(Reuters) - Earlier on Tuesday, Meridian's board said the deal did not
properly value the company.
Read more at Reuters.com Mergers News
properly value the company.
Read more at Reuters.com Mergers News
Tuesday, July 31, 2007
RAIT Financial says American Home has not made payments
(Reuters) - Earlier in the day, American Home, a large U.S. mortgage
provider, said it can no longer fund home loans and may
liquidate assets, putting its survival in doubt.
Read more at Reuters.com Bonds News
provider, said it can no longer fund home loans and may
liquidate assets, putting its survival in doubt.
Read more at Reuters.com Bonds News
UPDATE 2-Nelnet agrees to a $2 mln settlement with New York
(Reuters) - Cuomo, as part of his sweeping probe into the $85 billion a
year student-loan business, had accused Nelnet of making
payments to college alumni groups in exchange for getting loan
referrals. As part of the settlement, Nelnet agreed to stop
making these payments and to adopt other reforms.
Nelnet previously agreed to pay $1 million to settle an
investigation by Nebraska's attorney general. The $2 million
under the New York pact will be paid into Cuomo's fund for
educating high school seniors about financial aid.
Read more at Reuters.com Market News
year student-loan business, had accused Nelnet of making
payments to college alumni groups in exchange for getting loan
referrals. As part of the settlement, Nelnet agreed to stop
making these payments and to adopt other reforms.
Nelnet previously agreed to pay $1 million to settle an
investigation by Nebraska's attorney general. The $2 million
under the New York pact will be paid into Cuomo's fund for
educating high school seniors about financial aid.
Read more at Reuters.com Market News
Indonesia currency in line with fundamentals - IMF
(Reuters) - The IMF said in a regular review of the country's economic
health that future surges in capital inflows should be tackled
by letting the currency appreciate, tempered by intervention to
prevent excessive moves, while cutting interest rates.
Read more at Reuters.com Bonds News
health that future surges in capital inflows should be tackled
by letting the currency appreciate, tempered by intervention to
prevent excessive moves, while cutting interest rates.
Read more at Reuters.com Bonds News
Cache, Dow Jones, Faro, Gymboree, RAIT Financial: U.S. Equity Movers
(Bloomberg) -- The following is a list of companies
whose shares are having unusual price changes in U.S. exchanges.
Stock symbols are in parentheses after company names. Share
prices are as of 2:40 p.m. in New York.
Aftermarket Technology Corp. (ATAC US) rose the most since
August 2001, jumping $4.84, or 18 percent, to $31.33. The car-
parts maker increased its 2007 forecast, saying it expects to
earn $1.55 to $1.70 a share. The company earlier predicted profit
of as much as $1.55.
Read more at Bloomberg Stocks News
whose shares are having unusual price changes in U.S. exchanges.
Stock symbols are in parentheses after company names. Share
prices are as of 2:40 p.m. in New York.
Aftermarket Technology Corp. (ATAC US) rose the most since
August 2001, jumping $4.84, or 18 percent, to $31.33. The car-
parts maker increased its 2007 forecast, saying it expects to
earn $1.55 to $1.70 a share. The company earlier predicted profit
of as much as $1.55.
Read more at Bloomberg Stocks News
Yen Poised for Biggest Monthly Gain in Three Years Versus Dollar on Risks
(Bloomberg) -- The yen rose, heading for the biggest
monthly advance in almost three years against the dollar, on
concern losses from U.S. subprime mortgages will drive investors
from riskier assets.
The Japanese currency has gained against all 16 major
currencies tracked by Bloomberg this month as investors pared
higher-yielding investments funded by loans in Japan, a practice
known as the carry trade. U.S. stocks dropped, erasing early
gains, and a gauge of corporate bond risk increased, adding to
yen buying today.
Read more at Bloomberg Currencies News
monthly advance in almost three years against the dollar, on
concern losses from U.S. subprime mortgages will drive investors
from riskier assets.
The Japanese currency has gained against all 16 major
currencies tracked by Bloomberg this month as investors pared
higher-yielding investments funded by loans in Japan, a practice
known as the carry trade. U.S. stocks dropped, erasing early
gains, and a gauge of corporate bond risk increased, adding to
yen buying today.
Read more at Bloomberg Currencies News
Central Florida counties aboard for $615 mln rail project
(Reuters) - Volusia County, the last local signatory needed, on Tuesday
committed to helping pay the tab for the rail system, which
will be financed through 30-year fixed guideway bonds issued
through the state of Florida.
"The train is here. It's not coming. It's here," Volusia
County Councilman Jack Hayman said after a unanimous vote in
favor of the plan.
Read more at Reuters.com Bonds News
committed to helping pay the tab for the rail system, which
will be financed through 30-year fixed guideway bonds issued
through the state of Florida.
