Wheat, After Record High Yesterday, Rallies as Rains May Damage U.S. Crop

(Bloomberg) -- Wheat rose in Chicago as wet
weather stalls harvesting and damages crops in the southern
U.S. Great Plains.

Parts of Oklahoma got as much as 5 inches of rain in the
past 24 hours, according to the Oklahoma Wheat Commission. Some
fields and roads were flooded, prompting growers to consider
abandoning the crops and seeking insurance payments, said
Commission spokeswoman KC Keffer.


Read more at Bloomberg Commodities News

Constellation Brands eyes buys in 3 areas: CEO

(Reuters) - Sands does not expect to continue with large wine acquisitions of $1 billion to $2 billion like it has made recently, but would more likely do smaller, bolt-on acquisitions that would fill niches in its portfolio.




Sands also reiterated that the company is not interested in buying Absolut vodka maker Vin & Sprit.


Read more at Reuters.com Mergers News

FACTBOX-Five facts about Iberia, Europe's No.4 airline

(Reuters) - Following are five key facts about the airline:







Read more at Reuters.com Mergers News

DealTalk: Spinoffs back in fashion amid pressure to perform

(Reuters) - After four slower years when the combined value of U.S. spinoffs ranged from roughly $25 billion to $55 billion, 2006 saw a big comeback for such deals, with their total value topping $145 billion, according to research firm Dealogic.




Already in 2007, completed U.S. spinoffs have reached at least $80 billion, up from $60 billion at this stage last year.


Read more at Reuters.com Business News

Cisco, CKE, Dillard's, General Motors, LSI, Meridian: 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 10:45 a.m. New York time.

Atmel Corp. (ATML US) gained 9 cents, or 1.6 percent, to
$5.80. The maker of chips for mobile phones and DVD players said
first-quarter net income was 6 cents a share, more than the 3-
cent average estimate of five analysts surveyed by Bloomberg.


Read more at Bloomberg Stocks News

South African coal prices fall in line with swaps

(Reuters) - Prices of prompt loading South African coal cargoes dropped sharply on Thursday in line with weaker API4 paper values, traders and utilities said.

Prompt cargoes on Monday had been offered at $60.00-$60.50 a tonne FOB Richards Bay, basis 6,000kc/kg NAR against few bids.


Read more at Reuters Africa

Build-A-Bear to evaluate strategic alternatives

(Reuters) - The stuffed-animal retailer also said it would not give any new earnings forecasts or update previous numbers while it conducts the review.




Susquehanna Financial Group upgraded Build-A-Bear's shares to "positive" from "neutral."


Read more at Reuters.com Business News

S.African tribunal blocks Telkom, BCX deal

(Reuters) - South Africa's Competition Tribunal has prohibited the acquisition of IT outsourcing firm Business Connexion Group (BCX) by fixed-line group Telkom, the regulator said on Thursday.

Telkom planned to acquire the IT firm for 2.43 billion rand and first announced the transaction in March 2006, but ran into opposition from competition bodies and competitors.


Read more at Reuters Africa

Oil rises above $70 after US fuel stock drop

(Reuters) - Oil climbed above $70 a barrel on Thursday after a surprisingly steep decline in U.S. gasoline inventories revived supply worries during the height of the summer driving season.

A slowdown in gasoline imports drained inventories of motor fuel in the world's top consumer by 700,000 barrels last week versus an expected rise of 1.2 million barrels.


Read more at Reuters Africa

Most U.S. Stocks Gain, Led by Technology Companies; Monsanto Advances

(Bloomberg) -- Most U.S. stocks rose, led by
technology companies, after analysts upgraded Intel Corp. and
Cisco Systems Inc. on prospects for profit growth.

Monsanto Co., the world's biggest seed producer, gained
after earnings beat analyst estimates. About three stocks
advanced for every two that fell on the New York Stock
Exchange.


Read more at Bloomberg Stocks News

Worthington to close some facilities, cut jobs

(Reuters) - Worthington on Thursday reported fourth-quarter earnings of
45 cents a share on net sales of $788.6 million.




Analysts on average had expected the company to earn 37
cents on a revenue of $754.4 million for the latest fourth
quarter.



Read more at Reuters.com Market News

Security Benefit to acquire Rydex Investments

(Reuters) - Rydex, based in Rockville, Maryland, manages more than $15
billion in mutual funds, exchange-traded funds and
institutional products.




The combined firm will manage about $35 billion in assets,
the announcement said.


