Brazil's Bovespa Falls, Led by Petrobras, on Tax Bill, Drop in Oil Prices

(Bloomberg) -- Brazil's main stock index slid for the
second time in three days, led by state-controlled oil company
Petroleo Brasileiro SA, as oil prices dropped and the company
received a bill for $710 million in unpaid taxes.

The Bovespa Index of the most-traded stocks on the Sao Paulo
exchange fell 551.49, or 1 percent, to 57,485.28 as of 11:08 a.m.
New York time. Petrobras accounted for one-fourth of the drop.


Read more at Bloomberg Stocks News

Datatec in Turkish venture with Indeks Bilgisayar

(Reuters) - South African IT firm Datatec has agreed to a joint venture with Turkey's Indeks Bilgisayar to gain a foothold in Turkey as it expands in emerging markets, it said on Tuesday.

Datatec's Westcon unit has agreed to buy 50 percent of Turkish network and security distributor Neteks Iletisim Urunleri (Netex) from Indeks Bilgisayar, which will keep the other 50 percent, Datatec said in a statement.


Read more at Reuters Africa

Canadian Dollar May Reach Parity With U.S. in Three Months, Citigroup Says

(Bloomberg) --The Canadian dollar may reach parity
with the U.S. currency within three months as surging growth
raises expectations for higher interest rates, according to
Citigroup Inc., the world's biggest bank.

Canada's dollar touched a 30-year high today after a report
showed May retail sales rose at the fastest pace in almost a
decade, bolstering speculation the Bank of Canada will keep
boosting its target rate from 4.5 percent, enticing global
investors to buy the country's assets. The Canadian dollar has
gained about 11 percent against the U.S. currency this year.


Read more at Bloomberg Currencies News

AT&T profit rises on wireless; iPhone disappoints

(Reuters) - NEW YORK, July 24 - Top U.S. telecommunications service provider AT&T Inc. said on Tuesday quarterly profit and revenue rose, helped by growth in wireless and Internet subscribers. Second-quarter net profit rose to $2.9 billion, or 47 cents a share, from $1.8 billion, or 46 cents a share.



On an adjusted basis, which excludes costs and accounting effects related to acquisitions, profit rose to 70 cents per share from 58 cents.


Read more at Reuters.com Market News

UPDATE 2-Bowater second-quarter loss grows as costs rise

(Reuters) - The company, which plans to merge with Canadian peer
Abitibi-Consolidated Inc , said its net loss was $62.6
million, $1.09 a share, compared with a net loss $10.6 million,
or 18 cents, in the year-ago period.




Excluding one-time items, loss for the quarter was $41.5
million, or 72 cents per share, compared with analysts'
consensus forecasts for a loss of 80 cents, according to data
compiled by Reuters Estimates.


Read more at Reuters.com Market News

Toromont profit jumps 53 pct in second quarter

(Reuters) - That compares with net earnings of C$24.9 million, or 39
Canadian cents per share, in the same period last year.







Read more at Reuters.com Market News

Kimberly-Clark sales growth to slow in second half

(Reuters) - Earlier on Tuesday, Kimberly-Clark said that second quarter
sales rose 8.2 percent to $4.5 billion and sales in the first
six months of the year rose 8 percent to $8.89 billion.







Read more at Reuters.com Market News

REFILE-UPDATE 1-TCF Financial second-quarter profit falls

(Reuters) - July 24 - TCF Financial Corp. , the parent
of TCF National Bank, said quarterly earnings fell over 7
percent after tripling its provision for credit losses.




The Wayzata, Minnesota-based company said it earned $62.1
million or 49 cents a share in the latest second quarter,
compared with $67.1 million, or 52 cents a share, a year ago.


Read more at Reuters.com Market News

Ensco sees Q3 revenue up about 3 pct sequentially

(Reuters) - Earlier on Tuesday, the company reported second-quarter
revenue of $548.6 million. Analysts on average expect
third-quarter revenue of $578.3 million, according to Reuters
Estimates.





Read more at Reuters.com Market News

UPDATE 1-Unisys quarterly loss is wider than expected

(Reuters) - Unisys posted a net loss of $65.5 million, or 19 cents a
share, compared with a loss of $194.6 million, or 57 cents a
share, a year earlier.