"The train is here. It's not coming. It's here," Volusia
County Councilman Jack Hayman said after a unanimous vote in
favor of the plan.
Read more at Reuters.com Bonds News
Treasuries Strengthen as Investors Seek Refuge Amid Renewed Credit Concern
(Bloomberg) -- Treasuries rose as evidence of
losses among providers of riskier mortgages encouraged investors
to seek the safety of U.S. government debt.
Ten-year note yields fell to near the lowest in two months
as American Home Mortgage Investment Corp., a lender whose stock
stopped trading after it disclosed a cash shortage, said it may
have to liquidate assets. Standard & Poor's may downgrade an
additional $1 billion of collateralized debt obligations.
Read more at Bloomberg Bonds News
losses among providers of riskier mortgages encouraged investors
to seek the safety of U.S. government debt.
Ten-year note yields fell to near the lowest in two months
as American Home Mortgage Investment Corp., a lender whose stock
stopped trading after it disclosed a cash shortage, said it may
have to liquidate assets. Standard & Poor's may downgrade an
additional $1 billion of collateralized debt obligations.
Read more at Bloomberg Bonds News
Worldwide gasoline glut seen by 2010: WoodMac
(Reuters) - Wood Mackenzie forecasts an additional 8.1 million barrels per day of crude refining capacity by 2010. The firm also sees about 1.8 million barrels per day more fuel from non-refinery sources, such as biofuels and natural gas liquids.
With estimates of demand increasing around 9 million barrels per day in the same period, Wood Mackenzie foresees a surplus of about 1 million barrels daily in 2010, Jamieson's report said. As a result, prices will drop, she predicted.
Read more at Reuters.com Hot Stocks News
With estimates of demand increasing around 9 million barrels per day in the same period, Wood Mackenzie foresees a surplus of about 1 million barrels daily in 2010, Jamieson's report said. As a result, prices will drop, she predicted.
Read more at Reuters.com Hot Stocks News
UPDATE 1-Deutsche Boerse Q2 profit, sales lag expectations
(Reuters) - Group earnings before interest, taxes and amortization
rose 10 percent year-on-year to 321.8 million euros
, Deutsche Boerse said in a statement.
The profit included an extraordinary gain of "some 10
million" euros from the disposal of land, the company said.
Read more at Reuters.com Mergers News
rose 10 percent year-on-year to 321.8 million euros
, Deutsche Boerse said in a statement.
The profit included an extraordinary gain of "some 10
million" euros from the disposal of land, the company said.
Read more at Reuters.com Mergers News
Latin American Shares Advance on Commodity Demand, Corporate Profit Growth
(Bloomberg) -- Latin American stocks rose on
speculation that global demand for metals and oil will boost
corporate profits. Raw-materials producers led the advance.
The Bovespa Index of the most-traded stocks on the Sao Paulo
exchange headed for a fifth month of gains, rising 598.02, or 1.1
percent, to 55,170.63 as of 12:39 p.m. New York time. Mexico's
Bolsa index rallied 280.25, or 0.9 percent, to 31,180.93. Even
with today's gain, the index is little changed for the month.
Read more at Bloomberg Stocks News
speculation that global demand for metals and oil will boost
corporate profits. Raw-materials producers led the advance.
The Bovespa Index of the most-traded stocks on the Sao Paulo
exchange headed for a fifth month of gains, rising 598.02, or 1.1
percent, to 55,170.63 as of 12:39 p.m. New York time. Mexico's
Bolsa index rallied 280.25, or 0.9 percent, to 31,180.93. Even
with today's gain, the index is little changed for the month.
Read more at Bloomberg Stocks News
Canada's April daily FX turnover rose nearly 13 pct
(Reuters) - In the survey of foreign exchange turnover in Canada, the
CFEC said average total daily turnover in the 20-business-day
April 2007 period was $55.5 billion.
That's up 12.8 percent from a $49.2 billion average daily
turnover during the 21-day period in October 2006, and 5.5
percent higher than $52.6 billion in April 2006.
Read more at Reuters.com Bonds News
CFEC said average total daily turnover in the 20-business-day
April 2007 period was $55.5 billion.
That's up 12.8 percent from a $49.2 billion average daily
turnover during the 21-day period in October 2006, and 5.5
percent higher than $52.6 billion in April 2006.
Read more at Reuters.com Bonds News
TVA to review Tenn. Watts Barr reactor project
(Reuters) - The board, which has not yet decided whether to complete the
unit's construction which was halted in 1988, asked the staff to
study the completion and startup of the unit.
Earlier this year, TVA completed an extensive $1.8 billion
overhaul of 1,155-megawatt Unit 1 at the Browns Ferry nuclear
station in Alabama, which the company shut in 1985 to address
management and operational issues. The board approved the
restart of Browns Ferry 1 in 2002.
