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The Week: Oil Weighs on Markets Even as Wal-Mart Beats

Andrew Fisher
Friday, 9 May 2008 | 3:23 PM ET

The relentless upward march of oil prices dominated the business headlines through the week, but there were other developments, like the collapse of Microsoft's bid to take over Yahoo and Wal-Mart's upbeat sales that also helped spice up the week and keep the markets active. Here are some of the week's highlights:

Monday, May 5

  • Microsoft-Yahoo Talks Collapse:Yahoo fell afterMicrosoft offered to increase its bid to $47.5 billion on Saturday, but that still wasn't enough for the Internet company.

Dave Rovelli, Canaccord Adams: "Don't be scared by profit-taking;" Itron and Research In Motion

Jason Trennert, Strategas Partners: "If you're thinking about M&A, I think this is theyear to do it."

anDisk and CommScope

Ryan Jacob, Jacob Internet Fund: Wait and see on Yahoo; buy Earthlink Martin Pyykkonen, Global Crown Capital: Buy online advertising companies, Googleand Valueclick

  • Oil, other commodities remain near record levels: Jeff Auxier, Auxier Asset Management: Buy Supermarket chains and profit from food inflation and "dining-in" trend: Tesco, Kroger , and Safeway

Tuesday, May 6

  • Fannie Mae posts loss, sees home prices falling more sharply, credit losses increasing, 2009 worse than 2008, predicts increased delinquencies, defaults, foreclosures.

Economist Martin Feldstein tells CNBC falling housing prices and negative equity could push the economy into recession.

Jay Bowen, Bowen Hanes & Co. Go global; companies without global exposure have not been doing well. Caterpillar, DuPont, Parker Hannifin, BASF , ABB

Craig Moffett, Sanford C. Bernstein: Foreign telecoms and US telecoms with foreign exposure: AT&T, Vodafone, Telefonica

  • Goldman Sachs says oil could shoot up to $200 within the next two years as part of a "super spike" driven by poor growth in supplies.

Paul Justice, Morningstar: Buy power-generating companies: Constellation Energy Group , Public Service Enterprise Group,NStar

Paul Fremont, Jefferies & Co.: Also likes power generating: Dynegy , NRG Energy , Allegheny Energy

Wednesday, May 7

  • The NewYork Times reports gasoline prices will peak in June; Wall Street Journal headline reads: "Is $150 oil the new $120?"

Doug Cliggott, Dover Management: Buy nuclear power as fossil-fuel prices go crazy: Exelon,Dominion ,Entergy

Walter Price, Allianz RCM Technology Fund: Alternative energy offers opportunities: First Solar, MEMC Electronic Materials

  • Israel celebrates 60 years of statehood

Haim Israel, Merrill Lynch Israel: Israeli companies you may never have heard of: Cellcom ,Partner Communications,Israel Chemicals

Thursday, May 8

  • Wal-Mart April sales beat expectations. Frank Cappiello, Montgomery Bros., Cappiello: "We like Wal-Mart ... and Costco...take your pick."

Friday, May 9

  • Trade gap narrowed more than expected in March.Tom DelZoppo, HSBC Securities: Go global in your portfolio. Petrobras

Keith Wirtz, Fifth Third Asset Management: Buy companies with the most foreign exposure in their industries.Emerson Electric

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