Daily FNArena News

There was a broad market decline on Wall Street overnight leaving the Dow to do its own thing on rumours of a bid for telco Verizon.

TradeTech has lowered its weekly spot price indicator by US$4/lb putting pressure on share prices of uranium companies at the start of a new week.

US government officials are in China trying to find investors for troubled US mortgage securities.

Rio Tinto and Consolidated Minerals are attracting most attention in terms of corporate activity among resources companies, but a battle between two juniors appears potentially as interesting.

UBS addresses a growing belief that global food prices are set to make a significant secular shift that will have significant ramifications for global inflation.

Australia is virtually devoid of data releases this week while it’s all happening across the Pacific, where the CPI release will be the highlight alongside earnings releases.

Patersons Securities rates Allomak as its preferred retail stock following the company’s acquisition of Mr Gloss, which it suggests sets it up to better current earnings guidance.

Potential earnings per share of more than 2c in FY09 makes Perseverance cheap at current prices, but brokers are split over whether management can achieve its goals.

It’s big, it’s bold, and it’s all cash. There was little surprise last night as Rio confirmed it’s bid for Alcan, and Alcan said yes please.

The Dow has posted one of its most extraordinary sessions ever rising 284 points largely on the back of retailer earnings reports.