CIT Group Inc - The commercial lender said it would sell common stock and preferred shares to raise an additional $1B.
Jetblue Awys Corp - The discount airline reported a narrower-than-expected first-quarter loss as slower growth helped keep a lid on its costs despite skyrocketing fuel prices.
News Corp - The media conglomerate is close to buying Newsday from the privately-held Tribune Company, for around $580M. Separately, reports are that the managing editor of The Wall Street Journal, Marcus Brauchli, will resign.
Texas Instruments Incorporated - The chipmaker reported a jump in quarterly profit late Monday, but its outlook disappointed investors.
Unitedhealth Group Inc - The second-largest managed-care company in membership posted a worse-than-expected 7.2% increase in first-quarter net income and reduced its full-year outlook by 10% because of declines in its risk-based commercial business, high flu costs and lower investment income.

The major indices continue to post steep losses, but are trying to climb higher. There is an overall lack of leadership, as the only sectors in the green--energy (+0.2%) and telecom (+0.1%)--are basically clutching the unchanged mark.
Not everything is negative today. Intrepid Potash (IPI 50.29, +18.29) has soared 57% since its IPO this morning. The company is the second largest producer of potash--a crop nutrient--in the world. The gains today are even more impressive when considering its IPO was priced at $32 per share, which was well above the expected pricing of $27-to-$29 (which had been increased from $24-to-$26).

Crude making another push higher on a day when prices have been whippy. Earlier high at $119.90 remains intact for the expiring May contract but current price is only about $0.10 shy of that level. June trades at $118.85.

The euro surpassed $1.60 for the first time as European Central Bank officials said they'll increase interest rates if inflation doesn't slow.
The dollar weakened for a second straight day as oil surged above $119 a barrel and Federal Reserve Bank of Dallas President Richard Fisher said inflation is starting to grip U.S. consumers. South Africa's rand appreciated against all of the major currencies on bets rising consumer prices will force the central bank to increase its target lending rate.
The 15-nation currency strengthened against the dollar as ECB governing council member Christian Noyer said policy makers will act to restrain consumer prices if inflation doesn't slow.His colleague, Nicholas Garganas, said at a press conference in Athens that inflation will ``remain high'' in the coming months and isn't expected to fall at a ``rapid pace'' in the second half.
The dollar extended its drop against the euro after a U.S. industry report showed sales of previously owned homes fell in March. Purchases dropped 2 percent to an annual rate of 4.93 million, from 5.03 million in February, the National Association of Realtors said today in Washington. The Dallas Fed's Fisher said yesterday in a Fox Business Network interview airing today that inflation from rising food and energy prices has been so persistent that it's starting to affect consumers' expectations for future prices.
``I'm concerned that we might be on a path of higher inflation than we would otherwise have had,'' he said.
Fisher voted against interest-rate cuts at the Jan. 30 and March 18 meetings, and was joined in dissent by Philadelphia Fed President Charles Plosser at the March meeting.

-Unless inflation slows, next rate move could be a hike
-All agree price stability has absolute priority
-Eurozone economy seen holding up well to market turmoil
-Unclear outlook to keep ECB on hold for some time

Selling pressure eases as crude oil and the euro retreat off their respective all-time highs.

Naomi Hasegawa, senior strategist at Mitsubishi UFJ Securities - "There is talk that the Fed may cut interest rates by 25 basis points instead of 50 to 75 basis points as expected previously."

