European Stocks Fall on Takeover Concern; Credit Suisse, Axa, Atos Retreat

(Bloomberg) -- European stocks fell the most in five
months on concern mergers and acquisitions will diminish as the
financing of takeovers becomes more difficult.

Credit Suisse Group and Axa SA led a drop by financial
companies. Atos Origin SA and Iberia Lineas Aereas de Espana SA,
which have been in sale talks with buyout groups, also declined.


Read more at Bloomberg Stocks News

U.S. Stocks Plunge on Credit Concerns; Exxon, Homebuilders, Banks Retreat

(Bloomberg) -- U.S. stocks plunged the most in five
months after Exxon Mobil Corp. reported earnings that missed
analysts' estimates and higher financing costs threatened to
spur debt defaults and slow takeovers.

Exxon Mobil, the world's biggest company by market value,
posted its steepest decline in five years after it said
production decreased, while homebuilders D.R. Horton Inc. and
Beazer Homes USA Inc. retreated after reporting losses.
Citigroup Inc., Bank of America Corp. and JPMorgan Chase & Co.,
the largest U.S. banks, dragged a gauge of financial shares to a
10-month low.


Read more at Bloomberg Stocks News

Rand extends losses vs dollar, bonds fall

(Reuters) - South Africa's rand extended its losses versus the dollar on Thursday while government bonds also weakened after release of producer inflation data pointing to higher interest rates.

At 1315 GMT, the rand stood at 7.0220 versus the dollar, after reaching 7.0244 earlier, extending its losses from New York's Wednesday close to over two percent.


Read more at Reuters Africa

Wall St tumbles on oil, housing, credit woes

(Reuters) - U.S. stocks tumbled on Thursday as a surge in oil prices, concern about the housing slump and a worsening climate for financing takeovers cut investors' appetite for risk in a global equities sell-off.

News of a disappointing quarterly profit from Exxon Mobil Corp. weighed on the energy sector and sent Exxon shares down more than 3 percent.


Read more at Reuters Africa

Gold slips to one-week low on profit-taking

(Reuters) - Gold slipped to a one-week low on Thursday as investors took profits from its 11-week highs, but analysts said firmer oil prices and weaker dollar outlook might support the metal.

Spot gold rose as high as $676.60 an ounce before falling to $666.40. It was quoted at $670.25/670.85 by 1431 GMT, against $674.40/675.20 late in New York on Wednesday when it dropped about 1.5 percent.


Read more at Reuters Africa

S.Africa stocks hit 4-week low amid global sell-off

(Reuters) - South African stocks slid to an almost four-week closing low on Thursday as softer metal prices hit mining stocks and global jitters about the U.S. housing market and high oil prices hurt broader sentiment.

The Johannesburg Top-40 index of blue-chip stocks fell 1.85 percent to 25,844.39 points -- its lowest closing level since June 29. The Johannesburg All-share index slid 1.78 percent to 28,585.84 points.


Read more at Reuters Africa

Brooks Automation says indictment filed against former CEO

(Reuters) - The company said it is cooperating with both the agencies
and that it has not been charged in either the SEC complaint or
the indictment. Therrien retired as CEO of Brooks in 2004.





Read more at Reuters.com Government Filings News

UPDATE 1-US FDA to ask if Avandia should stay on market

(Reuters) - The agency has "considerable concern" about data that show
a signal of possible heart attack risks with Avandia, a summary
from FDA staff said. Various data present "somewhat
inconsistent findings" on the risk, it added.




The agency released the analysis ahead of Monday's advisory
panel review of the drug's heart risks.


Read more at Reuters.com Government Filings News

Flow says board approved buyback of $45 mln securities

(Reuters) - Flow also announced the closing of the increase in its
credit facility from $30 million to $45 million.





Read more at Reuters.com Bonds News

US STOCKS-Futures tumble on oil, housing, credit worry

(Reuters) - NEW YORK, July 26 - U.S. stock futures slid on
Thursday, putting Wall Street on course to drop at the open, as
global equities fell on concerns over rising oil prices,
deterioration in housing and a worse climate for deal
financing.




