According to Reuters, Amazon’s (AMZN) financial results show that its profit margins were squeezed in the last quarter.

Reuters writes that Starbucks (SBUX) will close 100 stores and say 2008 could bring a recession.

Reuters reports that bond insurance companies came under pressure with a Fitch downgrade of FGIC.

Reuters reports that NY State may use the powerful Martin Act securities fraud law to go after Wall St. firms which packaged mortgage-based products.

The Wall Steet Journal reports that MBIA (MBI) reported $3.5 billion in write-downs in its portfolio driving a $2.3 billion loss for Q4

The New York Times writes that Lilly is considering a $1 billion fine to settle claims against the company’s marketing of an antipsychotic drug.

The New York Times writes that William A. Ackman, a prominent money manager, said a failure of bond insurers could cause massive losses at big banks.

The New York Times writes that Altria (MO) will spin-off its international operation.

The Wall Street Journal writes that JC Penney will merge the buying operations of its stores and online services and cut jobs.

The FT writes that the head of Merrill Lynch (MER) see bail-outs of bond insurers coming company-by-company and not through an industry-wide bail-out.

The FT writes that inexpensive laptops from Asia could squeeze margins at big US PC makers including Dell (DELL), Apple (AAPL), and Hewlett-Packard (HPQ).

Bloomberg writes that Sony (SNE) turned in an increase in net income of 25% as its PS3 unit made a profit.

Douglas A. McIntyre

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