Excluding one-time items, the loss was 12 cents a share,
compared with an average Wall Street forecast of a loss of 1
cent a share, according to Reuters Estimates.


Read more at Reuters.com Market News

CORRECTED - Petrobras may appeal $700 mln regulator's charge

(Reuters) - "All payments made by Petrobras were in compliance with the
rules. If we cannot resolve this in an administrative way,
Petrobras will appeal in court," a company spokesman said.




Petrobras stock opened 1.2 percent lower at 56.8 reais
after rising 1.6 percent on Monday.


Read more at Reuters.com Bonds News

TEXT-S&P release on structured finance market in Brazil

(Reuters) - And according to a new report published by Standard & Poor's Ratings
Services, the country is expected to launch a residential mortgage-backed
securities sector later this year.




A combination of positive factors is responsible for the development of
RMBS in Brazil: a favorable economy, market stability, declining interest
rates, an enormous housing deficit, and increasing homebuilding and
house-financing activities. In addition, several banks with relevant home loan
portfolios have publicly stated their interest in securitizing part of these
assets .


Read more at Reuters.com Bonds News

US STOCKS-Wall St indexes drop on profit jitters

(Reuters) - NEW YORK, July 24 - U.S. stocks fell on Tuesday
as disappointing profits from DuPont Co. and other
bellwether companies fueled concerns about the housing slump
and its impact on the economy and earnings growth.




A gloomy housing outlook from USG Corp. , the
world's largest seller of gypsum wallboard used in home
building, added to the market's glum mood. For details, see
[ID:nN24431178].


Read more at Reuters.com Bonds News

UPDATE 2-Ryerson to go private for $1.06 billion

(Reuters) - Ryerson said the private equity firm would pay $34.50 per
share, below the company's Monday closing stock price of
$34.96.




Hedge fund Harbinger Capital Partners, which announced in
December that it owned Ryerson shares and was considering a
variety of actions, said on Tuesday that it was unhappy with
the terms.


Read more at Reuters.com Bonds News

UPDATE 1-Liberty Property Trust to buy Republic Property

(Reuters) - Liberty Property, which owns, develops and manages
industrial and office properties in the United States and
Britain, said it will acquire Republic's outstanding common
shares for $14.70 a share in cash, which was 28 percent more
than Republic's closing share price on July 23.




Liberty will also assume debt of $415 million as of March
31.


Read more at Reuters.com Bonds News

Wheat Rises Near Record High as Rain Damages Crops in Europe, Egypt Buys

(Bloomberg) -- Wheat rose to a three-week high in
Chicago and Kansas City on speculation that heavy rains in
northern Europe will reduce global production, increasing demand
for U.S. supplies.

Egypt, the world's second-biggest importer of the grain,
today said it bought 175,000 metric tons of U.S. wheat after
prices for European supplies rose to a record. Part of northern
Europe will have above-normal rain the next 10 days, said John
Dee, president of Global Weather Monitoring in Mohawk, Michigan.


Read more at Bloomberg Commodities News

BP's Second-Quarter Profit Beats Estimates, Boosted by Record Fuel Prices

(Bloomberg) -- BP Plc, Europe's second-largest oil
company, reported better-than-expected earnings in the second
quarter, boosted by record gasoline prices.

Net income rose 1.5 percent to $7.38 billion, or 38 cents a
share, from $7.27 billion, or 36 cents, in the year-earlier
period, the London-based company said today. Earnings benefited
from the sale of a U.K. refinery. Profit excluding one-time
items and inventory changes beat estimates for the first time in
a year.


Read more at Bloomberg Energy News

NYSE fines Citigroup's Smith Barney $50 million

(Reuters) - Of the $50 million total, $5 million will go to the state of New Jersey in connection with a separate regulatory matter arising out the same conduct. The remaining $5 million will be paid to NYSE Regulation.




NYSE Regulation said the Citigroup unit, an NYSE member firm, violated rules by failing to supervise trading of mutual funds and maintain adequate records.


Read more at Reuters.com Government Filings News

Egypt cancels seven-year bonds auction

(Reuters) - Egypt's central bank said on Tuesday it had cancelled an auction for seven-year bonds. It gave no reason for the decision.

