Before the Bell 3-5-2007: JP Morgan, New Century, Great Atlantic & Pacific

Main market news here.

J.P. Morgan Chase & Co. (NYSE:JPM) Chief Executive Jamie Dimon would probably earn a gold medal for cost-cutting if the Olympics gave such things out. Now, investors are wondering how the high-profile Wall Street executive is going to grow JP Morgan's bottom line the old-fashioned way, organically. The Wall Street Journal (subscription required) argues in its "Heard on the Street" column that investors will be keenly interested in hearing Dimon's plans at a company meeting tomorrow.

Like the stock market, the oil market also is in decline Prices for light, sweet crude for April delivery fell $1.12 to $60.52 in electronic trading on the New York Mercantile Exchange, according to the Associated Press. Tensions between the U.S. and Iran along with lower-than-expected stockpiles will continue to bolster the market, the AP said. The New York Times points out that technological advances makes it possible for oil companies to get more oil from oil fields.

Subprime lender New Century Financial Corp. (NYSE:NEW) will need help from Wall Street firms such as Morgan Stanley (NYSE:MS) and UBS AG (NYSE:UBS), according to Bloomberg News. New Century had a $3 billion credit line wit Morgan Stanley that was supposed to expire last month and a $2 billion line with UBS that's good until September 2008, with $1.5 billion outstanding, Bloomberg said.

As expected, Great Atlantic & Pacific Tea Co. (NYSE:GAP), owner of the A&P supermarket chain, agreed to buy rival Pathmark Stores Inc. for $1.3 billion in cash, stock and debt, the Associated Press said. The merged company will own 550 stores in the New York and Philadelphia areas as well as Michigan, Maryland and Louisiana.