Oil remains the talk of the markets, but the news is not all glum, as many investors go long energy stocks, according to CNBC’s Bob Pisani. Lehman works to raise more cash and in San Francisco, Apple developers hear what their Guru has to say.
Oil's Onward March
The bulls insist the rise in oil is due to a weaker dollar and growing demand in countries like China and India, while OPEC blames the rise in prices, in part, on speculators. Either way, Ray Carbone of Paramount Options thinks oil's headed even higher.
U.S. Light, Sweet Crude
Lehman Looks Ahead
Lehman announced a $2.8 billion loss, but offset that by announcing its intent to raise another $6 billion in cash by issuing new stock. This was the first time the company has announced a loss since American Express spun it off and was much greater than anyone anticipated.
iPhone Goes 3G?
Meanwhile, in San Francisco, Apple fanatics swarmed into the Moscone Center in anticipation of Steve Jobs’ address to the Worldwide Developers Conference. The great hope: that Jobs would announce the release of a 3G iPhone that would work on AT&T’s new high-speed network.