Today Stock Market News

Currency traders know Albert Einstein was right: All things — especially in the currency market — are relative.

WASHINGTON (MarketWatch) — The Democratic Party’s rules commmitte voted Saturday to seat the Michigan delegation to the Denver convention at half strength, and give Sen. Hillary Clinton 34.5 votes and Barack Obama 29.5 votes. The committee had voted earlier Saturday to seat Florida’s delegation at half strength as well. The two states had been stripped of all their votes as punishment for holding their primaries early. The Clinton campaign strenously objected to giving Obama delegates based on assumptions about his support among those who voted for an uncommitted slate and those who wrote in his name. Obama’s name was not on the ballot in Michigan.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

WASHINGTON (MarketWatch) — The Democratic Party’s rules commmitte voted Saturday to seat the Florida delegation to the Denver convention at half strength. The decision represented a compromise between the factions of Sens. Hillary Clinton and Barack Obama. The committee had voted earlier to strip all votes from Florida as punishment for holding its primary early. Clinton wins a net gain of 12.5 votes over Obama.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

WASHINGTON (MarketWatch) — Sen. Barack Obama has left his church, the Chicago Sun-Times is reporting. Obama’s reported resignation from Trinity Baptist Church in Chicago comes amid fallout over Obama’s association with his controversial former pastor, Rev. Jeremiah Wright, who previously preached at the church. Obama had earlier distanced himself from Wright. News of the resignation comes as the Democratic Party is meeting Saturday to decide the fate of votes from primaries in Florida and Michigan.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

A MarketWatch report on Abbott Laboratories’ TriLipix drug misstated the stand-alone drug in the comparison for bad cholesterol reduction. The study showed that bad cholesterol was reduced an average of up to 39% using a combination of TriLipix and Crestor, compared with about 7% using TriLipix alone.

Quipp says its previously announced acquisition by Illinois Tool Works has been priced at $5.41 a share and that the deal will close soon.

Democratic Party officials hold a pivotal meeting to decide if and how to seat Michigan and Florida convention delegates, with the outcome likely to determine the fate of Sen. Hillary Clinton’s presidential bid and possibly the party’s chances of retaking the White House.

Thank you all for coming. This has been an extraordinary primary season. And we know it will be an historic election.

Saudi Arabia will reportedly continue to peg its currency to the U.S. dollar citing benefits from the arrangement.

Abbott Labs says new data show combining its experimental drug TriLipix with AstraZeneca’s Crestor improves cholesterol in three key measures.

Drug firms Wyeth and Novartis each report key new uses for their respective cancer drugs.

The Democratic Party reaches a crossroads in Washington on Saturday, as party officials attempt to find a solution to a dispute over the Florida and Michigan delegations that honors the party’s rules and values without destroying the Democrats’ unity and hopes of retaking the White House.

Genentech says a second Phase III study shows its drug Avastin can stop the progression of metastatic breast cancer when combined with chemotherapy.

The Democratic Party reachs a crossroads in Washington on Saturday, as party officials attempt to find a solution to a dispute over the Florida and Michigan delegations that honors the party’s rules and values without destroying the Democrats’ unity and hopes of retaking the White House.

Investors turn next week to the key monthly numbers on employment, while keeping an eye on oil prices, to determine whether the market’s 2 ½-months-long advance can continue.

Porsche has been building sports cars as long and as well as anyone in the business. They are beautifully designed, long lasting, and to be blunt, just extraordinary cars.

In case you missed them, here are the top 10 Personal Finance stories from MarketWatch for the week of May 26-30:

TEL AVIV (MarketWatch) — An Israeli security firm is hoping that intruders will find that dogs’ barks really are worse than their bites.

Among the companies whose shares are expected to see active trade in Monday’s session are Thornburg Mortgage, Lululemon, and Lionsgate.

Investors turn next week to the key monthly numbers on employment, while keeping an eye on oil prices, to determine whether the market’s 2 ½-months-long advance can continue.

Check out MarketWatch.com over the weekend for more news and features. We’ll be covering the key meeting of the Democratic Party as they wrestle with how to award delegates from the disputed Michigan and Florida primaries. Weekend features, meanwhile, include a look at how recent merger speculation may affect the beer industry, a look at the Chinese yuan and a package of stories about how you make your dollar go farther overseas in this expensive summer travel season.

A mutual-fund manager whose firm is among Yahoo’s biggest shareholders is keeping an open mind about alternative alliances between the company and Google or Microsoft, while maintaining that the best course for Yahoo is to negotiate its own sale.

