MAJOR PAPERS:

• Thanks to to the debt squeeze, Kohlberg Kravis Roberts & Co., for one, may have to put off its own IPO, reported the Wall Street Journal (subscription required).
• About 75% of all McDonald's Corporation (NYSE: MCD) open at 5 a.m., and now the company wants that figure to be 100%, reported the Wall Street Journal.
• The production of biofuels is having a "material impact" on raw materials for food production, Kellogg Company (NYSE: K) CEO David Mackay said, reported the Financial Times (subscription required).

OTHER PAPERS:

• Coca-Cola's (NYSE: KO) suit charging PepsiCo Inc (NYSE: PEP) with patent infringement related to a bag that dispenses syrup for fountain drinks was dismissed by a federal judge, reported the Associated Press.
• From BusinessWeek's "Inside Wall Street" column:
  
• Is Starbucks Corporation (NASDAQ: SBUX) on the way back up? Georges Yared of Yared Investment Research, who started buying when shares hit $25, sees the stock snapping back.
• Sweden's Elekta, which trades in Stockholm, is drawing more attention from American investors.
• Where can one find an underpriced bank? Consider Banco Bilbao Vizcaya Argentaria, Spain's second-largest, which provides financial and investment services in Europe, the U.S., and Latin America.

MAJOR PAPERS:

• Bear Stearns Companies Inc (NYSE: BSC) says that its two hedge funds tied to subprime loans are basically worth nothing, reported the Wall Street Journal (subscription required).
• An "error in judgment" is what Whole Foods Market Inc (NASDAQ: WFMI) chairman and CEO John Mackey called his anonymous blogging about his company and rival Wild Oats Markets Inc (NASDAQ: OATS) in an apology, reported the Wall Street Journal.
• SEC chairman Christopher Cox wants Congress to tighten its oversight of the $2.4T municipal bond market, the result of increasing complexities in the bond market and lax leadership at a number of firms, reported the Wall Street Journal.

OTHER PAPERS:

• Kohlberg Kravis Roberts is planning to offer $24M to acquire Macy's Inc (NYSE: M), according to Women's Wear Daily (subscription required).
• The U.K. Times reported that Barclays plc (NYSE: BCS) has deided against raising its bid for ABN Amro Holdings (NYSE: ABN).
• Honda Motor Co. (NYSE: HMC) is increasing its production capacity in North America and in other places, in order to meet growing demand for its fuel-efficient cars and to maintain momentum for global growth, reported the Associated Press.

Word on the Street is that Yahoo! Inc (NASDAQ: YHOO) CEO Terry Semel is considering resigning from the Internet giant. Rumors are swirling that if Semel resigns, potentially within the next six months, co-founder Jerry Yang will take his place as CEO and Sue Decker will become the company's president.

Last week, the Associated Press reported that angry shareholders have been looking to oust Semel for some time. One shareholder, the article noted, said he believes the company "is drifting" and "its problems ultimately lie at Terry's feet. The feeling among shareholders is widespread." The fact that rival Google Inc (NASDAQ: GOOG) has seen its shares increase nearly six-fold since going public, while Yahoo!'s stock fell 4%, has had shareholders calling for Semel's head on a plate; Google's stock has risen about 30% over the past year, while Yahoo!'s is down 10%.

Shareholders believe that Yahoo!'s younger rival is dominant in the search advertising field, partly because of its acquisitions of DoubleClick and YouTube, while Yahoo! is contending with the resignation of CTO Farzad Nazem (Jerry Yang is serving as the company's interim CTO).

Then there's the issue of Panama, which some claim to be a "Google-wannabe." Back in January, the Wall Street Journal reported some users saying that an upgrade to the online-ad system is a "hassle." Currently, Yahoo! trails behind both Google and Microsoft Corporation (NASDAQ: MSFT) in the ad-search field, and with many disappointed in Panama, investors can only hope that a new CEO, someone with "fresh eyes," would be able to make an acquisition -- online advertising company ValueClick Inc (NASDAQ: VCLK), perhaps? -- to fill in the gap.

Let's say Semel resigned and Yang took his place. Many analysts feel that this would be a positive move for the company; RBC Capital, for one, believes that shares of Yahoo! could go up $1-$2 should Semel resign. Under new management, the firm said, the company could be open to new ideas that Semel had previously rejected.

While there has been speculation the company would be put up for sale under the direction of Semel, perhaps an intense restructuring under a new leader would be what the company needs to get back on track.

MAJOR PAPERS:

• Barron's Online's (subscription required) "Weekday Trader" wrote that NYC tax medallion financier and owner Medallion Financial Corp (NASDAQ: TAXI) is a play on the rising value of the New York City's taxi medallions, currently worth $600K each.
• The Wall Street Journal (subscription required) reported that General Electric Company's (NYSE: GE) NBC next week will use a 1950s standard, live advertisements, to keep viewers watching commercials in the age of digital video recorders.

