Strong earnings power US stocks rebound; IBM gains

(Reuters) - U.S. stocks rose sharply on Thursday as large-cap companies such as IBM and Honeywell International Inc. reported earnings that beat forecasts, shifting investors' focus back to corporate profits and away from subprime credit worries.

International Business Machines Corp., the world's largest technology services company, also raised its 2007 earnings forecast late on Wednesday. For details, see ID:nN18415715. Manufacturer Honeywell posted a 17 percent rise in profit. ID:nN19374753.


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Bank of America CEO says buying all of LaSalle

(Reuters) - "We expect to have the entire company, and are looking forward to having it," Lewis said on a conference call discussing second-quarter results. "We like it as it is. We think it has a great , and some upside potential as well."




The transaction would give Bank of America control of about 10 percent of U.S. deposits, the maximum allowed under federal limits.


Read more at Reuters.com Business News

Delphi, DryShips, Partners Trust, Sterling, Textron: 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 10:10 a.m. in New York.

Avici Systems Inc. (AVCI US) rose $2.96, or 35 percent, to
$11.38. The maker of equipment that directs Internet traffic said
in a statement sent by Business Wire that second-quarter net
income rose to 82 cents a share from 58 cents a year earlier.
Revenue increased to $29.6 million from $25.3 million.


Read more at Bloomberg Stocks News

Harley-Davidson net up but hints at production cut

(Reuters) - Sales rose 17.7 percent to $1.62 billion.




Analysts, on average, had expected the Milwaukee-based company to earn $1.13 a share on sales of $1.64 billion, according to Reuters Estimates.


Read more at Reuters.com Market News

Cooper Industries posts higher quarterly profit

(Reuters) - Earnings rose to $209.2 million, or $1.12 a share, from $99.5 million, or 53 cents a share, a year earlier.



Excluding one-time items, Cooper earned 78 cents a share. On that basis, analysts' average forecast was 77 cents per share, according to Reuters Estimates.


Read more at Reuters.com Market News

McClatchy second-quarter profit falls

(Reuters) - Revenue rose to $580 million from $212 million a year before.



) Keywords: MCCLATCHY RESULTS/


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Steelmaker Nucor second-quarter profit slips

(Reuters) - In June, Nucor warned that earnings would be well below
Wall Street expectations because of softness in the auto and
building sectors.




The company said at the time that it expected to earn $1.05
to $1.15 per share. Following the earnings warning, analysts'
average profit forecast fell to $1.15 a share from $1.39,
according to Reuters Estimates.



Read more at Reuters.com Market News

UPDATE 1-Safeway 2nd-qtr profit down but beats expectations

(Reuters) - NEW YORK, July 19 - Safeway Inc. posted lower quarterly profit on Thursday compared with a year ago when its earnings were boosted by a tax settlement, but its results were higher than Wall Street expected as sales rose almost 5 percent.



The No. 3 U.S. grocer also said it was "on track" to post full-year earnings toward the top end of its previous forecast range.


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Alfa Laval sees 2007 sales above 23 bln crowns

(Reuters) - Sales amounted to 19.8 billion crowns in 2006. The firm
reported turnover of 11.2 billion crowns for the first six
months of the year.




Read more at Reuters.com Market News

UPDATE 1-Nash Finch 2nd-qtr profit more than doubles

(Reuters) - Net earnings for the second quarter ended June 16 were $9.6
million, or 70 cents per share, up from $4.1 million, or 31
cents per share, a year ago.




Analysts on average expected a profit of 63 cents per
share, according to Reuters Estimates.


Read more at Reuters.com Market News

UPDATE 1-WESCO International Q2 profit up, misses Street view

(Reuters) - Second-quarter earnings at the Pittsburgh,
Pennsylvania-based company rose to $1.17 a share from $1.05 a
share in the year-ago period, but fell 8 percent below average
analysts' expectations of $1.27 a share, before items.




Quarterly consolidated net sales at the company, which in
April forecast the second half of 2007 to be stronger than the
first six months, rose about 14 percent to $1.51 billion.


