Today Stock Market News

Taking the opposite side — whether in buying an investment, or assuming a political or cultural standpoint - can be popular, but is it the right thing to do?

What does the ‘excessive eagerness’ that characterizes bear-market rallies actually look like? Mark Hulbert has some answers.

Japanese stocks get a boost from exporters, which move broadly higher on the yen’s weakness, in what has become a familiar story.

David Gregory is walking a fine line in his attempt to succeed the late Tim Russert as host of NBC’s “Meet the Press,” Jon Friedman says. Gregory is thrilled to have the job, but is aware of the burdens he faces in taking over for Russert, who was the king of Sunday talk shows.

Learn how to outfox the tax man and why there is no cure for ’swine flu’ stocks, all in this week’s Mutual Funds and ETF stories.

Macquarie says its profit for the fiscal year tumbled 52% as the financial services firm suffered from significant write-downs on its investments.

Japan’s core consumer price index falls 0.1% in March, the first year-over-year decline since late 2007.

HONG KONG (MarketWatch) — Asian markets traded mixed early Friday, with Japanese stocks lifted by exporters on a weakened yen and after Canon raised its annual outlook, while banking and mining shares declined in Sydney. The Nikkei 225 Average gained 0.7% to 8,887.64 and the broader Topix 1000 climbed 0.7% to 843.38. Australia’s S&P/ASX 200 fell 0.4% to 3,765.10, while New Zealand’s NZX 50 inched up 0.1% to 2,743.36. Several regional markets, including those in China, Hong Kong, India, South Korea and Singapore, were closed Friday for a holiday.

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Among the companies whose shares are expected to see active trade in Friday’s session are Chevron, MasterCard and Clorox.

LOS ANGELES (MarketWatch) — Japan reported Friday its core consumer price index fell 0.1% on year in March, after posting flat results in the previous two months. The drop was the first on-year fall in retail prices since September 2007 but was above market expectations for a 0.2% drop, according to Dow Jones Newswires. The headline CPI, which includes volatile items not grouped in the core reading, were up 0.3% on month but down 0.3% from the same time last year.

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Canadian stocks fall alongside their U.S. peers as Chrysler’s bankruptcy filing rattles traders, but the Toronto benchmark still ends the month with healthy gains.

Brazilian stocks advance following the central bank’s cut of its key interest to its lowest level on record as policymakers work to spur growth in Latin America’s largest economy.

In the midst of the worst recession for at least a quarter of a century, a weekend trip to Omaha, Neb. to hear a 78 year-old and his 85 year-old friend talk about investing may not seem like a good way to spend money. But this weekend, an estimated 35,000 Berkshire Hathaway shareholders will descend on the Midwest city to listen to Chairman Warren Buffett and Vice Chairman Charlie Munger do just that.

Investors still stung by the market downturn may want to consider the recent performance of growth-stock focused mutual funds as an antidote.

SAN FRANCISCO (MarketWatch) — Yahoo Inc. executives received bonuses at half of their targeted range for 2008, a trying year that saw the company’s share price sag amid an unsolicited takeover bid from Microsoft Corp. , the company said Thursday. President Sue Decker, who left Yahoo this past January, received a $600,000 bonus for 2008, while the company paid some $23,000 for her “car services” during the year, according to a proxy filing. Yahoo Chief Financial Officer Blake Jorgensen, who will be leaving the company when a replacement is found, received a $250,000 bonus for 2008, according to the filing.

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Shares of companies making notable moves in Thursday’s U.S. stock market include Bank of America, Citrix, Dow Chemical, MGM Mirage and Starbucks.

SAN FRANCISCO (MarketWatch) — Hartford Financial Services reported a first-quarter net loss of $1.209 billion, or $3.77 a share, late Thursday. That compares to first-quarter net income of $145 million, or 46 cents a share, a year earlier. The operating loss, which excludes net realized investment gains and losses, was $1.175 billion, or $3.66 a share, in the latest period. Hartford was expected to lose $3.05 a share, according to the average estimate of 14 analysts in a Thomson Reuters survey. The company said it will suspend all new variable annuity business in Japan and the U.K. Hartford also said it canceled plans to start selling variable annuities in Germany. At the end of March, Hartford said it had more than 500,000 policies in force and $30 billion of assets under management in Japan. Hartford shares fell 13% in after-hours trading on Thursday.

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Higher premiums and fees help Cigna more than triple its first-quarter profit, the insurance giant says Thursday.

Shares of MGM Mirage skyrocket after the company cuts a deal with a joint-venture partner — and its lenders — that will apparently ensure the completion of its massive CityCenter project.