Read more at Reuters.com Mergers News

Chile's Peso Rises First Time in Five Days as Copper Strike Concern Grows

(Bloomberg) -- Chile's peso gained for the first
time in five days after copper, the country's biggest export,
rose amid concern of possible strikes at the state-run Codelco
mine.

``The early moves are related to copper,'' said Benjamin
Sierra, an economist at Bandesarrollo Administradora de Fondos,
which manages pension funds assets in Santiago.


Read more at Bloomberg Currencies News

TREASURIES-Bonds dip on strong Q1 inflation data

(Reuters) - Investors are betting that the Fed would maintain a hawkish
tone on inflation when it announces it interest rate verdict at
the end of a two-day policy meeting at about 2:15 p.m. .




"The price index was much higher. It's mildly negative . Today's real action is going to be based on the Fed's
statement. That's what going to set the tone today," said
Andrew Brenner is at MAN Financial in New York.


Read more at Reuters.com Bonds News

US STOCKS-Indexes flat before Fed rate decision

(Reuters) - NEW YORK, June 28 - U.S. stocks were treading
water on Thursday after data showed a measure of inflation
accelerated in the first three months of 2007 and before the
Federal Reserve's interest-rate decision.




Semiconductors were trading higher after chip makers Intel
Corp. and Advanced Micro Devices Inc. got
brokerage upgrades [ID:nWNA0822] [ID:nWNA0851] , while
financial shares were dragging on concerns about the subprime
mortgage market and the outlook for buyout activity.


Read more at Reuters.com Bonds News

Supreme court rejects race as factor in school programs

(Reuters) - By a 5-4 vote on the last day of its term, the court's conservative majority struck down voluntary programs adopted in Seattle and Louisville, Kentucky, to attain racial diversity in public school classrooms.




The ruling added to a string of decisions this term in which President George W. Bush's two appointees -- Chief Justice John Roberts and Justice Samuel Alito -- have shifted the court sharply to the right on divisive social issues like abortion.


Read more at Reuters.com Bonds News

Cosan, JBS, Medial Saude, Petroleo Brasileiro, Vale: Brazil Equity Movers

(Bloomberg) -- Brazil's main stock index rose for a
second day, led by state-controlled oil company Petroleo Brasileiro
SA rising.

The Bovespa Index of the most-traded stocks on the Sao Paulo
exchange rose 145.35, or 0.3 percent, to 54,288.42 as of 10:12 a.m.
New York time.


Read more at Bloomberg Stocks News

Fannie, Freddie had enough capital in Q1, OFHEO

(Reuters) - Adequately capitalized is the highest designation that either
company can receive concerning its reserves against possible
losses.




Read more at Reuters.com Government Filings News

Spanish Realtor Colonial May Pledge Assets on $9.7 Billion Loan Amid Slump

(Bloomberg) -- Inmobiliaria Colonial SA, Spain's
second-biggest realtor, may put up collateral because its bankers
can't attract enough investors to a 7.2 billion-euro ($9.7
billion) loan for the company, people involved in the deal said.

Goldman Sachs Group Inc., Royal Bank of Scotland Group Plc,
Calyon and Eurohypo AG, which have underwritten the sale, want
Colonial to pledge its 1.3 billion-euro stake in builder Fomento
de Construcciones & Contratas, said two people who declined to be
identified because the terms aren't set.


Read more at Bloomberg Bonds News

Treasuries Little Changed Before Federal Reserve's Interest Rate Decision

(Bloomberg) -- Treasuries were little changed
before the Federal Reserve's announcement on interest rates.

U.S. government debt fell earlier after a Commerce
Department report showed first-quarter inflation was faster than
previously estimated. All 113 economists surveyed by Bloomberg
News expect the central bank to leave its target rate unchanged
at 5.25 percent for an eighth straight time.


Read more at Bloomberg Bonds News

Quantum Fuel says reviewing strategic options for unit

(Reuters) - It retained Merriman Curhan Ford as financial adviser to
assist it in the process, the company said in a statement.





Read more at Reuters.com Mergers News

UPDATE 1-GM selling Allison Transmission for $5.6 billion

(Reuters) - GM said the sale would include almost all of the Allison
Transmission unit's assets, including seven manufacturing
plants in Indianapolis and the unit's worldwide distribution
network.




GM had said in January that it was looking to sell Allison,
which makes transmissions for commercial trucks, buses and
military vehicles.


