Quote of the Day

"You never will be the person you can be if pressure, tension, and discipline are taken out of your life." - James G. Bilkey

Morning News of Note:

• PG: Ad Icon P&G Cuts Commitment To TV Commercials Top U.S. Advertiser Explores New Ways to Reach Viewers; A Product-Placement Surge Procter & Gamble Co., the consumer-goods giant and marketing icon, is sharply cutting how much it commits in advance to buying television commercials next season, according to people familiar with the situation. The move by P&G, the maker of well-known brand items such as Tide, Crest and Pampers, is the latest sign of rapid changes in how companies reach consumers and TV networks and cable channels draw revenue. (Full Story) WSJ
• MO RAI VGR LTR: Tobacco Accord Seems Likelier As Government Cuts Demands Slashing Cost to $10 Billion For Stop-Smoking Program May Help Bring Settlement The move by lawyers for the Justice Department to scale back their demands in a sprawling government antitobacco lawsuit -- to $10 billion from an anticipated $130 billion in funding to help smokers quit -- could bring the sides a step closer to settlement, or at least give the government's case a better chance to survive an appeal. One government witness had suggested a 25-year, $130 billion program to cover all smokers as a potential remedy. But last week, government lawyers substantially scaled back their request, asking Judge Gladys Kessler to force the companies to fund a smoking-cessation program valued at $10 billion over five years. (Full Story) WSJ
• NOK: Nokia Unveils Seven New Phones To Fill Gaps in Product Range Sony Ericsson Introduces Four New Models Nokia rolled out seven new mobile phones on Monday to help address weakness in its product range in North America, where it suffered a drop in market share in the first quarter. The launches take the total number of phones unveiled by Nokia this year to 33, putting the company well on track to exceed its target of 40 new handsets for the full year. (Full Story) WSJ
• MWD: Morgan Stanley Fires Philip Purcell, CNBC Reports Morgan Stanley fired Chairman and Chief Executive Officer Philip J. Purcell, CNBC reported. Purcell will stay on until a replacement is found, and the company has hired an executive recruiter to find one, CNBC said today, citing ``sources close to the situation.'' Resignations on June 10 by nine traders in the structured-products group were ``the last straw'' for the board of directors, CNBC said. (Full Story) Bloomberg
• US Economy: Fed Gov Santomero sees Fed cont to increase rates at a measured pace; neutral interest rate can be in a wide band; recent events dampened his GDP outlook, est 2005 GDP at low end 3.5%-4%; labor mkt suprisingly uneven; sees credit quality risks espically for housing; US trade deficit may cont to widen (Saturday)

Market Comment: The market opens mixed this am (S&P down, Nasdaq up), but is basically flat. I would not be surprised to see the market rally at some point during the day, but it is the close that counts. If the market closes strong, and on rising volume, it would be incrementally bullish. But rememeber, this is an options expiration week, so I would anticipate some volatility day-to-day. There is usually at least one nasty down day on most expiration weeks.