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  • On Bank of America CEO Ken Lewis' speech on mending the mortgage markets, it turns out Mr. Lewis isn't universally loved.

  • Stocks ended a tumultuous session with a late selloff that left all three major indexes in bear-market territory.  Financials fell sharply amid worries about more shoes to drop and techs took a hit after Cisco's chief said customers don't see a recovery until next year.

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    U.S. Defense Secretary Robert Gates on Wednesday reopened a bitter $35 billion aerial tanker contest after the selection process that picked Northrop Grumman and EADS over Boeing was found to be flawed.

  • Stocks declined, following a two-day rally, as a report showed crude inventories shrunk last week.  Oil climbed in a choppy session after falling more than $9 abarrel in the past two sessions.

  • Gates is putting Under Secretary John Young in charge of picking a winner, a final blow to the Air Force. But Acting Secretary of the Air Force Mike Donnelly says he fully supports that decision.

  • U.S. Defense Secretary Robert Gates said on Wednesday he planned to reopen a $35 billion competition between Boeing and a team of Northrop Grumman and Europe's EADS to build new aerial refueling tankers.

  • Stocks declined, following a two-day rally, as a report showed crude inventories shrunk last week.  Oil rebounded $1 to $2 a barrel after shedding more than $9 in the prior two sessions.

  • Traders appear reluctant to make bets before hearing earnings updates from companies. Is that an opportunity for you?

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    Northrop Grumman and EADS want to assemble the KC-45 tanker in Mobile, Alabama--assuming the Air Force ever buys one. With Boeing successfully challenging that award, a Mobile restaurant called Foosackly's (what?) which specializes in chicken fingers is putting up billboards and selling T-shirts...

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    It’s going to be a long, hot summer until the Air Force decides whether to reopen bidding, and, if so, whether to start over completely with a new set of rules. I’m beginning to think the entire tanker saga is like the original “Star War” trilogy.

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    I reported it would happen, and it did: Northrop Grumman has called off indefinitely the groundbreaking ceremony for its new Alabama tanker assembly facility, originally scheduled June 28th.

  • I asked for feedback on the tanker decision and I got it. Also, vote in the poll at the bottom.

  • This statement came from the Air Force Wednesday evening, on the GAO decision which brutally took the service to task over the way it awarded the $35 billion tanker contract...

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    Analysts were surprised, at least a little, that Boeing won its challenge alleging the Air Force was wrong in awarding the $35 billion tanker contract to Northrop Grumman/EADS.

  • Boeing Headquarters

    Boeing was informed today that the Government Accountability Office (GAO) found in Boeing’s favor on a number of issues related to its protest of the U.S. Air Force’s award of a $35 billion contract to supply the service with its next-generation aerial refueling aircraft – or KC-X tankers – to begin replacing the current fleet of KC-135 tankers.

  • U.S. auditors upheld Boeing's protest of the award of a $35 billion refueling-aircraft deal to a U.S.-European team that includes rival planebuilder Airbus, a U.S. lawmaker said Wednesday.

  • Kobe Bryant

    After last night's 39-point annihilation of the Lakers by the Celtics, a game which left LA's best looking like a mound of pulverized Kobe beef, I can tell you one person outside of Boston's who's smiling today: Shaquille O'Neal.

  • Northrop Grumman

    I'm hearing the Government Accountability Office will not decide on the Boeing challenge to the $35 billion tanker contract today. That probably means it WILL happen today (kidding, I think). The decision may come down tomorrow.

  • Cramer makes the call on viewers' favorite stocks.

  • Boeing confirms to CNBC that the Air Force has admitted it got its math wrong on how much Boeing's tanker would cost over the long haul. Boeing says this validates what it's been saying for months in challenging the $35 billion contract award to Northrop Grumman and the European parent of Airbus.