The balance of the top ten on the list has the usual suspects, at least among America’s super rich. At $59.2 billion, Warren Buffett sits in third place. Filthy rich conservative brothers Charles and David Koch have $55.2 billion. Oracle Corp. (NASDAQ: ORCL) founder and America Cup patron Larry Ellison has a $41.6 billion net worth. And Wal-Mart Stores Inc. (NYSE: WMT) founder Sam Walton’s children Christy and Jim have $36.1 billion.

When the Forbes list comes out, the Bloomberg one will be forgotten — at least for a day.

For those who do not have to travel by air this summer — don’t. The number of seats filled will hit near-record levels. Airports will be crowed, in many cases where temperatures are high. The lines will be longer. And flight delays will be more likely than at any time in memory. According to trade group Airlines for America, the economic recovery has helped the airline industry, but:

… more people will fly this summer than a year ago, and a record number of passengers will fly internationally. A4A said it expects U.S. airlines will carry close to 209 million passengers globally from June through August, an increase of 1 percent from the same period in 2012. The system-wide summer estimate includes 27 million international passengers, a record number for U.S. airlines.

This marks the largest summer volume for U.S. airlines since 2008, when more than 210 million traveled. The all-time high was summer 2007, when more than 217 million people took to the skies on U.S. airlines.  A4A further noted that the busiest travel days are expected to be Thursdays and Fridays between the middle of June and the first week of August.

Bloomberg Billionaires Shuffle

In the battle of the billionaire lists, Forbes has held the high ground for years. Now, Bloomberg Billionaires has taken a prominent spot in media coverage. That was boosted yesterday when the disgraced news service announced that Microsoft Corp. (NASDAQ: MSFT) founder Bill Gates had moved ahead of Mexican telecom giant Carlos Slim. The net worth of Gates is at $72.7 billion, and for Slim it is $72.1 billion. Since the Bloomberg Billionaires list changes daily, Gates may not hold his position for long. The balance of the top ten on the list has the usual suspects, at least among America’s super rich. At $59.2 billion, Warren Buffett sits in third place. Filthy rich conservative brothers Charles and David Koch have $55.2 billion. Oracle Corp. (NASDAQ: ORCL) founder and America Cup patron Larry Ellison has a $41.6 billion net worth. And Wal-Mart Stores Inc. (NYSE: WMT) founder Sam Walton’s children Christy and Jim have $36.1 billion. When the Forbes list comes out, the Bloomberg one will be forgotten — at least for a day.

European Auto Sales

The European Automobile Manufacturers Association reported that regionwide car sales rose for the first time in a year and a half:

In April, the EU market of new passenger cars grew for the first time (+1.7%) since September 2011. The region counted on average two more working days compared to the same month last year, which would account for the increase. In absolute figures, it is the third lowest level of new registrations for a month of April, with the historic low for April reached in 2012 (1,021,358 units). A total of 1,038,343 units was recorded in the EU in April this year, or 1.7% more compared to the low level of April last year.

The region’s economic superpower helped:

In April, results were varied across markets. Looking at the major ones, Germany (+3.8%), Spain (+10.8%) and the UK (+14.8%) expanded, while France (-5.3%) and Italy (-10.8%) faced a downturn.

The dog of the region continued to be General Motors Co. (NYSE: GM), which loses hundreds of millions of dollars in Europe each quarter. Sales of its models dropped 4.5% in April to 79,686. Its major rival, Volkswagen, had a good month. Sales rose 9.9% to 274,925.

Bloomberg explains the Icahn counter offer:

Icahn and Southeastern Asset Management Inc., which together own 13 percent of Dell, are offering an alternative to the $13.65-a-share bid by Michael Dell and Silver Lake.

Southeastern and Icahn, in the sharply worded letter, said their proposal gives investors a chance to benefit from potential future growth at Dell and that it is more valuable than the buyout proposal. The two investors plan to take additional stock in the third-largest computer maker, rather than cash, they said.

