Can we do it tonight ? PLEASE ? LOL :)
Stocks ready to rebound
Futures advance as investors seek out opportunities after two straight sessions of losses; oil rises to new record.
May 22, 2008: 6:59 AM EDT
NEW YORK -- Stocks looked set to rebound Thursday from two straight sessions of declines, even as crude prices maintained their upward surge.
About three hours before the market open, Nasdaq and S&P futures were higher and suggesting a modest rebound on Wall Street.
A deal in the power sector could help lift sentiment. NRG Energy (NRG, Fortune 500) said late Wednesday it had offered to buy rival Calpine (CPN, Fortune 500) for about $11.3 billion in stock.
Stocks tumbled Wednesday after minutes of the latest Federal Reserve meeting signaled the central bank is unlikely to cut rates again in the near term, even though it sees a more difficult economic outlook than its earlier forecasts.
Stocks have fallen for two straight sessions, partly due to oil prices, which have surged on supply concerns. Those worries may be heightened after the Wall Street Journal reported the International Energy Agency is preparing to slash its forecast for global oil supply.
Oil futures hit yet another trading high Thursday. U.S. crude for July delivery rose as high as $135.09 a barrel in electronic trading before retreating slightly to $134.44, still up from Wednesday's record close.
Rising crude prices have pushed up gas prices, which have hit a record high for 15 straight days. Executives of big oil firms, including Exxon Mobil (XOM, Fortune 500), Chevron (CVX, Fortune 500) and Conoco Phillips (COP, Fortune 500), will appear before Congress Thursday for a second day of testimony about high gas prices.
In corporate news, drugmaker Merck & Co. (MRK, Fortune 500) announced late Wednesday it has halted a study of an experimental drug, MK-0524A, which had been touted as key to energizing its sagging cholesterol franchise. Shares of the Dow component fell 1.5% in early Frankfurt trading Thursday.
The purchase of Bell Canada parent company BCE by a group led by one of Canada's largest pension funds hit a snag late Wednesday when an appeals court sided with BCE bondholders who want to stop the $51 billion purchase that is the largest private equity deal on record.
American International Group (AIG, Fortune 500), the world's largest insurer, no longer has to worry about a downgrade in the near future by Standard & Poor's, which ended its review of the company's debt due to its plan to raise capital.
But it does face a shareholder lawsuit from the Jacksonville Police and Fire Pension Fund, which is seeking class action status for its allegation that the company issued false and misleading statements relating to the insurer's finances. Still shares of the Dow component rose edged higher in after-hours trading.
In global trade, Asian stocks ended mixed. European shares also were mixed in midday trading.
http://money.cnn.com/magazines/fortune/fortune500/2008/snapshots/2469.html?source=story_f500_link
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