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M&T Bank to buy Partners Trust for $555 mln

(Reuters) - Partners Trust is the parent of Partners Trust Bank. It
operates branches in six upstate counties, and has about $2.3
billion each of deposits and loans, Buffalo-based M&T said.




The transaction is expected to close within six months. M&T
has $57.9 billion of assets and more than 650 branches in seven
mid-Atlantic states and Washington, D.C. Warren Buffett's
Berkshire Hathaway Inc. is among its top
shareholders.



Read more at Reuters.com Mergers News

PNC to buy smaller rival Sterling

(Reuters) - PNC said the deal will help boost its earnings in 2009. It
also said it expects to take a one-time after-tax charge of $28
million for the acquisition.





Read more at Reuters.com Mergers News

UPDATE 1-Canada May wholesale trade rebounds

(Reuters) - Analysts in a Reuters poll had forecast, on average, a gain
of 0.5 percent in wholesale trade in May. Statscan revised the
sharp decline in April sales to 3.0 percent from 3.1 percent
previously.




Higher sales in machinery and electronic equipment led the
increase, followed by "other" products, including agricultural
products, chemicals and paper products.


Read more at Reuters.com Economic News

Lower food prices help ease Malawi inflation

(Reuters) - Good maize harvests continue to help drive down inflation in Malawi, with the headline number easing to 7.7 percent year-on-year in June from 7.9 percent in May, the National Statistical Office (NSO) said on Thursday.

It said food inflation, which accounts for 58.1 percent of the impoverished southern African country's Consumer Price Index (CPI), dipped to 6.8 percent.


Read more at Reuters Africa

Clearwire, Foot Locker, OptionsXpress, Regal-Beloit: 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 8:50 a.m. in New York.

Avici Systems Inc. (AVCI US) rose $1.78, or 21 percent, to
$10.20 in trading before the open of U.S. exchanges. The maker of
equipment that directs Internet traffic said in a statement sent
by Business Wire that second-quarter net income rose to 82 cents
a share from 58 cents a year earlier. Revenue increased to $29.6
million from $25.3 million.


Read more at Bloomberg Stocks News

UPDATE 1-PNC Financial second-quarter profit rises

(Reuters) - NEW YORK, July 19 - PNC Financial Services Group Inc. , a fast-growing Northeast U.S. regional bank, said on Thursday that second-quarter profit rose, helped by acquisitions and growth in existing businesses. Net income for the Pittsburgh-based company rose to $423 million from $381 million. Earnings per share fell to $1.22 from $1.28 because PNC had more shares outstanding.



Adjusted earnings rose to $434 million from $386 million, and fell to $1.25 from $1.30 on a per-share basis.


Read more at Reuters.com Market News

UPDATE 1-Illinois Tool posts higher profit, raises outlook

(Reuters) - Net income in the second quarter rose almost 9 percent to
$505.6 million, or 90 cents a share, compared with $465.9
million, or 81 cents a share, in the year-earlier quarter.




Analysts had expected the maker of fasteners, food service
and welding equipment, countertop materials and other products
to earn 88 cents a share, according to Reuters Estimates.


Read more at Reuters.com Market News

UPDATE 2-UnitedHealth posts higher quarterly profit

(Reuters) - NEW YORK, July 19 - Insurer UnitedHealth Group Inc. said on Thursday that second-quarter profit rose 22 percent, beating analyst estimates, as premium revenue increased and operating margins improved, but an important medical-cost gauge worsened from the first quarter.



Net income increased to $1.2 billion, or 87 cents per share, from $981 million, or 70 cents per share, a year earlier.


Read more at Reuters.com Market News

US STOCKS-Futures rise as profits top estimates; IBM up

(Reuters) - NEW YORK, July 19 - U.S. stock index futures
signaled a higher market open on Thursday as companies reported
earnings that beat forecasts, shifting investors' focus back to
corporate profits and away from subprime credit worries.




Shares of International Business Machines Corp.
rose in extended-hours trading on Wednesday after the world's
largest computer services company reported earnings that beat
Wall Street expectations. For details, see [ID:N18415715].


Read more at Reuters.com Bonds News

Huntsman to operate bio-diesel plant

(Reuters) - Huntsman said the plant will be is located at its Port
Neches, Texas, site.





