Wednesday, July 25, 2007

Newfield Exploration Q2 earnings rise

(Reuters) - Excluding the effect of unrealized commodity derivative
income, net income for the quarter would have been $114
million, or 87 cents a share, it added.





Read more at Reuters.com Market News

Brazil's stocks edge higher but currency slips

(Reuters) - The Bovespa index of the Sao Paulo Stock Exchange
ended up 0.37 percent at 56,001.30 points. The index, which hit
an intraday record high of 58,292.88 last Thursday, stumbled
for a second straight day on Wednesday before recovering.




Brazil's currency, the real , weakened 0.32 percent
to 1.867 per U.S. dollar, pressured in part by central bank
buying of dollars to build up foreign reserves.


Read more at Reuters.com Bonds News

UPDATE 1-Pulte Homes posts quarterly net loss

(Reuters) - Pulte reported a second-quarter net loss of $507.6 million
or $2.01 per share, versus a profit of $243 million, or 94
cents per share, last year.




The results include a charge of $749 million related to
lower land values and impairments and $40 million for job
cuts.


Read more at Reuters.com Bonds News

U.S. SEC clarifies mortgage accounting rule

(Reuters) - Last month, 11 Democrats sent a letter to Cox seeking
clarification on the rule known as "FAS 140," which governs the
accounting for asset-backed securitized products like
mortgage-backed securities.




At issue, was whether a bank could modify a mortgage when
it is part of a pool of securities without violating the
accounting rule that allows banks to keep the mortgage-backed
securities off their balance sheets.


Read more at Reuters.com Government Filings News

Burlingame prefers Hidary's offer for Everlast

(Reuters) - Burlingame, which controls 14.3 percent of Everlast shares,
said it believes Hidary's offer was superior because it contains
an option for shareholders to roll over up to 50 percent of their
interest into the surviving private entity.







Read more at Reuters.com Mergers News

TSX Group quarterly profit jumps 37 percent

(Reuters) - The company, which runs the Toronto Stock Exchange and the TSX Venture Exchange, said net income was C$39.1 million in the three months ended June 30, or 57 Canadian cents a share. That was up from C$28.5 million, or 41 Canadian cents a share, in the same 2006 period.






Read more at Reuters.com Market News

UPDATE 1-Express Scripts profit rises 42 pct

(Reuters) - Net income rose to $152.7 million, or 57 cents per share,
compared with $107.8 million, or 38 cents per share, a year
earlier.




Excluding items, earnings were 56 cents per share.
Analysts, on average, expected 54 cents per share, according to
Reuters Estimates.


Read more at Reuters.com Market News

UPDATE 1-Alcon quarterly net profit falls, revenue up

(Reuters) - The company, majority owned by Swiss conglomerate Nestle
, posted a net profit of $448.4 million, or $1.48 per
share, compared with a profit of $465.6 million, or $1.50 per
share, in the year-ago quarter when the company benefited from
a legal settlement.




Analysts on average expected $1.44 per share, according to
Reuters Estimates.


Read more at Reuters.com Market News

UPDATE 2-Silverton Casino latest to pull junk bond sale

(Reuters) - About eight junk bond sales have been scrapped since June,
according to high-yield research firm KDP Investment Advisors.




Junk-rated companies have had trouble finding buyers for
debt as concerns about massive bond supply and a subprime
mortgage crisis turned investors more risk-averse.


Read more at Reuters.com Mergers News

Fiserv quarterly results below analysts' view

(Reuters) - Adjusted earnings from continuing operations were 68 cents
a share for the quarter.




Revenue rose 12 percent to $1,180.1 million.


Read more at Reuters.com Market News

Boeing chief sees longer aero boom, 787 on track

(Reuters) - The Chicago-based company's highly anticipated 787 Dreamliner -- which has already generated more than $100 billion of orders -- is on track for delivery next May, he added, but the date of its first test would likely be at the back end of the range it was previously aiming for.




"You could see an extended cycle here. I don't see an end to it right now," said Boeing Chief Executive Jim McNerney on a conference call with analysts on Wednesday after reporting higher-than-expected second-quarter earnings.