OTHER PAPERS:

• Whirlpool Corporation (NYSE: WHR) will cut over 700 jobs at two Tennessee plants, reported the Associated Press.
• The U.K. Times has learned that food service company Sysco Corporation (NYSE: SYY) will bid for British food company Brake Bros, which has also drawn interest from Archie Norman and Blackstone.
• From BusinessWeek's "Inside Wall Street" section:
  
• Without belittling the challenge Siemens AG (NYSE: SI) faces from its bribery scandal, investors will now start paying attention to the company's earnings, according to Michael Hagmann of UBS.
  
• MCF Corporation (NYSE: MEM) is a small financial services operation with a cheap price, given its 50% annual growth rate, said Scott Potter of San Francisco Equity Partners.
  
• John Maloney, president of M&R Capital Management, sees National Bank of Greece (NYSE: NBG) benefiting from the booming economies of Southeastern Europe.

MAJOR PAPERS:

• Barron's Online's "Inside Scoop" column reported that Hess Corporation (NYSE: HES) CEO John Hess recently bought more $1M worth of Dow Chemical Company (NYSE: DOW), and now directly owns 23,350 DOW shares.
• The Financial Times reported that the European Union is concerned that Google Inc (NASDAQ: GOOG) may be skirting European privacy laws by keeping data on Internet searches for too long.

OTHER PAPERS:

• The U.S. Navy awarded an $11.9M contract to Force Protection Inc (NASDAQ: FRPT) to build and deliver 14 next-generation armored vehicles, according to the Associated Press.
• From BusinessWeek's "Inside Wall Street" section:
  
• In spite of its problems, Amgen Inc (NASDAQ: AMGN) is a long-term value play, according to Joseph Battipaglia, chief investment officer at Ryan Beck's Washington Crossing Advisors unit.
• Bioenvision Inc (NASDAQ: BIVN) is attracting big investors because the company has teamed up with biotech biggie Genzyme Corporation (NASDAQ: GENZ) to develop clofarabine, a treatment for leukemia in children.
  
• Big truckers see YRC Worldwide Inc (NASDAQ: YRCW) as a tempting asset play with "compelling earnings power and potential value," according to Justin Yagerman of Wachovia Securities.

MAJOR PAPERS:

• The Wall Street Journal reported that Wal-Mart Stores Inc (NYSE: WMT) has renegotiated the terms of leases with a number of banks, giving the retailer the ability to offer mortgages, home-equity lines of credit and consumer loans.
• According to the Financial Times, Lehman Brothers Holdings Inc (NYSE: LEH) is attempting to reassure investors about its exposure to the upheaval in the subprime mortgage market, saying activity from the sector accounted for an average of less than 3% of revenues over the past six quarters.
• Time Warner Inc's (NYSE: TWX) AOL internet division has withdrawn its $900M offer for Swedish internet advertising group TradeDoubler after a decision not to increase the value of the bid, the Financial Times reported.

OTHER PAPERS:

• The Associated Press reported that the U.S. government is expected to soon award its largest telecommunications contract ever to at least two bidders. The bidders, looking to be awarded the 10-year contract worth up to $48B, are Qwest Communications International Inc (NYSE: Q), Sprint Nextel Corporation (NYSE: S), AT&T Inc (NYSE: T) and Verizon Communications Inc (NYSE: VZ).
• The U.K. Times reported that private equity firms are eyeing Cadbury Schweppes ADS's (NYSE: CSG) Beverages business.
• Airline leasing company AerCap Holdings (NYSE: AER) was mentioned positively in Investor's Business Daily's "The New America" column. In 1990, 18% of commercial jets worldwide were leased. In 2005 that percent was 30, and it could reach 40% to 50%, says Wachovia analyst Gary Liebowitz.

It's a lesson as old as the elementary-school playground; if you want to get rid of an irritant, one of the best things to do is ignore it. This morning the Associated Press reported the end of a weeklong ban of stories about Paris Hilton.

The hotel-enterprise heiress, reality television "star," wannabe singer, and general pox on the future of America's youth has been speckled all over the news for all of her "adult" life, and editors at the AP were intrigued to see what would happen if they just ignored her antics for seven straight days.

As it turns out, there was a bit of a public outcry, but not because the world's gossip mongers wanted details of Paris' latest drunken entanglement (or the freshest not-safe-for-work snapshots). Rather, critics were concerned about what such a ban meant for the news industry in general. What topic, important or trivial, could possibly be next on the banning block?

Well on Tuesday, as the ban drew to a close, Miss Hilton was ticketed for driving with a suspended license (of course she was), and the news machine started cranking again. For now, but hopefully not forever, it's a Paris Hilton world; we just live in it.

Beth Gaston Moon is an analyst at Schaeffer's Investment Research.