Read more at Reuters.com Mergers News

US blue chips slip at open on inflation data

(Reuters) - U.S. blue-chip stocks opened down slightly on Thursday after government data showed first-quarter core personal consumption spending, an inflation gauge favored by the Federal Reserve, was revised higher.

The Nasdaq was higher. Chip maker Intel Corp. received a brokerage upgrade.


Read more at Reuters Africa

UAW May Hire Lazard for Health-Care Advice in U.S. Auto Talks, People Say

(Bloomberg) -- The United Auto Workers may hire
investment bank Lazard Ltd. to advise the union on health-care
concessions in contract talks with U.S. automakers, two people
with knowledge of the matter said.

The union told New York-based Lazard to be ready to assist
in negotiations that begin next month with General Motors Corp.,
Ford Motor Co. and DaimlerChrysler AG's Chrysler, said the
people, who asked not to be named because the plans are private.


Read more at Bloomberg Exclusive News

Dillard's soars as unhappy shareholder seeks talks

(Reuters) - The New York-based firm said it requested talks after being unable to reach Chief Executive William Dillard by phone.




Julie Bull, a Dillard's spokeswoman, was out of the office and unavailable for immediate comment, a company representative said.


Read more at Reuters.com Hot Stocks News

Copper Gains in New York on Concern Strikes in Chile Will Disrupt Supplies

(Bloomberg) -- Copper in New York gained the most in
two weeks on concern that strikes in Chile, the world's largest
source of the metal, will disrupt global supplies.

Codelco, the world's biggest copper producer, said a strike
by contract workers reduced output at mines and a smelter in
Chile. A union at Dona Ines des Collahuasi, the country's third-
largest copper mine, voted yesterday to strike next month. The
metal rose to a record high in May 2006 as labor unrest and mine
accidents disrupted production.


Read more at Bloomberg Commodities News

Corrected: Monsanto quarterly profit jumps

(Reuters) - Monsanto reported fiscal third-quarter profit of $1.03 a share on an as-reported basis, compared with 60 cents a share a year earlier. Analysts on average were looking for $1 a share, according to Reuters Knowledge.




St. Louis-based Monsanto has been benefiting from increased farmer interest in planting corn this spring. Corn demand has surged amid a rally in corn prices and strong demand from the ethanol, food and livestock feed sectors.


Read more at Reuters.com Business News

UPDATE 1-Canada factory prices fall in May as C$ rises

(Reuters) - The decline was the biggest since September 2006. Analysts
had expected no change in prices in May.




Statscan revised the April rise in factory prices to 0.3
percent from 0.2 percent. In the 12 months to May, prices rose
3 percent versus 3.8 percent in April, revised from 3.7
percent.


Read more at Reuters.com Economic News

Intel Upgraded to `Overweight' at Lehman Brothers on Semiconductor Outlook

(Bloomberg) -- Intel Corp. was upgraded to
``overweight'' from ``equal weight'' at Lehman Brothers, which
said a new series of semiconductors designed for laptop computers
may boost revenue and earnings growth.

The world's largest computer-chip maker may also benefit
from improving margins and a share price that is ``reasonable''
relative to the company's earnings, analyst Tim Luke wrote in a
note. Price cuts on the new chips, called Santa Rosa, that are
scheduled for later this year may increase demand, he wrote.


Read more at Bloomberg Stocks News

UPDATE 2-Dominion to buy back 16 pct of outstanding shares

(Reuters) - Dominion expects to start a modified Dutch auction
self-tender by mid-July. Shareholders could tender some or all
of their shares at prices from $82 to $92 per share, said the
Richmond, Virginia-based company. The company then will pick a
price and buy shares tendered at that level or below.




The share buyback program is part of the power company's
plan to use the proceeds from the sales of most of its oil and
natural gas exploration and production assets.


Read more at Reuters.com Bonds News

UPDATE 1-Build-A-Bear evaluates strategic alternatives

(Reuters) - CHICAGO, June 28 - Stuffed-animal retailer Build-A-Bear Workshop Inc. on Thursday said it has hired Lehman Brothers to help it evaluate a range of strategic alternatives, sending the retailer's stock up more than 13 percent in pre-market trading.



The company also said it would not give any new earnings forecasts or update previous ones while it conducts the review.


Read more at Reuters.com Bonds News

Fed resumes policy meeting, rates seen unchanged

(Reuters) - Market interest has centered on whether the Fed, meeting
against a backdrop of an economy showing signs of gathering
strength, would acknowledge in its statement that inflation
outside energy and food costs has moderated.




