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Thursday, July 27, 2006

WSJ Update

By Yaser Anwar, CSC of Equity Investment Ideas

GM's Loss Widens on Restructuring
GM reported a $3.2 billion loss that included $4.3 billion in charges, in part due to an employee-buyout program. But investors were cheered by the auto maker's cost-cutting efforts and a 12% jump in revenue.


U.S. SEC Issues Rules on Executive Pay
The SEC approved new requirements on disclosing executive pay, including stock-option grants.


Cease-Fire Remains Out of Reach
Fighting continued on the Israel-Lebanon border as the U.S., Europe and Arab countries pledged to forge a plan to persuade Israel and Hezbollah to put down their guns. The deal, however, fell short of an immediate cease-fire. (Transcript)


U.S. Fed Report Indicates Slower Growth
The Fed "beige book" found slowing economic growth and generally modest inflation, possibly giving the central bank another reason to stop raising rates soon.


Boeing Reports $160 Million Loss
Boeing swung to a $160 million loss as charges offset robust jet orders, and it signaled rising development costs for its 787 jet.



EMI Won't Pursue Bid for Warner Music
EMI plans to say that it is no longer pursuing a $4.6 billion proposal to buy Warner Music, the latest failure in efforts for a tie-up.


ABB's Net More Than Doubles
ABB said quarterly net profit more than doubled, boosted by continued strong demand for automation and power equipment.


Friendster Patent Could Hurt Rivals
Friendster is weighing whether to sue rival social-networking Web sites or take other action for alleged patent violations.


Major Telecom-Gear Vendors Revise Systems
Five telecom-gear firms plan major changes in network technology to handle multimedia services.


Amazon.com and Boeing Help Quash a Rally
Many stocks swooned in late afternoon, with Amazon.com and Boeing among the prominent decliners. But GM and Mercury Interactive advanced.

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