Read more at Reuters.com Hot Stocks News

TREASURIES-Bond prices little changed as stocks recover

(Reuters) - Trade was choppy, reflecting large swings in the equities
market. Sentiment was torn between credit concerns -- sparked by
news that Chrysler Corp. had postponed a $12 billion auto loan
deal -- and strong profits. For details see [.N].




That left Treasuries indecisive, although benchmark yields
briefly dipped to a seven week low.


Read more at Reuters.com Bonds News

New York City Boosts Bond Sale a Second Time to $919 Million Amid Demand

(Bloomberg) -- New York City expanded its bond
offering a second time to meet demand for tax-exempt debt with
the highest credit ratings in the city's history.

The most populous U.S. city today offered securities due
from 2021 through 2026, boosting its fixed-rate sale by 8
percent to $919 million. Bonds set to mature in 19 years were
priced to yield 4.51 percent, 0.09 percentage point more than
the Municipal Market Advisors index of top-rated bonds.


Read more at Bloomberg Bonds News

Beijing North Star, Korea Gas, Maruti Udyog: Asia Ex-Japan Equity Preview

(Bloomberg) -- The following stocks may rise or fall
in Asian markets, excluding Japan. This preview includes news that
broke after markets closed. Prices are from the local market's last
close. Stock symbols are in parentheses after company names.

PT Bank Central Asia (BBCA IJ): Indonesia's second-biggest
lender by assets said its second-quarter profit rose 5 percent from
a year earlier to 1.11 trillion rupiah ($122 million) helped by
increased lending to companies and consumers. The shares gained 100
rupiah, or 1.6 percent, to 6,400.


Read more at Bloomberg Stocks News

UPDATE 3-Siemens promises changes after weak Q3, VDO sale

(Reuters) - FRANKFURT, July 25 - Siemens' new chief
executive promised speedy and far-sighted changes after
announcing an 11.4 billion euro disposal, a $7
billion acquisition and weak quarterly results on Wednesday.




Shares in the German group plunged 7 percent after Siemens
disappointed on both top and bottom lines with its third-quarter
results. It gave no clear reasons after rivals General Electric
and Alstom reported booming demand.


Read more at Reuters.com Market News

House lawmakers offer US insurance charter bill

(Reuters) - A similar bill was introduced last year in the Senate. Each
bill would create a new federal regulatory agency under the
U.S. Treasury Department.




The insurance industry is regulated now by the states in a
patchwork system insurers say is too costly and complex, but
top insurers, such as Allstate Corp. , favor a federal
charter option and regulator.


Read more at Reuters.com Bonds News

Existing home sales, loan applications fall

(Reuters) - Existing-homes sales hit a lower-than-expected 5.75 million unit annual rate while prices and inventories remained flat, the National Association of Realtors said in a report on Wednesday.




Applications for new mortgages hit their lowest level since mid-February as the demand for homes continues to slide. The largest U.S. mortgage lender, Countrywide Financial Corp. , said on Tuesday it may be 2009 before the housing market recovers.


Read more at Reuters.com Business News

NY MTA seeks higher fare revenue, regular hikes

(Reuters) - The agency, which also runs buses and collects tolls for tunnels, will seek to raise the revenue by reducing discounts rather raising fares for the first time since 2005. However, it did recommend raising fares and tolls every two years to keep pace with inflation.




Thanks to discounts, New York City subway and bus riders now pay an average of $1.30 per ride -- 70 cents less than the base fare of $2.


Read more at Reuters.com Bonds News

RLPC-Oneida Ltd $120 mln term loan terminated-source

(Reuters) - That price adjustment was attributed to the general
correction that has enveloped the loan market. Current weakness
in the secondary market is forcing a number of deals that are
being syndicated to be adjusted as lenders reevaluate risk.




Read more at Reuters.com Bonds News

ConAgra to pay $45 mln to settle fraud charges-SEC

(Reuters) - The company settled without admitting or denying the SEC's
allegations, the agency said.




Read more at Reuters.com Government Filings News

Delphi Financial still sees 2007 earnings of $3.15-$3.25/shr

(Reuters) - Shares of the company were up more than 6 percent at $41.21
in late morning trade on the New York Stock Exchange.





