Opening Bell: 08.05.2009

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Economists Up Expectations For Second Half (WSJ)
The pseudo-scientists-cum-fortune-tellers have mounted an attack on the second half numbers, calling for revisions upward based on the overwhelming success of the clunkers program. Leading the assault are UBS (Q3 to 2.5% from 2 and Q4 to 3% from 2.5) Wells Fargo (Q3 to 3% from 2.2% and Q4 2% from 1.6%) , and T. Rowe Price (it doesn't really matter, does it?).
Clinton Secures Release Of Journalists, Gives Il Spotlight (Bloomberg)
Firstly, I was under the impression Mr. Il had the spotlight before and kind of screwed it up - it was clearly chronicled in the documentary "Team America".
Secondly, welcome home ladies.
Society Generale Reports Decent Showing (BBC)
"The bank made 309m euros ($445m; £263m) between April and June, down 52% on the 644m euros it made in the same period a year earlier."
Lloyds Reports £4B Loss (FT)
"Lloyds Banking Group on Wednesday said that the deteriorating state of its loan portfolio had caused it to recognise £13.4bn of impairment charges in the first half of 2009."
GM Chief Vows To Defend Market Share (NYT)
It's refreshing to see the return of the vow, it's been so long since anyone in the automotive industry had the balls to promise, no.. wait. Anyway, Whitacre Jr., is vowing to not give up market share despite their reduction in production/lines. Take note, you can sleep now.
Two Traders Urge Gas Market Changes (WSJ)
This is too complicated to summarize, but it's worth a read.
Lehman In Tax Trouble (NYT)
"The Bloomberg administration has accused Lehman of shortchanging the city of $627 million in corporate and other taxes, beginning in 1996. It is now trying to convince federal bankruptcy court in Manhattan that the city should jump closer to the front of Lehman's long line of creditors."
Treasury Considering Mores Sales Of TIPS (WSJ)
With the budget deficit ballooning, the US Gov is ever in search of exciting way to raise capital - enter TIPS. With 1.8T of debt issued through September (I'm citing the article here) it's not impossible to think there might be a little jack in the prices going forward (but of course, not too much - the talking heads won't hear of it).

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