Read more at Reuters.com Bonds News

Algeco parent to buy Williams Scotsman for $1.24 bln

(Reuters) - Including debt, the company said the deal was worth $2.2 billion.




Gerry Holthaus, currently chairman and chief executive of Williams Scotsman, is expected to remain CEO and become chairman and CEO of Ristretto, Algeco's parent company.


Read more at Reuters.com Mergers News

UPDATE 1-Danaher second-quarter net profit declines

(Reuters) - Net income slipped to $311.2 million, or 96 cents a share,
from $314.5 million, or 98 cents per share, a year earlier.




Excluding one-time items, the Washington-based company
earned 94 cents a share, a penny above what analysts' forecasts
compiled by Reuters Estimates and up from 80 cents a year
earlier.


Read more at Reuters.com Market News

Media General second-quarter profit falls

(Reuters) - Second-quarter net income was $5.1 million, or 22 cents a share, compared with $20.2 million, or 85 cents a share, in the second quarter a year earlier.



Revenue rose 4.8 percent to $241.2 million.


Read more at Reuters.com Market News

UPDATE 1-SunTrust quarterly profit rises on one-time gain

(Reuters) - NEW YORK, July 19 - SunTrust Banks Inc. , the seventh-largest U.S. bank, posted better-than-expected quarterly profit on Thursday, helped by cost cutting and a gain from selling a portion of its Coca-Cola Co. stock holdings.



Second-quarter net income for the Atlanta-based company was $673.9 million, or $1.89 a share, up from $544 million, or $1.49 per share, a year earlier.


Read more at Reuters.com Market News

Tin Rises to 18-Year High on Production-Shortfall Concern; Zin Advances

(Bloomberg) -- Tin led gains in London, rising to
the highest since at least 1989, on speculation that supply
disruptions in Indonesia and Bolivia and increasing demand will
create a shortage of the metal. Lead climbed to a record.

Smelters in Indonesia, the world's second-largest tin
producer, after China, have been restarting production following
a government crackdown on illegal mining earlier this year. The
Bolivian government seized a smelter owned by Swiss commodity
trader Glencore International AG in February.


Read more at Bloomberg Commodities News

U.K. FTSE 100 Index Climbs; Vodafone, BHP, Rio Tinto Pace the Advance

(Bloomberg) -- U.K. stocks rose for the first time
in four days, paced by Vodafone Group Plc after the world's
largest mobile-phone company said the number of subscribers
increased by 4.1 percent in the fiscal first quarter.

BHP Billiton Ltd. and Rio Tinto Group led shares of mining
companies higher.


Read more at Bloomberg Stocks News

Bank of America profit up 5 pct, bad loans soar

(Reuters) - Analysts on average forecast profit of $1.20 per share on revenue of $18.49 billion, according to Reuters Estimates.




The company "was able to continue attractive earnings growth despite challenging headwinds," Chief Executive Kenneth Lewis said in a statement.


Read more at Reuters.com Hot Stocks News

Kenya shilling flat vs dollar in quiet trade

(Reuters) - The Kenya shilling was unchanged against the dollar on Thursday and dealers said it would remain at the same levels until the end of the month.

At 1013 GMT, commercial banks quoted the local currency at 67.05/67.15 to the greenback unchanged from Wednesday's close.


Read more at Reuters Africa

Hershey profit falls on charges

(Reuters) - Excluding one-time charges, earnings were 35 cents a share, matching the average analyst estimate posted by Reuters Estimates.




Sales were flat at $1.05 billion, below the average analyst estimate of $1.07 billion.


Read more at Reuters.com Business News

Pakistan's Stocks Fall on Terror Attack Concerns: World's Biggest Mover

(Bloomberg) -- Pakistan's stocks dropped, posting
their biggest two-day decline in 11 months, as concern mounted
over the series of deadly terrorist attacks since al-Qaeda
demanded revenge for an army assault on Islamabad's Red Mosque.

A bomb blast in southwestern Pakistan killed at least 20
people today, taking the death toll from terrorist attacks to
more than 120 since the military stormed the mosque last week.


