Opening Bell: 6.6.08

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Wal-Mart growth plan eyes installation services (MarketWatch)
Wal-Mart's on a high horse right now, as its stock trades near fresh highs, and either its customers aren't slowing down their purchases, or the lower-middle class is growing (some will certainly say that). Anyway, among the company's new growth products: electronics services (a la BestBuy's GeekSquad), more sustainable stuff (natch) and financial services, which they'd probably have rolled out a long time ago, but the company is hamstrung by regulators on that one.
Insider Joins Critics of the Fed, Faulting Credit-Crisis Programs (WSJ)
The President of the Richmond Fed criticized the Big Fed for its bailout of Bear Stearns and sundry other moral hazard-related issues. The point: Criticism of the fed isn't limited to outsiders right now. It's funny, because in a way it seems that Fed-bashing has waned a bit in the past month and a half or so, as Bear fades into memory, and the economy hasn't fallen off a cliff (yet). Still funny to see folks talking about moral hazard and risky intervention, when really, that's the logical extension of the Fed, or really any government agency, but the Fed especially. A Fed without intervention is like a fish without a bicycle. Or something like that.
MGM in talks as it plots new golden age (FT)
MGM, which is more of a film distro, is talking with hedge funds about financing its own slate of films including, possibly, the next James Bond. Given the track record of these hedge fund-funded film deals, we can totally understand why they'd be so eager to jump on board
A newer, faster iPhone expected from Apple (Marketwatch)
This is getting so annoying. Just once we'd like to see Steve Jobs announce something that was truly a surprise, much to the chagrin of the Apple fans that actually think they know something. But yeah, come Monday it probably will be another iPhone.
The Rise & Fall of Broadcom Co-Founder Henry T. Nicholas III (GigaOM)
Not that you should judge someone on their looks... but one look at Broadcom co-founder Hentry T. Nicholas III kinda tells you everything you need to know. The dude is intense and frankly scary. Om Malik who's been following the broadband scene forever offers some background on the guy, which when you combine it with his intense jappearance, makes his latest turn less than surprising. The best part is that there's a backdating charge on top of all this crazy drug stuff. And the drug warehouse stuff is pretty weird too.
$45 trillion needed to combat warming (AP)
Not worth it, is it?
Turkish Bonds, Stocks Fall After Court Upholds Ban (Bloomberg)
Now you know that one of our favorite things at The 'Breaker is to find interesting reasons that journalists come up with to explain market movements. This one though has to be a favorite, even if it might be accurate: "Turkish bonds, stocks and the lira fell after judges threw out legislation letting students wear Islamic headscarves, raising the risk that Prime Minister Recep Tayyip Erdogan and his party will be outlawed for breaking laws that prohibit religious influence."

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