S&P 500 futures were down 16.70 points, below 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

TREASURIES-2Y Treasury yield lowest since early May

(Reuters) - The 30-year bond's price briefly rose 32/32 or
a full point, as the Treasury market's rally extended.




Read more at Reuters.com Bonds News

TREASURIES-Bonds rally on weak data, dour stocks, credit woes

(Reuters) - An unexpected fall in business investment data spurred an
already strong Treasury market and overshadowed figures that
showed overall durable goods orders rose in June. For details,
see [ID:nN24217294].




The Treasury market that was already gaining on fears of a
sharp selloff on Wall Street and deepening concerns that a
global credit crunch was developing as firms encountered
difficulty in financing buyout activity.


Read more at Reuters.com Bonds News

Paulson says he's 'strong dollar man'

(Reuters) - "Marty, I'm a strong dollar man," Paulson said, leaning
over to slap Feldstein on the back as panel members laughed.




Read more at Reuters.com Bonds News

US June newspaper help-wanted ads dip to 49-yr low

(Reuters) - "Already, there are signs that job advertising volume is
edging a little lower -- with very slight decreases in each of
the past two months," said Ken Goldstein, labor economist at
the Conference Board, in a statement.




"Business caution about near-term prospects for the
economy, and perhaps for their own businesses, may lead to a
little less hiring this autumn. Plus, the online business is
mature enough in that this is where help wanted ads originate
and may never appear in newspapers."


Read more at Reuters.com Bonds News

WRAPUP 1-Latam stocks, currencies fall in emerging markets slide

(Reuters) - Brazil's real fell 1.45 percent to 1.894 to the
dollar and its Bovespa stock market index plunged 3.8 percent
to 53,864 points.




The Mexican peso weakened 0.74 percent to
10.95 to the dollar, and the Mexican stock market fell 2
percent at 30,482 points.


Read more at Reuters.com Bonds News

Mexican stocks, peso fall on U.S. economy worries

(Reuters) - The IPC index of leading shares slumped to 30,482
points and the peso dropped 0.74 percent to 10.950 per dollar.




U.S. existing-home sales fell more than expected in June,
increasing worries this week about U.S. economic growth. The
United States buys nearly 90 percent of Mexican exports.


Read more at Reuters.com Bonds News

TREASURIES-Bonds rally on data slide, credit fears

(Reuters) - A sharp fall in new home sales and an unexpected slide in
business investment data spurred an already strong Treasury
market, overshadowing figures that showed overall durable goods
orders rose in June. For details see [ID:nN26366824].




Stocks and credit markets sank on deepening concerns that a
global credit crunch was developing as firms encountered
difficulty in financing buyout activity, benefiting safe-haven
government bonds.


Read more at Reuters.com Bonds News

Sandell against Warburg offer for Bausch & Lomb

(Reuters) - PHILADELPHIA, July 26 - Sandell Asset Management Corp. said on Thursday it would vote against Warburg Pincus' $3.67 billion takeover bid for Bausch & Lomb Inc. and said the eye-care company's concerns about a rival $4.23 billion offer from Advanced Medical Optics Inc could be resolved.



Sandell said it believes Advanced Medical's $75 per share cash and stock offer is superior to the $65 per share cash offer by Warburg Pincus. The investment fund said Bausch & Lomb was unnecessarily dismissing the Advanced Medical proposal in favor of a transaction that significantly undervalues the company.


Read more at Reuters.com Bonds News

US STOCKS-NYSE imposes trading curbs as stocks tumble

(Reuters) - The New York Stock Exchange Composite Index , which
is used to determine when to begin trading curbs, was down
205.45 points, or 2.07 percent, at 9,724.47.




The trading curbs require that all program selling of S&P
500 stocks must be on an up-tick.


Read more at Reuters.com Bonds News

U.S. 30-, 15-year mortgage rates lower in latest week

(Reuters) - "Mortgage rates eased this week on market concerns that a
further weakening of housing demand this spring will delay any
recovery in the sector," said Frank Nothaft, Freddie Mac vice
president and chief economist, in a statement.