Stocks slipped early Tuesday as investors weighed Texas Instrument's weak outlook, upbeat earnings from AT&T and other Dow components, and record oil and gas prices. March existing home sales fell 2% to a 4.93 million annualized rate from the previous reading of 5.03 million. Economists thought sales would fall to a 4.92 million annualized rate.
Late Monday, TI reported higher quarterly earnings that met estimates. But the chipmaker also forecast current-quarter profit that was short of most estimates, citing weaker demand. On Tuesday, several analysts downgraded the stock. Shares fell 5%.
Dow component AT&T reported higher quarterly sales and earnings that were in line with expectations thanks to growth in its wireless division. Shares were little changed.
DuPont, also a Dow component, reported higher quarterly sales and earnings that topped estimates, thanks to higher prices and the benefit of the weak dollar. Shares of the chemical maker fell 3%.
McDonald's reported higher quarterly sales and earnings that beat forecasts, due to strong global sales and the weak dollar. Shares of the Dow component inched lower.
UnitedHealth Group reported higher quarterly earnings that missed forecasts on higher quarterly revenue that topped estimates. However, UNH cut its 2008 forecast by 40 cents per share, citing higher flu costs and projected membership declines, among other factors. Shares fell 8%.
Among other movers, CIT Group slumped 15% in active New York Stock Exchange trade after the financial services firm said it would raise $1.5 billion from a stock offering. The company has been hit hard by the mortgage and credit market collapse.

WSJ has released interview with Dallas Fed's Fisher (voter) which the text says shows he "again may be standing apart from hiscolleagues." Interview was done Monday, and Fisher said slower growthmay not address inflation concerns, US may face a long period ofanemic growth; lower interest rates may not help businesses create jobsuntil the credit system is repaired.

The major indices retreat back toward their session lows as the housing data fueled buying interest fades. The energy sector (+0.1%) has recovered into the green, as crude hits a fresh all-time high of $118.45 per barrel. An attack in Nigeria has disrupted supply. Crude oil has spiked more than 16% in April.

Nicole Elliott, senior technical analyst at Mizuho Corporate Bank - "Consolidating under last week’s new record high (1.5985), very much at the higher end of the range of the last six weeks. The Euro is not overbought and futures positions are well below last year’s record. For today if we can hold above 1.5850 this morning expect another upside probe at the highs later today."

Steve Barrow, currency strategist at Bear Stearns - "We saw a surprising rise in U.S. existing home sales last month but we suspect that this is a spike within a downtrend, not the sign of a recovery."

The stock market kicks off trade on a sour note as it digests a barrage of earnings reports.
Texas Instruments (TXN) is acting as major selling catalyst. The semiconductor manufacturer met its quarterly earnings expectations, but issued a disappointing outlook and was cautious on the near term outlook. The news is causing tech stocks (-0.6%) to underperform.
There were some other disappointing results coming from UnitedHealth (UNH), CME Group (CME) and UAL Corp. (UAUA).
There were, however, some bright spots. Dow components McDonald's (MCD) and DuPont (DD) topped their earnings estimates, while AT&T (T) met expectations. In addition, Coach (COH), Wyeth (WEYE) and Kimberly Clark (KMB) came out ahead of their respective consensus estimates.

Futures continue to indicate a lower start :S&P futures vs fair value: -3.6. Nasdaq futures vs fair value: -11.8. McDonald's (MCD) reported earnings of $0.76 per share, which topped expectations by six cents. UAL Corp (UAUA), operator of United Airlines, reported a larger than expected loss of $4.45 per share. Meanwhile crude continues to take out new records, as it hit an all-time high of $118.05 per barrel in earlier trade. On the economic front, traders will be paying attention to the March existing home sales report at 1400GMT. Economists expect home sales to slip to an annualized rate of 4.92 million from 5.03 million

Cable gets an added lift from the released speech from BOE MPC member Tim Besley. Rate breaks above the resistance area between $1.9915/25 and get within the raech of offers placed on the approach to $1.9950, more between $1.9980/85 ahead of stronger interest between $2.000/10.

Monetary Policy Can't Be Used To Prevent Econ. Adjustment
MPC Should Only Offset Downside Risks To Inflation

The euro rose against the dollar to within half a cent of a record high after European Central Bank governing council member Christian Noyer signaled policy makers may raise interest rates.
Europe's single currency also rose before the release of a private report economists say will show U.S. sales of previously owned homes fell in March, reinforcing speculation the Federal Reserve will keep cutting borrowing costs to shore up the economy. The Canadian dollar declined before a central bank meeting economists say will end with a half-percentage point cut in the benchmark rate.

