WALL STREET JOURNAL: Three years into its $35B takeover of Nextel, the Wall Street Journal reported that Sprint Nextel (S) is considering selling or spinning off the troubled unit. Few details were available and a deal is not imminent…The Wall Street Journal also reported that pressure is mounting on Citigroup’s (C) CEO Vikram Pandit to show that he can turn around the troubled bank. Executives believe Pandit, who has been praised for his cautious and deliberate approach, has been taking “too long” to make crucial decisions…REUTERS: According to a person close to Google (GOOG), Reuters reported that it and Yahoo (YHOO) are still “hammering out the intricacies” of a potential advertising and search deal. The source said no final agreement has been reached yet…ABC NEWS: ABC News learned that if Rupert Murdoch does not testify in a lawsuit accusing one of his companies of “corporate espionage,” it may cost News Corporation (NWS.A) hundreds of millions of dollars, a federal judge overseeing the trial said. News Corp has denied any wrongdoing, and lawyers maintain Murdoch had no direct knowledge of the unit’s alleged hacking into EchoStar Corporation (SATS)/DISH Network’s (DISH) security code and posting it on the Internet…
Google and Yahoo haven’t finished negotiating a deal yet-Reuters
Google (GOOG) and Yahoo (YHOO) are still hammering out the details of a potential advertising and search deal, an inside source said. No final agreement has been reached yet, and the two sides are also sharing their plans for a potential deal with antitrust regulators, the source added.
Crude oil heading to $200?-Bloomberg
A Goldman Sachs Group (GS) report from analysts including Arjun N. Murti say the price of crude oil may climb to between $150 and $200 a barrel within two years as supply fails to keep up with demand from developing nations.
Oil prices likely to hit $150-$200/bbl in next 6-24 months@GSCO
Goldman raised its oil price forecast and said $150-$200/bbl oil is likely in the next 6-24 months due to lack of supply growth. . The firm raised its 2008 price estimates to $108/bbl from $96, 2009 to $110 from $105, 2010 to $120 from $110, and 2011 to $120 from $110. The analyst added that the ultimate peak in oil prices as well as the duration of the upcycle remains a major uncertainty.
Apple one network strategy may be unraveling - Times Online
Italy became the first country to sell Apple’s (AAPL) iPhone on a non-exclusive basis ending a year-long stretch in which only one operator had the right in each country. Vodafone (VOD) and Telecom Italia (TI) announced that they had both won contracts for the iPhone which means that Apple could face revolt in other countries against the existing one-carrier terms.
Blackrock will by sub-prime portolio from UBS - FT
Sources say that Blackrock (BLK) will pay UBS AG (UBS) $15B for a portfolio of subprime mortgage debt. The bank is expected to make the announcement when it reports today. This latest move fuels growing optimism about the credit markets followed by Goldman Sachs (GS) and other private equity firms buying mortgage assets.
Marvel Entertainment-MVL: Believe there will be better entry points@RBCM
RBC raised their target to $37 from $30 following the quarterly results and Iron Man release but believes there will be better entry points following Hulk’s June 13th release as they are no catalysts after that until 2010. Shares remain Sector Perform rated.
Sprint Nextel-S: Unlikely to sell iDEN business@LEHM
Lehman said it is unlikely Sprint will be able to sell its iDEN business given the complexity of the unwind. :
U.S equity futures still point to a lower open; Fannie Mae posts big loss
U.S. equity futures are still pointing to a lower open.