The Finance Ministry had planned to reopen seven-year bonds worth two billion Egyptian pounds on July 30 after postponing it from July 22.


Read more at Reuters Africa

Gold hits 11-week high on record low dollar

(Reuters) - Gold hit an 11-week peak and silver rose to its highest in seven weeks on Tuesday, powered by the dollar that plunged to a new historic low against the euro.

Gold has gained about seven percent, or nearly $50, since a trough at the end of June. By 1403 GMT, spot gold stood at $684.05/684.65 a troy ounce after rising as high as $687.10, against $681.00/$681.80 in New York late on Monday.


Read more at Reuters Africa

Apple slips, AT&T iPhone activations disappoint

(Reuters) - $143.70.




"There is no upside surprise on the number," Shannon Cross, an analyst Cross Research, said of AT&T's initial iPhone activatations.


Read more at Reuters.com Hot Stocks News

UPDATE 1-LabCorp quarterly profit rises

(Reuters) - Second-quarter net earnings rose to $128.7 million, or
$1.05 per share, compared with $116.4 million, or 87 cents, a
year earlier.




Excluding special items, earnings were $1.09 per share,
matching the average estimate of analysts polled by Reuters
Estimates.


Read more at Reuters.com Market News

UPDATE 1-Waddell says profit rose as assets swelled

(Reuters) - The Overland, Kansas-based company said net income stood at
$29.7 million, or 36 cents per diluted share, for the quarter.
That compares with a net loss of $33 million or 40 cents a
diluted share a year earlier when two one-time charges -- one
for a regulatory settlement and the other to pay costs at one
of its subsidiaries -- led to the loss.




Without the two charges, Waddell said last year's net
income would have been $26.4 million or 32 cents.


Read more at Reuters.com Market News

Domino's 2nd-qtr profit drops on expenses

(Reuters) - NEW YORK, July 24 - Domino's Pizza Inc. on Tuesday reported sharply lower quarterly net earnings, mostly due to large recapitalization-related expenses.



Second-quarter net income for the pizza delivery chain dropped to $2.3 million, or 4 cents per share, from $24.5 million, or 39 cents per share, a year earlier.


Read more at Reuters.com Market News

Avery Dennison posts lower quarterly profit

(Reuters) - Net income in the second quarter fell to $85.8 million, or 87 cents a share, compared with $112 million, or $1.12 a share, in the year-earlier quarter.



Excluding one-time items, Avery earned $1.02 a share.


Read more at Reuters.com Market News

Ensco International Q2 earnings rise

(Reuters) - Revenue rose 15 percent to $548.6 million.




Analysts on average were expecting it to earn $1.65 a share
before exceptional items, on revenue of $552.1 million,
according to Reuters Estimates.



Read more at Reuters.com Market News

BNSF quarterly profit slips on fuel charges

(Reuters) - CHICAGO, July 24 - U.S. railroad Burlington Northern Santa Fe Corp. said on Tuesday that quarterly net profit fell as a result of higher fuel expenses.



The Ft. Worth, Texas-based company reported second-quarter net income of $433 million or $1.20 a share, compared with $471 million or $1.27 a share a year earlier.


Read more at Reuters.com Market News

UPDATE 1-MDU Resources posts higher net, raises forecast

(Reuters) - Net income rose to $89.3 million, or 49 cents a share, from
$71.3 million, or 39 cents a share, a year earlier.




Analysts on average forecast earnings of 45 cents a share,
according to Reuters Estimates.


Read more at Reuters.com Market News

U.S. Steel second-quarter profit falls

(Reuters) - Analysts on average were expecting $2.35 per share,
according to Reuters Estimates. Analysts lowered their
forecasts in April after U.S. Steel said second-quarter results
would be in line with the first quarter, putting them well
below the then-average Wall Street estimate of $2.62 per
share.





Read more at Reuters.com Market News

Idex quarterly profit rises 19 percent

(Reuters) - CHICAGO, July 24 - Idex Corp. , which makes pumps and fire-suppression equipment, on Tuesday posted a 19 percent increase in quarterly profit as orders rose.



Net income in the second quarter rose to $41.6 million, or 51 cents a share, from $35 million, or 43 cents a share, a year earlier. Sales rose 16.2 percent to $344.5 million.