SAN FRANCISCO (MarketWatch) — QLogic Corp. saw earnings slip 16% in its fourth fiscal quarter as sales declined across all the company’s networking businesses. For the quarter ended March 29, the company reported net income of $19.2 million, or 16 cents a share, compared to net income of $22.8 million, or 17 cents a share, for the same period the previous year. On a non-GAAP basis, the company said it would have earned $24.5 million, or 20 cents a share, for the recent period. Revenue fell 22% to $130.5 million. Analysts were expecting earnings of 21 cents a share on revenue of $135 million, according to consensus estimates from FactSet Research.

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SAN FRANCISCO (MarketWatch) — MetLife Inc. reported a first-quarter net loss of $574 million, or 71 cents a share, late Thursday. That compares to net income of $615 million, or 84 cents a share, a year earlier. Operating earnings, which exclude net realized investment gains and losses, were $159 million, or 20 cents a share, in the latest period. MetLife was expected to make 34 cents a share, according to the average estimate of 19 analysts in a Thomson Reuters survey.

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SAN FRANCISCO (MarketWatch) — Alcoa Inc. Thursday afternoon said it reached an agreement to sell its wire harness and electrical distribution business to Platinum Equity, a California-based private equity group. Terms of the deal were not disclosed. The transaction is expected to close by June and Alcoa plans to record a loss on the sale. Alcoa said in January it planned to sell the business that has operations in 13 countries and employs 17,500 people. The Pittsburgh, Pa.-based aluminum maker wants to sell the rest of its electrical and electronics business, too. Alcoa shares closed up 3% at $9.07.

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SAN FRANCISCO (MarketWatch) — Affiliated Computer Services Inc. said late Thursday that its fiscal third-quarter profit rose to $93.2 million, or 95 cents a share, from $82.6 million, or 85 cents a share, in the year-ago period. Excluding charges, the company would have reported earnings of $1 a share for the latest quarter. Revenue rose to $1.61 billion from $1.54 billion last year. Analysts surveyed by FactSet Research estimated a quarterly profit of 92 cents a share on revenue of $1.65 billion.

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NEW YORK (MarketWatch) — U.S. stocks on Thursday finished mostly lower for the day but solidly higher for the month, as confirmation of Chrysler LLC’s bankruptcy dented cheer over better-than-expected corporate results. The Dow Jones Industrial Average fell 17.61 points, or 0.2%, to end at 8,168.12, giving the blue-chip index 7.3% ahead for April. The S&P 500 declined fractionally, or 0.1%, to 872.81, which translates to an advance of 9.4% for April, the index’s best monthly rise since March 2000. The Nasdaq Composite rose 5.36 points, or 0.3%, to finish at 1,717.30, leaving the technology-laden index with a monthly gain of 12.3%, its best gain since October 2002.

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WASHINGTON (MarketWatch) - A controversial provision that would allow bankruptcy judges to modify mortgages for troubled homeowners was rejected by the Senate on Thursday. The provision, known as “cram-down,” failed on a vote of 45-51. A similar measure was approved by the House earlier this year. Citigroup Inc. endorsed a version of the measure earlier this year that would have allowed bankruptcy judges to modify loans that existed prior to the measure becoming law. However, since then most other financial institutions have lobbied furiously on Capitol Hill to make sure it was not adopted.

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SAN FRANCISCO (MarketWatch) - Maxim Integrated Products on Thursday reported third-quarter loss of $26.4 million, or 9 cents a share, compared with a profit of $61 million, or 19 cents a share for the year-earlier period. Revenue was $339.7 million, down from $487.4 million for the same period last year. The company’s per share loss included 10 cents a share for special expense items. Analysts had expected the Sunnyvale, Calif.-based chip maker to report a loss of 6 cents a share on revenue of $309.4 million, according to a consensus survey by Thomson Reuters.

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SAN FRANCISCO (MarketWatch) - Security software maker McAfee Inc. said Thursday its first-quarter net income rose to $51.8 million, or 34 cents a share, from $30.2 million, or 18 cents a share in the same period a year earlier. Santa Clara, Calif.-based McAfee said revenue for the period ended in March rose to $448 million from $369.6 million. Excluding special items, McAfee said earnings for the quarter were 57 cents a share. Analysts on average had been estimating McAfee would post earnings excluding special items of 48 cents a share, on $448.5 million in revenue, according to data from Thomson Reuters.

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SAN FRANCISCO (MarketWatch) — MBIA Inc. said Thursday it sued Merrill Lynch, now owned by Bank of America Corp. , alleging damages connected with $5.7 billion in credit default swap contracts. MBIA seeks the recission of certain CDS contracts on claims of misrepresentation and breaches of contract by Merrill Lynch. The transaction in question occurred between July 2006 and March 2007, MBIA said.