Read more at Reuters.com Bonds News
unit's construction which was halted in 1988, asked the staff to
study the completion and startup of the unit.
Earlier this year, TVA completed an extensive $1.8 billion
overhaul of 1,155-megawatt Unit 1 at the Browns Ferry nuclear
station in Alabama, which the company shut in 1985 to address
management and operational issues. The board approved the
restart of Browns Ferry 1 in 2002.
Read more at Reuters.com Bonds News
AngloGold Plans to Boost Output, Reduce Costs After Second-Quarter Profit
(Bloomberg) -- AngloGold Ashanti Ltd., Africa's
largest gold producer, said it will increase production and
reduce costs after posting a 1.08 billion-rand ($152.3 million)
second-quarter profit.
Net income was 3.85 rand a share, compared with a loss of
150 million rand, or 53 cents, in the first quarter, the
Johannesburg-based company said today in a statement. Chief
Executive Officer Bobby Godsell, 54, also announced his
retirement after almost a decade in his post.
Read more at Bloomberg Emerging Markets News
largest gold producer, said it will increase production and
reduce costs after posting a 1.08 billion-rand ($152.3 million)
second-quarter profit.
Net income was 3.85 rand a share, compared with a loss of
150 million rand, or 53 cents, in the first quarter, the
Johannesburg-based company said today in a statement. Chief
Executive Officer Bobby Godsell, 54, also announced his
retirement after almost a decade in his post.
Read more at Bloomberg Emerging Markets News
Nelnet agrees to a $2 mln settlement with New York
(Reuters) - NEW YORK, July 31 - New York Attorney General Andrew Cuomo said on Tuesday that Nelnet Inc , the leading consolidator of student loans, had agreed to pay $2 million as part of a settlement that ends a broad investigation into its business practices.
Cuomo, as part of his sweeping probe into the $85 billion a year student loan business, had accused Nelnet of making payments to college alumni groups in exchange for getting loan referrals. As part of the settlement, Nelnet agreed to stop making these payments and to adopt other reforms.
Read more at Reuters.com Government Filings News
Cuomo, as part of his sweeping probe into the $85 billion a year student loan business, had accused Nelnet of making payments to college alumni groups in exchange for getting loan referrals. As part of the settlement, Nelnet agreed to stop making these payments and to adopt other reforms.
Read more at Reuters.com Government Filings News
Dollar edges up as stocks rally
(Reuters) - U.S. stock indexes were mixed in a volatile session, with blue chips recovering from one of Wall Street's worst weeks in five years. Equities pared the morning's strong gains, led by losses in the financial sector.
Volatility in the stock market capped dollar gains versus the yen, but the greenback recovered modestly versus the euro, which at one point traded above $1.37.
Read more at Reuters.com Hot Stocks News
Volatility in the stock market capped dollar gains versus the yen, but the greenback recovered modestly versus the euro, which at one point traded above $1.37.
Read more at Reuters.com Hot Stocks News
UPDATE 3-Brazil primary budget surplus rises to June record
(Reuters) - BRASILIA, July 31 - Brazil's consolidated primary
budget surplus grew to a record for the month of
June, climbing to 11.65 billion reais from a
surplus of 10.44 billion reais a year earlier, the central bank
said on Tuesday.
The result was higher than the 9.9 billion reais median
estimate of 18 economists in a Reuters poll. The estimates
ranged from 6.0 billion reais to 12.1 billion reais. In May,
the consolidated primary surplus was 9.3 billion reais.
Read more at Reuters.com Economic News
budget surplus
June, climbing to 11.65 billion reais from a
surplus of 10.44 billion reais a year earlier, the central bank
said on Tuesday.
The result was higher than the 9.9 billion reais median
estimate of 18 economists in a Reuters poll. The estimates
ranged from 6.0 billion reais to 12.1 billion reais. In May,
the consolidated primary surplus was 9.3 billion reais.
Read more at Reuters.com Economic News
UPDATE 1-Libbey swings to Q2 profit, shares rise
(Reuters) - Sales for the latest quarter rose 31 percent to $207.1
million, beating one analysts' estimate of $203.8 million.
The Toledo, Ohio-based company's sales grew as it witnessed
a significant increase in its North American glass sales and
international sales.
Read more at Reuters.com Market News
million, beating one analysts' estimate of $203.8 million.
The Toledo, Ohio-based company's sales grew as it witnessed
a significant increase in its North American glass sales and
international sales.
Read more at Reuters.com Market News
OPEC's Refining Capacity Rises on New Investments in Saudi Arabia, Iran
(Bloomberg) -- OPEC's refining capacity increased by
more than 140,000 barrels a day last year because of new investment
in Saudi Arabia and Iran.
