Reuters writes that New York City will probe whether Bear Streans (BSC) misled investors.
Reuters writes that Fannie Mae (FNM) and Freddie Mac (FRE) have won relief from stringent capital rules and so can pump about $200 billion into a shaky mortgage market.
The Wall Street Journal writes that firms are reluctant to borrow from the Fed’s new facility because of concerns that it may make them like they have weak balance sheets.
The Wall Street Journal writes that Exxon (XOM) suffered a set-back when a judge reversed a decision that it could freeze some assets from the Venezuela state oil company.
The Wall Street Journal reports that Adobe (ADBE) is working on a media player for the Apple (AAPL) iPhone.
The New York Times reports that Intel (INTC) and Microsoft (MSFT) are creating a research budget to design a new generation of computing systems.
The FT says Apple (AAPL) may launch a free iTunes program.
Bloomberg says that Sony Ericsson believes lower mobile phone sales will hit its profits.
FDA’s decision on Cephalon cancer drug key to company’s fortunes-WSJ
Tomorrow, the FDA will render its opinion on Cephalon’s (CEPH) cancer drug Treanda. The decision is expected to mark a turning point for the company, as it seeks to move into the cancer treatment market, according to the Wall Street Journal. “We think given a positive decision (from the FDA) it will outperform the market,” says Larry Neibor at Robert Baird & Co., who expects approval. The FDA granted Treanda priority review, which cuts the review time frame to six months, and not the usual 10 months
Remain positive on NOK, RIMM and QCOM@BOFA
Banc of America believes that while the Smartphone market has gotten crowded, only a few vendors dominate industry profits. Nokia (NOK) remains the firm’s top pick, and they also remain positive on Research in Motion (RIMM) and Qualcomm (QCOM). Their checks on RIMM have been positive and they expect the company to post its best quarter yet. Big positive for RIMM.
FMCN- reports Q4 EPS of 52c vs. consensus of 48c
Reports Q4 revenue of $184.6M vs. consensus of $168M. Sees Q1 EPS of 33c-34c vs. consensus of 33c, sees Q1 revenue of $160M-$165M vs. consensus of $157.45M
FMCN sees FY08 EPS of $2.06-$2.21 vs. consensus of $2.08.
Sees FY08 revenue of $900M-$920M vs. consensus of $835.98M.
-FMCN target raised to $86 from $82, remains a top pick@PIPR
Piper believes the strong Q4 results, higher than expected guidance, increased comfort with the wireless business, and the Chairman’s commitment to staying with the company should serve as strong catalysts for shares.
