Tuesday Morning Coffee with TradingMarkets

Good Morning!

Fannie Mae Suffers $2 Bn Loss, Will Cut Dividend ... Oil Nearing New Record ... Legg Mason Announces Larger than Expected Loss ... Canada Backs Columbia Trade Agreement ... UBS To Cut 5,000+ Jobs ... Investors Nervous Before Cisco Earnings ...

Asian stocks down ... European stocks down ... The dollar is moving lower versus the euro, Japanese yen ... And the futures are trending lower in the hour before the bell.

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TradingMarkets 5 Business Stories You Need to Know

Sprint Nextel: Sell Off or Spin Off - BusinessWeek
Tough times at Sprint have the company considering sale or spin off of its Nextel division. A potential takeover by Deutsche Telekom is also being rumored.

Jerry Wang: After the Bid - Yodel Anecdotal
Yahoo CEO Jerry Wang muses on the company's future in the wake of Microsoft's aborted takeover bid at his blog Yodel Anecdotal.

USD/CAD = OIL? - DailyFX
Does the U.S. Dollar/Canadian Dollar pair offer traders a way to play the bull market in oil? Daily Fx currency analyst, Ilya Spivak finds correlation in the makets.

Marvel's Money-Making Iron Man - L.A. Times
It's first totally independent production, Marvel Enterprises' "Iron Man" was a box office hit.  Robert Downey Jr. plays the wealthy industrialist turned superhero.

Strike Hits General Motors - The Detroit News
Kansas strike only adds to woes facing American automakers during economic slowdown.

For more stories as they happen, go to our Breaking News section.

TradingMarkets 7 Stocks You Need to Know for Today

Here are 7 stocks for traders for today from TradingMarkets.com:

• Yahoo (YHOO | Quote | Chart | News | PowerRating) rallied late in the day to finish down 15% after Microsoft withdrew its bid for the company.
  
  
• Shares of Sprint (S | Quote | Chart | News | PowerRating) rallied on the news that the company was considering selling or spinning off Nextel as an independent entity.
  
  
• Fannie Mae (FNM | Quote | Chart | News | PowerRating) announced earnings before the open on Tuesday, reporting a first quarter net loss of $2.57 per share.
  
  
• Bank of America (BAC | Quote | Chart | News | PowerRating) announced that it planned to complete its take over of Countrywide Financial despite an analyst report critical of the takeover.
  
  
• Reporting earnings before the market opens on Tuesday, Sara Lee (SLE | Quote | Chart | News | PowerRating) announced earnings per share of of $0.22.
  
  
• The box office success of "Ironman" encouraged traders to bid shares of Marvel Entertainment (MVL | Quote | Chart | News | PowerRating) higher by more than 9% on Monday.
  
  
• Shares of General Motors (GM | Quote | Chart | News | PowerRating) lost more than 3% on news of a labor dispute at a plant in Kansas.
  

For a list of today's highest PowerRating stocks, click here.

TradingMarkets 5 PowerRatings Stocks for Today

TradingMarkets Tracking the Wizards

Sprint: Up or Down? - TradingMarkets
Do you think that Sprint will close up or down on Tuesday?  Play TradingMarkets Up or Down Daily Stock Contest and you could win over $11,000 in cash prizes for predicting the direction of a stock!

Put Options at Work: A Trader's Guide - TradingMarkets
Looking for a way to sell recent market strength?  Put options are the vehicle of choice for traders looking to take advantage of the potential for lower prices.

Forex Trader Top 3: Euro Bounce, Oil Looking Higher and Aussie Interest Rates - TradingMarkets
Forex expert Mark Whistler breaks down the outlook for currency traders given strength in the Euro and the potential for a pause in rates in Australia.

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