The value of Icahn’s offer assumes that he can locate new senior management that can do what the other largest PC companies in the world have been unable to do. These companies include, at least, Hewlett-Packard Co. (NYSE: HPQ), Lenovo, Acer and Asus. Sales of PCs have started to fall due to the popularity of smartphones and tablets. And as the market disintegrates, Dell has fared worse than most. Research firm Gartner reported on global PC shipments:

Worldwide PC shipments totaled 79.2 million units in the first quarter of 2013, a 11.2 percent decline from the first quarter of 2012, according to preliminary results by Gartner, Inc. Global PC shipments went below 80 million units for the first time since the second quarter of 2009. All regions showed a decrease in shipments, with the EMEA region experiencing the steepest decline.

Gartner further reported:

Dell … had a challenging quarter, registering a shipment decline in all regions except Japan. In Gartner’s preliminary view, Dell’s shipment growth in Japan was boosted by moderate demand, driven by a corporate refresh. Dell’s discussions about a possible leveraged buyout impacted shipments, as competitors aggressively attacked Dell’s position in the professional market.

There is no silver lining in the cloud over Dell’s future.

A number of analysts claim that Dell is worth much more than the $13.65 Michael Dell has offered. To support that assumption, one of two things, and probably both, would need to happen. Dell’s operating costs would have to be pared to the bone, though Dell already has cut thousands of people. Dell also would have to enter sectors in which it has little or no market share, or has had the most limited success.

Dell has tried to move into enterprise computing, which would put it head to head with firms that include International Business Machines Corp. (NYSE: IBM) and Oracle Corp. (NASDAQ: ORCL). These companies control the high ground. Dell likely would need a significant position in both smartphones and laptops as well. Each of these sectors is already crowded, and each has powerful market leaders, such as Apple (NASDAQ: AAPL) and Samsung.

Dell’s future does not offer investors much, which makes the Michael Dell offer attractive, even if it appears low right now.

Consolidated Edison Inc. (NYSE: ED) was reiterated Buy and the price target was raised by $7 to $68 at Argus.

Eaton Corp. (NYSE: ETN) was initiated as Outperform at Bernstein.

Home Depot Inc. (NYSE: HD) was reiterated Buy and its price target was raised $10 to $85 at Argus.

IAMGOLD Corp. (NYSE: IAG) was raised to Buy from Hold but the price target was lowered to $7.45 from $8.25 at Canaccord Genuity.

Lowe’s Companies Inc. (NYSE: LOW) was raised to Buy from Neutral at ISI Group.

Read also: 13 Stocks That Analysts Expect to Rise 40% to 100%

Lululemon Athletica Inc. (NASDAQ: LULU) was raised to Buy from Neutral with $90 price target at Stern Agee.

Marathon Oil Corp. (NYSE: MRO) was raised to Outperform from Neutral at Macquarie.

Myriad Genetics Inc. (NASDAQ: MYGN) was raised to Buy from Neutral at Mizuho.

Oracle Corp. (NASDAQ: ORCL) was reiterated Buy on the Focus List at Credit Suisse, but the firm raised its earnings estimates.

Travelers Companies Inc. (NYSE: TRV) was started as Outperform at Raymond James.

U.S. Auto Parts Inc. (NASDAQ: PRTS) was raised to Buy from Neutral at Roth Capital.

We have two great large research summaries this Wednesday. UBS issued a dividend investor alert calling it time to buy these multifamily REIT stocks. We also have the best stocks to buy from Raymond James in their value and dividend strategies.

Read also: Top Analyst Downgrades and Cautious Calls

This release from Fitch probably flies right in the face of what many investors may have assumed. With a cash arsenal of well over $100 billion and with low spending metrics for returning capital to shareholders, many investors might have just assumed that Apple would be as close to a “AAA” rating as a company could get. That is not the case, but what is surprising is that Apple would not be consistent with a “AA” rating.

