STOCKS NEWS US-BofA hires Ethan Harris and David Bianco

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0845 ET 01June2009-BofA hires Ethan Harris and David Bianco
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Bank of America's (BAC.N) corporate and investment banking unit has hired
Ethan Harris as head of North America economics and David Bianco as head of
U.S. equity strategy.

Harris was previously the chief U.S. economist and head of U.S. economic
research at Barclays Capital unit. Bianco was the chief U.S. equity portfolio
strategist at UBS AG.

For details, see [ID:nN01446858]

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0841 ET 01June2009-GM files for Chapter 11 bankruptcy protection
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General Motors (GM.N) on Monday filed for Chapter 11 bankruptcy production,
in a move widely anticipated by investors. GM said in a submission with its
bankruptcy filing that its board of directors had voted on Sunday to approve
the move to seek court protection in a reorganization that will be funded by an
additional $30 billion from the U.S. government. The U.S. Treasury plans to
provide $50 billion in financing to GM and take a 60 percent stake in a
reorganized company. For details, see [ID:nN01452674]

Shares of GM closed Friday at 75 cents.

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0836 ET 01June2009-Consumer spending eases 0.1 percent in April
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U.S. consumer spending fell 0.1 percent in April, despite personal income
posting the largest increase in 11 months, a report from the Commerce
Department showed on Monday.

Analysts had expected a drop of 0.2 percent in the month.

For details, see [ID:nN29422420]

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0824 ET 01June2009-Bristol-Myers may buy minority stake in Elan
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Shares of Elan Corp (ELN.N) rallied in premarket trading on Monday, after
it said it was in advanced talks to sell a minority stake to Bristol-Myers
Squibb (BMY.N).

A source familiar with the situation told Reuters on Sunday an agreement on
the sale of part of the business could come as early as this week. The source
added that selling a stake could be the first move in a multi-step transaction
to sell the company outright.

Elan is also in talks with a second suitor, but the status of those
discussions was unclear, the source added.

For details, see [ID:nL1422876]

Shares of Elan soared 18 percent to $8.25 on the New York Stock Exchange
while Bristol shares gained 4 cents to $19.96 before the bell.

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0818 ET 01June2009-Barron's sees strength in value consumer firms
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Barron's wrote that consumer stocks that offer strong products with
outstanding value could see a rise in demand as the economy improves.

In its June 1 edition, the financial publication listed Amazon.com
(AMZN.O), Apple (AAPL.O), Bed Bath & Beyond (BBBY.O), Chipotle Mexican Grill
(CMG.N), J Crew (JCG.N), Nike (NKE.N), Safeway (SWY.N), Target (TGT.N) and
Urban Outfitters (URBN.O) as companies in its "Michelle Index."

The index was named after First Lady Michelle Obama, who has championed
companies with such attributes as excellent service and value.

For details, see [ID:nN31415765]

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0811 ET 01June2009-May car sales seen down sharply from prior year
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U.S. auto sales are expected to be down steeply in May, with the sector
hurt by an economic recession and turmoil in the industry, with General Motors
(GM.N) filing for bankruptcy on Monday.

Despite that, sales in the month may be higher than recent months, with a
late month surge in sales from Chrysler dealerships that are losing their
franchises.

For details, see [ID:nN29328613]

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