Tuesday, May 8, 2007

Anglo Irish, BAE, EasyJet, Fenner, Lloyds TSB: U.K., Irish Equity Preview

(Bloomberg) -- The following stocks may rise or fall in U.K. and Irish markets today. Stock symbols are in parentheses and prices are from yesterday's close.

The benchmark FTSE 100 Index fell 53.30, or 0.81 percent, to close at 6550.40 in London as 19 stocks rose, 81 fell and 2 were unchanged. The FTSE All-Share Index lost 27.17, or 0.79 percent, to 3406.69.


Read more at Bloomberg Stocks News

Chicago Corn Rises After Falling on U.S. Planting; Soybeans, Wheat Gain

(Bloomberg) -- Chicago corn futures rose after falling yesterday by the most in a month after a government report showed U.S. farmers planted more acres than expected last week. Soybean and wheat futures also gained.

Dry weather helped farmers in the 18 top-producing states complete planting of 53 percent of the corn as of May 6, up from 23 percent a week earlier, the U.S. Department of Agriculture said May 7. Farmers planted 39 percent of the intended acreage in Iowa and 36 percent in Illinois, the two biggest producing states.


Read more at Bloomberg Commodities News

Newcastle Ship Queue May Fall by Half in June, Coal Chain Says

(Bloomberg) -- The queue of ships waiting to load coal at Newcastle, Australia, the world's largest coal-export harbor, may shorten by about half by June, according to an industry group.

The number of vessels may drop to 54 by the end of May and 39 by the end of June based on forecast arrivals, the Hunter Valley Coal Chain Logistics Team, which is responsible for planning all coal exports from the region, said on its Web site. It also said Newcastle's export capacity increased to 7.8 million tons of coal a month in April from 6.6 million in February.


Read more at Bloomberg Energy News

Bank of America Raises Indonesian Rupiah Forecasts on Growth, Fund Inflows

(Bloomberg) -- Bank of America Corp. raised its Indonesian rupiah forecasts on speculation authorities will allow faster currency gains as the economy accelerates and overseas funds invest.

The rupiah will rise to 8,800 by June, 8,600 by September and 8,500 by the end of the year, from previous forecasts of 9,000, 8,800 and 8,600 respectively, said Bank of America in a research report yesterday. Bank Indonesia spokesman Budi Mulya yesterday said the central bank is comfortable with the currency's level, after policy makers cut the benchmark interest rate to help boost corporate and consumer spending.


Read more at Bloomberg Currencies News

Taiwan's Stock Exchange Seeks Merger With Futures Market, Smaller Bourses

(Bloomberg) -- The Taiwan Stock Exchange plans to merge with the island's smaller bourse and futures market, creating a ``one-stop service'' in an attempt to draw overseas investors and stem an outflow of companies.

``The integration of those markets is very urgent,'' Chairman Gordon Chen said in an interview in Taipei. The exchange has to provide a ``one-stop service for investors to improve efficiency and lower costs,'' Chen said.


Read more at Bloomberg Emerging Markets News

Shanghai Copper Rises on U.S. Economic Data; Zinc Advances; Aluminum Falls

(Bloomberg) -- Copper futures rose in Shanghai for a third day after sales at U.S. wholesalers rose in March at the fastest pace in 18 months, signaling that demand may increase in the world's second-largest consumer of the metal.

The 1.8 percent increase in sales followed a 1 percent gain the previous month, the U.S. Commerce Department said yesterday, reflecting rising demand for computer equipment and durable goods. Copper stockpiles monitored by the London Metal Exchange fell by 1,550 tons yesterday with the biggest drops in U.S. warehouses.


Read more at Bloomberg Commodities News

Protective Life reports higher profit

(Reuters) - The company forecast 2007 operating income per diluted share to be between $3.90 and $4.10.




Read more at Reuters.com Market News

SEC charges Hong Kong couple over Dow Jones trades

(Reuters) - The U.S. Securities and Exchange Commission said Kan King Wong and Charlotte Ka On Wong Leung "engaged in widespread and unlawful trading activity" that put them in a position to make an estimated $8.1 million profit on Dow Jones shares.

The SEC and the New York state attorney general have been investigating unusual trading in Dow Jones' stock and options before the buyout offer was announced on May 1.


Read more at Reuters.com Business News

Platinum Declines in Asian Trading After South African Mine Strike Ends

(Bloomberg) -- Platinum fell in Asian trading today after Northam Platinum Holdings Ltd., the fourth-largest producer, yesterday said a strike ended at its South Africa mine.