EUR/USD fell to $1.5830 lows before rebounded to around $1.5968 after hawkish ECB comments. Now the rate trades at $1.5930. Offers $1.5980/85, $1.6000. Bids $1.5860/50, $1.5830/20.

GBP/USDStrong recovery in euro-dollar, saw cable again trail the move, recovering off lows of $1.9745, driving cable to $1.9915.

USD/JPY traded within Y102.80 -Y103.35 range. Offers Y103.40/50, bids Y102.80.

"The FOMC on April 30th is expected to cut rates, but investors are starting to price in hikes. The improved environment for Banks to raise capital has reduced systemic risks and limits the extent of the credit crunch. Deal flow is picking up and banks are reducing the backup in their pipelines from 2007."

The euro rose against the dollar to within half a cent of a record high after European Central Bank governing council member Christian Noyer signaled policy makers may raise interest rates.
``Our big problem is to make sure that inflation falls back below 2 percent next year,'' Noyer said today in an interview on RTL radio. ``We'll do what it takes for that,'' he said, adding, ``If needed we'll move rates.''
Noyer's comments ``need to be taken seriously, it means the ECB aren't going to be cutting rates anytime soon,'' Adrian Schmidt, a senior foreign-exchange strategist at Royal Bank of Scotland Group Plc, said in an interview on Bloomberg Television. ``The euro will break above $1.60.''
Europe's single currency also rose before the release of a private report economists say will show U.S. sales of previously owned homes fell in March, reinforcing speculation the Federal Reserve will keep cutting borrowing costs to shore up the economy. The Canadian dollar declined before a central bank meeting economists say will end with a half-percentage point cut in the benchmark rate.
``In this environment the rhetoric from the ECB, especially the hardliners, remains strong and the market's taking that on board,'' said Jeremy Stretch, a senior market strategist in London at Rabobank International, the third-largest Dutch bank. ``With fears about more negativity in the U.S. housing market, it looks like the euro-dollar's going to be biased on the upside.''
The Canadian dollar declined on speculation the nation's central bank will cut its main rate to the lowest level since December 2005, to help boost the economy as exports fall to the U.S., the nation's biggest trading partner.

The pound gets a general boost as euro-sterling extends correction away from failed challenge on stg0.8050. This rate breaks belolw support at stg0.8035/30 and seen easing back toward stg0.8020. If cable can build on the break seen opening a move toward $1.9880. Offers noted here with further interest placed around $1.9900.

Pullback away from earlier rally highs of $1.5968 seen meeting support around $1.5920 ($1.5919 38.2% $1.5830/1.5968). A break below this area to open a deeper move toward $1.5900 ahead of $1.5885/80. Offers now seen placed from around $1.5970, with interest strengthening into $1.5980/85. A break above this latter area to expose key 'psychological' level at $1.6000, holding as it does option barrier interest.

Resistance 3: Y105.00
Resistance 2: Y104.60
Resistance 1: Y104.00
Current price: Y103.30
Support 1: Y102.70

Support 2: Y102.20

Support 3: Y101.70

Comments: Dollar tries to rebound. Minor resistance comes around Y104.00, stronger – on Y104.60 (Monday’s high), with a break above will open the way to Y105.00. Support is around session low on Y102.70, stronger – at Y102.20. Below losses may widen to Y101.70.

Resistance 3: Chf1.0280
Resistance 2: Chf1.0200
Resistance 1: Chf1.0120

Current price: Chf1.00810

Support 1: Chf1.0060
Support 2: Chf1.0000

Support 3: Chf0.9960

Comments: Dollar set stable. Support comes at session low on Chf1.0060. Stronger level on Chf1.0000 with a break under widens losses to Chf0.9960. Resistance is around Chf1.0120, then – Chf1.0200. Stronger level is around Chf1.0280 (Apr 18 highs).

