WALL STREET JOURNAL: According to internal company and agency documents, the Wall Street Journal reported that the FAA is investigating into why AMR Corp’s (AMR) American Airlines ordered mechanics to skip specific safety instructions to detect damage to planes from suspected lightning strikes…In order to compete more effectively against Apple’s (AAPL) iPhone, the Wall Street Journal reported that Research in Motion (RIMM) is planning to introduce “Thunder,” a touch-screen version of its BlackBerry device…NY POST: Yahoo (YHOO) is trying to quickly put the finishing touches on a search advertising deal with Google (GOOG) as billionaire Carl Icahn launches a proxy fight for control of Yahoo’s board, according to the New York Post. Yahoo hopes to announce a deal with Google to create an open platform system within the next week, two inside sources said…The New York Post reported that a partnership of MGM Mirage (MGM) and investment company Dubai World may seek to buy the Drake Hotel site from developer Harry Macklowe. If a deal is reached, MGM and Dubai World would assume $580M in defaulted debt and interest, inside sources said…

X: Target to $200 from $172 on higher contract prices@UBSW
UBS’s checks indicate X is raising prices to contract customers by $250/short ton effective May 5. The firm said X has strong earnings leverage to higher US contract prices and has raised its target to $200 from $172 assuming a 25%-50% pass through.

URBN: Continues to be a favorite name@COWN
Cowen said strong Q1 results and sees further opportunity for upside to earnings given SG&A leverage and gross margin expansion. Shares are Outperform rated.
URBN downgraded to Hold from Buy@STFL
Stifel downgraded URBN citing valuation and tougher comps ahead.

Oil price forecast raised for 2H08 to $141/bbl from $107@GSCO
Goldman raised its 2H08 crude oil forecast to $141 from $107 due to supply constraints.
Actionable on energy stocks today.

U.S. equity futures are pointing to a slightly higher open. The price of oil is charging higher as options expired causing the prices to swing in a $6.00 range. Oil is currently higher by $2.75 at $126.90 a barrel. There has been concern that China’s demand for diesel fuel to run emergency power generators after this week’s deadly earthquake may further tighten the distillates market. Diesel is used in the U.S. to fuel most trucks, trains and ships, and is a part of the reason food prices are rising so fast. Investors also received some data on housing with Housing Starts coming in at 1.03M versus an expected 939,000, and Building Permits came in at 978,000 versus an expected 915,000.

Blackberry goes after Apple with a touch screen model-WSJ
Blackberry maker Research in Motion (RIMM) is going to make a touch screen model, directly going after Apple’s (AAPL) iPhone, according to the Wall Street Journal.