HP to buy EDS for $12.6 bln in challenge to IBM (Reuters)
May 13th, 2008 17:32:09 CDT -0500

Reuters - Hewlett-Packard Co plans to buy technology outsourcing company Electronic Data Systems Corp to better compete against IBM , but Wall Street questioned whether the $12.6 billion deal for a slow-growing company was overpriced.

Oil price, financials hit Dow; techs lift Nasdaq (Reuters)
May 13th, 2008 16:02:36 CDT -0500

Reuters - Blue-chip stocks declined on Tuesday as oil rose to another record and underscored concerns about inflation, while the Federal Reserve chairman said financial markets are still troubled.

Icahn may run Yahoo proxy campaign: source (Reuters)
May 13th, 2008 18:02:01 CDT -0500

Reuters - Billionaire investor Carl Icahn is considering running a proxy campaign to elect new board members at Yahoo Inc after the company failed to forge a deal to merge with Microsoft Corp , a source close to the matter said on Tuesday.

Electronic Arts profit outlook disappoints (Reuters)
May 13th, 2008 19:16:15 CDT -0500

Reuters - Top video game publisher Electronic Arts Inc issued an annual profit outlook on Tuesday that fell short of Wall Street forecasts as a drive to improve quality jacked up costs. Its shares fell 3.7 percent.

JPMorgan may cut 4,000 jobs on Bear deal and markets (Reuters)
May 13th, 2008 16:50:10 CDT -0500
Reuters - JPMorgan Chase & Co could cut as many as 4,000 of its own employees worldwide as the bank prepares to take on staff from Bear Stearns Cos at the same time it deals with turmoil in financial markets, people familiar with the situation said on Tuesday.

Economy - Tuesday (Investor's Business Daily)
May 13th, 2008 17:39:39 CDT -0500
Investor's Business Daily - The median sales price in metro areas fell 7.7% vs. a year earlier to $196,300, the worst since records began in 1979, the Nat'l Assoc. of Realtors said. Soaring foreclosures have reduced the value of nearby properties, said NAR chief economist Lawrence Yun. Prices fell in 100 of 149 U.S. cities, led by Calif.'s Sacramento, San Bernardino and Riverside. Also, homes for sale rose by 40,000 in March to 4.06 mil. It would take 9.9 months to sell off the inventory, up from 9.6 months at the end of Feb.

Bank of America sees higher home equity losses (Reuters)
May 13th, 2008 13:48:23 CDT -0500

Reuters - Bank of America Corp on Tuesday increased its forecast for expected losses from home equity loans, citing the deteriorating U.S. housing market.

Bonds fall as retail sales stronger than expected (AP)
May 13th, 2008 16:37:46 CDT -0500
AP - Treasury prices fell Tuesday as signs of modestly better-than-expected consumer spending and rising inflation made safe government securities less attractive to investors.