Reuters:   California declared a financial emergency.

Reuters:   An SEC attorney raised concern about a Madoff report in 2004.

Reuters:   Auto parts supplier Lear filed for bankruptcy.

Reuters:   NYC apartment sales are down more than 50%.

Reuters:   Beijing Automotive will bid for Opel.

Reuters:   GM told a judge asset sales was its only option.

Reuters:   The Treasury will name 9 managers for its toxic asset plan.

Reuters:   Investors are turning to stock picking after the big rally.

Reuters:   Domestic cars sales were down again and Ford (F) picked up share.

Reuters:   The rights offering for Rio Tinto (RTP) had a strong demand and Chinalco kept its percentage steady.

Reuters:   Madoff customers have gotten $231 million so far.

WSJ:   The appointment of the president of the NY Fed shows how little power regional directors have.

WSJ:   Big pay packages are back on Wall St. and Goldman Sachs (GS) workers may get an average of $700k this year.

WSJ:   Boeing (BA) is tightening its grip on 787 production.

WSJ:   Housing and ISM data lifted stocks.

WSJ:   Beazer (BZH) will pay up to $53 million in fines to settle mortgage fraud charges.

WSJ:   GM will aim at an IPO next year.

WSJ:   GM sales show the importance of China.

WSJ:   A law cutting mobile phone fees in the EU took effect.

WSJ:   Sirius (SIRI) raised the compensation of CEO Mel Karmazin.

WSJ:   Inflation is unlikely because unemployment is so high.

WSJ:   BP (BP) bid to build oil field in Iraq faces challenges.

WSJ:   The price of the AIG (AIG) investment unit appears to be falling.

WSJ:   NYSE (NYX) has cut trading times to five milliseconds.

WSJ:   S&P’s (MHP) bond rating chief left.

WSJ:   China’s massive loan expansion may become a problem.

WSJ:   Roche cut the Tamiflu price for developing countries.

WSJ:   Dow Chemical (DOW) will cut three plants.

WSJ:   Overstock (OSTK) dropped affiliates in four states to protest taxes.

WSJ:   The new president of News Corp (NWS) could earn $43 million in his first year.

NY Times:   GM must complete the sales of its assets by July 10 or it could lose government financing.

NY Times:   A cut in risk at Morgan Stanley (MS) may lead to a loss.

NY Times:   Banks are increasing fees to offset losses.

NY Times:   Anti-smoking drugs Chantix, made by Pfizer (PFE), and Zyban, made by GlaxoSmithKline (GSK), can could lead to suicide and mental illness in some cases.

NY Times:   Facebook will offer new features to help users maintain privacy.

FT:   Data are showing signs of a global recovery.

FT:   SEC is urging rewarding whistle blowers.

FT:   K-Mart (SHLD) will offer discounts to the unemployed.

FT:   WPP’s CEO sees no signs of an economic recovery.

Bloomberg:   The stimulus package is probably not improving hiring.

Douglas A. McIntyre

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