The Morning Download

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European Stocks, U.S. Futures Drop as Metals, Crude Oil Retreat From Rally

Analysts Turning Bearish on S&P 500 in Biggest Earnings Rally Since 2002

Stocks Are No Longer a Steal. The U.S. stock market no longer looks like a bargain after recent strong gains. A rise in price-to-earnings ratios suggests investors should be cautious. Even some who expect more gains see room for a pullback now.

A Taste for Risk Investors are aggressively returning to developing-world markets, driving stocks up 50% since the beginning of March. This month, investors plowed $4 billion into emerging-market investment funds.

Ackman to Make Case for Changing Target Board Activist shareholder Bill Ackman is holding a meeting Monday to make his case for his slate of dissident directors at retailer Target.

For Bullish Hedge Funds, 2009 Has Been a Winner Hedge funds as a group are up 4.2% through April, with 2009 so far much better for bulls than for bears.

  • Hedge Funds Are Piqued by White House
  • Heard: There’s Trouble in Quant Land

Hedge funds cut fees for investors. Charges reduced amid heavy outflows and complaints

  • Warning of hedge fund tax flight
  • Hedge funds have their best month in years
  • A harmful hedge-fund fixation

Mortgages Exceeding 5% Mean Quantitative Easing Amid Treasury Market Slump

Recovery in U.S. May Accelerate, Then Sputter as Zarnowitz Rule Gets Bent

Shortages stir coffee and sugar prices Supply problems could see prices ‘explode’

  • Raw materials surge as crude hits $58 level
  • Raw materials rises fuel hedging
  • Darker Times for Solar Power

U.S. Forced Chrysler Creditors to BlinkĀ  The government used its leverage as the sole willing lender to Chrysler to extract deep concessions from some of the U.S.’s biggest banks.

Training Faulted In Buffalo Crash The captain of a plane that crashed Feb. 12 near Buffalo, N.Y., had flunked numerous flight tests and was never adequately taught how to respond to the emergency that led to the plane’s fatal descent.

Administration Plans to Strengthen Antitrust Rules

Wells Fargo expects earnings to fill deficit Upbeat outlook for stress test forecasts

Rising Credit Card Losses Are Next Challenge for Banks

Cult of Common Equity Encouraged by Geithner Delays Consolidation of Banks

Shifting Their EnergiesVenture capital is moving away from alternative energy and returning to one of its traditional strengths: improving the efficiency of energy consumption.

Ad Losses Put Squeeze on TV News

Ochs-Sulzbergers May Need to Sell NYT Stake

No Slowing in Cash Flow for ‘Idol’

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