Read more at Reuters.com Market News

UPDATE 2-Lexmark quarterly profit falls, shares dip

(Reuters) - NEW YORK, July 24 - Computer printer maker Lexmark International Inc. said on Tuesday second-quarter net income fell on weak sales of ink cartridges and higher sales of unprofitable inkjet printers. Lexington, Kentucky-based Lexmark, which competes with Hewlett-Packard Co. , posted net income of $64.2 million, or 67 cents a share, down from $76.7 million, or 74 cents a share, a year earlier.



Excluding a one-time benefit from restructuring-related activities, the company earned 65 cents a share. On that basis, analysts were expecting 63 cents a share, according to Reuters Estimates.


Read more at Reuters.com Market News

U.S. Treasuries Are Little Changed as Traders Weigh Credit Market Risks

(Bloomberg) -- Treasuries were little changed, with
10-year note yields holding near the lowest in more than six
weeks, as concerns about riskier credit markets lend support to
U.S. debt.

Yields on benchmark 10-year securities were below 5 percent
for a third day. The difference between yields on 10-year
Treasuries and swaps widened to 69 basis points, the most in more
than five years. Wider swap spreads are associated with concern
over higher borrowing costs for companies.


Read more at Bloomberg Bonds News

UPDATE 1-Time Warner's AOL to buy ad firm Tacoda

(Reuters) - The deal is the latest acquisition by AOL to bolster its
online advertising tools following its decision to move away
from its Internet access business and instead offer consumers
free services supported by ads.




Financial terms of the deal were not disclosed by the
companies. A person familiar with the situation said AOL was
paying $275 million in cash for Tacoda.


Read more at Reuters.com Mergers News

Quest, LabCorp report higher quarterly earnings

(Reuters) - The companies have been locked in an intense rivalry over the last several months, after LabCorp won a key health insurer contract from Quest. That led Quest to cut its 2007 forecast earlier this year and post sagging first-quarter earnings.




Quest and LabCorp perform tests for doctors and hospitals, including routine tests like for cholesterol and more advanced tests for cancer.


Read more at Reuters.com Mergers News

DAX Index Declines, Led by E.ON, Deutsche Post, ThyssenKrupp; MAN Rises

(Bloomberg) -- German stocks declined, led by E.ON
AG after a report said the world's largest utility by sales is
facing delays with a project in the Czech Republic.

Shares of Deutsche Post AG, Europe's biggest postal
service, and ThyssenKrupp AG, the country's largest steelmaker,
also fell.


Read more at Bloomberg Stocks News

Corn Products, Millicom, Neurochem, Varian, Wyeth: 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.

Acuity Brands Inc. (AYI US) rose 82 cents, or 1.3 percent,
to $64.08 in trading after the official close of U.S. exchanges.
The maker of Peerless lighting fixtures said it authorized the
spinoff of its Acuity Specialty Products Group into an
independent, publicly traded company.


Read more at Bloomberg Stocks News

Brazil's Real Holds Near Seven-Year High Amid Bets of Further Dollar Flows

(Bloomberg) -- Brazil's real held near an almost
seven-year high on speculation dollars from exports and foreign
direct investment will continue flooding local markets.

``We've seen incredible amounts of foreign direct
investment over the past few months, reaching a record in June.
That type of flow will grow, regardless of how fast our interest
rates fall,'' said Mario Cebrian, head of foreign currency
trading at Banco Standard de Investimento in Sao Paulo.


Read more at Bloomberg Currencies News

Kimberly-Clark profit up, view raised

(Reuters) - Second-quarter profit rose to $461.8 million, or $1 per share, from $377.6 million, or 82 cents per share, a year earlier.




Excluding items from cost-cutting plans and a restructuring announced in 2005, earnings increased to $1.04 per share from 95 cents.


Read more at Reuters.com Business News

United Air parent posts higher quarterly profit

(Reuters) - Shares of UAL traded at $48.50 in premarket trade, up 2.6 percent from Monday's closing price on Nasdaq.




The company reported operating revenue of $5.2 billion, a 2 percent increase over the comparable quarter in 2006.


