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Friday, July 07, 2006

WSJ Europe Digest 7/7/2006

Stocks: (GM)(MO)(AMD)(INTC)(VZ)(WMT)(EBAY)

By Yaser Anwar, CSC of Equity Investment Ideas

What Alliance With Ghosn Could Bring GM Could GM joining forces with Renault-Nissan accelerate the cost cutting at the world's biggest auto maker? That's a question investor Kirk Kerkorian wants GM to seriously consider.

Court Ruling Favors Tobacco CompaniesCigarette makers won a major victory as the Florida Supreme Court upheld a decision tossing out a $145 billion award against tobacco firms, calling the sum "excessive." Tobacco shares surged.

AMD Cautions of Revenue Drop AMD warned that second-quarter revenue will be lower than in the first period, a sign price cuts by rival Intel are starting to hurt.

Verizon Nears Spinoff of Directories Verizon is days away from filing papers that would allow it to spin off its directories business.

Mixed June Retail Sales Cloud OutlookU.S. retailers reported mixed June sales, with nearly half the stores surveyed trailing forecasts. Wal-Mart posted lackluster gains.

Seoul Urges Patience With North Korea South Korea is standing by its "sunshine" policy of conciliation with North Korea even as pressure builds within the United Nations and elsewhere to get tough.

Tycoons May Play Key Role in Rosneft's IPORosneft is seeking to enlist strategic investors in its coming IPO, including Russian tycoon Roman Abramovich.

Global Vaccine Initiative Hits SnagA U.S.-France spat is holding up progress on a novel plan to persuade drug firms to develop vaccines for killer diseases in poor nations.

EBay's PayPal Chief to Step DownEBay said the president of its PayPal unit plans to leave, the latest high-profile departure to hit the firm. Shares plunged 5.3% to $26.85, the lowest level since 2003.

Apple Discloses Suits Over Options Apple said two lawsuits have been filed against its current and former officers and directors relating to the company's stock-option grants.

Investors Wary Before U.S. Jobs DataThe Dow industrials gained 73.48 points to 11225.30 Thursday, helped by a 5% gain by Altria, but other stock benchmarks were mostly flat as investors grew skittish ahead of Friday's jobs report.

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