"Several factors contributed to the softening in housing
markets this spring. In addition to the tightening of lending
standards earlier this year, especially on subprime loans, the
40-basis-point jump in rates on 30-year fixed-rate mortgages in
June may have deterred potential buyers," Nothaft said.


Read more at Reuters.com Bonds News

US STOCKS-Indexes sink on housing, oil, credit fears

(Reuters) - NEW YORK, July 26 - U.S. stocks tumbled on
Thursday on signs of further deterioration in the U.S. housing
market, a jump in oil prices and a worsening climate for
financing corporate takeovers.




The broad Standard & Poor's 500 stock index fell 2 percent
at one point, and the steep decline led the New York Stock
Exchange to impose trading curbs which restrict large-block
sales when a stock was falling.


Read more at Reuters.com Bonds News

UPDATE 3-Nigeria president forms gov't, keeps oil portfolio

(Reuters) - ABUJA, July 26 - Nigerian President Umaru Yar'Adua
named his first cabinet on Thursday, keeping the vital energy
portfolio under his direct control and appointing an experienced
banker to the finance ministry.




The new cabinet ends two months of uncertainty since
Yar'Adua took the helm of Africa's top oil producer on May 29,
after elections deemed "not credible" by international observers
because of widespread vote-rigging.


Read more at Reuters.com Bonds News

Exxon Mobil Profit Declines, Missing Estimates, as Oil Output, Prices Drop

(Bloomberg) -- Exxon Mobil Corp., the world's
biggest oil company, reported its first profit decline in more
than three years after oil prices fell and production dropped.

Second-quarter net income fell to $10.3 billion from $10.4
billion, the Irving, Texas-based company said today in a
statement. Per-share profit, which rose to $1.83 from $1.72 as
buybacks reduced the amount of stock outstanding, was 13 cents
below the average of 17 analyst estimates compiled by Bloomberg.


Read more at Bloomberg Energy News

Sony Q1 profit tripples on digicam sales, yen

(Reuters) - Sony has been mounting a steady profit recovery on the back of expanding sales of key electronics products and a leaner cost structure after shutting factories and cutting thousands of jobs over the past few years.




But the company, in the final year of a three-year turnaround plan under Chief Executive Howard Stringer, has seen its PlayStation 3 outsold by rival Nintendo Co. Ltd.'s Wii console and its game division is mired in the red.


Read more at Reuters.com Market News

Old Dominion Freight quarterly profit rises

(Reuters) - The quarter included the resolution of a customer pricing
issue that resulted in a gain 3 cents a share after taxes.




On average, analysts had expected earnings per share of 55
cents, according to Reuters Estimates.


Read more at Reuters.com Market News

Black & Decker quarterly profit falls

(Reuters) - Travelers, which changed its name from St. Paul Travelers earlier this year, said earnings were $1.09 billion, or $1.56 a share, up from $1.01 billion, or $1.41 a share in the year-ago quarter.



) Keywords: TRAVELERS RESULTS/


Read more at Reuters.com Market News

Rockwell Collins profit up on aero sales

(Reuters) - The company, which makes cockpit electronics and other plane parts for Boeing Co. and Airbus , posted a quarterly profit of $146 million, or 86 cents per share, compared with $121 million, or 70 cents per share, in the year-ago quarter.



) Keywords: ROCKWELLCOLLINS RESULTS/


Read more at Reuters.com Market News

Manor Care 2nd-qtr profit falls on buy-out costs

(Reuters) - Net income fell to $43.6 million, or 54 cents a share, from
$45.6 million, or 58 cents, a year ago.




Revenue rose 7 percent to $958 million.


Read more at Reuters.com Market News

Build-A-Bear Workshop posts lower second-quarter profit

(Reuters) - Total revenue rose 7.2 percent to $100.4 million.




Analysts on average expected the company to earn 8 cents a
share, including stock-compensation expense but before other
exceptional items, on revenue of $104.3 million, according to
Reuters Estimates.



Read more at Reuters.com Market News

MBIA second-quarter earnings fall 4 pct

(Reuters) - NEW YORK, July 26 - MBIA Inc. , the world's largest bond insurer, reported on Thursday that quarterly profit fell 4 percent, hurt by net losses on financial instruments and an increase in investment management expenses.



