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INVESTOR ALERT
Stocks shoot for ninth gain in 10

January 6 2009 5:13 P.M. EST

Alcoa kicking 13,500
Company says it's taking 'decisive action' in downturn

Aluminum giant to cut 13% of staff, freeze salaries and slash spending.
• After hours: Shares of Alcoa tick higher on cost-cutting plans

Bank of America CEO warns on results
Ken Lewis also says he's recommending no bonuses for 2008.
• Loss for brokerage business as Bob McCann exits B. of A. (First Take)

MARKET SNAPSHOT
Bulls set their losses aside
U.S. stocks hold ground after Fed minutes reveal efforts to combat a deep slowdown and the president-elect stumps for stimulus.
• 'S&P will hit 1,100 by summer ' | Semiconductors pace tech rally

the fed and economy
Fear of long slump
Fed members saw risks of depression and deflation as
they mulled new approaches to monetary policy, minutes show.
• Home sales suffer
• Factories at a crawl

ENERGY
Oil back under $50
Signs of OPEC quota discipline, not to mention Gaza jitters, briefly put traders in a buying mood.
• Hot stocks: Energy

• What is oil telling us? (Minyanville)
• Gazprom ready to negotiate

Trading Strategies: January 2009

Starting over
So 2008 has ended, but that alone won't make investing any easier. From bear-
market rally tips, to hedging the Obama effect, to a pure play on the Baltic Dry Index, our experts have ideas for 2009.

THIS MONTH'S HIGHLIGHTS | Full report
• 'January Effect' vs. 'January Barometer'
• Hulbert gauges inauguration's impact
• Adam Bold picks three funds for 2009

Latest News more » Top Stories more » Market Pulse more » Headlines more » Press Releases more »

5:12 p.m.

Financial Stocks: Morgan Stanley, American Capital among big gainers in financials
5:10 p.m.

Apple makes final appearance at Macworld
5:10 p.m.

Airline Stocks: Airlines rise on broad market gains, cheaper oil prices
5:09 p.m.

[AMD] AMD gets U.S. approval to set up semiconductor joint venture
5:08 p.m.

Democrats introduce bill to let judges adjust bankruptcy terms
5:00 p.m.

NewsWatch: Alcoa slashes jobs, output to cope with tough economy
4:55 p.m.

Movers & Shakers: Tuesday's biggest gaining and declining stocks
4:50 p.m.

[AA] Alcoa late-traded shares turn lower; down 4% to $11.64
4:50 p.m.

Dow Chemical foresees new partners and more cash
4:49 p.m.

After Hours: Alcoa edges up on plan to cut costs, save cash
4:48 p.m.

Freddie Mac prices $3.5 bln 5-year notes at 2.621% yield
4:47 p.m.

Bank of America CEO sees 2008 results below expectations
4:45 p.m.

Market Snapshot: U.S. stocks maintain edge as Obama stumps for economic plan
4:43 p.m.

Currencies: Dollar gives up ground vs. rivals after FOMC minutes
4:40 p.m.

[AA] Alcoa late-traded shares resume trade; up 1.8% at $12.34
4:40 p.m.

Lear seeks to amend loan in light of brutal industry climate
4:37 p.m.

[MCHP] Microchip late-traded shares down 1.1% at $19.79
4:36 p.m.

Alcoa slashes jobs, output to cope with tough economy
4:34 p.m.

Ray Beauchemin's Letters from Abu Dhabi: Gulf states may not speak in one voice but will share a currency
4:31 p.m.

Earnings Watch: Updates, advisories and surprises

5:12 p.m.

Financial Stocks: Morgan Stanley, American Capital among big gainers in financials
5:10 p.m.

Apple makes final appearance at Macworld
5:10 p.m.

Airline Stocks: Airlines rise on broad market gains, cheaper oil prices
5:08 p.m.

Democrats introduce bill to let judges adjust bankruptcy terms
5:00 p.m.

NewsWatch: Alcoa slashes jobs, output to cope with tough economy
4:55 p.m.

