According to Reuters, the sharp drop in equity markets hit Asia with most markets down more than 2%.
Reuters reports that the fall in mortgage stocks was lead by Accredited Mortgage (LEND) and New Century (NEW). Fears about the drop in the sub-prime market spread to more mainstream financial companies including Washington Mutual (WM) and JPMorgan (JPM)
Reuters writes that Viacom (VIA-B) filed a $1 billion lawsuit against Google (GOOG) for copyright infringement from video pirated on YouTube.
Reuters also reports that Clear Channel (CCU) will delay the shareholder vote on its sale to private equity firms. Some investors have argued the the price of the transaction is too low.
Reuters writes that Carl Icahn has made a bid of over $1 billion to buy upscale home builder WCI Communities (WCI).
The Wall Street Journal writes that Goldman Sachs (GS) is thinking of moving deeper into the sub-prime lending market viewing the trouble in the industry as an opportunity.
The Wall Street Journal reports the Lehman (LEH) has bought an interest in hedge fund manager D.E. Shaw.
The Wall Street Journal writes that biotech firms are now facing competition from generics, an issue that has hurt the Big Pharma companies.
The Wall Street Journal also writes that Qualcomm (QCOM) has upped its forecast for the next quarter.
The New York Times reports that profits at Goldman Sachs (GS) rose 29% in the last quarter.
The New York Times reports that Microsoft (MSFT) has reached an agreement with PC company Lenovo to put its search toolbar on all Lenovo PCs, a move to challenge similar options from Google (GOOG) and Microsoft (MSFT).
The FT reports that GlaxoSmithKline (GSK) has received approval to sell its breast cancer treatment in the US.
Barron’s reports that Business Objects (BOBJ) may be a takeover target. If so it is trading too low given its revenue growth and margins.
Douglas A. McIntyre
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