STOCKS NEWS US-BofA knew about Merrill Lynch bonuses: FT

Stocks on the move [HOT-RTRS] Real-time Equity news [U E] [RESF/US]

U.S. stock market report [.N]
0820 ET 26Jan2009-BofA knew about Merrill Lynch bonuses: FT
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Bank of America (BAC.N) played a role in the controversial decision by
Merrill Lynch to pay $4 billion in bonuses in December, the Financial Times
reported on Sunday.

The paper reported that John Thain, Merrill's chief executive, had at least
two conversations with J. Steele Alphin, Bank of America's administrative
chief, before the bonuses were paid out.

Bank of America confirmed to the Financial Times that it had been informed
of the bonuses, which were paid out in a fourth-quarter where Merrill suffered
$15 billion in loses. [ID:nN25355381]

Shares of Bank of America, a Dow component, eased back to $6.20 in
premarket trade on Monday.

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0816 ET 26Jan2009-Sprint-Nextel to cut 8,000 jobs
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The telecommunications company on Monday said it would cut about 8,000 jobs
as part of an attempt to reduce costs by about $1.2 billion. The cut jobs will
impact all levels of the company, it said.

Sprint will also suspend 401(k) matching contributions in 2009, it said.
[ID:nWNAB3504]

Shares of Sprint closed Friday at $2.46.

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0808 ET 26Jan2009-Crude down, but OPEC cuts may provide a floor
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March crude futures traded lower on Monday, but the contract drew some
support from the expectation that supply cuts from OPEC were beginning to put a
floor under prices.

"The OPEC cuts are not enough to cause prices to move up, but they are
enough to stabilize the market until demand begins to recover," said
Christopher Bellow, a broker a Bache Commodities. A floor for oil prices would
be good news for such companies as ExxonMobil (XOM.N), which has been hurt by
the sliding price of the commodity. [ID:nSYD214552]

The contract slid 0.9 percent to $46.17 a barrel.

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0805 ET 26Jan2009-Many pulling out of World Economic Forum
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Many leading figures from the world of finance and government have pulled
out of this year's World Economic Forum, with Citigroup (C.N) CEO Vikram Pandit
opting out of attending, along with Timothy Geithner, the Treasury
Secretary-designate, Sheila Bair, chairman of Federal Deposit Insurance Corp
and Lawrence Summers, President Obama's top economic advisor.

"Banking officials have to be concerned with appearances more than ever,"
said Howard Rubenstein, the president of Rubenstein Associates. "They should
avoid anything that appears super-fancy or super-rich." [ID:nN25359611]

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0802 ET 26Jan2009-Caterpillar down in premarket after Q4, outlook
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Shares of Caterpillar (CAT.N) tumbled before the bell on Monday after the
heavy equipment manufacturer reported a decline of more than 32 percent in its
fourth-quarter earnings. The results were hurt by the recession, which lessened
sales at the Dow component.

Caterpillar also warned that its 2009 earnings would be under severe
pressure, predicting that the year would be the weakest for economic growth
since the end of World War Two. [ID:nN21475857]

Shares of the company tumbled 12.3 percent to $31.28 in premarket trade on
Monday.

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net