Market Gawk

Hallmark/Westland Meat Packing, which issued the biggest meat recall in U.S. history last week, is reported likely to close its doors permanently.

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The European Commission is reportedly planning next week to ask sovereign wealth funds to accept a code of conduct governing their investment activities.

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Broadcaster Lowell Paxson is reported disputing statements from Sen. John McCain’s presidential campaign that the senator did not meet with him or his lobbyist in 1999.

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SAN FRANCISCO (MarketWatch) - The European Commission is planning to adopt proposals next week that will ask sovereign wealth funds to accept a code of conduct to govern their investment activities, the Financial Times reported Saturday. Peter Mandelson, the European trade commissioner, said the code will outline standards of governance and transparency for such funds. ”The emphasis in their investments should be on commercial motivations, not national or strategic considerations. I think such a code is possible to draw up and would get acceptance from the wealth funds,” the report quoted Mandelson as saying. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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SAN FRANCISCO (MarketWatch) - Hallmark/Westland Meat Packing Co., which issued the biggest meat recall in U.S. history last week, will probably close permanently, The Wall Street Journal reported in its online edition Saturday, citing the company’s general manager. ”I don’t see any way we could reopen,” as cash has become tight, Anthony Magidow was quoted as saying. The privately held Chino, Calif., meatpacker voluntarily suspended operations last month after a U.S. Department of Agriculture probe and announced a recall of 143 million pounds of its beef.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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SAN FRANCISCO (MarketWatch) — Clear Channel Communications has entered talks with Providence Equity Partners to negotiate a new agreement on a stalled deal to sell its television stations to the private equity firm, news reports said Saturday. Last year, Providence said it planned to buy 56 television stations from Clear Channel for $1.2 billion but was later seen seeking to withdraw or renegotiate the deal amid declining market prices for TV stations. In response, Clear Channel filed a lawsuit earlier this month to force Providence to follow through with the acquisition. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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U.S. stocks turn solidly higher in the final minutes of trading on word a rescue could be in the works for struggling bond insurer Ambac Financial.

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DAMASCUS, MD (MarketWatch) — It is important right up front to discuss what this car is and is not. It is not a fire-breathing two-seat sports car run ragged on a famed racetrack or the Black Forest in Germany.

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On Feb. 21, a MarketWatch report incorrectly stated the number of components in the U.S. leading economic indicators index which fell in January. Four of the 10 fell.

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Investors hope that a last-minute plan to bail out ailing bond insurers next week will spark optimism for a market that has remained plagued by the ongoing credit crisis and worries that the economy is on the brink of recession.

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