According to Reuters, Bernanke says that the current financial system can be fixed.
Reuters writes that Google (GOOG) is using Frank Quattrone as its investment bank advisor.
Reuters reports that banks involved in the Clear Channel (CCU) buy-out argued that the case against them should be dismissed.
Reuters reports that Delta (DAL) and its pilot’s union have reached an agreement that will let a merger with Northwest (NWA) move forward.
The Wall Street Journal writes that most observers believe that a Microsoft (MSFT) deal to buy Yahoo! (YHOO) is the most likely outcome of the struggle between the two companies.
The Wall Street Journal writes that Fontier Airlines (FRNT) has filed for Chapter 11.
The Wall Street Journal reports that a poll of economists shows they believe the economy will ger worse.
The Wall Street Journal writes that Verizon (VZ) is in a legal dispute with Time Warner Cable (TWC) about connection speeds of the two company’s broadbands offerings
The Wall Street Journal reports that Lehman (LEH) repackaged some of its unsold buyout loans into a new security that it used as collateral to obtain cash loans from the Fed.
The Wall Street Journal writes that profits at Genentech (DNA) rose on solid revenue gains.
The New York Times writes that George Soros has given a dire forecast for the economy.
The New York Times reports that March retail sales for most big chains were weak.
The FT writes that AMR (AMR) has cancelled another 1,500 flights.
The FT reports that Wal-Mart (WMT) had strong March sales and lifted its outlook.
The FT writes that a number of airlines want compensation for delays in Boeing’s (BA) 787.
Bloomberg writes that GE’s (GE) push for revenue overseas may help the company weather the US downturn.
Biggest news this morning is GE’s miss. GE reports Q1 EPS 44c vs. consensus of 51c
GE reports Q1 revenue $42.2B vs. consensus of $43.68B. GE lowers 2008 EPS guidance to $2.20-$2.30
Consensus estimate is $2.43. Guidance reflects growth of 0-5%.
GE sees Q2 EPS 53c-55c vs. consensus of 58c.
Watch for continuing market weakness due to this surprising news. GE blamed the miss on its financial services business, saying disruptions in the credit markets was the cause. The earnings miss has had a ripple effect throughout the markets because GE is considered a proxy for the economy.
