bell-Read Before Play

Futures extend losses on credit woes, oil

July 11, 2008 07:28 AM ET

NEW YORK (Reuters) - Stock index futures extended losses on Friday as investors worried about the widening impact of the credit crisis on the financial sector and the outlook for government-sponsored mortgage buyers Freddie Mac and Fannie Mae.

Government considers Fannie Mae, Freddie Mac takeover: report

July 11, 2008 07:30 AM ET

HONG KONG (Reuters) - The government is considering taking over mortgage finance companies Fannie Mae and Freddie Mac if their funding problems worsen, in a plan that could leave shareholders nothing, the New York Times reported, citing people briefed on the matter.

Oil hits new record as supply fears intensify

July 11, 2008 07:12 AM ET

LONDON (Reuters) - Oil jumped over $4 to a new record high near $146 a barrel on Friday, spurred by growing worries of threats to supplies from Iran and Nigeria and a strike of Brazilian oil workers next week.

GE profit meets expectations, shares up

July 11, 2008 07:38 AM ET

BOSTON (Reuters) - General Electric Co on Friday posted a second quarter profit that met Wall Street forecasts, helped by better-than-expected results at the company's finance operations and sending shares higher in early trading.

InBev close to deal on Bud brewer: report

July 11, 2008 06:42 AM ET

(Reuters) - U.S. brewer Anheuser-Busch Cos Inc is in active talks to sell itself to Belgian brewer InBev NV in a friendly deal, the New York Times said on its website, citing people briefed on the matter.

Citigroup sells German business for $8 bln

July 11, 2008 07:36 AM ET

FRANKFURT (Reuters) - Citigroup is selling its German retail business to France's Credit Mutuel for more than $8 billion as the biggest U.S. bank grapples with the global markets crisis.

Independent Yahoo is better for business: Google

July 11, 2008 05:39 AM ET

SUN VALLEY, IDAHO (Reuters) - An independent Yahoo Inc is better for business, Google Inc Chief Executive told reporters on Thursday, saying a combination with Microsoft Corp would be anti-competitive.

Oil-hit plane makers’ brace as biggest air show looms

July 11, 2008 07:05 AM ET

LONDON (Reuters) - The world's biggest air show opens in Farnborough near London next week with jetliner manufacturers facing a drop in orders due to high oil prices and global defense firms bracing for slower spending growth.

Apple's new iPhone snapped up in Asia and Europe

July 11, 2008 07:21 AM ET

LONDON/WELLINGTON (Reuters) - Apple's new iPhone made its hotly awaited debut on Friday, with buyers storming stores in Asia and queues forming in European cities.

Rockwell Collins profit rises

July 11, 2008 07:41 AM ET

NEW YORK, July 11 (Reuters) - Rockwell Collins Inc ,which makes cockpit electronics and other plane parts for Boeing Co and Airbus , said on Friday its fiscal third-quarter profit rose, helped by expanding margins in its commercial and government businesses.

Taken from the source: Reuters Before the Bell Newsletters.

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