Quote of the Day

"Economists' unanimaty that bad business is ahead is the most reassuring news possible. It's very unlikely that this will be the one time they're right." - Malcolm Forbes

Morning News of Note:

• MSFT NOK: Microsoft Aims to Be Top Seller Of Smart-Phone Software in 3 Years Microsoft Corp. aims to become the top seller of software in the fast-growing "smart-phone" market within three years, said Ya-Qin Zhang, a top executive in the software giant's mobile business. Dominance in software for smart phones - upgraded wireless handsets that handle functions like Internet surfing, email and videogames - has so far eluded Microsoft. (Full Story) WSJ
• GOOG: Google Denies Attempt to Match PayPal Service Google Inc.'s chief executive Tuesday denied reports that the online search engine leader was gearing up to compete directly with EBay Inc.'s pioneering PayPal service, but acknowledged some kind of electronic payment product was in the works. Eric Schmidt did not give details about the project but said it wouldn't trespass on PayPal's turf. "We do not intend to offer a person-to-person, stored-value payments system," Schmidt said. (Full Story) LA Times
• F: Ford Plans to Cut 5% of Salaried Work Force The Ford Motor Company said Tuesday that it would cut 5 percent, or about 1,700, of its white-collar jobs in North America. It also said it would no longer give bonuses to managers or make matching contributions to the 401(k) plans of salaried employees. Ford also lowered its yearly earnings forecast to $1 to $1.25 a share, compared with a previous forecast of $1.25 to $1.50 a share, saying it expected sluggish vehicle sales to continue. (Full Story) NY Times
• PG: co's Indian unit may begin selling Crest toothpaste this yr; would compete with UL and CL for shr of est IR$35bln Indian toothpaste mkt; est Indian toothpaste mkt to gorwth 15% in coming yrs -- Financial Express
• SIRI: Sirius Satellite Radio Inc. signed an agreement to broadcast British Broadcasting Corp.'s Radio 1 music channel. Financial terms weren't disclosed. Sirius plans to broadcast Radio 1, which has a weekly audience of more than 12 million in the U.K., in a time-shifted format, so that U.S. listeners will hear programs at the same time of day they are broadcast in the U.K. Radio 1 plays a mix of pop, rock, R&B and hip-hop music, and also features live broadcasts. Sirius plans to make the channel available later this summer.

Market Comments: The market was down only slightly again yesterday. This is positive, as it leaves a 2-day, light-volume pullback which helps the market work off its overbought condition. I still think the market will remain strong into quarter-end. Energy stocks were all lower yesterday, despite record high oil prices. I think it was just some profit taking, but I expect most of these companies will report great earnings for the quarter.