Cisco Systems Inc. (CSCO), the world’s biggest maker of networking gear and the focus of a recent “Buy, Sell or Hold” feature in Money Morning, is not in any deal talks with any big companies, and apparently won’t be a bidder for data storage giant EMC Corp. (EMC), Cisco Chief Executive John T. Chambers told CNBC in an interview late yesterday (Wednesday).

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% to $1.64 billion.

• Diana Shipping Inc. (DSX) said yesterday (Thursday) that second-quarter profit more than doubled due to higher charter rates and an increase in operating days, the Associated Press reported. The company said its earnings for the quarter ended June 30 increased to $56.7 million, or 76 cents per share, up from $26 million, or 41 cents per share, for the same period last year.

• Light, sweet crude oil for September delivery fell $2.69 to settle at $124.08 a barrel on the New York Mercantile Exchange yesterday (Thursday). Prices are up 59 percent from a year ago, but have dropped 11% this month on concerns demand in the U.S. is pulling back.

• Google Inc. (GOOG) has plans to start-up a venture capital fund to provide seed money to promising start-ups, MarketWatch reported. Google follows in the footsteps of other tech giants with similar funds such as Intel Corp. (INTC), Cisco Systems Inc. (CSCO) and Microsoft Corp. (MSFT).

• CBS Corp. (CBS) shares slumped 3% after the television network lowered its outlook based on slackening advertising sales, Forbes reported. Advertising sales fell 6% due to fewer primetime viewers and less spending by local stations. CBS reduced its guidance to the nearly flat from a prior estimate of growth of 3% - 5%.

• MasterCard Inc. (MA) fell almost 10% yesterday (Thursday), as investors worried about the effect waning consumer spending would have on debit and credit card use, Bloomberg News reported. MasterCard shares dropped $26.58 to close at $244.15.

• Standard & Poor’s lowered the rating on the three major U.S. automakers yesterday (Thursday), as domestic car companies continue to lose ground to foreign competition. General Motors Corp. (GM), Ford Motor Co. (F) and Chrysler LLC were all lowered to a rating of “B-minus,” six levels below investment grade, Reuters reported.

Source: Global Investing Roundups Friday, August 1st, 2008

Small online businesses are in for a serious wake-up call in 2011, says Mark Nestmann in The Sovereign Society. This is because it will then become mandatory for all electronic payment systems to report sales data to the IRS. The agency will then be able to check these records against filed tax returns from business owners.

Are we seeing a bottom to the bear market?

US stocks are heading for weekly gains. This despite big quarterly losses results from financials Citigroup (C) and Merrill Lynch (MER) and missed estimates from tech giants Google (GOOG) and Microsoft (MSFT).

Think of it this way, says Penny Sleuth editor Wayne Mulligan: “If you want to know whether or not we’ve reached a bottom, then all you need to do is think about the consumer.”

We can almost hear that ominous Jaws theme music in the background, says Keith Fitz-Gerald in Money Morning. Secret stock exchanges known as “Dark Pools of Liquidity,” “Dark Liquidity,” or just “Dark Pools” are attracting increased attention. Most people have never heard of them. But they could have a big impact on your investments…