SAN FRANCISCO (MarketWatch) — First Integrity Bank NA of Staples, MN., was closed by the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation was named receiver, the FDIC said late Friday. The closure marks the fourth U.S. bank failure of 2008. All deposit accounts have been transferred to First International Bank and Trust of Watford City, N.D. and depositors of First Integrity will automatically become depositors of the assuming bank. In addition, First International will purchase about $35.8 million of First Integrity’s assets for a total premium of $2.03 million, said the FDIC. The FDIC will retain about $18.9 million in assets for disposition later.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

SAN FRANCISCO (MarketWatch) — Canadian stocks higher, led by a recovery in the energy and materials sectors in line with futures prices.

SAN FRANCISCO (MarketWatch) — The rate of fiscal stimulus payments slowed in the fifth week, with about 5.8 million payments sent in the week ending May 30, compared with 6.2 million a week earlier, says the U.S. Treasury.

Washington events for June 2 - 6

As the summer beer-drinking season gets ready to kick into gear, reports are swirling that Anheuser-Busch could be the target of a buyout attempt by Belgian-based (but Brazilian-run) InBev in a deal that could put the sole remaining big-cap American brewer into foreign hands.

SAN FRANCISCO (MarketWatch) — Last year, Hurricanes Dean and Felix smashed into Mexico’s Yucatan peninsula and Nicaragua.

Late-traded technology stocks hold steady Friday evening, on the heels of regular-session gains that helped lift up the sector’s benchmark index by nearly 5% for the month.

SAN FRANCISCO (MarketWatch) — Lionsgate Entertainment Corp. late Friday reported it swung to a net loss of $74 million, or 62 cents a share, in fiscal 2008 from a net income of $27.5 million, or 25 cents a share, in 2007. Revenue increased to $1.36 billion from $976.7 million a year ago. Analysts surveyed by FactSet Research had forecast a loss of 50 cents a share on revenue of $1.23 billion.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

Crude-oil futures climb to end the month more than 12% higher as energy traders, keen to boost positions ahead of the official start of the Atlantic hurricane season, help fuel an 8% monthly gain in natural-gas prices.

SAN FRANCISCO (MarketWatch) — Chrysler Chairman and Chief Executive Bob
Nardelli injured his back last weekend and will be working from home next week, the auto maker said late Friday. Nardelli is expected to be back in the office on June 9. The company did not elaborate further on the extent of the injury.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

NEW YORK (MarketWatch) — U.S. stocks on Friday ended the session and month mostly ahead, as personal computer giant Dell Inc. reported profits that exceeded forecasts and the government said a key gauge of inflation was temperate in April. The Dow Jones Industrial Average fell 7.9 points to end at 12,638.32, giving it a 1.4% loss for the month. The S&P 500 climbed 2.12 points to 1,400.38, a gain of 1.1% for May. The Nasdaq Composite gained 14.34 points to 2,522.66, a monthly rise of 4.6%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

NEW YORK (MarketWatch) — Exxon Mobil spokesman Gantt Walton said in an e-mail to MarketWatch that the company was among many firms contacted as part of a wide-ranging probe of oil trading. “We, like many companies, have been contacted by the Commodity Futures Trading Commission for information but it is our understanding that we are not the focus of the investigation,” Walton said. The energy giant runs a large energy trading operation.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

SAN FRANCISCO (MarketWatch) — Standard & Poor’s Ratings Services on Friday raised Hanover Insurance Group’s counterparty credit rating by one notch to BBB- from BB+. The rating is now investment grade. “The rating actions reflect the company’s good competitive position and the successful execution of management’s strategy to refocus the company on its property/casualty business. They were also based on its improved operating performance, strong capital position, and very strong financial flexibility,” said John Iten, a credit analyst at S&P. The outlook on Hanover Insurance Group is stable.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

SAN FRANCISCO (MarketWatch) — Shares of Novell Inc. rose more than 5% Friday, one day after the software company said it swung to a profit in its fiscal second quarter. Novell , which provides open source software and services to businesses, posted quarterly results late Thursday including $235.67 million in revenue. Analysts had been estimating Novell would post revenue of $234.3 million, according to FactSet Research. Novell shares rose 37 cents to $7.08.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

SAN FRANCISCO (MarketWatch) — Crude oil for July delivery closed at $127.35 a barrel on the New York Mercantile Exchange Friday, up 73 cents for the day. It recovered from a two-week low set earlier in the session with traders eyeing Sunday’s official start of the Atlantic hurricane season. The June crude contract, which expired early last week, closed at $113.46 on April 30, so crude futures prices are up 12.2%, or $13.89, for the month. But after a slide of over $4 Thursday, July crude ended the week 3.7% lower.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

SAN FRANCISCO (MarketWatch) — Analog Devices Inc. and Chief Executive Jerald Fishman finalized their settlement with the Securities and Exchange Commission on its investigation into the company’s stock option granting practices, the company said Friday. Without elaborating further, Analog Devices noted the SEC did not charge either the company or Fishman in regard to grants of options prior to the release of favorable financial results.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