The National Union of Mineworkers agreed with Northam to go back to work producing the metal, the Johannesburg-based company said yesterday. Platinum had gained 4.3 percent from April 29, when the strike began to the day before it ended.


Read more at Bloomberg Commodities News

Australia Stock Update: S&P/ASX 200 Falls, Led by BHP, Commonwealth Bank

(Bloomberg) -- Australia's benchmark stock index, the S&P/ASX 200 Index, fell 0.13 percent at 10:05 a.m.

The index of 201 companies traded on the Australian Stock Exchange fell 8.20 to 6,296.20. Among the stocks in the index, 37 rose, 61 fell and 103 were unchanged.


Read more at Bloomberg Stocks News

New York's MTA to soon seek bids for big Manhattan site

(Reuters) - "It's certainly in the best interests of the city and state that we're able to maximize our revenues," an MTA spokesman said, ahead of a series of public hearings on how the land should be used before the MTA issues design guidelines for would-be developers by the end of May.

The western half of the site, which stretches from 11th to 12th Ave. in Manhattan, was appraised for as much as $1.3 billion.


Read more at Reuters.com Bonds News

UPDATE 2-Motorola to pay $25 mln over "round-trip" case

(Reuters) - The U.S. Securities and Exchange Commission said the case involved a "round-trip" of cash between Motorola, a supplier of television set-top boxes, and Adelphia, which used the money to falsify its earnings in 2000 and 2001.

Adelphia paid money to Motorola, which immediately returned it to Adelphia in the form of marketing support payments, the SEC said.


Read more at Reuters.com Government Filings News

Crude Oil Trades Above $62 After Rising on Nigeria Pipeline, Plant Attacks

(Bloomberg) -- Crude oil rose for the first time in seven days after attacks by militants in Nigeria, Africa's biggest producer, shut three pipelines.

The lines and an export terminal operated by a unit of Eni SpA were shut down after the attack by the Movement for the Emancipation of the Niger Delta, the militant group said. Royal Dutch Shell Plc, Nigeria's largest foreign oil producer, said on May 3 that it's planning to open fields that feed the Forcados export terminal.


Read more at Bloomberg Commodities News

Cisco Falls on Sales Forecast; Expedia Drops on Profit: U.S. After Hours

(Bloomberg) -- Cisco Systems Inc. dropped in extended U.S. trading after the world's biggest maker of computer- networking equipment forecast sales this quarter that may miss analysts' estimates.

Shares of the San Jose, California-based company fell $1.51, or 5.3 percent, to $26.85 as of 6:24 p.m. in New York. John Chambers, Cisco's chief executive officer, forecast fourth- quarter sales growth of 15 percent to 16 percent, which may fall short of the average 16 percent estimate of 25 analysts in a Bloomberg poll. Chambers also said orders from Cisco's biggest customers in the U.S. are ``relatively sluggish.''


Read more at Bloomberg Stocks News

Motorola to pay $25 mln to over "round-trip" case

(Reuters) - Adelphia paid money to Motorola, which immediately returned it to Adelphia in the form of marketing support payments, the SEC said.




Read more at Reuters.com Government Filings News

UPDATE 1-Macrovision first-quarter profit rises

(Reuters) - On that basis, analysts on average were expecting a per-share profit of 23 cents on revenue of $65.1 million, according to Reuters Estimates.

Revenue rose to $65.2 million from $57.0 million as the company booked gains in both license and services revenue.


Read more at Reuters.com Market News

Electronic Arts warns on '08 profit

(Reuters) - It was not immediately clear if the accounting change was responsible for the weak outlook.

The seller of games like "Madden," "Need for Speed" and "The Sims" said its net loss widened to $25 million, or 8 cents per share, for the fiscal fourth quarter ended March 31, from $16 million, or 5 cents, in the year-earlier period.


Read more at Reuters.com Business News

RPT-TREASURIES-Bonds little changed as traders await Fed

(Reuters) - By Chris Reese

NEW YORK, May 8 - U.S. Treasuries were little changed on Tuesday with traders wary of taking a strong position ahead of the Federal Reserve's policy meeting on Wednesday.


Read more at Reuters.com Bonds News

Citigroup Advises Selling Dollar Against South African Rand Amid Gold Gain

(Bloomberg) -- Investors should sell the dollar against the South African currency because historical price patterns signal the rand is poised to rally as much as 15 percent, according to Citigroup Inc.