Movers & Shakers: Tuesday's biggest gaining and declining stocks
4:50 p.m.

Dow Chemical foresees new partners and more cash
4:49 p.m.

After Hours: Alcoa edges up on plan to cut costs, save cash
4:47 p.m.

Bank of America CEO sees 2008 results below expectations
4:45 p.m.

Market Snapshot: U.S. stocks maintain edge as Obama stumps for economic plan
4:43 p.m.

Currencies: Dollar gives up ground vs. rivals after FOMC minutes
4:36 p.m.

Alcoa slashes jobs, output to cope with tough economy
4:34 p.m.

Ray Beauchemin's Letters from Abu Dhabi: Gulf states may not speak in one voice but will share a currency
4:31 p.m.

Earnings Watch: Updates, advisories and surprises
4:22 p.m.

Energy Stocks: Exco Resources, Chevron move up as gains continue
4:15 p.m.

Tech Stocks: Semiconductor stocks lead sector rally; Apple slides
4:02 p.m.

Futures Movers: Oil ends lower on economic concerns, after topping $50 a barrel
3:57 p.m.

Life insurers jump as market stabilizes, easing capital concerns
3:41 p.m.

Bond Report: Treasurys down after auction, Fed minutes
3:04 p.m.

Latin American Markets: Brazilian investors eye rate cut; Wal-Mart de Mexico downgraded

4:48 p.m.

Freddie Mac prices $3.5 bln 5-year notes at 2.621% yield
4:40 p.m.

Lear seeks to amend loan in light of brutal industry climate
4:29 p.m.

Microchip Tech expects earnings of 21 to 24 cents a share
4:28 p.m.

S&P upgrades Merrill Lynch to 'A+' following BofA merger
4:24 p.m.

VMWare names new chief operating officer
4:24 p.m.

Global Payments reports higher second-quarter income
4:21 p.m.

Alcoa cuts job, output to cope with tough economy
4:09 p.m.

Stocks retain bulk of gains after Fed offers grim view
4:00 p.m.

BofA Lewis expects results to be below expectations: WSJ
3:57 p.m.

Mortgage-backed securities jump, signaling rates to drop
3:19 p.m.

Oil ends lower first day in four after topping $50
2:23 p.m.

Democrats introduce bill to let judges adjust mortgage terms
2:18 p.m.

Tyson fined $500,000 in worker's death
2:11 p.m.

Treasurys little changed after Fed minutes
2:10 p.m.

Dollar mixed after FOMC minutes reveal concern about risks
2:09 p.m.

U.S. stocks retain mild advance after release of Fed minutes
2:07 p.m.

Procter & Gamble settles patent infringement lawsuit
2:00 p.m.

FOMC saw specter of depression, deflation
1:51 p.m.

Obama says U.S. faces trillion-dollar budget deficit
1:47 p.m.

Gold rises first day in three as dollar weakens

5:09 p.m.

[AMD] AMD gets U.S. approval to set up semiconductor joint venture
4:50 p.m.

[AA] Alcoa late-traded shares turn lower; down 4% to $11.64
4:40 p.m.

[AA] Alcoa late-traded shares resume trade; up 1.8% at $12.34
4:37 p.m.

[MCHP] Microchip late-traded shares down 1.1% at $19.79
4:18 p.m.

[MCHP] Microchip intends to maintain dividend
4:17 p.m.

[MCHP] Microchip sees Q3 rev falling 29%-31% sequentially
4:16 p.m.

[MCHP] Microchip Technology sees Q3 EPS of 21c-24c
4:13 p.m.

[BAC] S&P upgrades Merrill Lynch to 'A+'
4:12 p.m.

[FFIV] F5 Networks late-traded shares up 4.3% to $23.47
4:11 p.m.

[VMW] VMware names Tod Nielsen as chief operating officer
4:10 p.m.

[AA] Alcoa sees Q4 charges of $900 mln-$950 mln
4:09 p.m.

[AA] Alcoa to sell 4 non-core downstream businesses
4:08 p.m.

[AA] Alcoa reducing 2009 capital expenditures by 50%
4:08 p.m.

