Main market news here: Before the bell: All eyes on FedThe Financial Times reported Tuesday that Citigroup (NYSE: C) has trimmed its structured investment vehicles by more than $15 billion since October.
STMicroelectronics (NYSE: STM), rival to Texas Instruments (NYSE: TXN), announced it is buying video-chip maker Genesis Microchip (NASDAQ: GNSS) for $336 million. The deal pays $8.55 a share, a 60% premium on Genesis' closing price Monday.
Home lender Freddie Mac (NYSE: FRE), has adopted stricter limits and broader guidelines for when it will buy out delinquent loans from mortgage pools.
Speaking in Tokyo on Tuesday, Sony Corp. (NYSE: SNE) Chief Executive Officer Howard Stringer said the electronics maker plans to network its PlayStation 3 video game console and its other electronics in 2008.
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