The South African rand reached 6.8625 per dollar today, its strongest since August, and last traded at 6.9087. The currency has risen 1.5 percent versus the dollar this year, amid gains in South African stocks and the price of gold, the nation's biggest export.


Read more at Bloomberg Currencies News

Digene third-quarter earnings rise

(Reuters) - Total revenue for the quarter rose 34 percent to $ 52.5 millibon from $39.1 million a year ago, the company said in a statement.

For the third quarter, analysts on average had expected earnings of 26 cents a share, excluding exceptional items, on revenue of $51.4 million, according to Reuters Estimates.


Read more at Reuters.com Market News

Canadian Stocks Rise, Led by Research In Motion, Canadian National Rail

(Bloomberg) -- Canadian stocks rose to a record for a third straight day, led by Research In Motion Ltd., which gained the most in seven months after Goldman, Sachs & Co. said the company will benefit from new products, wider distribution and lower operating expenses.

Industrial companies advanced, paced by Canadian National Railway Co., which climbed to an all-time high after Morgan Stanley said that railroad shares may outperform the broader market this year. The Standard & Poor's/TSX Composite Index added 49.85, or 0.4 percent, to 13,915.36 in Toronto, exceeding yesterday's record.


Read more at Bloomberg Stocks News

US STOCKS-Wall Street finishes flat ahead of Fed meeting

(Reuters) - NEW YORK, May 8 - U.S. stocks closed flat on Tuesday as investors locked in profits after five straight sessions of gains in blue chips, a day before the Federal Reserve's meeting on interest-rate policy.

After starting the session sharply lower, indexes clawed their way back as investors saw the decline as the first buying opportunity in more than a week. Resilience in the transportation sector also curbed the market's fall.


Read more at Reuters.com Bonds News

Electronic Arts posts wider 4th-qtr loss

(Reuters) - Revenue fell 4 percent to $613 million from $641 million.

Its shares fell 15 percent in 2005 to $52.31 as the industry began to move to new console technology. The stock lost another 4 percent last year.


Read more at Reuters.com Market News

US mortgage rates unchanged on Tuesday - BestInfo

(Reuters) - The 30-year mortgage rate with one upfront point was unchanged at 6-1/8 percent.

The 30-year mortgage rate with two upfront points was unchanged at 5-7/8 percent.


Read more at Reuters.com Bonds News

Credit Suisse (Guernsey) launches $2 bln perpetual

(Reuters) - The sale also will include a $750 million tranche, expected to have a coupon rate of 0.69 percentage points over the three-month London interbank offered rate until 2017.

In 2017, both tranches will float at the three-month LIBOR plus 1.00 percentage points over the initial spreads .


Read more at Reuters.com Bonds News

US STOCKS-Indexes slip as investors cautious after rally

(Reuters) - NEW YORK, May 8 - U.S. stocks slipped on Tuesday as investors turned cautious after five straight sessions of gains in blue chips the day before a Federal Reserve interest-rate decision.

The market pared some of its earlier losses by midday, however, as investors saw the decline as the first buying opportunity in more than a week.


Read more at Reuters.com Bonds News

Warner Music posts wider loss

(Reuters) - The world's fourth-largest music company reported a fiscal second-quarter net loss of $27 million, or 19 cents a share, compared with a loss of $7 million, or 5 cents a share, a year earlier.

Excluding one-time items, it lost 10 cents per share, in line with analysts' average forecast, according to Reuters Estimates.


Read more at Reuters.com Business News

U.S. Stocks Fall for First Time in Six Days on Consumer Spending Concern

(Bloomberg) -- U.S. stocks dropped for the first time in six days after forecasts for lower home prices and retail sales heightened concern the consumer is faltering.

Circuit City Stores Inc. sank to the lowest in more than a year and Limited Brands Inc. slid after an industry group said sales at U.S. retailers probably declined for the first time in four years. Home Depot Inc. and Lowe's Cos., the two biggest home improvement retailers, retreated after the National Association of Realtors said housing prices are falling more than projected.


Read more at Bloomberg Stocks News

Orange Juice Rises on Concern Drought, Hurricanes May Harm Florida Groves

(Bloomberg) -- Orange-juice futures in New York rose for a second day on speculation the current drought and hurricanes in Florida will damage citrus groves still recovering from storms in 2004 and 2005.

The National Weather Service warned that dry air may spread wildfires in all but one Florida county today. Two hurricanes and three tropical storms may strike the U.S. East and Gulf coasts this year, part of an above-average storm season in June through November, London-based Tropical Storm Risk said last week.


