U.S. Stocks Gain on M&A; GlobalSantaFe, Transocean, Merck Shares Advance

(Bloomberg) -- U.S. stocks gained after $35 billion
in acquisitions allayed concern that this year's record pace of
takeovers will slow and Merck & Co.'s earnings topped analysts'
estimates.

GlobalSantaFe Corp., the world's second-biggest offshore
oil and gas driller, climbed to a record after agreeing to be
bought by larger rival Transocean Inc. Merck jumped the most in
more than three months and accounted for almost a third of the
Dow Jones Industrial Average's advance.


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U.S. Stocks Rise on Earnings; IBM Leads Dow Average, S&P 500 to Records

(Bloomberg) -- U.S. stocks gained after
International Business Machines Corp. and Bank of America Corp.
reported earnings that topped analysts' estimates.

IBM, the world's biggest provider of computer services,
climbed the most since 2003 and led the Standard & Poor's 500
Index and Dow Jones Industrial Average to records after saying
software acquisitions boosted results. Bank of America, the
second-largest U.S. bank, rose on private-equity gains and
investment-banking revenue growth.


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U.S. Stocks Retreat on Earnings, Mortgage Concerns; Intel, Financials Fall

(Bloomberg) -- U.S. stocks fell after Intel
Corp.'s earnings report spurred concern profit estimates for
computer companies are too high and Bear Stearns Cos. said the
subprime mortgage crisis wiped out investors in two of its
hedge funds.

Intel, the world's biggest chipmaker, declined the most
since January and led the Dow Jones Industrial Average lower
for the first time in six days. Financial shares posted the
steepest drop in the Standard & Poor's 500 Index after Bear
Stearns said investors in the funds may not get any money back.


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Hedge funds have small June gains - tracking firms

(Reuters) - The Standard & Poor's 500 index slipped 1.8 percent last
month while the Dow Jones Industrial Average slipped 1.6
percent.




Hedge funds gained 2.45 percent in May, 1.78 percent in
April and 1.09 percent in March, the Hennessee Group said.


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Dow Average Futures Advance as Bond Yields, Oil Drop; GM, Blackstone Gain

(Bloomberg) -- Dow Jones Industrial Average futures
rose after bond yields fell and oil prices dropped.

General Motors Corp. climbed after Goldman, Sachs & Co.
advised clients to buy shares of the biggest U.S. automaker
because the United Auto Workers union may offer larger-than-
expected concessions. Blackstone Group LP, the private-equity
firm valued at $38 billion after its initial public offering June
22, also gained.


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