Refining capacity for the 12-nation group totaled 9.23 million
barrels last year compared with 9.09 million barrels the year
before, OPEC said today in its Annual Statistical Bulletin.
Read more at Bloomberg Energy News
more than 140,000 barrels a day last year because of new investment
in Saudi Arabia and Iran.
Refining capacity for the 12-nation group totaled 9.23 million
barrels last year compared with 9.09 million barrels the year
before, OPEC said today in its Annual Statistical Bulletin.
Read more at Bloomberg Energy News
Midwest Air to start talks with AirTran
(Reuters) - Midwest said in a statement on Tuesday that while it had not changed its recommendation that shareholders reject the bid, it planned to start talks with AirTran, which has offered $15 a share, or about $367 million in cash and stock.
Midwest said its nine-member board had formed a committee to explore strategic and financial alternatives. That committee planned to hold discussions AirTran and other parties that have recently expressed interest in the company.
Read more at Reuters.com Mergers News
Midwest said its nine-member board had formed a committee to explore strategic and financial alternatives. That committee planned to hold discussions AirTran and other parties that have recently expressed interest in the company.
Read more at Reuters.com Mergers News
Dow Jones' Bancrofts with 32 pct stock ok deal-WSJ
(Reuters) - That represents about half of the family's 64 percent ownership of the company's voting shares, likely more than enough to seal the News Corp deal, the Journal reported, citing unnamed sources.
Dow Jones owns the Wall Street Journal.
Read more at Reuters.com Mergers News
Dow Jones owns the Wall Street Journal.
Read more at Reuters.com Mergers News
UPDATE 2-Perot Systems quarterly earnings fall; eyes acquisition
(Reuters) - Perot Systems, which did not name the target company, said
the expected acquisition would contribute about $8 million to
third-quarter revenue and slightly reduce its earnings per
share.
In a conference call with analysts, Chief Executive Peter
Altabef said he expects the company to enter into the
acquisition contract in August.
Read more at Reuters.com Mergers News
the expected acquisition would contribute about $8 million to
third-quarter revenue and slightly reduce its earnings per
share.
In a conference call with analysts, Chief Executive Peter
Altabef said he expects the company to enter into the
acquisition contract in August.
Read more at Reuters.com Mergers News
Lehman Brothers Offers New Muni Derivatives for Institutional Investors
(Bloomberg) -- Lehman Brothers Holdings Inc.
tomorrow will introduce derivatives that track the value of
benchmark five- and 10-year municipal bonds, in an effort to
provide a way for investors to protect against price swings.
The Lehman Municipal Index Swap, comprised of general
obligation bonds rated AA- or better, will also allow investors
to bet on the performance of municipal bonds relative to taxable
yields without buying tax-exempt debt. Currently, municipal
investors use the Securities Industry and Financial Markets
Association Municipal Swap Index or Thomson Financial's
Municipal Market Data index.
Read more at Bloomberg Bonds News
tomorrow will introduce derivatives that track the value of
benchmark five- and 10-year municipal bonds, in an effort to
provide a way for investors to protect against price swings.
The Lehman Municipal Index Swap, comprised of general
obligation bonds rated AA- or better, will also allow investors
to bet on the performance of municipal bonds relative to taxable
yields without buying tax-exempt debt. Currently, municipal
investors use the Securities Industry and Financial Markets
Association Municipal Swap Index or Thomson Financial's
Municipal Market Data index.
Read more at Bloomberg Bonds News
Oil Rises Above $78, One-Year High, as U.S. Refiners May Boost Operations
(Bloomberg) -- Crude oil rose above $78 a barrel in
New York, nearing a record, on speculation demand will outpace
supply as refiners increase fuel production in preparation for
the winter.
Bets on rising prices by hedge funds and other speculators
rose to a record earlier this month, according to U.S. Commodity
Futures Trading Commission data. World demand climbs to an annual
peak as refineries begin to make fuels for use in the fall and
winter. A government report tomorrow may show U.S. oil supplies
fell for a fourth week, according to a Bloomberg News survey.
Read more at Bloomberg Commodities News
New York, nearing a record, on speculation demand will outpace
supply as refiners increase fuel production in preparation for
the winter.
Bets on rising prices by hedge funds and other speculators
rose to a record earlier this month, according to U.S. Commodity
Futures Trading Commission data. World demand climbs to an annual
peak as refineries begin to make fuels for use in the fall and
winter. A government report tomorrow may show U.S. oil supplies
fell for a fourth week, according to a Bloomberg News survey.
Read more at Bloomberg Commodities News
Resources lead S.African stock market firmer
(Reuters) - Resource shares continued to lead South African shares to higher ground on Tuesday, with heavyweight miners Anglo American and rival BHP Billiton leading the march.