Read more at Reuters.com Market News

PepsiAmericas posts higher profit, shares hit 9-yr high

(Reuters) - Earnings rose 20 percent to 61 cents a share. Analysts on average were expecting a flat quarter at 50 cents a share, according to Reuters Estimates.




Total sales were up 12.6 percent at $1.20 billion, slightly ahead of analysts' average view of $1.17 billion.


Read more at Reuters.com Hot Stocks News

Crude Oil Rises After Report Shows Third Straight Weekly Inventory Drop

(Bloomberg) -- Crude oil rose for the first time in
four days in New York after the U.S. government reported a third
straight weekly decline in oil inventories.

Supplies fell 1.1 million barrels to 351 million barrels
last week, the Energy Department report showed. Inventories in
Cushing, Oklahoma, the main supply hub in the U.S., fell 1.38
million barrels to 212.4 million barrels, the lowest since
February 2006.


Read more at Bloomberg Commodities News

Kenya economy seen growing 6.3pct in 2007 - government official

(Reuters) - Kenya's economy is seen growing 6.3 percent in 2007, up from 6.1 percent last year, according to first quarter statistics to be published soon, a senior government official said on Wednesday.

The government is keen to capitalise on improved economic performance as it seeks re-election at polls in December, reinforced by a central bank projection of 8 percent growth by 2008.


Read more at Reuters Africa

Canadian Stocks Drop, Led by Barrick. Meridian, on Falling Metals Prices

(Bloomberg) -- Canadian stocks dropped a fourth
straight day as Barrick Gold Corp. led raw-materials shares lower
on falling price for bullion and copper.

The Standard & Poor's/TSX Composite Index declined 72.07, or
0.5 percent, to 13,996.09 as of 10:45 a.m. in Toronto, after
earlier climbing as much as 1 percent earlier on better-than-
expected earnings from natural-gas company EnCana Corp.. Yesterday,
the benchmark fell 400.17 points, or 2.8 percent, its worst drop
since April 2004.


Read more at Bloomberg Stocks News

UPDATE 1-Vector says preferred bidder for parts of UK's DARA

(Reuters) - Contractual revenues from these businesses are estimated to
exceed C$100 million annually, Vector said.




The Toronto-based company, which specializes in aircraft
maintenance, repair and overhaul, said the DARA facilities
provide support for Chinook , Lynx and Sea King
helicopters.


Read more at Reuters.com Mergers News

Resolution takes on Friends in $18 bln deal

(Reuters) - By Clara Ferreira-Marques



LONDON, July 25 - Resolution and Friends Provident have agreed an all-share merger to create Friends Financial, Britain's fourth-largest life assurer with a market value of 8.6 billion pounds .


Read more at Reuters.com Mergers News

Dade Behring quarterly net earnings rise

(Reuters) - CHICAGO, July 25 - Dade Behring Holdings Inc. , which has agreed to a bid from Siemens AG for $77 per share, said on Wednesday quarterly net earnings rose on demand for its laboratory equipment. Second-quarter net income was $50.3 million, or 61 cents per diluted share, compared with $37.6 million, or 43 cents per diluted share, a year before, the Deerfield, Illinois-based company said. Quarterly revenue rose 8.2 percent from a year ago to $481 million.



Wall Street analysts on average had forecast 47 cents a share, according to those polled by Reuters Estimates.


Read more at Reuters.com Market News

UPDATE 2-Norfolk So. profit beats Wall Street view, stock up

(Reuters) - The railroad's stock rose more than 1 percent after the
announcement.




The Norfolk, Virginia-based company said second-quarter net
income rose to $394 million or 98 cents a share, from $375
million, or 89 cents a share, a year earlier.


Read more at Reuters.com Market News

UPDATE 1-U.S. existing home sales fell in June

(Reuters) - WASHINGTON, July 25 - The pace of existing home
sales in the United States fell in June to a
lower-than-expected 5.75 million unit annual rate while prices
and inventories showed signs of stabilizing, the National
Association of Realtors said in a report on Wednesday.




Sales were off 3.8 percent in June and hit their lowest
since November 2002 when it was 5.73 million unit pace.


