Morning News

• Futures are weak may see a slightly higher open.

• May existing home sales today.

• Weekly Jobless claims also out today.

• China National Offshore Oil Company launches a formal bid for Unocal Corp.(UCL)$18.5 billion is the offer topping Chevron's bid by $1.5 billion.

• Callaway Golf (ELY) reports are out the company may be looking to go private.

• Airlines to increase fares by up to 3% due to the rising cost of fuel.

• Merck & Company (MRK) reports out that back in '2000 company researchers sought to alter VIOXX researchers were looking to reduce it's cardiovascular side affects.

• Crude oil: holding just over $58.00 per barrel.

• Gold: not much change$439.00 per ounce.

Budd Foxx