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WASHINGTON (MarketWatch) — Credit-card rate increases and practices seen as unfair are one step closer to getting the axe, following a Thursday vote from U.S. House lawmakers to approve consumer-friendly legislation. The House voted 357-70 to approve the bill that supporters say is necessary to curb abuses, while the industry warns about less access to credit and pricier terms. The House bill would take major actions such as prohibiting retroactive rate increases on existing balances, except under some circumstances, and requiring creditors to provide a written notice of any rate increase at least 45 days before the increase takes effect. A proposal in the Senate, which enjoys less bipartisan support, is expected to be voted on next week.

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SAN FRANCISCO (MarketWatch) — Chrysler Vice Chairman and President Tom LaSorda, shortly after it was announced that the automaker is headed into bankruptcy, said in a conference call Thursday that he will retire. He said that while he was asked by Fiat CEO Sergio Marchionne to stay, he has decided to spend more time with his family. LaSorda said there will be an official announcement on Friday, but he did not say exactly when his last day on the job would be.

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LOS ANGELES (MarketWatch) — Journal Communications Inc.’s board said Thursday that the media company will suspend its quarterly dividend on class A and B shares. “Given the continued challenging economy and business conditions, we believe that this will allow the company to continue to direct a significant portion of its cash flow to debt reduction,” said Chairman Steven Smith in a statement. In February, Journal Communications declared a quarterly dividend of 2 cents per class A and class B shares. The board has also suspended the payment of the cumulative dividend on its class C shares.

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NEW YORK (MarketWatch) - Target Corp. , the No. 2 U.S. discounter, urged in a letter to shareholders that they vote for the company’s slate of director nominees in its proxy contest with activist investor Bill Ackman of Pershing Square Capital Management. Target said Ackman’s assertion that the retailer’s director nominees lack experience in retail, credit cards and other business aspects is “simply wrong.” It also said that more than half of Pershing Square’s 7.8% stake in Target is made up of short-term derivatives. The derivatives, which expire in less than two years, “create an incentive to favor risk taking to affect short-term share price performance - even if it harms Target in the long run,” Target said. The two sides have traded in a war of words in the past few weeks as Target heads for its annual shareholder meeting May 28.

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BOSTON (MarketWatch) — The Food and Drug Adminstration said Thursday that it is requiring makers of Botox and rival products to display tougher warnings on their labels advising the products may trigger certain dangerous side effects. The boxed warning is the strongest the FDA can impose on a prescription drug without asking it be withdrawn from the market. The agency said that it is requesting the warning in the wake of reports that some users had experienced serious breathing problems after being injected with the products, which contain the same toxin that causes botulism. A small number of the affected users subsequently died. Most of the affected users had taken the drug to treat limb spasticity associated with cerebral palsy. Botox is marketed by Allergan Inc. . Similar products are also sold by Medicis Pharmaceutical Corp. , Ipsen, and Solstice Neuroscience.

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SAN FRANCISCO (MarketWatch) — Black & Decker Corp. said Thursday it will cut its quarterly dividend to 12 cents from 42 cents to preserve capital. The 12-cent dividend will be paid June 26 to shareholders of record as of June 12. The company hopes to save about $54 million in 2009 from the dividend cut. Black & Decker shares rose 4.6% to $40.04 in recent trading.

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Technology stocks stay in positive territory, though major indexes pare gains from earlier in the session.

Energy stocks draw strength from a sustained rally in the broad market on optimism over corporate earnings, even as Exxon Mobil fallls back from recent gains on weaker-than-expected profit.

NEW YORK (MarketWatch) — Gold futures fell Thursday, marking their second monthly loss, as declining U.S. jobless claims and rising stocks raised hopes for an economic recovery, reducing gold’s investment appeal. Copper gained more than 2%. Gold for June delivery lost $9.30, or 1%, to end at $891.20 an ounce on the Comex division of the New York Mercantile Exchange. The contract ended the month down 3.7%.

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SAN FRANCISCO (MarketWatch) — Standard & Poor’s said Thursday it downgraded American Express Co. to BBB+/A-2 from A/A-1 on liquidity concerns. S&P also lowered the preferred stock rating on the company to BB from BBB. The outlook is negative. “The ratings action is based on our view that funding and liquidity will remain concerns in the long term in the context of a business strategy that we believe will remain largely wholesale funded,” said John Bartko, an S&P credit analyst, in a statement.

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SAN FRANCISCO (MarketWatch) — The Securities and Exchange Commission is investigating trades of Schering-Plough Corp. shares just before Merck & Co. announced a deal March 9 to acquire the drug maker, The Wall Street Journal reported Thursday on its Web site, citing people familiar with the matter. The SEC probe is examining whether anyone traded shares using inside information about the merger negotiations, according to the Journal. Shares of Merck rose 1.7% to $24.31 and shares of Schering-Plough rose 1.3% to $23.03 in recent trading.