Read more at Reuters.com Bonds News

South African Rand Gains After Country's Credit Outlook Revised Higher

(Bloomberg) -- South Africa's rand rose against the
dollar after Fitch Ratings revised the country's credit outlook
to ``positive'' from ``stable.''

The rand also gained today as the spread, or yield gap,
between 10-year South African bonds and equivalent U.S.
Treasuries rose to near the highest in six months. The Reserve
Bank's 9.5 percent main lending rate makes local assets
attractive for investors who fund their purchases by borrowing
more cheaply in other currencies.


Read more at Bloomberg Currencies News

Existing home sales fell in June

(Reuters) - Economists polled by Reuters were expecting home resales to fall to a 5.88 million-unit pace from the 5.99 million-unit rate initially reported for May. Sales were revised in May to 5.98 million units.




The inventory of homes for sale fell 4.2 percent to 4.196 million units at the end of June, which represents an 8.8 months' supply.


Read more at Reuters.com Business News

TREASURIES-Bonds dip as stocks seen to rebound

(Reuters) - NEW YORK, July 25 - U.S. Treasury debt prices fell on
Wednesday, pulling benchmark yields back from seven-week lows as
investors prepared for a stock market rebound in the wake of
Tuesday's slide.




Stock futures pointed to a strong opening on Wall Street,
luring money away from safe-haven bonds, while the government's
upcoming auction of two-year notes later in the session could put
additional downward pressure on Treasury prices. Double-click on [.N]
for latest on stocks.


Read more at Reuters.com Bonds News

UPDATE 1-New York Community profit falls 29 pct on charge

(Reuters) - Net income for the Westbury, New York-based thrift fell to
$36 million, or 12 cents per share, from $50.6 million, or 18
cents, a year earlier.




Results included a $57 million pre-tax loss from selling
the securities, which the thrift said resulted from changes in
interest rates, not credit quality. Operating profit totaled
$71.8 million, or 23 cents per share, New York Community said.


Read more at Reuters.com Mergers News

UPDATE 1-AMG profit rises 24 percent on asset growth

(Reuters) - AMG, which owns stakes in more than two dozen investment
managers, including value equities firm Third Avenue Management
and quantitative manager AQR Capital Management, said the
earnings growth was led by the strong performance of group
firms focused on hedge funds and international equities.




The firm also said it was considering the purchase of
stakes in alternative investment managers and traditional
managers.


Read more at Reuters.com Mergers News

ConocoPhillips Profit Plunges After Chavez Seizes Venezuelan Oil Assets

(Bloomberg) -- ConocoPhillips, the third-largest
U.S. oil producer, said second-quarter profit tumbled 94 percent
after Hugo Chavez's government seized the company's assets in
Venezuela.

Earnings dropped to $301 million, or 18 cents a share, from
a record $5.19 billion, or $3.09, a year earlier, Houston-based
ConocoPhillips said today in a statement. Writing off the
Venezuelan properties reduced net income by $4.51 billion.


Read more at Bloomberg Energy News

Boeing reports profit, raises outlook; shares up

(Reuters) - Its shares jumped as much as 6 percent to an all-time high
of $110 in electronic trading before the bell, later paring
those gains to $106.63.




Boeing, which vies with Airbus for the title of
world's biggest plane maker and is the Pentagon's No. 2
supplier, reported quarterly profit of $1.1 billion, or $1.35
per share, compared with a loss of $160 million, or 21 cents
per share, in the year-ago quarter.


Read more at Reuters.com Market News

National Oilwell 2nd-qtr profit more than doubles

(Reuters) - Analysts on average had expected the Houston-based company
to report a profit of $1.54 a share, according to Reuters
Estimates.




Total revenue in the quarter rose to $2.38 billion, up 44
percent from the 2006 second quarter.


Read more at Reuters.com Market News

UPDATE 1-General Dynamics profit falls, but beats Wall St

(Reuters) - On a continuing operations basis, General Dynamics said earnings rose to $518 million, or $1.27 per share, from $420 million, or $1.03 per share.




Excluding a gain related to the resolution of tax audits, the company posted earnings of $1.22 per share, beating Wall Street expectations of $1.17 per share, according to Reuters Estimates.