Read more at Reuters.com Business News

TREASURIES-Bonds dip slightly pre-supply; eye stocks

(Reuters) - The new supply could weigh on the market after a strong
rally last week, but U.S. stock futures pointed to a negative
start on Wall Street, which should lend support to safe-haven
Treasuries. Double click on [.N] for latest on stocks.




The bond market also watched for any new worries on the
troubled subprime mortgage sector that targets borrowers with
poor credit, and which sparked last week's gains.


Read more at Reuters.com Bonds News

CP Rail profit slumps; wary of fuel, currency costs

(Reuters) - CP Rail, Canada's No. 2 railway which said last week that Brookfield Asset Management had approached it with a bid proposal, earned C$257.7 million , or C$1.64 a share, down from a profit of C$378.1 million, or C$2.37 a share, a year earlier.



CP Rail said it sees "significant challenges" in 2007 from rising fuel refining margins and the strengthening Canadian dollar, but expects to meet its target for higher revenues and profits.


Read more at Reuters.com Bonds News

US STOCKS-Futures extend losses on profits, housing woes

(Reuters) - S&P 500 futures fell 7.3 points, below fair value, a
mathematical formula that evaluates pricing by taking into
account interest rates, dividends and time to expiration on the
contract.




Dow Jones industrial average futures were off 66
points, and Nasdaq 100 futures were down 11.25 points.


Read more at Reuters.com Bonds News

PepsiCo 2nd-qtr profit up; raises outlook

(Reuters) - NEW YORK, July 24 - PepsiCo Inc. posted a greater-than-expected quarterly profit on Tuesday on a lower tax rate and higher sales of Frito-Lay snacks.



The world's No. 2 soft-drink company reported earnings of $1.56 billion, or 94 cents per share, for its second quarter, ended June 16, up 13 percent from $1.38 billion, or 81 cents per share, a year earlier.


Read more at Reuters.com Market News

CDW posts higher quarterly profit

(Reuters) - The company said second-quarter net income rose to $80.1 million, or 99 cents a share, from $73.1 million, or 91 cents a share, a year earlier. Net sales rose 24.4 percent to $2.03 billion.






Read more at Reuters.com Market News

UPDATE 1-BJ Services profit falls on Canada slowdown

(Reuters) - The Houston-based company said its profit for the third
quarter ended June 30 was $168.3 million, or 57 cents per
diluted share, compared with $212.9 million, or 67 cents per
diluted share, in the same quarter in 2006.




Analysts had on average expected the company to post
earnings of 56 cents per share, according to data compiled by
Reuters Estimates.


Read more at Reuters.com Market News

Anixter International quarterly profit rises

(Reuters) - Sales rose to $1.51 billion from $1.24 billion a year ago.




The company said the latest second-quarter results included
sales of $39.7 million from a series of acquisitions completed
over the past year.



Read more at Reuters.com Market News

UPDATE 1-Quest Diagnostics earnings rise

(Reuters) - CHICAGO , July 24 - Quest Diagnostics , the biggest U.S. medical diagnostics company, said on Tuesday quarterly profit rose, boosted by revenue from an acquisition and in its clinical testing business.



The company also raised the lower end of its 2007 forecast.


Read more at Reuters.com Market News

UPDATE 1-Western Union second-quarter earnings fall

(Reuters) - NEW YORK, July 24 - Western Union Co. , the world's largest payment transfer company, said on Tuesday second-quarter profit declined as the company faced higher expenses after its spin-off and revenue from domestic consumer money transfers fell.



Total revenue rose 8 percent as international money transfer revenue increased.


Read more at Reuters.com Market News

Aceto to redo testing for companion animal vaccine

(Reuters) - "The USDA, in fact, admitted to us that they had made a
mistake in approving the protocol," Aceto's Chief Executive
Leonard Schwartz said in a statement.





Read more at Reuters.com Government Filings News

Developing nations say can work with WTO texts

(Reuters) - Proposals meant to break a deadlock in global free trade talks are "a good starting point" for a push in September towards a final deal, developing country negotiators said on Tuesday.

The Group of 20 (G20) economic powers said the text released last week by New Zealand's WTO ambassador Crawford Falconer, who chairs the World Trade Organisation's farming talks, contained "many gaps" but could be improved in negotiations.


Read more at Reuters Africa