- A Fed rate increase pause is likely in August, data permitting. (Bloomberg columnist John M. Berry)
- The market is catching up to the Fed, not the other way around. (Bloomberg columnist Caroline Baum)
- Pfizer has earmarked $17 billion to acquire new drugs and treatments. (Bloomberg)
- Barron's calls for a breakup at Citigroup, pans two of its own panelists and fingers bull markets in gold and DRAMs. (Barron's)
- Returns on cash are making life more difficult for stocks. (Los Angeles Times)
- Books: The Accidental Investment Banker is getting great (and funny) reviews. (Amazon.com/The New York Times)
- The false hope of biofuels. (The Washington Post)
- Did EMC overpay for RSA? (Byte and Switch)
- Apple seems set to launch a line of home entertainment products soon. (CRN)
- Research: Are fairness opinions in M&A deals actually fair? (SSRN)
- Research: Talking about deficits, taxes and transfer payments is an exercise in linguistics, not economics. (NBER)
Good Sunday morning, and Happy Fourth of July. Here are some articles and papers worth reading. First, however, a look back at the week that just finished, and a look forward at the week ahead. After some nasty weeks, the major markets all headed upward this week. The Nasdaq led the way with a 2.4% gain, while the Dow and the S&P 500 rose 1.5% and 2.1%, respectively.
Click here for the weekly performance . It was a wild second quarter. The Dow actually managed to finish it up slightly, but the S&P 500 and the Nasdaq ended the quarter down 1.9% and 7.2%, respectively. Emerging markets took it on the chin, especially Brazil, which lost 9%, and India, which plummeted 20%. Turning to the economic week ahead, the highlight will be the June nonfarm payroll report, due out Friday. Market participants will particularly pay attention to the wage component and its inflation implications. On Monday, we will see the Institute for Supply Management's index of manufacturing growth, which has some use as an inflation gauge. Other items to watch this week include May construction spending and U.S. car sales on Monday; May factory orders on Wednesday; and the June layoff report from Challenger, due Thursday. Turning to earnings, next week is essentially dead quiet. Enjoy the peace, because it won't last. Finally, here are some articles and papers worth reading: Editor's note: To access some of these stories, registration or a subscription may be required. Please check the individual links for the site's policy.