Fitch said:

Inherent business risk that overshadows a significant liquidity cushion when evaluating long-term credit ratings for consumer-centric hardware companies generally leads us to assign these companies a Long-Term Issuer Default Rating at or below the “A’ category. This reflects the volatility in consumer preferences, significant competition that accelerates product commoditization, and rapid evolution of technology.

Fitch went on to say that consumer product companies such as Sony Corp. (NYSE: SNE), Nokia Corp. (NYSE: NOK) and Motorola Mobility have proven the risks related to ever-changing consumer tastes, low switching costs and a highly competitive environment. The firm also noted that each of those others has historically had a dominant market position and strong financial metrics, only to falter over a relatively short period of time. The report says, “Apple’s better diversification and the stickiness of its iTunes ecosystem clearly make it a stronger credit that would likely be at the highest end of the ‘A’ category.”

What is interesting here is that this rates Apple at a theoretically lower rating than Microsoft Corp. (NASDAQ: MSFT), with a Stable Outlook and with a “AA+” rating, and Oracle Corp. (NASDAQ: ORCL), with an “A+” rating. Fitch showed that all three of these companies benefit from substantial recurring revenue from enterprise software and/or long-term IT services contracts, which typically carry high switching costs.

Here is what it said about the long-term outlook and rationale beyond the hype and favor of today:

Fitch’s ratings ultimately hinge on the volatility of a business model, since the typical bond investment period can extend beyond several product cycles, while also considering financial metrics and liquidity. For ratings in the “AA” category, we would insist on higher visibility and a longer time horizon regarding the sustainability of a company’s business model.

Apple shares are unlikely to move handily from this news. That being said, it will seem counterintuitive to many investors that Microsoft and Oracle would be higher rated than Apple. Apple shares are up 1.6% at $424.00 in early Monday trading.

FULL FITCH NOTE

IBM management may have decided to make the company smaller, after quarterly revenue that dropped year-over-year in the first quarter. Rumors have IBM selling its server business to Lenovo, the firm that bought its PC division in 2005.

In the most recently reported quarter, IBM’s revenue was down 5% to $23.4 billion. To make matters worse, IBM’s revenue dropped at each of its four operating divisions, and in its Systems and Technology group, which houses its hardware operations, revenue dropped 17%. Net income for the whole company rose only rose 3% to $3 billion.

IBM has most of the hallmarks of aging public companies that have lost their capacity to expand except through M&A activity. It shares these characteristics with other very old American companies such as Procter & Gamble Co. (NYSE: PG) and AT&T Inc. (NYSE: T). Each faces too much competition and has shown no evidence to can improve its position against most rivals.

IBM’s revenue last year was barely better than in 2008, before the recession. And revenue has risen less than 9% since 2004 — barely a percentage point each year. Profits have improved, but mostly due to cost cutting.

IBM’s struggle to add sales comes from two sources, although it is hard to say which has been more damaging. The first is that the competition for most of its products and services includes other very big multinationals like SAP, Oracle Corp. (NASDAQ: ORCL), Microsoft Corp. (NASDAQ: MSFT) and Accenture PLC (NYSE: ACN). In sum, they have flanked IBM, at least to the extent that they siphon off enough of IBM’s potential clients to keep the company from rapid expansion. The other problem IBM has is one of innovation. Innovation is a marker of rapid growth in the technology business. IBM has been unable to use advances in products or services to create the kind of expansion that the most successful tech companies have.

Ultimately, there is nothing wrong with IBM’s revenue flatline. Earnings can continue to rise due to judicious control of expenses. The value of the firm’s shares can be helped by a high dividend and share buybacks. But that is all the leverage IBM has to impress investors.

Mark Parker of Nike Inc. (NYSE: NKE) was fourth at $35.2 million. He has warded off stiff competition from several other athlete gear and shoe companies, the first among them Adidas, which owns Reebok. Third on the list is Bob Iger, CEO of Walt Disney Co. (NYSE: DIS), who made $37.1 million. He has kept Disney among the top multimedia companies in the world and has balanced the success of its television network (ABC), studios and theme parks.

