Main market news here.

General Motors Corp. (NYSE: GM) was upgraded today by Lehman Brothers from Underweight to Equal Weight following the sale of Chrysler by to private equity investors, Cerberus. The analyst, Brian Johnson, thinks that the sale, combined with GM's disappointing first-quarter results, could help it in its upcoming labor negotiations. He raised his target price to $30 from $26. GM shares are up 1.2% in pre-market trading (8:06 a.m.).

DaimlerChrysler (NYSE: DCX) reported a first-quarter net profit of $2.64 billion, or $2.53 a share, up from a year-ago equivalent profit of $1.05 billion, or $1.03 a share. The latest results include restructuring charges of $1.22 billion. Revenue reached $47.3 billion in the quarter, down from from $50.1 billion last year. The company said it expects EBIT of about $9.4 billion for full year 2007. The stock was also upgraded to Buy from Neutral by UBS. DCX shares are up nearly 3% in pre-market (8:10 a.m.).

Amgen Inc. (NASDAQ: AMGN) was downgraded to Neutral from Outperform at R.W. Baird and to Neutral from Buy at Banc of America Securities, following a Medicare ruling proposing to limit payments on anti-anemia drugs. AMGN shares are down nearly 5% in pre-market trading (8:19 a.m.).

According to several sites, rumor has it that Apple Inc. (NASDAQ: AAPL) will release today three to five new models of its entry level 13-inch Intel-based MacBook laptops. While the new models are supposed to arrive at 8:00 a.m., EDT, AM eastern time, as of 6 a.m., Apple's website was still selling original MacBooks. It seems, however, that the mac enthusiasts aren't getting too excited about this update.

The Walt Disney Co. (NYSE: DIS) will launch later this month an interactive video-on-demand travel channel on cable systems served by Time Warner Cable Inc. (NYSE: TWX) and Cablevision System Corp. (NYSE: CVC). The channel will include original programs to be offered free to viewers and will include interactive features, including the ability to request more information using buttons on the TV remote control.

As congress threatens to slash another 25% from next year's budget for a key military modernization program called the Future Combat Systems program, army officials today in a Pentagon briefing are set to criticize the cut. This budget cut could affect Boeing Co. (NYSE: BA) and SAIC Inc. (NYSE: SAI), the lead contractors to modernize ground forces through 2012 and General Electric Co. (NYSE: GE) and Britain's Rolls-Royce PLC. the lead contractors for a controversial replacement engine for the F-35 Joint Strike Fighter. Hoeywell International Inc. (NYSE: HON) is also a leader of the program.

Oil companies such as Exxon Mobil Corp. (NYSE: XOM) and BP Plc (NYSE: BP) could be in focus today as lawmakers will hear from experts about high gasoline prices and the underlying factors.

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