Such an observation might lead markets to bet the Fed might
feel more open to the idea of lowering borrowing costs in the
future to provide a boost for an economy still feeling the drag
from downtrodden housing markets.


Read more at Reuters.com Bonds News

Yen Weakens Versus Euro on Speculation Investors Are Restoring Carry Trade

(Bloomberg) -- The yen fell from a two-week high
against the dollar and weakened versus the euro as investors
resumed their search for higher yields outside Japan through so-
called carry trades.

The dollar fell versus the euro before the Federal Reserve's
interest-rate decision as policy makers are forecast to hold
borrowing costs at 5.25 percent. Japan's yen fell against all 16
of the most-active currencies as Bank of Japan Governor Toshihiko
Fukui said the central bank aims to adjust interest rates at a
gradual pace.


Read more at Bloomberg Currencies News

Apple IPhone Buzz Takes On `Life of Its Own,' Topping Mustang, Windows 95

(Bloomberg) -- Apple Inc.'s campaign to build
excitement about its iPhone may be the most successful marketing
effort ever, surpassing the drive to promote Ford Motor Co.'s
1964 Mustang and Microsoft Corp.'s Windows 95.

The combination mobile phone and music player has generated
more pre-sale media coverage than any other product, says Al
Ries, chairman of Ries & Ries, an Atlanta marketing strategy
firm. Michael Gartenberg, an analyst at JupiterResearch in New
York, estimates Apple will spend about $100 million on the
introduction, roughly half what Microsoft spent for Windows 95.


Read more at Bloomberg Exclusive News

Uganda population growth hurting economy - UN

(Reuters) - Uganda's population growth rate, the third highest in the world, threatens to undo government efforts to promote economic growth and slash poverty, the United Nations said on Thursday.

The United Nations Population Fund's (UNFPA) annual report said this week Uganda's population was growing at 3.6 percent a year, behind only East Timor and fellow African nation, Burundi.


Read more at Reuters Africa

Monsanto quarterly profit jumps

(Reuters) - St. Louis-based Monsanto has been benefiting from increased farmer interest in planting corn this spring. Corn demand has surged amid a rally in corn prices and strong demand from the ethanol, food and livestock feed sectors.




Read more at Reuters.com Business News

U.S. jobless claims fall 13,000 in latest week

(Reuters) - The four-week moving average of initial jobless claims,
which smooths out week-to-week volatility, edged up to 316,000,
the highest in seven weeks.




In the last six weeks, initial claims have held steady
between 309,000 and 326,000. The high for the year so far was
356,000 in early February.


Read more at Reuters.com Bonds News

UPDATE 1-Unhappy Dillard's shareholder seeks talks

(Reuters) - Barington Capital Group LP said it represents investors
owning more than 3.2 percent of Dillard's shares. It said it is
seeking meetings with management to discuss merchandising,
inventory management, cost controls and measures to "unlock"
value in the company's real estate portfolio.




It said it requested talks after being unable to reach
Chief Executive William Dillard by phone.


Read more at Reuters.com Bonds News

UPDATE 1-Momenta sees longer US review for generic Lovenox

(Reuters) - Momenta, whose shares fell 13.9 percent in pre-market
trading, said it originally expected the U.S. Food and Drug
Administration review to take 18 to 24 months from when it
filed the application in August 2005.




In a filing, the company said the review will "likely
extend" beyond its prior view "due to a change in the projected
timing of certain activities required for the completion of the
FDA's review."


Read more at Reuters.com Government Filings News

UPDATE 1-Rite Aid posts unexpected profit, shares rise

(Reuters) - Rite Aid bought the U.S. Brooks and Eckerd drugstore chains
from Canada's Jean Coutu Group Inc. on June 4,
just after the quarter ended.




The acquisition made Rite Aid the largest drugstore chain
on the U.S. East Coast, but it still trails Walgreen Co.
and CVS/Caremark Corp. in revenue and number of
stores.


Read more at Reuters.com Market News

UPDATE 1-Dominion to buy back 55 mln common shares

(Reuters) - Dominion expects to start a modified Dutch auction
self-tender by mid-July. Shareholders could tender some or all
of their shares at prices from $82 to $92 per share, said the
Richmond, Virginia-based company. The company then would pick a
price and buy shares tendered at that level or below.




The power company is in the process of selling most of its
oil and natural gas exploration and production assets.


