Reuters writes that the profit at Bear Stearns (BSC) fell 79%.

Reuters reports that Continental (CAL) and United (UAUA) have laid most of the groundwork for a merger.

Reuters writes that banks are more likely to sell shares at a discount as Q1 losses mount.

Reuters reports that Treasury want more disclosure from hedge funds on assets.

Reuters writes that Singapore sovereign fund Temasek may raise more capital after losing money on US investments.

The Wall Street Journal writes that oil production in Russia may be falling and could continue to do so.

The Wall Street Journal writes that Brazil has made a huge offshore oil discovery which could turn it into one of the wolrld’s largest oil producers.

The Wall Street Journal writes that Nissan and Chrysler will built full-sized pick-ups in a joint venture.

The Wall Street Journal writes that the US could lose its AAA rating if it has to rescue Freddie Mac (FRE) and Fannie Mae (FNM).

The Wall Street Journal reports that earnings from Google (GOOG), IBM (IBM), and Caterpillar (CAT) may confrim whether GE’s (GE) earnings are part of a trend or an aberration.

The FT writes that Citigroup (C) is allowing pivate equity firms to cherry pick its LBO loans to find which ones they want to buy,

The FT reports that Wal-Mart (WMT) plans to expand in Russia and Eastern Europe.

The FT writes that “Tranche warfare” has broken out in the $450bn market at the heart of the
credit crunch as hard-hit investors scrap over the pools of debts that
make up so-called collateralised debt obligations.

Asian Markets Wrap-Up for Tuesday, April 15th from flyonthewall.com
Stocks rose, with commodity producers leading the advance after oil prices hit a record, and precious metal prices increased. JAPAN: Stocks gained, led by brokerage firms. The Nikkei 225 added 0.57% to 12,990.58. Brokerage firm Mitsubishi (MTU) jumped 2.3%, while Mitsui (MITSY), another brokerage firm, climbed 3.1%. Both firms rely heavily on commodity trading to generate profits. A number of companies that use a large amount of fuel for their businesses slumped. Japan Airlines (JALSY) fell 2%, while Oji Paper (OJIPY) lost 3.8%. Tokyo Electron (TOELF), which makes semiconductor production equipment, climbed 3.5%, after Nomura Holdings released a positive note about companies in that sector. CHINA: Energy stocks led an advance. The CSI 300 Index increased 1.3%, to 3,583.30. Coal producer Shenhua Energy (CUAEF) climbed 2.3%, while Shanxi Xishan Coal jumped 5.2%. China Petroleum (SNP) added 1.7%. Jiazuo Wanfang Aluminum rallied 9.9%, after the company reported that its Q1 profit had jumped 32%. AROUND ASIA: Hong Kong’s Hang Seng Index rose 0.38%, while Taiwan’s Taiex added 0.36% and Australia’s S&P/ASX 200 advanced 1.09%. .. Indian software services company Infosys (INFY) predicted that its sales growth would accelerate this year as U.S. businesses seek to outsource more IT functions during the economic slowdown.

FCX upgraded to Overweight from Neutral@HSBC
HSBC upgraded FCX citing valuation.