Resistance 3: $2.0020
Resistance 2: $1.9960
Resistance 1: $1.9880
Current price: $1.9840
Support 1: $1.9740
Support 2: $1.9690
Support 3: $1.9630

Comments: Support comes at session low on $1.9740, then - $1.9690. Stronger level is around trend support line from Apr 2006 at $1.9630. Resistance comes near hourly high on $1.9880, further – on $1.9960, stronger – around yesterday’s high on $2.0020.

Resistance 3:$1.6040
Resistance 2: $1.6000

Resistance 1: $1.5980

Current price: $1.5853

Support 1: $1.5850
Support 2: $1.5800
Support 3: $1.5710

Comments: Euro consolidates within the narrow range, holding below records. Resistance comes at life-time high on $1.5980. A break above will open the way to $1.6000 and $1.6040. Strong support is around session low at $1.5880. Below correction may dip to $1.5800. Stronger level comes at Apr 18 lows on $1.5710.

EUR/USD: $1.5725

USD/JPY: Y103.50, Y102.55, Y101.00

GBP/USD: $1.9800, $1.9615, $1.9600

EUR/JPY: Y164.60

AUS/USD: $0.9425

The Bank of Canada is expected to lower the repo rate, currently at 5.0%, by either 25bp or 50 bps on Tuesday. The Riksbank and Norges Bank meet Wednesday, with the Norges Bank seen raising the deposit rate by 25bp to 5.50% and the Riksbank expected to keep rates on hold at 4.25%. The Reserve Bank of New Zealand meets Thursday (announcement Weds aft US time), with the OCR expected to be left unchanged at 8.25%

From ML: “We reduce our 2008 US GDP forecast to 0.7% from 0.9%, though we now see the Fed cutting rates just 25bp at month's end. In Canada, we see the BoC easing 25bp.”

“ECB talk is still very much on the hawkish side and that's likely to support the euro,” said Ian Stannard, a senior currency strategist at BNP Paribas SA. “There's still a possibility we could see a spike up to $1.60.”

EUR/USD moves above $1.5900 – currently holding at $1.5932. Resistance is around yesterday’s high on $1.5950, stronger – life-time high at $1.5980.

EUR
Bids: $1.5850, $1.5810/00
Offers: $1.5880, $1.5915/25

JPY
Bids: Y102.00, Y101.70
Offers: Y103.20, Y103.50

GBP
Bids: $1.9780/70, $1.9750
Offers: $1.9800, $1.9820/30

AUSSIE
Bids: $0.9400
Offers: $0.9450, $0.9500

The yen rose for the first time in seven days against the euro as a decline in Asian stocks prompted investors to pare holdings of higher-yielding assets funded in Japan.
Gains in the dollar may be limited by speculation a housing recession will spur the Federal Reserve to lower interest rates. Sales of existing homes in the U.S. probably fell to an annual rate of 4.92 million in March, from 5.03 million the prior month.
The Fed has lowered the main lending target rate 3% since September to 2.25% to prevent widening financial company losses from pushing the U.S. economy into a recession. The ECB has kept its benchmark unchanged at 4% since June.

EUR/USD after some consolidation between $1.5890/$1.5920 fell to $1.5830 lows. Currently rate tries to rebound, holding around $1.5865.
GBP/USD continues to retreat, sliding from $1.9830 to $1.9744.
USD/JPY recovers from Y102.80 to Y103.20.

Today’s focus is on Bank of Canada rate decision. Analysts predict rate will be cut by 50 points from current 3.5%.

Japan's benchmark stock indices ended Tuesday's session lower, although shy of the session's worst levels. The benchmark Nikkei 225 was down 148.73 points, or 1.09%, at 13547.82. The broader-based TOPIX was down 20.05 points at 1311.46.