"We have seen gold and copper prices up quite significantly on the back of improved global markets, which are more than anything driving our markets rather than what is happening locally," Gryphon Asset Management Chief Investment Officer, Abri du Plessis said.
Read more at Reuters Africa
"We have seen gold and copper prices up quite significantly on the back of improved global markets, which are more than anything driving our markets rather than what is happening locally," Gryphon Asset Management Chief Investment Officer, Abri du Plessis said.
Read more at Reuters Africa
IAC sees profits flat in third quarter
(Reuters) - "Given the challenges of the first half, it's a virtual certainty that we won't tally the year at the double-digit rate we had aspired to," IAC Chief Financial Officer Thomas McInerney said on a conference call with analysts. McInerney said HSN's gross margins are expected to decline in the third quarter from a year ago, due to inventory levels, but the drop should be smaller than in the second quarter.
He said that a decline in second-quarter U.S. sales for IAC's Ticketmaster box office service isn't expected to continue in the third quarter.
Read more at Reuters.com Bonds News
He said that a decline in second-quarter U.S. sales for IAC's Ticketmaster box office service isn't expected to continue in the third quarter.
Read more at Reuters.com Bonds News
Fitch cuts MGIC, puts Radian on negative watch
(Reuters) - Fitch also could downgrade Radian Group's "A" long-term
debt ratings and "AA" insurer strength ratings of all Radian
mortgage and financial guaranty subsidiaries. Radian Group has
$750 million of senior notes outstanding.
The action came after MGIC and Radian said they could be
forced to write down the entire value of their $1.034 billion
investment in C-BASS, which invests in the credit risk of
subprime residential mortgages.
Read more at Reuters.com Bonds News
debt ratings and "AA" insurer strength ratings of all Radian
mortgage and financial guaranty subsidiaries. Radian Group has
$750 million of senior notes outstanding.
The action came after MGIC and Radian said they could be
forced to write down the entire value of their $1.034 billion
investment in C-BASS, which invests in the credit risk of
subprime residential mortgages.
Read more at Reuters.com Bonds News
RLPC-UPDATE 1-Myers Industries postpones $950 mln LBO financing
(Reuters) - Already this week, CW Media, Integra Telecom and Stoneridge
have been forced to postpone their financings due to weak debt
market conditions.
The financing, which was being arranged by Goldman Sachs,
consisted of a $685 million bank loan and $265 million in
senior subordinated notes.
Read more at Reuters.com Bonds News
have been forced to postpone their financings due to weak debt
market conditions.
The financing, which was being arranged by Goldman Sachs,
consisted of a $685 million bank loan and $265 million in
senior subordinated notes.
Read more at Reuters.com Bonds News
UPDATE 1-Nelnet agrees to a $2 mln settlement with New York
(Reuters) - Cuomo, as part of his sweeping probe into the $85 billion a
year student loan business, had accused Nelnet of making
payments to college alumni groups in exchange for getting loan
referrals. As part of the settlement, Nelnet agreed to stop
making these payments and to adopt other reforms.
Nelnet previously agreed to pay $1 million to settle an
investigation by Nebraska's attorney general.
Read more at Reuters.com Bonds News
year student loan business, had accused Nelnet of making
payments to college alumni groups in exchange for getting loan
referrals. As part of the settlement, Nelnet agreed to stop
making these payments and to adopt other reforms.
Nelnet previously agreed to pay $1 million to settle an
investigation by Nebraska's attorney general.
Read more at Reuters.com Bonds News
UPDATE 1-FirstService reports higher profit, ups outlook
(Reuters) - The company also raised its outlook for fiscal 2008.
The real estate and property services company earned a net
profit of $18.1 million, or 61 cents a share, in the three
months ended June 30, up from C$12.8 million, or 43 cents a
share, in the same quarter last year.
Read more at Reuters.com Market News
The real estate and property services company earned a net
profit of $18.1 million, or 61 cents a share, in the three
months ended June 30, up from C$12.8 million, or 43 cents a
share, in the same quarter last year.
Read more at Reuters.com Market News
Japan's MUFG, Mizuho banks post Q1 falls, keep f'casts
(Reuters) - By David Dolan
TOKYO, July 31 - Japan's two largest banks, Mitsubishi UFJ and Mizuho Financial , posted sharp falls in first-quarter profit on Tuesday, as the nation's lenders struggle to benefit from economic recovery.
Read more at Reuters.com Market News
TOKYO, July 31 - Japan's two largest banks, Mitsubishi UFJ and Mizuho Financial , posted sharp falls in first-quarter profit on Tuesday, as the nation's lenders struggle to benefit from economic recovery.
