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MAJOR PAPERS:- According to people familiar with the matter, The Bear Stearns Companies Inc (NYSE: BSC) CEO James Cayne is expected to step down, but is expected to remain as chairman, the Wall Street Journal reported.
- Northrop Grumman Corporation (NYSE: NOC), in a bid to diversify as a aerospace and naval contractor, is teaming with Oshkosh Truck Corporation (NYSE: OSK) to bid on a contract to build Humvees for the Army and Marine Corps, reported the Wall Street Journal.
- The New York Times reported that court records have shown that troubled mortgage lender Countrywide Financial Corporation (NYSE: CFC) fabricated documents related to a Pennsylvania homeowner bankruptcy case.
- Alleging that its lending practices discriminated against minorities, leading to foreclosures, the Baltimore City Council is suing Wells Fargo Bank and Company (NYSE: WFC), the New York Times reported.
Closing Bell: Another Wishy-Washy Day of Trading (MCO, MHP, CVX, ITMN, AIG, C, MU)
Chevron Downgraded by Bank of America
J. Crew Posts Strong Q4: Time to Take Profits?