Stock market fixing:
Nikkei 225 +220.10 +1.60% 13,696.55
Topix +27.45 +2.10% 1,331.51CAC -51.34 -1.03% 4,910.35
DAX -56.53 -0.83% 6,786.55
FTSE 100 -3.50 -0.06% 6,053.00
Dow -24.34 -0.19% 12,825.02
NASDAQ +5.07 +0.21% 2,408.04
S&P -2.16 -0.16% 1,388.17
Light Crude (NYM) May 08 ($US per bbl.) 117.48 +0.79
Gold (CMX) June 08 ($US per Troy oz.) 917.60 +2.40

Japan's stocks rose in the longest winning streak for nine months, led by machinery makers on speculation emerging markets will sustain profit growth.
Komatsu Ltd. and Kubota Corp., the nation's biggest makers of construction machinery, surged after rival Caterpillar Inc. reported profit gains driven by international sales. Honda Motor Co. led a gain by carmakers after the yen weakened to the lowest in almost two months against the dollar, buoying U.S. earnings.
Komatsu advanced 7%, the highest since Dec. 28, while Kubota surged 7.1%. Hitachi Construction Machinery Co. climbed 5.6%, the highest since Feb. 29.
Honda, which gets more than half its profit from North America, soared 8.8%, the most since Oct. 26. Larger rival Toyota Motor Corp. jumped 5.1%. Nintendo Co. advanced 6.7%.
NEC Corp. soared 7.3%, the steepest advance since Jan. 25.

European stocks fell the most in a week after record oil prices dimmed the earnings outlook for airlines and carmakers and a slowing housing market weighed on Schneider Electric SA's sales.
Air France-KLM Group and Daimler AG slipped the most in a week after crude climbed above $117 a barrel. Schneider Electric posted its biggest drop since January as sales missed analysts' estimates. Royal Bank of Scotland Group Plc led banks lower after saying it may sell shares to shore up capital, while Barclays Plc declined on a Merrill Lynch & Co. downgrade.
Air France fell 2.8%. British Airways Plc slumped 4%.
Daimler lost 2%, while Bayerische Motoren Werke AG, the world's largest maker of luxury cars, slipped 1.6%. Renault SA, France's second-biggest carmaker, dropped 3.1%.
StatoilHydro ASA rallied 2.9%. Royal Dutch Shell Plc gained 2%.
Royal Bank of Scotland dropped 3%. The stock was downgraded to ``neutral'' from ``buy'' at Merrill.

Stocks closed mixed Monday as investors eyed Bank of America's weaker-than-expected results and record oil and gas prices and opted to step back.
Bank of America was hit hard by the credit market fallout, with profit in the first quarter falling 77% to 23 cents per share from $1.16 a share a year ago. Analysts surveyed by Thomson Financial expected earnings of 41 cents per share.
Drugmaker earnings. Dow component Merck reported higher quarterly earnings that topped estimates on higher sales that were short of forecasts. Fellow drugmaker Eli Lillyreported higher quarterly sales and earnings that were short of forecasts.
Commodity prices spike. Oil prices surged to a record $117.60 a barrel after an attack on a Japanese oil tanker off the coast of Yemen.

The euro rose to within a cent of a record against the dollar Monday as European Central Bank officials reiterated concern inflation has accelerated, increasing chances interest rates will stay at a six-year high.
Europe's currency gained for the first time in three days after policy maker Klaus Liebscher said record oil prices are starting to push up wages. The pound fell against the euro on speculation the Bank of England's plan to swap government bonds for mortgage-backed securities won't be enough to revive lending between banks. Mounting inflation in the euro area may lead policy makers to consider a rate increase, the Wall Street Journal quoted ECB policy maker Erkki Liikanen as saying. His colleague, Axel Weber, who last week said policy makers will assess whether the benchmark rate of 4% is high enough to contain ``intolerably'' fast inflation, speaks in Munich today.
The U.S. currency remained lower against the euro as Bank of America Corp., the second-largest U.S. bank, reported a 77% drop in first-quarter profit.
Futures on the Chicago Board of Trade show no chance the Federal Reserve will reduce the target rate for overnight lending by a half-percentage point at its April 30 meeting, compared with 42% odds a week ago. There's a 96% chance that policy makers will cut by a quarter-percentage point and 4% odds of no cut.
Sterling weakened as the Bank of England's plan to swap 50 billion pounds ($100 billion) of government bonds for mortgage- backed securities disappointed investors.

