European shares fall amid credit market worries

(Reuters) - European shares fell in early trade on Monday, taking their cue from Friday's decline on Wall Street triggered by investment bank Bear Stearns saying credit markets were in their worst shape in two decades.

"We are seeing a flight to safe havens, to very short and very liquid assets, mainly cash," said Heinz-Gerd Sonnenschein, equity strategist at Postbank in Germany.


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European shares open 1 pct down, echoing Wall St

(Reuters) - European shares fell 1 percent at the opening on Monday, taking their cue from Friday's decline on Wall Street which was triggered by investment bank Bear Stearns saying credit markets were in their worst shape in two decades.

"Financial markets reflect a normalisation in risk tolerance -- the fall in equities being a function of rising cost of capital for the broad corporate sector and asset quality risks for the global financial sector," JPMorgan said in a note.


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US jobs data hit stocks, dollar, boost bonds

(Reuters) - Stocks and the dollar fell while safe-haven government bonds rallied on Friday after weaker-than-expected U.S. jobs data fanned concerns about a U.S. economy already struggling with credit liquidity fears.

U.S. stock futures pointed to a weaker open on Wall Street while European stocks moved deeper in negative territory after data showed U.S. employers boosted payrolls in July at the slowest pace since February, adding 92,000 jobs.


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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.


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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.


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US STOCKS-Indexes flat after GDP, Treasury's Paulson

(Reuters) - NEW YORK, July 27 - U.S. stocks were little
changed on Friday, erasing small gains in a skittish session
after a government report that showed a stronger-than-expected
pace of economic growth in the second quarter.




Comments by Treasury Secretary Henry Paulson briefly lent
some support, but the underlying tone on Wall Street remained
nervous, a day after equities suffered their second worst
decline of the year.


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US STOCKS-Indexes fall on persistent credit worries

(Reuters) - NEW YORK, July 27 - U.S. stocks fell on Friday as
persistent concern about financing for corporate takeovers amid
a broadening deterioration in credit markets offset positive
data on economic growth.




Comments by Treasury Secretary Henry Paulson briefly lent
some support, but the underlying tone on Wall Street remained
nervous, a day after equities suffered their second worst
decline of the year.


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Chevron profit up with refining, beats view

(Reuters) - Excluding the $680 million gain on sale of Dynegy stock and a $160 million loss on debt redemption, the company would have posted earnings of about $2.37 a share. On that basis, the average forecast of Wall Street analysts was $2.30 a share, according to Reuters Estimates.




Total revenue in the quarter rose to $56.09 billion from $53.54 billion last year.


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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.


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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.


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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.


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TREASURIES-Bonds dip as stocks seen to rebound

(Reuters) - NEW YORK, July 25 - U.S. Treasury debt prices fell on
Wednesday, pulling benchmark yields back from seven-week lows as
investors prepared for a stock market rebound in the wake of
Tuesday's slide.




Stock futures pointed to a strong opening on Wall Street,
luring money away from safe-haven bonds, while the government's
upcoming auction of two-year notes later in the session could put
additional downward pressure on Treasury prices. Double-click on [.N]
for latest on stocks.


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Norfolk Southern quarterly profit rises

(Reuters) - Wall Street analysts had on average expected earnings per
share of 95 cents for the quarter, according to Reuters
Estimates.





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Dade Behring quarterly net earnings rise

(Reuters) - CHICAGO, July 25 - Dade Behring Holdings Inc. , which has agreed to a bid from Siemens AG for $77 per share, said on Wednesday quarterly net earnings rose on demand for its laboratory equipment. Second-quarter net income was $50.3 million, or 61 cents per diluted share, compared with $37.6 million, or 43 cents per diluted share, a year before, the Deerfield, Illinois-based company said. Quarterly revenue rose 8.2 percent from a year ago to $481 million.



Wall Street analysts on average had forecast 47 cents a share, according to those polled by Reuters Estimates.


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UPDATE 3-Reynolds American profit falls short

(Reuters) - CHICAGO, July 25 - Tobacco company Reynolds
American Inc. posted a 13.6 percent drop in quarterly
profit on Wednesday, falling short of Wall Street forecasts due
to lower U.S. cigarette shipments.




Like other tobacco companies, Reynolds has seen its U.S.
cigarette business hit by higher taxes and payments to states
as part of the 1998 tobacco settlement. The company bought the
Conwood smokeless tobacco company last year to tap into the
smokeless tobacco market, which is growing while the U.S.
cigarette market shrinks.


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UPDATE 1-P.F. Chang's 2nd-quarter earnings rise

(Reuters) - Net income for the Asian-themed restaurant operator was
$9.3 million, or 36 cents per share, compared with $8.1
million, or 30 cents per share, a year earlier.




Wall Street analysts, on average, had been expecting
earnings of 36 cents per share, according to Reuters
Estimates.


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T. Rowe Price posts higher quarterly profit

(Reuters) - Wall Street analysts had expected earnings of 58 cents a share.




T. Rowe Price, which has been managing money in Baltimore since 1937, said revenue rose 18 percent to $551 million as assets under management, used to calculate fees in the money-management industry, climbed to a record $379.8 billion.


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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.


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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.





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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.


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