NEW YORK (Fortune) - Okay, okay ... yes. yes ... so I'm wrong (about the market going down when oil prices go up). Stocks soared on Tuesday as the Fed signaled that interest rate hikes may be winding down. ... I still say that at some point, folks, something has gotta give here!

NEWS CORP: I was dining with the CEO of one of the largest media companies in the world the other day (this does not constitute name dropping, by the way, since I'm not using his name), and I asked him what other media company (besides his) he thought was in the best competitive position. "News Corp," he said quickly. Why? Because this company has such a global view, was the reply. Course News Corp is the "fair and balanced" company controlled by Rupert Murdoch. It owns properties like Fox and the NY Post. It also owns MySpace.com which is very, very hot. But the Internet actually isn't a strength of this company though, which is why Rupert looks to be adding to this part of his business. NWS (Research) announced this morning that it is buying a stake in jobs search engine company Simply Hired. Small deal, but it's a way of tapping into the online classified ad biz. NWS been a mediocre performer lately, but over time - as in when media stocks come back into favor, and they will at some point - it could be a good one.

BURLINGTON NORTHERN SANTA FE: Choo! Choo! Get out of the way! This stock is rollin'! Big Rail has been moving up big time lately, from the $20s to $86. Rail companies are in the news lately because their customers are saying that they are being gouged by fuel surcharges. Hmmm, don't know about that. I do know that Burlington et al, are benefiting mightily from hauling goods around this country, especially coal. My goodness that is a big business. Call BNI (Research) the not-so-little-stock-that-could ... I say there is more upside here.

SEAGATE: Good news/bad news for this maker of disk drives. Good = earnings up 20 percent for the third quarter. Bad news = company lowered outlook for the year. This company was LBO'd and then went public in late 2002. It was a big hit (Research) climbing form low teens to now $27, but I think we are outta gas here now. Plus, investors are looking for action elsewhere.

LOOSE CHANGE: Why is it that college teams have had to change the names of their Native American mascots, but the Redskins and Braves play on? Why it's because the 'skins and the Brave-os are important! ...

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E-mail Andy Serwer at serwer@fortunemail.com

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