According to Reuters, Countrywide Credit (CFC) said that foreclosures rose to five year high and that its earnings would be hurt.
Reuters writes that AT&T (T) intends to invest $750 million to improve the delivery of global internet protocol services.
Reuters wirtes that lender New Century (NEW) is close to bankruptcy.
Reuters writes that a New Jersey jury ordered Merck (MRK) to pay $47.5 million in a Vioxx case.
Reuters writes that United Healthcare (UNH) will buy Sierra Healthcare (SIE) for $2.4 billion.
Reuters also writes that Texas Instruments (TXN) narrowed its forecast for the quarter and its shares fell.
The Wall Street Journal reports that HSBC (HBC) and other banks are failing in their efforts to get sub-prime lenders to buy back loans from them.
The WSJ writes that the sale of Chysler has attracted increased attention from several private equity firms including Cerberus, Blackstone and Centerbridge. .
The WSJ also reports that Boston Scientific (BSX) is considering an IPO of part of its endosurgery division. The move could bring in $1 billion.
The WSJ reports that China is considering building its own large commercial jet which could go into service by 2020 creating competition for Boeing (BA) and Airbus.
The WSJ also writes that federal prosecutors are stepping up an investigation of how Johnson & Johnson markets its "antipsychotic Risperdal; Topamax, a treatment for epilepsy and migraines; and Natrecor, for patients suffering from severe heart failure"
The New York Times writes that govenment officials are critical of Halliburton”s (HAL) plan to relocate its headquarters to Dubai.
According to the FT, Citigroup (C) is being pressed to raise its bid for Japanese brokerage Nikko Coridial as some of its large shareholders resist the dea.
Barron’s writes that shares in Yahoo! (YHOO) rebounded after the WSJ wrote that the company’s relationship with AT&T (T) might be in trouble. Some assurance from both companies helped the shares recover.
Douglas A. McIntyre
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