Read more at Reuters.com Mergers News

Dollar Little Changed before Federal Reserve's Rate Decision, Growth Data

(Bloomberg) -- The dollar traded little changed
against the yen ahead of the Federal Reserve's monthly interest-
rate decision.

The U.S. currency pared earlier gains versus its Japanese
counterpart amid speculation the benchmark rate will remain at
5.25 percent for an eighth month. The dollar has weakened in the
past week after reports showed sales of new U.S. homes fell more
than expected in May and on concern losses at hedge funds managed
by Bear Stearns Cos. that invested in mortgages would spread to
other banks.


Read more at Bloomberg Currencies News

Amazon, Cisco, Family Dollar, Intel, Meridian Gold: U.S. Equity Preview

(Bloomberg) -- The following is a list of companies
whose shares may have unusual price changes in U.S. exchanges
today. This preview includes news that broke after exchanges
closed yesterday. Stock symbols are in parentheses after company
names. Share prices are as of 8 a.m. New York time.

Amazon.com Inc. (AMZN US): RBC Capital raised its share-
price estimate for the world's biggest online retailer to $75
from $45, citing high short interest. The shares rose 66 cents to
$68.14 in regular trading yesterday.


Read more at Bloomberg Stocks News

Lithuania adopts law on new nuclear power plant

(Reuters) - The 3,000-3,500 megawatt plant, to replace the ageing
Soviet-era Ignalina nuclear reactor, which has to be shut down
under a deal with the European Union, is expected to be built by
2015.




One goal is to strengthen the region's energy independence
from Russia.


Read more at Reuters.com Mergers News

Global rally sweeps FTSE up as commodities bounce

(Reuters) - The leading share index joined a rebound in global equities on Thursday by jumping 0.6 percent, hoisted by commodities shares and by expectations that the Federal Reserve will keep U.S. interest rates on hold.

Mining and oil shares jointly added more than 26 points to the index's upside as copper prices bounced back and oil edged higher on a drop in U.S. gasoline inventories.


Read more at Reuters Africa

U.S. Stock-Index Futures Drop; Bed Bath & Beyond, Novellus Shares Decline

(Bloomberg) -- U.S. stock-index futures fell after
profit forecasts from Bed Bath & Beyond Inc. and Novellus
Systems Inc. missed some analysts' estimates.

Bed Bath & Beyond, the largest U.S. home-furnishings
retailer, dropped after it said earnings may decline because of
the slump in housing. Novellus led shares of semiconductor
equipment makers lower after saying second-quarter profit and
sales will be at the low end of its forecast.


Read more at Bloomberg Stocks News

Momenta sees longer US review for generic Lovenox

(Reuters) - In a new filing, the company said the review will "likely
extend" beyond its prior view "due to a change in the projected
timing of certain activities required for the completion of the
FDA's review."




Momenta declined to provide a new projection for the timing
but said it believes the FDA review "continues to progress
satisfactorily."



Read more at Reuters.com Government Filings News

RPT-General Mills 4th-quarter profit rises

(Reuters) - The maker of Cheerios cereal, Progresso soups and Yoplait
yogurt said profit was $224 million, or 62 cents a share, for
the fiscal fourth quarter ended May 27. That compares with $222
million, or 61 cents a share, a year earlier.




Analysts, on average, forecast 63 cents a share, according
to Reuters Estimates.


Read more at Reuters.com Market News

Michigan County Sells Bonds for Retiree Benefits, Leading Muni Borrowers

(Bloomberg) -- Michigan's Oakland County, a New
York state agency and Nevada will sell a combined $1.3 billion
of bonds in today's largest sales of U.S. municipal debt.

Oakland County will offer $570 million of 20-year taxable
bonds to raise money to help cover future payments of benefits
for retired workers. The New York State Dormitory Authority will
borrow $438.8 million for a variety of capital projects at
schools in the state. Nevada will sell almost $300 million for
capital projects.


Read more at Bloomberg Bonds News

CORRECTED: Fed seen on hold as core inflation edges lower

(Reuters) - WASHINGTON - Federal Reserve policy-makers meeting for a second day on Thursday look set to hold borrowing costs steady as they monitor risks that U.S. inflation could rekindle and that economic growth may stall.




Financial markets widely expect the U.S. central bank to hold benchmark overnight interest rates at 5.25 percent, a level reached in June last year after 17 straight increases.


Read more at Reuters.com Business News