Net income fell to $211.8 million, or $1.61 a share for the second quarter from $221.4 million, or $1.62 a share, a year earlier.


Read more at Reuters.com Market News

UPDATE 1-Southern 2nd-quarter earnings rise

(Reuters) - Net income rose to $429 million, or 57 per share, from $385
million, or 52 cents per share, a year earlier.




Excluding special items, the company said it earned 55
cents per share. Analysts on average had expected 52 cents,
according to Reuters Estimates.


Read more at Reuters.com Market News

US Airways second-quarter net profit declines

(Reuters) - The airline, formed in 2005 from a merger of America West and US Airways, said its second-quarter profit amounted to $263 million, or $2.77 per share, compared with $305 million, or $3.25 per share, a year earlier.






Read more at Reuters.com Market News

Exxon profits dips 1 pct on natgas price weakness

(Reuters) - Integrated oil companies that both produce and refine oil
and gas were expected to have yet another in a series of
stellar quarters as soaring refining margins picked up the
slack for a year over year drop in oil prices.




Since the beginning of the year, Exxon's shares are up
about 21 percent, just underperforming the Chicago Board
Options Exchange's oil index , which rose nearly 22
percent in the same period.



Read more at Reuters.com Market News

Rockwell Collins profit up on aerospace sales

(Reuters) - NEW YORK, July 26 - Rockwell Collins Inc. said on Thursday that quarterly profit rose a greater-than-expected 21 percent, helped by strong sales of its high-tech aerospace systems.



The company, which makes cockpit electronics and other plane parts for Boeing Co. and Airbus , also said full-year profit would probably be at the top end of its previous forecast as the global boom in aircraft production continues.


Read more at Reuters.com Market News

UPADTE 1-Asbury profit up despite weak retail sales

(Reuters) - The sixth-largest U.S. auto retailer by new vehicle sales
said second-quarter profit increased to $20.6 million, or 62
cents per share, from $19 million, or 56 cents per share, a
year earlier.




Total revenue stayed roughly flat at about $1.5 billion.


Read more at Reuters.com Market News

UPDATE 1-UST reports higher quarterly profit

(Reuters) - Excluding restructuring and other charges, the wine and
tobacco company reported a profit of 90 cents per share. On
that basis, UST beat Wall Street estimates of 85 cents,
according to Reuters Estimates.




Sales for the quarter rose 3.9 percent to $491.3 million,
beating analysts' average estimate of $490.65 million.


Read more at Reuters.com Market News

UPDATE 1-Brazil's Telemar profit soars 65 percent

(Reuters) - Telemar, which controls Brazil's largest fixed-line
operator and the wireless company Oi, attributed the higher
earnings to 369,000 new users, 30 percent more than in the
preceding quarter; a strong operating performance; and
favorable interest rates and foreign exchange.




The profit was 36 percent higher than in the first
quarter.


Read more at Reuters.com Market News

UPDATE 1-BorgWarner quarterly earnings rise 7.8 percent

(Reuters) - Net income rose to $75.7 million, or $1.29 per share, in
the second quarter, from $70.2 million, or $1.21 per share, a
year earlier. Revenue rose 16.7 percent to $1.36 billion.




Analysts on average expected Auburn Hills, Michigan-based
BorgWarner to report earnings of $1.28 per share and revenue of
$1.26 billion, according to Reuters Estimates.


Read more at Reuters.com Market News

RPT-Apache 2nd-qtr results drop

(Reuters) - Excluding last year's $132 million Canadian tax benefit,
earnings rose by 7 percent.





Read more at Reuters.com Market News

UPDATE 1-Strayer profit up, beats estimates

(Reuters) - The Arlington, Virginia-based company also forecast
third-quarter earnings between 60 cents and 62 cents per share,
compared with average analyst estimates of 51 cents per share,
according to Reuters Estimates.




Second-quarter net income rose to $17.4 million, or $1.20
per share, from $14.0 million, or 97 cents, during the
year-earlier period.