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Wall Street analysts hike their targets for First Solar as shares of the largest U.S.-based solar panel maker by market capitalization rally on better-than-expected profits.

BOSTON (MarketWatch) — The acting director for the Centers for Disease Control said Thursday that closing U.S. borders to prevent further spread of the swine flu would be largely ineffective. The CDC’s Richard Besser told reporters that shutting borders can slow the spread of a flu virus disease for perhaps a few weeks, but only if it is done very early during the course of an outbreak. Once the disease appears within a nation, “those measures don’t have any added value,” he said. Besser added the resources required to shut down the borders at this point could be better used elsewhere. Currently, U.S. borders remain open, although border patrol personnel are actively on the lookout for potential flu victims and advising travelers about the flu outbreak.

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SAN FRANCISCO (MarketWatch) — Robert Nardelli told CNBC on Thursday that the U.S. Treasury did not ask him to step down as Chrysler’s chief executive but that he expects the company’s new board to name its choice for the CEO position after what he sees as a quick trip through bankruptcy court. “Our goal is to get through this thing in the next couple months,” he said.

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WASHINGTON (MarketWatch) — President Barack Obama said Thursday he’s confident Chrysler LLC will emerge “stronger and more competitive” after a brief bankruptcy. Obama said the U.S. auto giant is getting “a new lease on life” with its alliance with Italian auto maker Fiat. He also criticized a group of hedge funds for holding out on re-negotiating Chrysler’s debt. “I don’t stand with them,” he said.

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BOSTON (MarketWatch) — The acting director of the Centers for Disease Control said Thursday that the World Health Organization’s recent move to raise its alert level for a potential pandemic of the swine flu a positive development. On Wednesday, WHO raised its warning level to 5, with 6 signifying an actual global pandemic. “This is a good thing, it’s a wake-up call to the global community,” said the CDC’s Richard Besser. He added that the level 5 alert will push nations to “pull out their pandemic plans” and determine what resources they will need to deal with a pandemic.

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SAN FRANCISCO (MarketWatch) — The Obama administration announced Thursday that Chrysler LLC, the third-biggest U.S. automaker, will finally be thrown into the bankruptcy courts to alleviate its hefty debt burden after creditors balked at a last minute cash offer. A senior administration official said a deal with Fiat was also achieved, which will give the Italian automaker a 20% stake in Chrysler to start and will rise to 35% as certain milestones are reached. The government said that it expects the “quick and surgical” bankruptcy to last between 30 and 60 days and that the process won’t effect the day-to-day business of selling cars and covering warranties.

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NEW YORK (MarketWatch) — Crude-oil futures reversed earlier losses and moved higher in late morning trading Thursday, as rising stocks and declining jobless claims raised hopes for an economic recovery. Crude for June delivery rose 35 cents, or 0.7%, to $51.32 a barrel in electronic trading. It fell 1.5% to as low as $50.21 earlier.

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Cardinal Health said Thursday that its first-quarter profit fell sharply on the back of a deferral in hospital capital spending even as its bulk pharmaceutical volume posted a hefty increase.

Oil futures edge below $51, pivoting off earlier gains, as rising crude inventories and strength in the dollar appear to carry more weight with traders than hopes for a global economic recovery.

NEW YORK (MarketWatch) — The national average interest rate on the benchmark 30-year, fixed-rate loan averaged 4.78% in the week ending Thursday, down from last week’s 4.80% and the year-ago 6.06%, according to Freddie Mac’s weekly survey. That ties a record low set during the week of April 7. The 15-year fixed-rate loan averaged 4.48%, unchanged for the third consecutive week and down from the year-ago 5.59%. The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 4.80%, compared with 4.85% a week ago and 5.73% a year ago. One-year Treasury-indexed ARMs averaged 4.77% this week, down from last week’s 4.82% and the year-ago 5.29%. “The housing market may be edging towards a bottom,” said Frank Nothaft, Freddie Mac vice president and chief economist. “Existing-home sales stayed near [the] four-month average in March while new-home sales were stronger than the market consensus. More importantly, the inventory of unsold new homes fell to the lowest number since January 2002.”

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CHICAGO (MarketWatch) — Comcast Corp. Chief Financial Officer Michael Angelakis cautioned that the economy remains very weak, with high unemployment rates and other difficulties that combine to make Comcast “conservative” about the uses of its cash as the year progresses, despite the company’s ability to generate strong free cash flow in the first quarter. Comcast is always looking at how it will allocate capital, including the possible resumption of buybacks, Angelakis said. (Corrects attribution of company quotes regarding stock buybacks.)

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