Read more at Reuters.com Market News
UPDATE 1-Bemis 2nd-quarter profit climbs, lowers forecast
(Reuters) - Quarterly net income was $49.5 million, or 47 cents a
share, compared with $48.9 million, or 46 cents per share, in
the year-ago period, the Neenah, Wisconsin-based company said.
The company's quarterly results for the year-ago period
included restructuring and related charges totaling 5 cents a
share.
Read more at Reuters.com Market News
share, compared with $48.9 million, or 46 cents per share, in
the year-ago period, the Neenah, Wisconsin-based company said.
The company's quarterly results for the year-ago period
included restructuring and related charges totaling 5 cents a
share.
Read more at Reuters.com Market News
UPDATE 1-India's Tata Motors Q1 net up 22 pct
(Reuters) - MUMBAI, July 31 - India Tata Motors Ltd.
, reported a 22 percent rise in quarterly standalone
net profit, as foreign exchange gains, cost-cutting and strong
sales of light trucks and passenger vehicles helped offset high
input costs.
Managing Director Ravi Kant did not comment on whether the
New York-listed company , India's largest vehicle maker,
was bidding for Ford Motor's Jaguar and Land Rover
brands.
Read more at Reuters.com Market News
, reported a 22 percent rise in quarterly standalone
net profit, as foreign exchange gains, cost-cutting and strong
sales of light trucks and passenger vehicles helped offset high
input costs.
Managing Director Ravi Kant did not comment on whether the
New York-listed company , India's largest vehicle maker,
was bidding for Ford Motor's Jaguar and Land Rover
brands.
Read more at Reuters.com Market News
Coventry Health profit rises on cost management
(Reuters) - NEW YORK, July 31 - U.S. health insurer Coventry Health Care Inc. on Tuesday posted a 12 percent rise in quarterly profit, boosted by better management of medical costs and an increase in Medicare membership.
Second-quarter net income rose to $151.3 million, or 96 cents per share, compared with $135.5 million, or 84 cents, a year earlier.
Read more at Reuters.com Market News
Second-quarter net income rose to $151.3 million, or 96 cents per share, compared with $135.5 million, or 84 cents, a year earlier.
Read more at Reuters.com Market News
Sonic Automotive profit doubles, shares rise 5 pct
(Reuters) - DETROIT, July 31 - Sonic Automotive Inc. , the No. 3 U.S. auto dealership chain, on Tuesday said second-quarter earnings more than doubled on improved profit margins and raised its full-year outlook, pushing its shares up 5 percent.
The Charlotte, North Carolina-based company posted net income of $26.37 million, or 57 cents per share, compared with $12.19 million, or 29 cents per share, a year earlier. Earnings from continuing operations were 65 cents per share.
Read more at Reuters.com Market News
The Charlotte, North Carolina-based company posted net income of $26.37 million, or 57 cents per share, compared with $12.19 million, or 29 cents per share, a year earlier. Earnings from continuing operations were 65 cents per share.
Read more at Reuters.com Market News
Agco profits beats forecasts, raises estimates
(Reuters) - CHICAGO, July 31 - Agricultural equipment maker Agco Corp. said on Tuesday that its quarterly earnings surged a stronger-than-expected 56 percent, helped by robust sales in South America, especially Brazil.
The company also raised its guidance for the full year, sending its shares higher in early trading.
Read more at Reuters.com Market News
The company also raised its guidance for the full year, sending its shares higher in early trading.
Read more at Reuters.com Market News
Hilton profit rises ahead of Blackstone deal
(Reuters) - NEW YORK, July 31 - Hilton Hotels Corp , which is being acquired by private equity firm Blackstone Group , posted a better-than-expected 15 percent rise in quarterly profit on Tuesday, helped by higher room rates.
The strong earnings, fueled by robust demand from business and leisure travelers, highlights the continuing boom in the lodging industry, which has made hotel companies sought-after assets.
Read more at Reuters.com Market News
The strong earnings, fueled by robust demand from business and leisure travelers, highlights the continuing boom in the lodging industry, which has made hotel companies sought-after assets.
Read more at Reuters.com Market News
UPDATE 1-MCG Capital posts higher Q2 profit; shares rise
(Reuters) - Shares of the Arlington, Virginia-based company were
trading up almost 6 percent at $14.27 in morning trade on the
Nasdaq. The shares have fallen 34 percent since the begining of
the year before Tuesday's gains.
The main positives for the quarter include
higher-than-expected dividend income, higher-than-expected net
interest margin and $8.6 million of net gains on portfolio
investments, BMO Capital Markets analyst David Chiaverini wrote
in a research note.
Read more at Reuters.com Market News
trading up almost 6 percent at $14.27 in morning trade on the
Nasdaq. The shares have fallen 34 percent since the begining of
the year before Tuesday's gains.