And first on the list is Larry Ellison, founder of Oracle Corp. (NASDAQ: ORCL). He hardly needs the money and could work for $1, based on his extraordinary wealth. Forbes rates Ellison as the third richest man on the Forbes 400, with a net worth of $43 billion. Ellison made more than any other U.S. public company CEO in 2012 — $96.2 million. Ellison has kept Oracle in competition with other industry giants, which include International Business Machines Corp. (NYSE: IBM), Microsoft Corp. (NASDAQ: MSFT) and SAP A.G. (NYSE: SAP). And he has been more effective than most, making smart M&A decisions and integrating new companies into the parent.

The highest court in Portugal ruled that some of the austerity measures to be employed by the government to curtail deficits are not constitutional. In reaction, the central government said it would accelerate some cuts, as Portugal’s economy slips deeper into recession and unemployment reaches levels unprecedented in recent times. If the court can block much of the austerity actions, Portugal’s cost to raise money may skyrocket, which would put the future of its bailout by the European Central Bank, European Union and International Monetary Fund in danger. According to CNBC:

With Portugal’s main court rejecting cost-cutting measures which are central to financial aid, the country’s already faltering austerity program has been thrown into further doubt, adding to pressure on the euro zone, analysts told CNBC.

“Fiscal austerity in Portugal is failing,” Nick Spiro, head of Spiro Sovereign Strategy, told CNBC. “Portugal’s 2011 bailout program went off track some time ago. If it were not for the troika’s leniency and the dramatic rally in Portuguese debt, the program would have already failed by now.”

Highest Paid CEOs

CNN Money released its list of the 20 highest paid chief executive officers of 2012. It was refreshing to see some of the CEOs that have led their companies to long-term success made the list. Mark Parker of Nike Inc. (NYSE: NKE) was fourth at $35.2 million. He has warded off stiff competition from several other athlete gear and shoe companies, the first among them Adidas, which owns Reebok. Third on the list is Bob Iger, CEO of Walt Disney Co. (NYSE: DIS), who made $37.1 million. He has kept Disney among the top multimedia companies in the world and has balanced the success of its television network (ABC), studios and theme parks. And first on the list is Larry Ellison, founder of Oracle Corp. (NASDAQ: ORCL). He hardly needs the money and could work for $1, based on his extraordinary wealth. Forbes rates Ellison as the third richest man on the Forbes 400, with a net worth of $43 billion. Ellison made more than any other U.S. public company CEO in 2012 — $96.2 million. Ellison has kept Oracle in competition with other industry giants, which include International Business Machines Corp. (NYSE: IBM), Microsoft Corp. (NASDAQ: MSFT) and SAP A.G. (NYSE: SAP). And he has been more effective than most, making smart M&A decisions and integrating new companies into the parent.

British Airways and Boeing

British Airways appears close to an order of $7 billion of Airbus A350 planes. The airline traditionally has been a customer of Boeing Co. (NYSE: BA). However, that could change is a matter of days. According to Reuters:

If confirmed, the order would strike a blow inside one of Boeing’s most loyal wide-body customers and may hike pressure on the U.S. planemaker to defend future profits by formally offering a revamped version of its successful 777 mini-jumbo.

Industry sources said on Sunday that International Airlines Group), which owns both BA and Spain’s Iberia, appeared close to ordering approximately 20 Airbus A350-1000 aircraft worth $332 million apiece at list prices.

John H. Hammergren and G. Kennedy Thompson will leave the board. That means that nine directors will keep their seats. Venture capitalist Marc L. Andreessen and Rajiv L. Gupta have been on the board since 2009, which means they have sat through a period when HP changed CEOs three times and the company nearly imploded. The small turnover can hardly be called a changing of the guard.