Read more at Reuters.com Market News

Blockbuster flips to loss on higher spending

(Reuters) - NEW YORK, July 26 - Blockbuster Inc. , the No. 1 U.S. movie rental chain, returned to a quarterly net loss on spending to enable its online DVD rental service to grab market share from rival Netflix Inc .



Blockbuster reported a second-quarter loss of $35.3 million, or 20 cents per share, compared with a profit of $68.4 million, or 31 cents per share, in the year-ago quarter.


Read more at Reuters.com Market News

UPDATE 2-3M posts higher profit, raises forecast

(Reuters) - CHICAGO, July 26 - 3M Co. , whose products
range from Scotch tape to optical films for liquid crystal
displays, posted higher quarterly profit on Thursday, driven by
strong results in the health-care business and international
markets.




The company, considered a bellwether for the U.S. economy,
also raised its 2007 profit forecast.


Read more at Reuters.com Market News

UPDATE 1-Life Time Fitness quarterly profit rises; ups '07 view

(Reuters) - The Eden Prairie, Minnesota-based company also raised its
2007 outlook to $1.74 to $1.76 a share. Life Time Fitness had
earlier expected to earn $1.72 to $1.75 per share.




Analysts on average were looking for earnings of $1.76 per
share on revenue of $656.5 for the full year, according to
Reuters Estimates.


Read more at Reuters.com Market News

Kellogg 2nd-quarter profit up despite rising costs

(Reuters) - By Brad Dorfman



CHICAGO, July 26 - Kellogg Co. posted a better-than-expected 13 percent increase in quarterly profit on Thursday as price increases and cost-cutting measures helped offset rising expenses.


Read more at Reuters.com Market News

UPDATE 1-EarthLink posts Q2 loss, cuts 2007 revenue view

(Reuters) - The company also lowered its full-year revenue outlook as
it now expects to lose 450,000 to 500,000 subscribers in 2007,
more then double of what it had projected earlier.




The net loss for the Atlanta-based company was $16.3
million, or 13 cents a share, compared with a profit of $16.6
million, or 12 cents a share, a year earlier.


Read more at Reuters.com Market News

UPDATE 3-Rising costs, prices weigh on Finnish papermakers

(Reuters) - HELSINKI, July 26 - The large Finnish paper makers
all reported results close to expectations on Thursday, but
rising costs and soft outlooks on paper prices pushed their
share prices down.




Both top global paper and board maker Stora Enso
and leading magazine paper firm UPM raised their cost
inflation estimates after a rise in wood prices.


Read more at Reuters.com Market News

CORRECTION: Wall St set for slide on oil, housing, credit

(Reuters) - NEW YORK - Stocks headed for a sharply lower open on Thursday as worries about a rise in oil prices, housing slump and worsening climate for financing corporate takeovers drove a global sell-off in shares.




U.S. crude for September rose to $77.24 in electronic trade, stoking concern about the toll of higher energy prices on personal spending as consumers grapple with a stalled housing market.


Read more at Reuters.com Hot Stocks News

Ford advances Jaguar, Land Rover sale talks

(Reuters) - "We are now exploring in greater detail the potential sale of the combined Jaguar Land Rover business with selected parties who have expressed interest."




Ford added, however, there is no guarantee it will agree to a sale.


Read more at Reuters.com Business News

Jobless claims fall 2,000 in latest week

(Reuters) - Economists polled by Reuters had forecast that initial claims would rise to 310,000 from the original reading of 301,000 in the week ended July 14.




The four-week moving average, a more reliable gauge because it irons out most of the weekly fluctuations, fell to 308,500 from 312,500 the prior week.


Read more at Reuters.com Business News

Comcast net up, but shares down on subscriber loss

(Reuters) - Although Comcast's profit and revenue growth was in line with expectations, the company lost 95,000 basic video subscribers in the second quarter -- a much bigger loss than the 20,000 forecast by Bear Stearns analyst Spencer Wang or the 12,000 estimated by Sanford Bernstein analyst Craig Moffett.




Comcast usually loses some customers in the second quarter as university students terminate their contracts at the end of the school year, but analysts had expected that to be offset this quarter by subscriber gains elsewhere. Comcast had lost 91,000 basic video subscribers in the year-ago period.


Read more at Reuters.com Business News