CORRECTED-UPDATE 1-Reuters Summit-Shimao sees benefit in cooling

(Reuters) - By Joseph Chaney and Umesh Desai




HONG KONG, June 26 - Shimao Property Holdings Ltd.
, an arm of Chinese billionaire Xu Rongmao's real
estate empire, says China's measures to cool the country's
booming construction industry will benefit larger property
firms, but worries over a land appreciation tax loom.


Read more at Reuters.com Bonds News

McCormick & Co. profit down

(Reuters) - Charges related to its restructuring program reduced
earnings per share by 4 cents.




Analysts, on average, had expected the Sparks,
Maryland-based company to earn 33 cents per share.



Read more at Reuters.com Market News

Hedge Funds Cash Out of Big Lots Shares After Price Doubles, Profit Slows

(Bloomberg) -- Big Lots Inc., the largest U.S.
seller of overstocked and discontinued items, has an online Wild
and Wacky Find museum where customers can submit items they
stumble upon while shopping at the company's stores.

There's Chick A Poo Organic plant food made from chicken
droppings, Shower Buzz vibrating body soap and Woofy Pop
chicken-flavored popcorn for dogs. While the goods make Big Lots
fun for shoppers, the enjoyment is waning for investors,
particularly hedge funds.


Read more at Bloomberg Exclusive News

BAE Systems, CHC, ConocoPhillips, Mosaic, Playboy: 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 7:30 a.m. New York time.

BAE Systems Plc (BAESY US): Analysts at Citigroup Inc.,
Morgan Stanley and Deutsche Bank AG said yesterday's 7.8 percent
drop in UK-traded shares of Europe's largest defense contractor
was excessive. The shares fell yesterday after the company said
the U.S. Department of Justice is investigating whether the
company violated corruption laws in arms sales to Saudi Arabia.
BAE's ADRS, each worth four shares, fell $2 to $32.70 in regular
trading yesterday.


Read more at Bloomberg Stocks News

BP Agrees to Venezuelan Terms to Maintain Stake in Cerro Negro Oil Project

(Bloomberg) -- BP Plc, Europe's second-largest oil
company, signed a memorandum of understanding with Venezuela
yesterday to keep its minority stake in a heavy-oil project as
the government consolidates its control of energy assets.

BP, based in London, will retain its 16.67 percent stake in
the Cerro Negro project, which will be majority owned and
operated by state-run Petroleos de Venezuela SA, BP spokesman
David Nicholas said today. The agreement was signed yesterday.


Read more at Bloomberg Emerging Markets News

UnitedHealth says does not endorse TRC's mini-tender offer

(Reuters) - The company said TRC's offer to purchase up to 2 million shares of UnitedHealth's common stock for $51.50 per share is 3.03 percent below its closing price on June 13, the day before the start of the unsolicited offer.






Read more at Reuters.com Mergers News

Oil Falls to Nine-Day Low on Forecasts for Rising U.S. Gasoline Supplies

(Bloomberg) -- Crude oil fell to a nine-day low in New
York on forecasts U.S. gasoline supplies rose for an eighth
straight week.

An Energy Department report today will probably show U.S.
gasoline stockpiles gained 1 million barrels last week, according
to a Bloomberg News survey of analysts. A record 41.1 million
Americans may travel next week for the Independence Day holiday,
the AAA said in a survey released yesterday.


Read more at Bloomberg Energy News