The main positives for the quarter include
higher-than-expected dividend income, higher-than-expected net
interest margin and $8.6 million of net gains on portfolio
investments, BMO Capital Markets analyst David Chiaverini wrote
in a research note.
Read more at Reuters.com Market News
CBS quarterly earnings drop; tv, radio revenue off
(Reuters) - CBS, which runs the most-watched U.S. television network, reported second-quarter net earnings of $404 million, or 55 cents a share, compared with $781.7 million, or $1.02, a year earlier.
Year-ago earnings included income from discontinued operations of $291.9 million, reflecting a gain on the sale of its Paramount Parks. It also had a tax benefit.
Read more at Reuters.com Market News
Year-ago earnings included income from discontinued operations of $291.9 million, reflecting a gain on the sale of its Paramount Parks. It also had a tax benefit.
Read more at Reuters.com Market News
UPDATE 2-Pilgrim's Pride 3rd-qtr profit shatters view
(Reuters) - CHICAGO, July 31 - Top U.S. chicken producer Pilgrim's Pride Corp. on Tuesday reported a much larger-than-expected quarterly profit due to higher chicken prices and strong demand, sending its shares higher.
The company also raised its estimate of cost savings from its purchase in December of smaller rival Gold Kist Inc. to about $150 million by January 2008 from its previous forecast of $100 million.
Read more at Reuters.com Market News
The company also raised its estimate of cost savings from its purchase in December of smaller rival Gold Kist Inc. to about $150 million by January 2008 from its previous forecast of $100 million.
Read more at Reuters.com Market News
Home prices fell in May: S&P/Case-Shiller
(Reuters) - The composite month-over-month Standard & Poor's/Case-Shiller Home Price Index of 20 metro areas also showed a 0.2 percent drop, to a 200.04 reading, or a 2.8 percent year-over-year loss.
"At a national level, declines in annual home price returns are showing no signs of a slowdown or turnaround," said Robert J. Shiller, chief economist at MacroMarkets LLC, in the release.
Read more at Reuters.com Business News
"At a national level, declines in annual home price returns are showing no signs of a slowdown or turnaround," said Robert J. Shiller, chief economist at MacroMarkets LLC, in the release.
Read more at Reuters.com Business News
Qatar Was OPEC's Wealthiest Per-Capita Exporter Last Year; Nigeria Poorest
(Bloomberg) -- Qatar earned $28,576 per citizen last
year from oil and gas exports, while Nigeria, Africa's most
populous nation, made $391, annual OPEC data shows.
The range reflects large differences in populations among
members of the Organization of Petroleum Exporting Countries.
Nigeria's petroleum-export revenue of $52.5 billion was twice that
of the tiny Persian Gulf emirate.
Read more at Bloomberg Energy News
year from oil and gas exports, while Nigeria, Africa's most
populous nation, made $391, annual OPEC data shows.
The range reflects large differences in populations among
members of the Organization of Petroleum Exporting Countries.
Nigeria's petroleum-export revenue of $52.5 billion was twice that
of the tiny Persian Gulf emirate.
Read more at Bloomberg Energy News
Turkish June Foreign Trade Gap Widens for Second Month on Material Imports
(Bloomberg) -- Turkey's trade deficit widened 18
percent in June from a year earlier, the second consecutive
increase, as industry drew in raw materials for manufacture of
products to export.
The trade gap grew to $5.5 billion from a revised $4.7
billion in the year-earlier period, the statistics agency in
Ankara said on its Web site today. The deficit was forecast to be
$4.8 billion, according to the median estimate of 13 economists
surveyed by Bloomberg.
Read more at Bloomberg Emerging Markets News
percent in June from a year earlier, the second consecutive
increase, as industry drew in raw materials for manufacture of
products to export.
The trade gap grew to $5.5 billion from a revised $4.7
billion in the year-earlier period, the statistics agency in
Ankara said on its Web site today. The deficit was forecast to be
$4.8 billion, according to the median estimate of 13 economists
surveyed by Bloomberg.
Read more at Bloomberg Emerging Markets News
Corn, Soybeans May Rise as Condition of U.S. Crops Decline; Wheat May Fall
(Bloomberg) -- Corn and soybeans may rise in Chicago
after a government report said warm, dry weather caused U.S.
crops to deteriorate for the fourth straight week. Wheat may fall
as harvesting speeds up, increasing supplies.
An estimated 58 percent of the corn crop was in good or
excellent condition as of July 29, down from 62 percent a week
earlier, the U.S. Department of Agriculture said yesterday. About
58 percent of soybeans got the top ratings as of July 29, down
from 61 percent a week earlier.
Read more at Bloomberg Commodities News
after a government report said warm, dry weather caused U.S.
crops to deteriorate for the fourth straight week. Wheat may fall
as harvesting speeds up, increasing supplies.
