Bristol Myers Moves for ImClone; Kodak Earnings Fade; Diana Shipping Doubles Earnings; Crude Stumbles Again; Google to Start VC Fund; Primetime Ad Drama; MasterCard Slumps on Less Spending; S&P Says U.S. Car Companies are “Junk”

• Bristol-Myers Squibb Co. (BMY) yesterday (Thursday) offered $4.5 billion in cash for biotechnology company ImClone Systems Inc. (IMCL), the Associated Press reported. ImClone’s board has yet to comment on the proposal, which offers its stockholders $60 per share, a 30% premium to its Wednesday closing price of $46.44. Bristol-Myers already owns about 17% of ImClone.

• Eastman Kodak Co. (EK) said yesterday (Thursday) that second-quarter profit fell, as traditional film-based revenue slumped 14% to $847 million. Sales climbed 1% from $2.47 billion to $2.49 billion, and revenue from digital businesses rose 10%…

Last year, eight out of ten major sectors went up, according to the Dow Jones Indexes, says Andrew Gordon in Investor’s Daily Edge. This year, eight out of the ten are now in negative territory. Materials and energy are the only holdouts – and of those two, the materials sector is down 2.5 percent for the month of June. That means energy is the only game in town. But you have to chose wisely or loose your shirt…