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

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

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

Orbital Sciences Q2 profit up, raises '07 view

(Reuters) - July 18 - Orbital Sciences Corp. , which makes small rockets and space systems, said quarterly profit rose 40 percent, helped by robust revenue and operating profit growth in its satellite and space systems segment.



The Dulles, Virginia-based company also raised its full-year earnings and revenue outlook on the back of strong new business bookings received during the second quarter.


Read more at Reuters.com Market News

U.S. certifies Virgin America Airlines for service

(Reuters) - Virgin America won regulatory approval of its business plan in May after agreeing to restructure its investor financing -- including millions from Branson's interests -- and promising to replace its chief executive, Fred Reid, to satisfy a U.S. law that limits overseas influence in domestic airlines.




Virgin America will still have a branding and marketing relationship with Branson's Virgin Group, which operates British-based Virgin Atlantic Airways. Some U.S. airlines had opposed Virgin America's entrance, saying Branson would be controlling the airline one way or another.


Read more at Reuters.com Bonds News

UPDATE 2-Ex-North Fork CEO Kanas steps down at Capital One

(Reuters) - NEW YORK, July 9 - Capital One Financial Corp.
, the credit card and banking company, said on Monday
longtime North Fork Bancorp Inc. chief executive John Adam
Kanas will step down as head of banking operations and resign
from its board.




The McLean, Virginia-based company will take a $27 million
second-quarter charge to speed up the vesting of equity awards
to Kanas and John Bohlsen, a former North Fork vice chairman
who is stepping down as head of commercial banking.


Read more at Reuters.com Bonds News

UPDATE 1-Ex-North Fork CEO Kanas steps down at Capital One

(Reuters) - Kanas led North Fork before selling the Melville, New
York-based company at the beginning of December to Capital One
for about $13.2 billion.




The merger made McLean, Virginia-based Capital One, the
largest independent U.S. credit card issuer, into one of the
nation's 15 largest banking companies.


Read more at Reuters.com Mergers News

Singapore Air may sell Virgin Atlantic stake-paper

(Reuters) - Singapore Airlines and Virgin Atlantic could not
immiediately be reached for comment.




Read more at Reuters.com Mergers News

Group fights higher taxes on buyout firms, funds

(Reuters) - Republican Rep. Eric Cantor of Virginia is heading a
coalition backed by the financial services, real estate, resort
and energy industries to thwart a U.S. House bill that takes
aim at the 15 percent tax rate now paid by most managers of
private equity funds, hedge funds and other investment
partnerships.




The Coalition for the Freedom of American Investors and
Retirees also opposes a bipartisan Senate bill that would close
a loophole that allows private equity firms to go public as
partnerships without paying corporate taxes.


Read more at Reuters.com Government Filings News

Virgin Media says receives bid approach

(Reuters) - Virgin Media's Nasdaq-listed shares surged almost 20 percent to $28.88, giving the group a market capitalization of $9.4 billion. Analysts said an offer could be pitched between $30 and $35 per share and draw other bidders into an auction.




Virgin Media said in a statement it had already started a review of its strategic options, including a sale of the group, and the proposal would be considered as part of that process.


Read more at Reuters.com Business News

UPDATE 1-Virgin Media seeks buyer, Carlyle bids -sources

(Reuters) - LONDON, July 1 - British cable operator Virgin
Media has appointed Goldman Sachs to seek a possible
buyer after it received approaches from various private equity
firms, people familiar with the situation said on Sunday.




Carlyle Group [CYL.UL], for one, offered in recent weeks to
buy the company, whose leading shareholder is the flamboyant
entrepreneur Richard Branson, the sources said, but they declined
to disclose the price put forward.


Read more at Reuters.com Bonds News

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

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




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


Read more at Reuters.com Bonds News

UPDATE 1-Dominion to buy back 55 mln common shares

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




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


Read more at Reuters.com Mergers News

UPDATE 1-AES posts quarterly loss due to Venezuela sale

(Reuters) - AES posted a loss of $455 million, or 67 cents per share,
compared with a year-earlier profit of $348 million, or $52
cents per share, which was restated because of problems with
the company's reporting controls.




Excluding special charges, earnings from continued
operations were 24 cents per share, which included a charge of
3 cents for an adverse court ruling in Kazakhstan, the
Arlington, Virginia-based company said.


Read more at Reuters.com Market News

West Virginia Leads U.S. Municipal Borrowers; Mutual Funds See Outflows

(Bloomberg) -- West Virginia, San Antonio and
Illinois led U.S. state and local government borrowers this week
with the largest of $9 billion in long-term bond sales.

The West Virginia Tobacco Settlement Finance Authority sold
more than $900 million of taxable securities backed by annual
payments from cigarette makers. The SA Energy Acquisition Public
Facility Corp. issued $649 million of bonds to lock in a 20-year
supply of natural gas for San Antonio's CPS Energy. Illinois
offered $437 million of state bonds to refinance debt and pay
for new highway, school and public building projects.


Read more at Bloomberg Bonds News