Governance is not at the center of HP’s future. The battering of its PC and printer businesses by a shift in the way consumers and corporations use technology is. Also core to HP’s trouble is its failure in corporate IT services. And legal and accounting issues brought on by the botched buyout of Autonomy will preoccupy executives for months, perhaps years, as the firm tries to repair a situation that caused it to write off $8.8 billion.

Investors do not have to go far to see why HP’s shares are down more than 45% in two years, despite a recent rally. In the most recently reported quarter, revenue fell to $28.4 billion from $30 billion in the same period a year earlier. Revenues at its decades old PC and printer businesses, created in part by the controversial buyout of Compaq in 2002, dropped sharply in the quarter. In the PC division, revenue fell to $8.2 billion from $8.9 billion a year ago. Printer revenue was $6 billion, off from $6.3 billion. The PC division barely broke even.

HP has no solution to its PC and printer problems, as shown by recent forecasts Dell Inc. (NASDAQ: DELL) made as part of the buyout battle at that company. The relentless move to paperless communications, smartphones and tablets has passed by HP and Dell. As the transformation of these industries has occurred, these challenges have proved to be certain. And companies in these sectors that fall behind never catch up again.

HP is left to fall back on its enterprise server, storage, software and IT consulting businesses. However, these are not growing either. Each competes with much more successful initiatives from rivals, such as International Business Machines Corp. (NYSE: IBM) and Oracle Corp. (NASDAQ: ORCL).

HP most likely is doomed as a standalone company, and modest changes to its board mean nothing in that critical context.

24/7 Wall St. wants to cover the other side of the bull market coin. The saying goes, “Bull markets often crawl up a wall of worry.” Here are 10 serious considerations that those of us who remain bullish on stocks need to keep in the back of our minds. We have looked at the year-to-date changes for much of the analysis, and historical data or color has been added elsewhere.

1. The Ticker Tape and Market Internals: For starters, when markets hit all-time highs, the ticker tape and market internals come into focus. The S&P 500 took more than two weeks of challenging the all-time high before closing above it, even though the DJIA already had broken out. In fact, it looks like the S&P was within 10 points of the all-time closing high for almost three weeks before punching through. Some may question that the ticker tape is not as strong as you might expect. DJIA stocks are up year-to-date by a ratio of 14:1, but the S&P ratio is close to 7:1 year-to-date. Capital inflows into stocks have been monumental, but they seem to have slowed. Even with the normal bump at the end of a month and start of a month from 401K monies, what if that starts to peter out? It takes money to make money, and it actually does require inflows to keep driving up stock prices. What if the “sell in May and go away” theme comes early this year?

2. The European Follies: That darned European situation just refuses to go away. First it was all the woes of the PIIGS (Portugal, Italy, Ireland, Greece, Spain). But in 2013 suddenly Cyprus matters. This inconsequential island nation is just not very relative. Outside of being an offshore banking mecca and a tourist destination, and having a British naval base, this nation should have no importance at all. Unfortunately, that is now the world we live in. Imagine if Spain, Italy, Portugal or Greece were suddenly back in the soup. They at least matter compared to Cyprus. A Dow Jones headline caught our attention: Greek Retail Sales Plunge 15.7% as Country Enters Sixth Year of Recession. Any new spike higher in interest rates around the PIIGS, or any other unwelcome growing anti-austerity measures, could tip Europe again. If Europe unexpectedly gets far worse again all of a sudden, kiss our great U.S. bull market bye-bye.

Read also: The Bull Market Road Map for April

3. Employment and Economic Reversals: What if the employment data really does get wrecked by the spending sequestration? This is a low probability because sequestration was really just cutting the growth of spending rather than cutting actual spending. But what if employment just reverses again? The validity of the 7.7% unemployment rate from February can be debated, but that was still the best reading in four years. What if companies just start laying workers off or have furloughs for, say, the entire slow summer period? It seems unlikely, but it is possible. The equity markets would not respond positively if the official unemployment rate gets back up around 8%.