Read more at Bloomberg Commodities News

Retail pump prices to hit $3.01 this summer: EIA

(Reuters) - Retail prices are projected to average $2.95 per gallon over this summer up from $2.84 last summer, EIA said.

EIA's estimates for the average summer gasoline price are 14 cents per gallon higher than what the agency predicted in April.


Read more at Reuters.com Business News

Lifetime Brands reaffirms 2007 forecast

(Reuters) - McNally said the positive outlook was based on projected 15 percent organic growth in its wholesale segment, improved operating margins in the wholesale business and a substantial improvement in its direct to consumer business.

For the direct to consumer segment, however, McNally said the company still expects an operating loss for the year.


Read more at Reuters.com Market News

European Two-Year Note Yields Hold Near Five-Year High on ECB Rate Bets

(Bloomberg) -- European bond yields held near their highest in five years on expectations the European Central Bank will this week prepare investors for an interest-rate increase next month.

Two-year yields have risen 32 basis points since the ECB lifted borrowing costs in March as traders bet rates will rise twice more to 4.25 percent this year. The Federal Reserve is scheduled to decide on interest rates tomorrow and the ECB in two days time. All economists surveyed by Bloomberg News expect the Fed to keep the benchmark rate unchanged at 5.25 percent.


Read more at Bloomberg Bonds News

Florida East Coast, MicroStrategy, McDermott, VeraSun: U.S. Equity Movers

(Bloomberg) -- The following is a list of companies whose shares are having unusual price changes in U.S. exchanges today. Stock symbols are in parentheses after company names. Share prices are as of 11:40 a.m. New York time.

Advance Auto Parts Inc. (AAP US) rose $2.15, or 5.3 percent, to $42.56 and traded as high as $42.92. Analysts at A.G. Edwards said they consider yesterday's resignation announcement by Chief Executive Officer Michael Coppola to be favorable. The analysts expect shares of the second-largest U.S. retailer of car parts to rise as investors look ahead to a replacement.


Read more at Bloomberg Stocks News

UPDATE 1-John B. Sanfilippo loss widens, shares down

(Reuters) - It reported a net loss of $6.2 million, or 58 cents a share, compared with a loss of $5.9 million, or 56 cents a share, last year.

In a statement, the company said as a result of the net loss, it was not in compliance with the earnings before interest, taxes, depreciation and amortization covenant in its note agreement as of the end of the current quarter.


Read more at Reuters.com Market News

U.S. Treasuries Little Changed Before Auction and Federal Reserve Meeting

(Bloomberg) -- U.S. Treasuries were little changed before an auction today of 10-year notes and a Federal Reserve policy meeting tomorrow.

The government will auction $13 billion of securities today, after selling $14 billion of three-year notes yesterday at yields close to dealer forecasts.


Read more at Bloomberg Bonds News

Canadian Stocks Fall, Led by Thomson, on Reuters Bid; Mining Stocks Slide

(Bloomberg) -- Canadian stocks fell from a record, led by Thomson Corp., after the legal and data publishing company said it may pay $17.5 billion buy Reuters Group Plc, in what would be the biggest Canadian purchase abroad ever.

Raw-materials producers declined for the first time in five days along with prices of bullion and copper. The group paced gains in the Standard & Poor's/TSX Composite Index yesterday after shares of Alcan Inc. jumped on a $29.6 billion hostile takeover bid from U.S. competitor Alcoa Inc.


Read more at Bloomberg Stocks News

UPDATE 1-Rona's profit drops as growth slows in provinces

(Reuters) - The company said bad weather conditions, including periods of intense cold that dampened demand in the first quarter, also eroded its earnings.

Still, the company reiterated its goal of C$7 billion in annualized retail sales by the end of 2007.


Read more at Reuters.com Market News

FACTBOX: Top subprime originators in 2006

(Reuters) - 1. HSBC, $52.8

2. New Century Financial, $51.6


Read more at Reuters.com Bonds News

UPDATE 1-TVI posts Q1 loss; audit panel finds questionable deals

(Reuters) - The company, which makes chemical and biological decontamination systems, said the latest first quarter was hurt by various factors, including lower sales in its shelter and related product business, and higher costs related to internal investigations.

In a statement, TVI said the audit panel alleged that its former chief executive, Richard Priddy, and former executive vice president, Charles Sample, were part of a series of questionable business deals which caused TVI to overpay amounts of up to about $1.7 million between 2003 and early 2005.