Read more at Bloomberg Stocks News

US STOCKS-Futures rise before wave of earnings; IBM gains

(Reuters) - Shares of International Business Machines Corp.
rose in extended-hours trading on Wednesday after the world's
largest computer services company reported earnings that beat
Wall Street expectations. For details, see [ID:N18415715].




"IBM shows the weak dollar is having a very positive effect
on some multinational companies. Their overseas revenues are
really helping the bottom line very strongly, that's the
bullish part of the day," said Rick Meckler, president of
investment firm LibertyView Capital Management in Hoboken, New
Jersey.


Read more at Reuters.com Bonds News

Bank of America profit rises 5 percent

(Reuters) - Analysts on average forecast profit of $1.20 per share on revenue of $18.49 billion, according to Reuters Estimates.




The company "was able to continue attractive earnings growth despite challenging headwinds," Chief Executive Kenneth Lewis said in a statement.


Read more at Reuters.com Bonds News

VF Corp posts lower Q2 profit on discontinued ops

(Reuters) - The maker of Wrangler jeans and Nautica sports wear said quarterly net income fell to $81.7 million, or 72 cents a share, from $99 million, or 88 cents a share, a year ago.



Revenue rose to $1.52 billion from $1.35 billion in the year-ago quarter.


Read more at Reuters.com Market News

Wyeth profit beats forecast; 2007 view raised

(Reuters) - The drug maker said it earned $1.2 billion, or 87 cents per share, up from $1.06 billion, or 78 cents per share, a year earlier.



Excluding special items, Wyeth earned 90 cents per share. Analysts on average expected 87 cents, according to Reuters Estimates.


Read more at Reuters.com Market News

Cott second-quarter profit fizzles

(Reuters) - The company, which makes beverages for major retailers
including Wal-Mart , reported a profit of $4.7 million,
or 7 cents a share, in the period ended June 30, down from $7.6
million, or 11 cents a share, in the same period a year
earlier.




Read more at Reuters.com Market News

WESCO International posts higher quarterly net profit

(Reuters) - Analysts were expecting the provider of electrical
construction products to post a profit of $1.27 a share, before
items, according to Reuters Estimates.




Shares of Wesco have gained about 10 percent in 2007,
underperforming the Dow Jones U.S. Electrical Component
Equipment Index , which has risen about 20 percent
year-to-date.


Read more at Reuters.com Market News

Harley-Davidson net rises on international sales

(Reuters) - Sales rose 17.7 percent to $1.62 billion.




Analysts, on average, had expected the Milwaukee-based company to earn $1.13 a share on sales of $1.64 billion, according to Reuters Estimates.


Read more at Reuters.com Hot Stocks News

China GDP growth jumps to 11.9 percent

(Reuters) - The figures put China on course to chalk up its straight fifth year of double-digit growth and to overtake Germany as the world's third-biggest economy -- perhaps as soon as this year.




"It's stunning. We should expect them to raise interest rates or reserve requirements at any moment," said Tim Condon, head of Asia research at Dutch bank ING in Singapore.


Read more at Reuters.com Business News

SAP sees double-digit growth continuing in Europe

(Reuters) - SAP earlier reported that second-quarter licence sales grew
by 22 percent in Europe, their steepest rise since the third
quarter of 2004.




Read more at Reuters.com Market News

Bank of NY Mellon posts quarterly profit

(Reuters) - Net income fell to $445 million, or 58 cents per share,
from $448 million, or 59 cents a share, a year earlier.





Read more at Reuters.com Mergers News

Syron, Chanos, Faber Say the Worst is Yet to Come for Mortgage-Backed Debt

(Bloomberg) -- The worst is yet to come for mortgage
bonds as more holders are forced to sell the securities in a
falling market, Freddie Mac Chief Executive Officer Richard Syron
and investors James Chanos and Marc Faber said.

``Unfortunately I don't think we have hit bottom,'' Syron,
whose company is the second-largest source of money for home
loans behind Fannie Mae, said in an interview yesterday from
McLean, Virginia. ``Things are going to get worse.''


Read more at Bloomberg Bonds News

Gold hits new 6-week high, platinum sets new peak

(Reuters) - Gold hit a new six-week high on Thursday, boosted by firm oil prices and a weaker dollar that traded just above a record low against the euro.

