Best Buy Names New CEO; IBM to Post Strong 2008 Earnings; BHP Cuts 6,000 Jobs; GM Loses Sales Crown to Toyota; Investors Retreat From Hedge Funds; Housing Market Index Hits New Low; Satyam Seeks Funding; Crude Futures Climb

Best Buy Co. (BBY) crowned chief operating officer Brian Dunn as the electronics retailer’s new chief executive. Dunn, 48, started his career at Best Buy as a store associate in 1985 and will succeed retiring Bradbury Anderson, MarketWatch reported. IBM Corp. (IBM) will beat analysts’ estimates for its 2008 earnings. The company said yesterday (Wednesday) that its income will rise to at least $9.20 a share in 2009, ahead of the $8.75 average estimated by Bloomberg. “They’re using ...

Paulson reworks financial bailout: New targets for investment… even you can apply! Markets plummet… Bill Bonner on when stocks will be cheap enough to buy. OECD predicts global recession… Germany admits contraction has already begun. Wall Street CEOs forecast “rapid,” “deep” U.S. recession. Joel Bowman on a peculiar hissing sound emitting from the Middle East.

For an erudite debate over the Paulson doctrine, we turn to our friends at The Onion this morning:

The Money Hole.

It’s not any more complicated than that, is it?

Indeed, Paulson and company announced a TARP switcheroo yesterday. Now the Treasury’s Troubled Asset Recovery Program (TARP) is suffering a serious case of the STD “mission creep.”

Instead of purchasing troubled assets from banks, the Treasury,

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Best Buy Co., Inc. (NYSE: BBY), a multinational retailer of technology and entertainment products and services, and Napster Inc. (NASD: NAPS), one of the most recognized brands in digital music and a leading provider of online music for the consumer market, recently announced that the two companies have entered into a definitive merger agreement for Best Buy to commence a tender offer for all outstanding Napster shares at a price of $2.65 per share in cash.

With an aggregate purchase price of roughly $121 million (or $54 million net of approximately $67 million in cash and short-term investments of Napster as of June 30, 2008), the proposed acquisition includes Napster’s 700,000 digital entertainment subscribers, its Web-based customer service platform and mobile capabilities. The transaction is subject to customary closing conditions and is expected to be completed during the fourth calendar quarter.

Brian Dunn, the president and chief operating officer of Best

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Maybe you’re thinking Best Buy Co. Inc. (NYSE: BBY) and Napster Inc. (Nasdaq: NAPS) were dominating giants in their respective industries. Now the two companies have announced they will merge into a mega-media company through a definitive agreement worth approximately $121 million. Best Buy will offer all outstanding Napster shares for $2.65 per share in cash.

Napster recently launched one of the world’s largest MP3 stores and posted fiscal 2008 revenue of $127.5 million, up 15 percent from the year prior; a loss of $16.5 million, as compared to a loss of $36.8 million the prior fiscal year; and positive cash flow for the fiscal year ended March 31, 2008.

Unanimously approved by Napster’s board of directors, the acquisition will include around 700,000 of Napster’s digital entertainment subscribers, its Web-based customer service platform, and its mobile capabilities.

“This transaction offers Best Buy a recognized platform for enhancing our capabilities in the

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