S&P futures vs fair value: -8.5. Nasdaq futures vs fair value:
-11.2. The futures market has been beaten back on the employment
report and is signaling a lower start for stocks when trading begins.
Rising oil prices, up 2.7% to $131.40, are acting as another buying
deterrent.
AIG: The Securities and Exchange Commission is investigating the
insurer American International Group for possibly overstating the value
of contracts connected to subprime mortgages, reported The Wall Street
Journal. AIG (AIG, Fortune 500)
National City Corp: Its banking unit entered a confidential,
probation-like agreement with the Office of the Comptroller of the
Currency to work out its financial problems related to bad loans,
reported The Wall Street Journal. National City (NCC, Fortune 500)
Bank of America-Countrywide: The Federal Reserve approved Bank
of America's proposed $4 billion acquisition of distressed subprime
mortgage lender Countrywide Financial.
Lehman Brothers: The investment bank might release its
second-quarter earnings a week early, in conjunction with its announced
plans to raise capital, reported The New York Post. The investment firm
had planned to release earnings on June 16. Lehman