SAN FRANCISCO (MarketWatch) — Dish Network and EchoStar Corp. filed a lawsuit against TiVo Inc. on Friday, claiming that their DVR software does not infringe on TiVo’s patent. “This action is independent of Tivo’s anticipated motion for contempt in the Eastern District of Texas. We believe any contempt motion by Tivo should be denied because we are in full compliance with the injunction,” said Dish and EchoStar in a joint statement.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

NEW YORK (MarketWatch) — American Airlines parent AMR Corp. said Friday it will layoff about 400 employees at its San Juan, Puerto Rico, location. Additionally, American Airlines will reduce its daily flights to Puerto Rico to 18 from 38, and American Eagle’s schedule will go to 33 from 55, said spokeswoman Minnette Velez, in an email. In total, both airlines will have 51 flights out of San Juan, she said.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

SAN FRANCISCO (MarketWatch) — Legendary hedge fund manager George Soros and a top executive at the Chicago Mercantile Exchange are set to testify next week on manipulation in the energy markets, as Washington widens its probe of what’s driving record-high oil prices.

Marvell Technology appears poised for a turnaround boosted by strong PC and cell phone demand, and by what now appears to have been a wise decision to buy Intel Corp.’s mobile communications chip business two years ago, analysts say.

SAN FRANCISCO (MarketWatch) — Delta Air Lines Inc. will cut at least 1,000 more jobs than originally planned because more workers than expected took the company’s voluntary severance packages, The Associated Press reported Friday. Delta told the AP that more than 3,000 employees took the package. Earlier in the year, the airline had said it would accept more job cuts if severance package takers exceeded the company’s goal of 2,000.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

Technology stocks edge up on strong earnings from Dell and Marvell, even as the broader market trades mostly flat.

SAN FRANCISCO (MarketWatch) — August gold closed at $891.50 an ounce Friday, up $9.80 for the session, but it was still 4.2% lower for the week with moves in the U.S. dollar and oil key to the precious metal’s level of investment demand. The contract finished the month with a gain of more than $22.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

NEW YORK ( MarketWatch) - The British Bankers’ Association said Friday it made no changes to which banks contribute to its panels to set the daily London inter-bank offered rate, or Libor, which is the benchmark for borrowing costs ranging from interest-rate futures to mortgage loans. In a press release distributed at about 6 p.m. in London, the group said it “will be strengthening the oversight of BBA Libor. The details will be published in due course.” Investors had been awaiting a plan by the organization to address concerns that some banks had been underreporting their borrowing rates at out of fear they would be penalized if outsiders thought they were paying more for funding because of financial strains.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

SAN FRANCISCO (MarketWatch) — UDR Inc. said Friday it named David Messenger as chief financial officer, effective June 2. Messenger succeeds Michael Ernst, who is stepping down citing travel demands given the company’s headquarters relocation to Denver.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

SAN FRANCISCO (MarketWatch) — AirTran Airways, a subsidiary of AirTran Holdings , will defer delivery of 18 Boeing 737-700 aircraft, the airline said Friday. The planes were originally scheduled for delivery between 2009 through 2011 and 2013 through 2014. “As we stated during our first quarter earnings call, as a result of continuing record high fuel costs, we are reducing planned growth for September, 2008, through at least 2009 from 10% to no more than flat,” said Bob Fornaro, president and chief executive of AirTran Airways, in a statement. The move will contribute significantly to its plan, he added.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

SAN FRANCISCO (MarketWatch) — Ford Motor will start producing its Fiesta model for the North American market at its Cuautitlan Assembly Plant near Mexico City beginning in early 2010, the automaker said Friday. It will also add a sporty European hatchback model to its North American lineup. The facility, which currently produces F-Series pickups for the
Mexican market, will be refurbished to manufacture small cars. Ford will also establish a new transmission plant in Guanajuato in a joint venture with Getrag to support various Ford products. The car maker is investing $3 billion in its multi-plant development effort and the investment is expected to create about 4,500 Ford jobs, it said.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

WASHINGTON (MarketWatch) — To date, the financial market turmoil has impacted mostly large international banks, but smaller financial institutions may yet get dragged into the tumult, said Eric Rosengren, the president of the Boston Fed on Friday. A weak housing market has turned into one with “major declines” and have begun to impact some financial institutions that had taken outsized positions in construction loans or focused on other types of consumer debt, he said. Research into the collapse of housing prices in New England in the 1990s shows that foreclosure issues can last much longer than most economists assume, Rosengren said. Riskier loans in general have made delinquencies in this downturn about the same as the 1990s even though economic conditions are not as bad this year, he said. Should the economy worsen, the housing problem could become much more severe, he said.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.