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Media Digest for 5/2

 May 02, 2008 09:38 AM

According to Reuters, the CEO of Microsoft (MSFT) says that the company is close to its next move in its attempted takeover of Yahoo! (YHOO).

Reuters reports that Wal-Mart (WMT) will use the Wii Fit from Nintendo to boost Mother's Day sales.

Reuters writes that auto sales dropped 14% in April.

Reuters writes that Exxon (XOM) profits disappointed Wall St. despite the high price of oil.

Reuters writes that Craigslist has accused Ebay (EBAY) of hypocrisy in its suit against the classifieds company.

The Wall Street Journal writes that Microsoft (MSFT) will probably launch a hostile bid for Yahoo! (YHOO).

The Wall Street Journal reports that Sun (JAVA) swung to a loss and will cut about 2,000 jobs.

[Related -SPDR S&P 500 ETF Trust (SPY): Super Bowl Indicator - Denver Broncos V. Seattle Seahawks equals Bulls Win!]

The Wall Street Journal writes that investors have become skeptical about BHP Billiton's (BHP) bid for Rio TInto (RTP)

The Wall Street Journal reports that a deal for Google (GOOG) to handle Yahoo!'s search advertising may be close.

The Wall Street Journal writes that job cuts may not be as deep as those in past recessions.

The Wall Street Journal writes that sovereign funds are meeting with the IMF to set guidelines for their investments.

The Wall Street Journal writes that the push for plug-in cars could be hurt by utilities charging more for electricity.

The New York Times reports that big retailers are shutting stores and cutting back expansion.

[Related -Stocks Bounce On Strong GDP Report]

The FT reports that Apple (AAPL) set a big download deal with major movie studios

According to Bloomberg Warren Buffett may spend $40 billion on investments in companies while other investors are on the sidelines because of the credit crunch.

Bank of America may not back Countrywide Financial debt - Bloomberg
According to a regulatory filing filed on April 30, Bank of America (BAC) may not guarantee $38.1B of Countrywide's debt (CFC). Bank of America declined to comment any further beyond the filing.

Research in Motion cell phone photos creates a buzz - Globe and Mail
The Boy Genius tech blog posted photos of a slim cellphone from Research in Motion (RIMM) on the website yesterday. This may be a hint that the company is positioning itself to be a major player in the global cell phone market. The company also announced a contract with Brightpoint Inc. (CELL) which could potentially bring the Blackberry to more users in the Middle East, Africa, Latin America, and Europe.
This a positive for news for shares

DRYS initiated with an Outperform, target $110@FBCO
Credit Suisse is positive on DRYS's growth opportunity and is bullish on dry bulk rates into 2009.

FCX: Recommend accumulating on weakness@SBSH
Citigroup expects copper to be supported above $3.40/lb and aluminum above $1.20.

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