Welcome to the Reuters Before the Bell news mail.
Oh, that Goldman Sachs. The company, whose better-than-expected earnings might have kept Wall Street smiling yesterday, bummed out the market by warning that U.S. banks will have to raise up to $65 billion in capital to shore up balance sheets weakened by the mortgage crisis.
The bad vibes are still reverberating ahead of financial results from investment bank Morgan Stanley, and stock futures are pointing down.
The dollar is up against an index of major currencies, but reduced expectations of interest-rate increases are curbing the rally. U.S. Treasuries are lower.
After three days of declines, oil prices are up ahead of data expected to show a decline in U.S. crude stocks.
Pfizer shares are up after the company indicated it will be able to hold onto its U.S. marketing exclusivity for Lipitor - the world's best-selling drug - at least five months longer than Wall Street was expecting.
Until tomorrow,
Lisa Von Ahn
News Mail Editor
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Futures lower ahead of Morgan Stanley results
June 18, 2008 07:31 AM ET
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NEW YORK (Reuters) - Stock index futures fell on Wednesday, with
traders set to take their cues from Morgan Stanley's quarterly
results and the latest weekly oil inventory data.
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Ranbaxy, Pfizer settle Lipitor patent disputes
June 18, 2008 07:17 AM ET
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LONDON (Reuters) - India's Ranbaxy Laboratories has settled
most of its patent disputes with Pfizer , allowing it to launch
a generic version of the U.S. group's blockbuster cholesterol
drug Lipitor from November 30, 2011.
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Economic outlook "subprime," no recession: report
June 18, 2008 06:37 AM ET
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SAN FRANCISCO (Reuters) - The economy will likely avoid a formal
recession, but its outlook through the end of next year is decidedly
"subprime" with the deep housing downturn restraining growth
to just above 1 percent, a UCLA Anderson Forecast report released
on Wednesday said.
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Staples wins EU okay for Corp Express takeover
June 18, 2008 03:58 AM ET
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AMSTERDAM (Reuters) - Office goods supplier Staples has won approval
from the European Commission for its 1.7 billion euro ($2.64
billion) takeover bid for Dutch peer Corporate Express.
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Media revenue to hit $2.2 trillion by 2012: PwC
June 18, 2008 06:19 AM ET
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NEW YORK (Reuters) - Global entertainment and media revenue is
forecast rising by an average of 6.6 percent a year to $2.2
trillion by 2012, boosted by advertising-supported digital and
mobile media and an explosion in the adoption of broadband.
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California economy to withstand housing drag: report
June 18, 2008 04:14 AM ET
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SAN FRANCISCO (Reuters) - The economy of California, the most
populous U.S. state, will remain weak this year as the downturn
in its housing market persists, but strong exports and agricultural
activity will help offset that drag, according to a UCLA Anderson
report released on Wednesday.
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Spielberg and Dreamworks in talks with India's Reliance: report
June 18, 2008 03:17 AM ET
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NEW YORK (Reuters) - Movie studio DreamWorks SKG is close to
a deal with India's Reliance ADA Group to form a new movie venture,
the Wall Street Journal reported on Tuesday, citing people familiar
with the talks.
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Morgan Stanley says Apple's iPhone sales may double in '09
June 18, 2008 04:24 AM ET
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(Reuters) - Morgan Stanley raised its price target on Apple Inc
shares to $210 from $185, saying it expects the company's iPhone
unit sales to double in 2009 at the new $199 price point.
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Non-res. construction outlook weakens: AIA
June 18, 2008 03:01 AM ET
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NEW YORK (Reuters) - A forward-looking measure of U.S. non-residential
construction activity weakened last month but remains above
a record low reached in March, an architects' trade group said
on Wednesday.
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UPDATE 1-Hedge star Paulson says credit crisis not over
June 18, 2008 07:29 AM ET
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MONACO, June 18 (Reuters) - The credit crisis is not over,and
losses in the financial sector are set to be around $1.3trillion,
according to star hedge fund manager John Paulson, whosays he
remains short credit.
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