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Wednesday, August 02, 2006

WSJ Update

By Yaser Anwar, CSC of Equity Investment Ideas

KKR Appears to Win Philips Unit
KKR and Silver Lake appear to have won an auction for Philips Electronics' chip unit for a price believed to exceed $10.25 billion.

Israel Expands Push Into Lebanon
Israel expanded ground attacks and launched a helicopter-borne assault near the ancient Bekaa Valley city of Baalbek, apparently racing the clock to cripple Hezbollah before U.N. agreement on a cease-fire.

Iraq Reconstruction Corruption Is Worsening
The corruption that has plagued Iraq's reconstruction is worsening, complicating American reconstruction efforts and shattering public confidence in the Baghdad government, according to a new report.

Verizon's Profit Declines 24%
Verizon said it's unlikely to take over Vodafone's stake in their wireless joint venture. Verizon reported a lower profit, but wireless sales jumped 18%. Qwest swung to a profit, helped by strong sales of high-speed Internet connections.

U.S. Senate Approves Offshore Drilling Bill
The Senate voted 71-25 to open 8.3 million central Gulf acres to oil drilling, splitting with the House over the scope of new drilling and casting final passage into doubt.

Data Complicate U.S. Fed's Rate Decision
Manufacturing activity rose in July, but inflationary pressures also increased, complicating the Fed's interest-rate decision.

Credit Suisse's Net Profit Doubles
Credit Suisse said its quarterly net profit more than doubled in the absence of a provision that hampered year-earlier results.

HSBC Grabs No. 1 Spot Among Banks
HSBC overtook Citigroup as the world's largest bank by assets as its holdings grew 16% so far this year, much faster than those of its rival.

Electronic Arts' Loss Widens
Electronic Arts' loss widened with the weight of options expensing. Revenue rose 13%, boosted by sales of its latest World Cup videogame.

Flat-Panel TVs Gain Popularity
TV owners are increasingly switching to flat-panel models, with LCDs fast becoming the dominant platform, a new survey said.

Cendant and Qwest Advance
As U.S. stocks recovered some of their losses late yesterday, Cendant soared on a restructuring and Qwest advanced on earnings. However, results from Burger King, Eastman Kodak and Whole Foods set off significant selling.

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