According to Reuters, Porsche made a below-market offer for control of VW. The smaller company believes that the offer will be rejected, but is required by law becase Porsche own over 30% of VW.
Reuters writes that Airbus has begun job cuts, and will eliminate 4,100 jobs in France.
The Wall Street Journal reports that Yahoo! (YHOO) plans to buy the 80% of Right Media that it does not already own for $680 million. The deal gets Yahoo into the online ad exchange market.
The Wall Street Journal also reports that large company stocks, which have lagged the market, are doing better due to strong earnings.
The WSJ also reports that shares in European chip-makers may rise. Companies like ST Microelectronics (STM) have forecast that chip demand will rise in the second half of the year.
The Wall Street Journal laso writes that Reuters (RTRSY) will begin to market a ?computer program that will scan news articles, measure whether companies are getting positive or negative news coverage and trigger stock trades based on the information."
The New York Times reports that ads for Pfizer’s (PFE) Viagra are getting more racy as the drug loses market share.
FT reports that management at Citigroup (C) is concerned that a large activist shareholder might try to get the bank to break itself into pieces.
Barron’s survey of large investors indicates that most think it will take the Dow much longer to get from 13,000 to 14,000 than it did to climb from 12,000 to 13,000.
Douglas A. McIntyre
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