Zeev's Turnips Patch-No Politics (ZEEV)

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---In U.S. corporate news, after years of trying to avoid a wrenching overhaul, General Motors Corp. plans to slash its North American white-collar work force, signaling the start of a more aggressive attack on deep structural problems in its core auto business, the Wall Street Journal reports. The salaried-staff cuts, which could be as deep as 28 percent in certain departments, are a prelude to a GM effort to seek health-care concessions from its largest U.S. union, the United Auto Workers, and map out further cuts in its North American operations, say people familiar with the situation. GM jolted investors last week when it warned that full-year profits would be just $1 to $2 a share - including a projected $1.50-a-share loss for the first quarter - instead of the $4 to $5 a share the company projected in mid-January.

---Novartis AG and Schering AG said they will delay filing for marketing approval of a jointly developed experimental cancer drug, after it proved little better than standard chemotherapy in a study. Novartis said the drug, PTK787, failed its primary endpoint of doing better than standard chemotherapy in preventing colorectal cancer from worsening when given together with chemotherapy. As a result of the disappointing initial results, the companies will delay submitting the drugs for regulatory approval by a year to early 2007. The drug is one of the biggest hopes in the pipeline of both companies.

---Krispy Kreme Doughnuts Inc. said beneficiaries of its retirement plan filed a purported class-action lawsuit against the company, alleging the company failed to properly manage its retirement plan.

---J.C. Penney Co. Inc. announced a $750 million stock buyback and $250 million debt buyback as part of a new capital structure repositioning program.

---Carnival Corp. is expected to report first-quarter earnings of 40 cents a share. NCDHealth is also expected to report.