Opening Bell: 5.2.08

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Viacom Reports First Quarter 2008 Results
Two words: Rock band. That's why Viacom's Philippe Dauman is so loved by his chairman, compared to his counterpart at CBS. But how long can you have a multinational media glom based on one monster title? Not sure.
Microsoft Leans Toward a Hostile Bid (WSJ)
We still ain't seen nothing yet. No raise, no walk, no announcement or nothing. But the latest smoke signals out of Redmond is that they're ready to go hostile. Full-on war. Nominate a slate and see what happens. We hope so, as it would be great fun. Of course, that could change by the minute. And something was supposed to have hapenned pre-market, which continues to tick away.
As Gas Costs Soar, Buyers Are Flocking to Small Cars (NYT)
This article could be summarized in two words: economics works! Apparently, one-in-five cars is some sort of fuel efficient sub-compact or compact or something, up from one-in-eight a decade ago, when SUV love was still in full throttle. Still actually doesn't seem like that much, but you gotta start somewhere.
Labor Department reports U.S. nonfarm payrolls decreased by 20,000 in April. (WSJ)
No offense, but seeing as farmers are making so much more money than the rest of us these days, shouldn't they be picking up the slack. Like, fine nonfarm payrolls are down. Maybe that's not good, but really, who would work in the non-farm sector, when there might be some corn you can pick. Seriously.
Celebrity foreclosure: Jose Canseco loses Encino home (LA Times)
Apparently sales of books about steroid use aren't enough for Jose Conseco, who had his house foreclosed upon. So will he be forced to live in that tent city outside of LA. Not that they really need the attention. They probably get more media coverage than him

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