Read more at Reuters.com Market News

Ambac Second-Quarter Profit Falls on Losses From Subprime Bond Investments

(Bloomberg) -- Ambac Financial Group Inc., the
world's second-largest bond insurer, said second-quarter profit
dropped 27 percent after a slump in the value of subprime
mortgage securities.

Net income declined to $173 million, or $1.67 a share, from
$238.6 million, or $2.22, a year earlier, the New York-based
company said today in a statement. Unrealized mark-to-market
losses on collateralized debt obligations containing subprime
mortgage bonds cost $56.9 million, or 36 cents a share, Ambac
said.


Read more at Bloomberg Bonds News

Canadian Dollar Drops From 30-Year High as Prices of Commodities Decline

(Bloomberg) -- The Canadian dollar fell from a 30-
year high as the U.S. counterpart gained and prices of the
nation's commodity exports declined.

Commodities account for about half of Canada's exports. The
U.S. dollar rose against 12 of 16 major currencies.


Read more at Bloomberg Currencies News

Gasoline, Naphtha Drop in Europe as Brent Oil Remains Below $75 a Barrel

(Bloomberg) -- European gasoline and naphtha prices
for August fell as Brent crude oil remained below $75 a barrel on
speculation the U.S. will make enough gasoline to meet late-
summer demand. Propane was unchanged after falling three days.

Gasoline swaps prices for loading in Amsterdam-Rotterdam-
Antwerp in August dropped for a third day, declining $2.71 to
$674.86 a ton as of 11:14 a.m. in London, according to the energy
broker PVM.


Read more at Bloomberg Energy News

P.F. Chang's 2nd-quarter earnings rise

(Reuters) - Net income for the Asian-themed restaurant operator was $9.3 million, or 36 cents per share, compared with $8.1 million, or 30 cents per share, a year earlier.






Read more at Reuters.com Market News

US STOCKS-Futures extend gains on Boeing profit

(Reuters) - Boeing's announcement was an additional boost to optimism
spawned earlier by Web retailer Amazon.com Inc.'s
solid profit and outlook.




S&P 500 futures were up 6.2 points, above fair
value, a mathematical formula that evaluates pricing by taking
into account interest rates, dividends and time to expiration
on the contract.


Read more at Reuters.com Bonds News

Pfizer says Spanish court upholds Lipitor patent

(Reuters) - The patents were challenged by India's Ranbaxy Laboratories
Ltd. .





Read more at Reuters.com Government Filings News

Honda rises on brisk car sales, lifts forecasts

(Reuters) - Like the rest of the Japanese auto industry, second-ranked Honda is suffering from sliding sales at home, but its domestic plants are running near full capacity to fill orders for the popular Civic, CR-V and Fit models overseas.




Rising exports have been an extra boon with the yen's weakening against major currencies.


Read more at Reuters.com Market News

Archemix files for up to $69 mln IPO

(Reuters) - The filing did not reveal how many shares the company
planned to sell or their expected price, but said it had
applied for a Nasdaq listing under the symbol "ARCH."





Read more at Reuters.com Government Filings News

WellPoint quarterly profit rises

(Reuters) - WellPoint is looking to reassure investors about its
direction after replacing its chief executive and chief
financial officer in recent months.




Shares of the Indianapolis-based company have risen about 4
percent this year, roughly in line with the Morgan Stanley
Healthcare Payor index .


Read more at Reuters.com Market News

S.Africa June CPIX steady at 6.4 pct y/y

(Reuters) - South Africa's targeted CPIX inflation quickened to 6.4 percent year-on-year in June, the same as in May and slightly above market expectations, official data showed on Wednesday.

Statistics South Africa also said that the all-items consumer price index (CPI) increased by an annual rate of 7.0 percent in June, compared to 6.9 percent in May.


Read more at Reuters Africa

Grindrod to inject $80 mln in Mozambique port

(Reuters) - Mozambique said on Wednesday it had given the green light for South African shipping and logistics company Grindrod to invest $80 million to expand coal and car handling at the port of Maputo.

Transport and Communications Minister Antonio Munguambe told Reuters that Grindrod, which owns 95 percent of the coal terminal and 12 percent of Maputo Port, had focused on the port's expansion to relieve congestion at South African ports.


Read more at Reuters Africa