EUR/USD rose to $1.5944 from $1.5790 before retreated to $1.5880.
GBP/USD was under pressure, sliding from $2.0020 to $1.9808. Later rate rebounded to $1.9875, but failed to set there and backed off to the lows.
USD/JPY slid from Y104.00 to Y103.00.

Today’s focus is on Bank of Canada rate decision. Analysts predict rate will be cut by 50 points from current 3.5%.

Resistance 3: Y105.00
Resistance 2: Y104.60
Resistance 1: Y104.00
Current price: Y103.14
Support 1: Y102.70
Support 2: Y102.20
Support 3: Y101.70
Comments: Dollar tries to rebound. Minor resistance comes around Y104.00, stronger – on Y104.60 (Monday’s high), with a break above will open the way to Y105.00. Support is around session low on Y102.70, stronger – at Y102.20. Below losses may widen to Y101.70.

Resistance 3: Chf1.0280
Resistance 2: Chf1.0200
Resistance 1: Chf1.0120
Current price: Chf1.0110
Support 1: Chf1.0060
Support 2: Chf1.0000
Support 3: Chf0.9960
Comments: Dollar set stable. Support comes at session low on Chf1.0060. Stronger level on Chf1.0000 with a break under widens losses to Chf0.9960. Resistance is around Chf1.0120, then – Chf1.0200. Stronger level is around Chf1.0280 (Apr 18 highs).

Resistance 3: $2.0020
Resistance 2: $1.9960
Resistance 1: $1.9880
Current price: $1.9787
Support 1: $1.9780
Support 2: $1.9740
Support 3: $1.9630
Comments: Pound holds within a narrow range. Support comes at session low on $1.9780, then - $1.9740. Stronger level is around trend support line from Apr 2006 at $1.9630. Resistance comes near hourly high on $1.9880, further – on $1.9960, stronger – around yesterday’s high on $2.0020.

Resistance 3:$1.6040
Resistance 2: $1.5980
Resistance 1: $1.5920
Current price: $1.5873
Support 1: $1.5850
Support 2: $1.5800
Support 3: $1.5710
Comments: Euro consolidates within the narrow range, holding below records. Resistance comes at session high on $1.5920, then – life-time high on $1.5980. A break above will open the way to $1.6040. Strong support is around session low at $1.5880. Below correction may dip to $1.5800. Stronger level comes at Apr 18 lows on $1.5710.

China's benchmark Shanghai Comp is currently trading below the key 3,000 level for the first time in 13 months. The index is now down over 50% from the peak hit in October 2007.

High Low Close
EUR/USD 1.5945 1.5790 1.5905
USD/JPY 104.04 102.96 103.23
GBP/USD 2.0025 1.9776 1.9791
USD/CHF 1.0204 1.0062 1.0086

EUR/JPY 164.82 163.87 164.20
EUR/GBP 0.8039 0.7894 0.8036
GBP/JPY 208.10 203.93 204.30
GBP/CHF 2.0393 1.9926 1.9960

Change % Change Last
Nikkei 225 +220.10 +1.60% 13,696.55
Topix +27.45 +2.10% 1,331.51
CAC -51.34 -1.03% 4,910.35
DAX -56.53 -0.83% 6,786.55
FTSE 100 -3.50 -0.06% 6,053.00
Dow -24.34 -0.19% 12,825.02
NASDAQ +5.07 +0.21% 2,408.04
S&P -2.16 -0.16% 1,388.17
Light Crude (NYM) May 08 ($US per bbl.) 117.48 +0.79
Gold (CMX) June 08 ($US per Troy oz.) 917.60 +2.40

12:55 USA Redbook (19.04)
13:00 Canada BOC meeting announcement 3.00% 3.50%
14:00 USA Existing home sales (March), mln 4.93 5.03
23:50 Japan Trade balance (March) unadjusted, trln - 0.970