We Need More Refineries. This Guy May Build One

Stocks are lower on a disappointing durable goods
report and weakness in a Dow component.  If transportation is
stripped out, orders fell. May durable goods orders rose 5.5%, much higher than
expected. Ex-transportationbranso, it fell -0.2%. New home sales for May rose 2.1% to
1.298 million units, more than expected.

Citigroup
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Mason’s
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Micron
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profit.

Guidant
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telling them not to implant certain devices. Some of its defibrillator devices
are subject to failure–and said the FDA may classify it as a recall. The
company is in a deal with Johnson & Johnson
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Cephalon
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for the development and rights to Vivitrex, a monthly shot for alcoholism. The
drug has been shown to cut heavy drinking from 19 days a month to 1.5 to 2.5
days per month. Vivitrex releases a drug daily that reduces the pleasurable
effects of drinking.

IBM will add 14,000 jobs in India this year, while cutting 13,000 jobs
in Europe and the U.S.

Richard Branson may build a refinery. The U.K. billionaire said his
Virgin Group Ltd. will decide in a few months–after a study–whether to build a
refinery. Says Branson: “I‘ve been considering building an
oil refinery because there’s an enormous shortage of oil-refinery capacity and,
as an airline owner, the more oil-refinery capacity that can be created,
hopefully we can drive prices down.”

Strong sectors are:   Brokers
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+1.69%   Biotech  
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+0.28%   Banks
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Weak sectors are:   Airlines  
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-2.40%     Computer Hardware
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-1.40%     Software
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NitroMed
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failure in Black patients.

Corinthian Colleges
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Alcoa
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stock is trading at multi-year lows.

Morgan Stanley cut the steel sector to cautious and US Steel
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Steel Dynamics
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