Opening Bell: 14.7.08

S&P futures vs fair value: +14.6. Nasdaq futures vs fair value: +24.0. Futures suggest a sharply higher open following news that two goverment sponsored enterprises are getting some support from the Fed and U.S. Treasury. Treasury Secretary Paulson announced a plan to temporarily increase the line of credit that Fannie Mae (FNM) and Freddie Mac (FRE) have with the Treasury, give temporary authority for Treasury to purchase equity in the companies and give the Federal Reserve more oversight on the companies. Congress needs to approve the plan. Meanwhile, both Fannie and Freddie will be allowed to access the Fed's discount window. Separately, IndyMac Bancorp (IMB) was taken over by the FDIC after a run on the bank prompted its collapse. In merger and acquisition news, Anheuser-Busch (BUD) accepted a acquisition offer from InBev, after the Belgian company sweetened its offer to $70 per share, or $52 billion, from $65 per share.