Morning News

• Futures are up pointing to a higher open.

• Ford Motor Company (F) announced late yesterday the company is lowering it's '05 earnings estimates by as much as 20%.The company also has plans to cut 5% of the companies salaried employees.

• Valero Energy Corp (VLO) reportedly lost power yesterday to two groups of the refinery units in Texas. Valero has a crude oil capacity of 340,000 barrels per day. There were no reports on any disruption, outage lasted for roughly 1 hour.

• Coca Cola Company (KO) reaches an agreement with the European Commission ending a 6 year probe.

• The Bear Stearns Companies (BSC) Could see action by the SEC for it's mutual fund trading activity.

• Crude oil still holding near $59.00 per barrel.

• Gold down early yesterday got some back late trading at $439.00 per ounce.

Budd Foxx