An estimated 58 percent of the corn crop was in good or
excellent condition as of July 29, down from 62 percent a week
earlier, the U.S. Department of Agriculture said yesterday. About
58 percent of soybeans got the top ratings as of July 29, down
from 61 percent a week earlier.
Read more at Bloomberg Commodities News
U.S., China Start Food, Drug Safety Talks, Aim for Agreement by End-2007
(Bloomberg) -- The U.S. said it aims to reach
agreements with China on food and drug safety by December as a
U.S. delegation arrived in Beijing for talks to head off further
trade friction over the Asian nation's food exports.
A team led by U.S. Health and Human Services Department
Chief of Staff Rich McKeown will focus on developing joint plans
with China to address the safety of food, livestock feed, drugs
and medical devices, U.S. Health and Human Services Secretary
Michael Leavitt said in a statement sent by e-mail.
Read more at Bloomberg Commodities News
agreements with China on food and drug safety by December as a
U.S. delegation arrived in Beijing for talks to head off further
trade friction over the Asian nation's food exports.
A team led by U.S. Health and Human Services Department
Chief of Staff Rich McKeown will focus on developing joint plans
with China to address the safety of food, livestock feed, drugs
and medical devices, U.S. Health and Human Services Secretary
Michael Leavitt said in a statement sent by e-mail.
Read more at Bloomberg Commodities News
NAPM-Milwaukee says purchasing index down in July
(Reuters) - New orders were down 15 points to 60 while production
slumped 18 points to 54. Supplier lead times rose 12 points to
50 and order backlogs dropped 18 points, also to 50.
Capital equipment spending held steady at 67.
Read more at Reuters.com Bonds News
slumped 18 points to 54. Supplier lead times rose 12 points to
50 and order backlogs dropped 18 points, also to 50.
Capital equipment spending held steady at 67.
Read more at Reuters.com Bonds News
Company default risk index rises modestly-Kamakura
(Reuters) - High-grade corporate bond spreads widened 28 basis points
in July to 128 basis points. High-yield spreads widened 126
basis points to 424 basis points in July, according to Merrill
Lynch & Co. data.
"Credit spreads continue to widen but the Kamakura troubled
company index shows that actual default rates remain very low
by historical standards," Warren Sherman, the company's
president, said in a statement.
Read more at Reuters.com Bonds News
in July to 128 basis points. High-yield spreads widened 126
basis points to 424 basis points in July, according to Merrill
Lynch & Co. data.
"Credit spreads continue to widen but the Kamakura troubled
company index shows that actual default rates remain very low
by historical standards," Warren Sherman, the company's
president, said in a statement.
Read more at Reuters.com Bonds News
TREASURIES-Bonds fall as stocks surge on confidence data
(Reuters) - Treasuries were little moved by tame inflation data and
news that business activity in the U.S. Midwest region
unexpectedly slowed sharply in July, as investors focused on
the stock market where stocks gained for a second day.
Rebounding stock markets reversed recent flight-to-quality
flows into Treasuries that had pushed benchmark 10-year
Treasury yields to two-month lows on Friday.
Read more at Reuters.com Bonds News
news that business activity in the U.S. Midwest region
unexpectedly slowed sharply in July, as investors focused on
the stock market where stocks gained for a second day.
Rebounding stock markets reversed recent flight-to-quality
flows into Treasuries that had pushed benchmark 10-year
Treasury yields to two-month lows on Friday.
Read more at Reuters.com Bonds News
Mexico stocks jump and peso firms aided by US data
(Reuters) - The benchmark IPC stock index moved up to 31,132
points, an increase of 0.75 percent. The peso currency
also firmed by 0.19 percent to 10.93 per dollar.
In debt trading, the price of the benchmark 10-year
government peso bond gained 0.248 point to bid
101.958, with a yield of 7.68 percent.
Read more at Reuters.com Bonds News
points, an increase of 0.75 percent. The peso currency
also firmed by 0.19 percent to 10.93 per dollar.
In debt trading, the price of the benchmark 10-year
government peso bond
101.958, with a yield of 7.68 percent.
Read more at Reuters.com Bonds News
S.Africa worried GMO labels could raise food prices
(Reuters) - South Africa is resisting labelling its genetically modified foods because of fears it could raise prices and make food less available for consumers, a senior health official told the country's parliament on Tuesday.
The country, Africa's economic powerhouse and one of the few on the continent to accept genetically modified organisms, or GMOs as they are popularly known, does not currently require that the modified foods be labelled.
Read more at Reuters Africa
The country, Africa's economic powerhouse and one of the few on the continent to accept genetically modified organisms, or GMOs as they are popularly known, does not currently require that the modified foods be labelled.
Read more at Reuters Africa
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