MAJOR PAPERS:

• According to the Wall Street Journal, citing sources close to the situation, Las Vegas casino company Station Casinos Inc (NYSE: STN) has entered into a definitive agreement with Fertitta Colony Partners to be acquired by the company for about $5.5B and taken private.
• The Wall Street Journal's "Heard on the Street" column reported that many investors are getting cautious on REITs, saying "If Sam Zell is selling, I should too." The article advises to be cautious, and not to flood the REIT market, but not to be too worried by these signs.

OTHER PAPERS:

• In more Sam Zell related news, the Chicago real estate billionaire who just sold his office development company for $39B wants to buy the Tribune Company (NYSE: TRB), according to the New York Times.
• Also according to the New York Times, Citigroup Inc (NYSE: C) is expected to name Gary Crittenden as its new CFO, replacing Sallie Krawcheck.
• According to Bloomberg, Dow Chemical Co. (NYSE: DOW) is expected to receive an LBO offer of up to $54B, or $60 per share, from a private equity consortium.
• According to the Sunday U.K. Times, EQT is close to acquiring Hilton Hotels Corporation (NYSE: HLT) Scandic Hotels for around $1B.
• The Associated Press, citing an Iranian State-run radio, is reporting that President Mahmoud Ahmadinejad said Iran will move forward with its nuclear program despite international demands to halt the uranium enrichment.

MAJOR PAPERS:

• The Wall Street Journal reported that the expiration of Roche Holding's (OTC: RHHBY) Tamiflu stockpiles poses a dilemma for some poor Asian countries of whether to spend millions and restock with the drug.
• The Financial Times wrote that China has launched its first navigation satellite.

OTHER PAPERS:

• The Associated Press reported that Michael Dell outlined corporate changes in a company wide email, and said he will "quash" bonuses for 2006, reduce managers, would not hire a new COO, push for faster product development and expand into new businesses at Dell Inc (NASDAQ: DELL).
• The New York Times reported that Simon Property Group is expected to bid $1.56B for Mills Corp (NYSE: MLS).
• The Los Angeles Times reported that General Electric Company's (NYSE: GE) NBC Universal will name Jeff Zucker as its new CEO this week.
• According to the Detroit Free Press, DaimlerChrysler AG's (NYSE: DCX) Chrysler Group may cut up to 10,000 jobs next week.

MAJOR PAPERS:

• Highlights from today's Wall Street Journal (subscription required):
• Wal-Mart Stores Inc (NYSE: WMT) saves itself hundreds of millions in taxes through a complex structure that allows it to pay rent to itself.
• Altria Group (NYSE: MO) is expected to decide later this year on its next spinoff, splitting its U.S. business from its International business.
• Nissan Motor Co ADR's (NASDAQ: NSANY) new models may help it catch up to rival automakers, writes the "Heard in Asia" column.
• The Financial Times (subscription required) reported that Dick Parsons said that spinning off Time Warner Cable is a top priority for Time Warner Inc (NYSE: TWX) this year.

OTHER PAPERS:

• According to the Associated Press, BP plc (NYSE: BP) will sell its U.K. refinery to Petroplus for $1.4B.
• The New York Post reported that Jones Apparel Group (NYSE: JNY) is contemplating breaking up the company, including a possible IPO for its Barney's chain.
• The Business wrote that ExxonMobil (NYSE: XOM) has begun talks to sell a part or all of its French oil business, valued at about $2.6B.

MAJOR PAPERS:

• Highlights from today's Wall Street Journal (subscription required):
  
• Witnesses have asserted that bribery was common at Siemens (NYSE:SI).
• Time Warner Inc.'s (NYSE:TWX) New Line Cinema is expected to announce a $350M film-financing agreement with the Royal Bank of Scotland (OTC: RBSPY).
• The "Ahead of the Tape" column writes not to be surprised if Google (NASDAQ:GOOG) beats expectations.
• Highlights from today's Financial Times (subscription required):
• According to a leading Chinese legislature, the Chinese stock market is developing into a "bubble" and investors are in danger of behaving irrationally.
• Bristol-Myers Squib Co. (NYSE:BMY) hires Lehman Brothers Holdings Inc. (NYSE: LEH), Citigroup Inc. (NYSE:C) and Morgan Stanley (NYSE:MS) to evaluate the company's options.

OTHER PAPERS:

• The Associated Press reported that the New York Stock Exchange Group Inc. (NYSE: NYX) and the Tokyo Stock Exchange are set to detail a far reaching alliance at a news conference today.
• The UK Times wrote that Tata clinched a deal to buy Corus Group (NYSE: CGA) for GBP6.7B, beating out rival bidder CSN.
• Investor's Business Daily's "New America" column focused on Deutsche Bank (NYSE: DB), which is profiting by sticking with its growth strategy that was unveiled last fall by CEO Josef Ackermann.