Read more at Reuters.com Market News

CVS/Caremark's expectations assume share buybacks

(Reuters) - Analysts, on average, have expected CVS to earn 45 cents per share in the current second quarter and $1.86 per share this full year, according to Reuters Estimates.

Rickard said it is likely that the board will discuss share repurchases during its meeting on Wednesday but did not say what amount of buybacks was being considered.


Read more at Reuters.com Market News

TREASURIES-Long bond leads market higher

(Reuters) - The Treasury will sell $13 billion sale of 10-year notes later on Tuesday, part of this week's $32 billion quarterly refunding auctions. On Monday, $14 billion worth of three-year notes hit the market.

By comparison, the Treasury will sell just $5 billion in 30-year bonds on Thursday, less than some had expected. Dealers said this has led some investors to pull out of bets that shorter maturities would outperform longer ones.


Read more at Reuters.com Bonds News

Mexico's GAP April passenger traffic up 14 pct

(Reuters) - It said low-cost carriers, which operate out of 11 of the group's 12 airports, accounted for much of the extra domestic traffic.

No-frills carriers offering flights at half the price of Mexico's traditional airlines are luring many middle-class Mexicans away from luxury long-distance buses.


Read more at Reuters.com Market News

Wall Street Journal April ad revenue drops 12 pct

(Reuters) - At Barron's, advertising revenue rose 45.5 percent in April due to an increase in advertising pages aided by one additional issue compared with the prior year period. On a per issue basis, total advertising pages increased 13.2 percent, primarily driven by an increase in financial advertising, Dow Jones said.




Read more at Reuters.com Market News

Mittal eyeing AK Steel deal: report

(Reuters) - FT Alphaville, which did not cite its sources, said that a deal could value AK at up to $40 per share, or just under $4.5 billion.

"We don't comment on market speculation," Arcelor Mittal spokesman Jean Lasar said.


Read more at Reuters.com Mergers News

Abitibi, Alcan, CanWest Global, Kinross, Thomson: Canadian Equity Preview

(Bloomberg) -- The following is a list of companies whose shares may have unusual price changes in Canadian markets today. This preview includes news that broke after markets closed yesterday. Symbols are in parentheses after company names and prices are from the last close.

The Standard & Poor's/TSX Composite Index climbed 95.62, or 0.7 percent, to a record 13,865.51 yesterday in Toronto. The Canadian benchmark has risen 7.4 percent this year.


Read more at Bloomberg Stocks News

RBS group may pitch bid direct to ABN shareholders

(Reuters) - Talks between ABN and a group comprising RBS, Santander mostly cash proposal for all of ABN. A friendly deal now appears unlikely, analysts say.


Read more at Reuters.com Business News

Barclays deal offers ABN certainty: CEO Varley

(Reuters) - ABN on Sunday rejected an offer for its U.S. arm LaSalle Bank from a group comprising Royal Bank of Scotland . ABN also said at that time it would sell LaSalle to Bank of America for $21 billion.


Read more at Reuters.com Mergers News

German 2008 Electricity Advances to Highest This Year on Emission Prices

(Bloomberg) -- German electricity for 2008 climbed to its highest price this year, rising in line with emission allowances.

Next-year baseload power prices in Germany, Europe's biggest market, advanced for a third day. The contract rose 10 cents, or 0.2 percent, to 55.90 euros ($75.85) a megawatt-hour. The last time the contract closed higher was on Dec. 29, according to broker GFI Group Inc.


Read more at Bloomberg Energy News

Neff, Unitrin, Broadview Networks Plan to Sell Debt: Corporate Bond Alert

(Bloomberg) -- Neff Corp., the equipment-rental company being bought by Lightyear Capital LLC, and financial- services provider Unitrin Inc. are among borrowers planning to sell at least $10.9 billion of bonds in the U.S., Bloomberg data show.

Borrowers sold $35.8 billion of debt last week, up from $25.5 billion the prior week. Sales year-to-date total $424.1 billion, up from $364.7 billion a year ago.


Read more at Bloomberg Bonds News

Rhodia May Win Five-Year Prolongation of European Union Duty Against China

(Bloomberg) -- The European Union threatened to prolong for five more years a tariff on a chemical from China used in cosmetics and perfumes to help France's Rhodia SA compete against cheaper imports.

The EU said it would reconsider letting lapse the duty on coumarin of 3,479 euros ($4,718) a metric ton. The 27-nation bloc imposed the levy in May 2002 to punish Chinese exporters for selling coumarin in Europe below domestic prices or below the production cost, a practice known as dumping.


Read more at Bloomberg Emerging Markets News