A breach of $675 would set the ground for gold's move towards $700 an ounce, but the metal remained vulnerable to profit-taking, analysts said.


Read more at Reuters Africa

Ex-press baron Black seeks freedom before sentence

(Reuters) - More likely, Judge Amy St. Eve of U.S. District Court in Chicago will allow the 62-year-old Black to remain free pending the November 30 sentencing date at which she may order him to prison for 15 to 20 years, legal experts said.




"The court can set conditions as to the range of places that he can go to, whether he can be confined to his residence, whether electronic monitoring will take place," said Stuart Gerson, a former assistant U.S. attorney specializing in criminal prosecutions.


Read more at Reuters.com Bonds News

UnitedHealth posts higher quarterly profit

(Reuters) - The Minneapolis-based company, the No. 1 U.S. health
insurer by market value, has largely emerged from a
stock-option scandal that plagued it last year. But operational
missteps -- including cuts to its Medicare forecasts and
worrisome medical cost trends -- have spooked investors.




Shares of UnitedHealth have fallen slightly in 2007,
underperforming a more than 7 percent rise for the S&P Managed
Health Care index , a barometer of large U.S. health
plans.


Read more at Reuters.com Market News

Harry Potter Fans Bet Boy Wizard Kills Self in Final Book as Wagering Ends

(Bloomberg) -- Author J.K. Rowling cried when she
wrote the seventh and final Harry Potter book. She may soon be
joined by millions of fans, given the surge in wagers on Harry
ending the story by killing himself.

William Hill Plc, a London-based bookmaker, closed bets on
Harry sacrificing himself at 2/5 odds on July 17, cut from an
original quote of 33/1 in early July. Lord Voldemort, who
murdered Potter's parents, is at 9/4 to kill Harry, and Professor
Severus Snape is at 4/1 odds to murder him. The bookmaker took
more than 50,000 pounds ($100,000) in bets on Harry's fate, the
first time in the company's history it had ever bet on a book.


Read more at Bloomberg Exclusive News

U.S. Stock-Index Futures Rise; IBM, Microsoft, Motorola Climb in Europe

(Bloomberg) -- U.S. stock-index futures gained as
investors speculated a flurry of second-quarter earnings reports
today will show profits are holding up amid an economic slowdown.

International Business Machines Corp. advanced in Europe
after the world's biggest computer-services company increased its
annual earnings forecast after beating analysts' quarterly
estimates. Microsoft Corp., the largest software maker, and
Motorola Inc., the second-biggest mobile-phone maker, rose before
posting earnings.


Read more at Bloomberg Stocks News

Gold Gains in London, Erasing an Earlier Decline; Silver Also Advances

(Bloomberg) -- Gold rose in London, erasing an
earlier decline. Silver also advanced.

Gold for immediate delivery added $1, or 0.2 percent, to
$674 an ounce at 10:03 a.m. local time, after earlier falling as
much as $1.51. Prices this year peaked at $694.25 an ounce on
April 23.


Read more at Bloomberg Commodities News

Kazakhstan Kagazy Raises $240 Million in IPO After Cutting Price and Size

(Bloomberg) -- Kazakhstan Kagazy Plc, a cardboard
maker with real-estate assets, raised $240 million in an initial
public offering of stock after cutting the deal's price and size.

The company, with customers including PepsiCo Inc. and
Gallaher Group Plc, sold global depositary receipts at $5 apiece,
Kazakhstan Kagazy said today in a statement. The price is lower
than the original range of $7.50 to $9.50 per receipt that it was
seeking. Existing investors that planned to sell stock in the IPO
didn't dispose of their shares.


Read more at Bloomberg Emerging Markets News

Standard Bank S Africa sets dlr bond guidance - lead

(Reuters) - The Standard Bank of South Africa Ltd has set price guidance on a five-year benchmark-sized dollar floating-rate note (FRN) it plans to sell, one of the lead managers said on Thursday.

Guidance for the senior FRN has been set at Libor plus 50 basis points area, the lead said.


Read more at Reuters Africa