[AA] Alcoa freezing salaries and hiring
4:08 p.m.

[AA] Alcoa to reduce 1,700 contractor positions
4:07 p.m.

[AA] Alcoa to reduce headcount by 13,500, 13% of global workforce
4:04 p.m.

[AA] Alcoa late-shares halted; last trade cown 0.6% at $12.05
4:04 p.m.

[COMP] Nasdaq Composite rises 24.35 points to 1,652.38
4:03 p.m.

[GPN] Global Payments sees 2009 EPS of $2.14-$2.21
4:03 p.m.

[SPX] S&P 500 gains 7.2 points to 934.65

Today inside MarketWatch

IN MULTIMEDIA

The end of
Wall Street

Three-part Wall Street Journal series looks at how the financial crisis unfolded, why market participants bet on bad debt and
what are the implications for the nation.

Also in Multimedia:
• The future of Morgan Stanley
• Inheriting the wind

IN COMMENTARY

LETTERS FROM ABU DHABI
'Arab Street' a busy intersection

There is no single voice on what's going on in Gaza, according to Ray Beauchemin.
• Outside the Box: Toward a new Mideast

Also in Commentary:
• Ashbaugh says 2009 tone is good, so far
• Weidner watches bad guys go scot-free
• Marsh warns Europe on fluctuations
• Kellner's warning on short-term fixes

IN PERSONAL FINANCE

ETF focus
The Obama factor

Exchange-traded funds focusing on infrastructure stocks may benefit from
the president-elect's stimulus plan.
• Gird for unexpected ETF tax hits (WSJ.com)

Also in Personal Finance:
• Farrell steers clear of latest Street 'con job'
• Openshaw on 2008's worst predictions
• Silver lining for some bank customers
• Finding a new job in midcareer

IN NEWSLETTERS

mark Hulbert
One good year does not a winner make

To get a picture of newsletter performance, look at 10 years' worth of results.

Also in Newsletters :
• Brimelow on cautious gold bugs

TECHNOLOGY SHOWS
Poletti on Macworld: Boring
Apple's sayonara to San Francisco gathering was lackluster for paucity of major new products and for absence of iconic CEO.
(Tony Bennett, at left, sings for attendees.)

Something's missing
Other than Steve Jobs sitting out the proceedings, the biggest news at gathering so far is the new pricing at iTunes music store.
• Tech Tales: Definitely not too much information from Apple's CEO

Apple changing its iTunes

Songs to come free of copy protection and at various price points.

Recession shifts focus for CES
For annual show beginning Wednesday in Las Vegas, emphasis
will be on evolving products, not pricey "wow" factor.

FUNDWATCH
Stocks to gain big in 2009, BlackRock's Doll says
Forecast from CIO of prominent investment manager is tempered by decline in GDP and lagging global growth.

retail
Retailers feel wrath of Scrooge
Industry expected to post big losses in December after bleak holiday sales despite many stores offering hefty discounts.
• Next, Debenhams surprise with updates

CHEMICALS
Dow mulling legal options
Global chemical giant is considering course after Kuwaiti deal pullout.
• LyondellBasell talking with creditors amid bankruptcy reports

WASHINGTON IN TRANSITION
Burris left out in cold
Scandal-plagued Illinois governor's selection
to fill Obama's seat is rebuffed at the Senate.
• New Congress keen to weigh in on stimulus
• Senate turns away Burris

GLOBAL ECONOMIES
South Korea's 'Green New Deal'
Seoul earmarks the equivalent of $37 billion to help resuscitate
the economy via environmentally minded development projects.
• China says housing prices too high
• Euro-zone inflation slows to 1.6%, below ECB target
• U.K. house prices slump 16% in December

AUTOMOTIVE
Toyota to idle production
Japanese plants reportedly to be shut down for 11 days over February and March as global giant seeks to align supply, demand.
• Car buyers need to get busy | Asian auto stocks stage advance

ADOLF MERCKLE, 1934-2009
German billionaire's death called a suicide
Merckle was said to be short in Volkswagen when stock zoomed higher.

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