GE, Abbott end $8 bln deal for diagnostics business

(Reuters) - CHICAGO, July 11 - General Electric Co. and Abbott Laboratories Inc. said on Wednesday they terminated a proposed $8 billion deal for the sale of two Abbott diagnostics units to the conglomerate.



The news sent shares of Abbott down about 3 percent in aftermarket trade.


Read more at Reuters.com Mergers News

GLOBAL MARKETS-U.S. stocks turn up, bonds slide

(Reuters) - NEW YORK, July 11 - U.S. stocks regained their
footing on Wednesday, as a scarcity of profit warnings sparked
hopes corporations would turn in solid quarterly reports, but
the upswing hurt bonds.




The first drop in U.S. crude oil supplies in six weeks and
a decision by Lehman Brothers to boost its share price target
for Exxon Mobile Corp. helped lift the oil giant's
shares 0.9 percent to $87.29.


Read more at Reuters.com Bonds News

Argentina stocks close at record high on energy shares

(Reuters) - The MerVal index of 21 leading rose 0.56 percent to
end at 2,266.09 points, surpassing the previous day's
record-high close of 2,253.30 points.




"The MerVal's new high was focused on the renewed boom of
Tenaris and other from the energy sector like
Petrobras, but selectivity was the order of the day," said
Dionisio Corneille, director of the Corneille brokerage.


Read more at Reuters.com Bonds News

UPDATE 1-Calamp forecasts first quarter loss

(Reuters) - CalAmp now sees a first quarter loss in the range of 47
cents to 49 cents, citing a $16 million pre-tax charge,
equivalent to about 41 cents per share share net of tax.




Analysts on average had forecast the company to post a net
loss of 8 cents on revenue of $44.9 million for the quarter,
according to Reuters Estimates.


Read more at Reuters.com Market News

Yen May Extend Declines Versus Dollar, Euro Before Announcement on Rates

(Bloomberg) -- The yen may fall versus the dollar
and euro for a second day as the Bank of Japan is expected to
keep its benchmark interest rate at 0.5 percent, the lowest
among major economies.

Traders may continue to borrow in yen to fund so-called
carry trade investments in higher-yielding assets. Japan's
consumers were the most pessimistic in more than two years last
month, a Cabinet Office report showed yesterday.


Read more at Bloomberg Currencies News

RPT-TREASURIES-Bonds fall as subprime worries wane, stocks gain

(Reuters) - By Ellen Freilich




NEW YORK, July 11 - U.S. government bond prices
fell on Wednesday as investors took a breather from subprime
mortgage market worries and pushed stocks higher.


Read more at Reuters.com Bonds News

Chile stocks fall, peso rises eyeing cenbank meeting

(Reuters) - The all-market IGPA stock market index slipped 0.36
percent to 14,878.11 points, while the trade-weighted blue-chip
IPSA index fell 0.71 percent to 3,384.26 points.




The IGPA index has advanced over 20 percent so far this
year.


Read more at Reuters.com Bonds News

REFILE-China's Perfect World sets IPO at 11.8 million ADS

(Reuters) - The company plans to sell 9 million ADSs, and stockholders
plan to sell an additional 2.8 million ADSs, according to an
amended filing with the U.S. Securities and Exchange
Commission.




Morgan Stanley, Credit Suisse, CIBC World Markets, and
Susquehanna Financial Group LLLP are underwriting the IPO, and
have the option to buy an additional 1.77 million ADSs to cover
over-allotments.


Read more at Reuters.com Government Filings News

Yum Brands 2nd-quarter earnings rise

(Reuters) - Net income was $214 million, or 39 cents per share, compared with $192 million, or 34 cents per share, a year ago.



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


Read more at Reuters.com Market News

House sends foreign investment overhaul to Bush

(Reuters) - The business-backed measure would tighten the oversight of deals by the inter-agency Committee on Foreign Investments in the United States' . It has already been approved by the Senate.




The House's 370-45 vote represents Congress' final response to last year's controversy over CFIUS approval of the purchase of some key U.S. port operations by state-owned Dubai Ports World.


Read more at Reuters.com Mergers News

Wheat Surges on Speculation U.S. Harvest May Be Smaller Than June Estimate

(Bloomberg) -- Wheat rose in Chicago to the highest
price this month on speculation the U.S. harvest will be smaller
than the government forecast in June, after heavy rains damaged
the winter crop.

Ripening hard-red winter wheat in the southern Great Plains
was harmed by rainfall that in some areas was six times normal.
The government tomorrow may forecast a total wheat harvest of
2.145 billion bushels, down 1.1 percent from June, according to
the average estimate of 13 analysts in a Bloomberg survey.


Read more at Bloomberg Commodities News

UPDATE 1-Chaparral Steel profit up after agreeing to sale

(Reuters) - Net income for the fiscal fourth quarter was $80.2 million,
or $1.65 per share, compared with $56.1 million, or $1.16 per
share in the same quarter of 2006, said the Texas-based
producer of structural steel beams and bars.




Revenue surged to $488.73 million from $405.55 million,
Chaparral said.


Read more at Reuters.com Bonds News

Endo says patch fails two late-stage trials

(Reuters) - This delay has no impact on the company's previously issued
2007 financial outlook, the company said in a statement.





Read more at Reuters.com Government Filings News

U.S. House slashes student lender subsidies

(Reuters) - The House bill and a similar measure in the Senate have been attacked by the $85 billion student-loan industry, but championed by industry critics, including some student groups.




The Bush administration has proposed similar cuts in lender subsidies, but on Tuesday threatened to veto the House bill, saying it would not direct enough funding to student grants and would set up too many costly new programs.


Read more at Reuters.com Bonds News

TREASURIES-Bonds fall as subprime worries wane, stocks gain

(Reuters) - NEW YORK, July 11 - U.S. government bond prices
fell on Wednesday as investors took a breather from subprime
mortgage market worries and pushed stocks higher.




Wednesday's profit-taking erased much of the previous day's
advance, but not all of it. Analysts said with the market still
captive to new developments on the subprime front, investors
were reluctant to let go of the safety bid entirely.


Read more at Reuters.com Bonds News

UPDATE 1-Refco examiner faults lawyers, auditors in collapse

(Reuters) - NEW YORK, July 11 - The court-appointed examiner
reviewing Refco Inc.'s 2005 bankruptcy said on Wednesday that
two law firms and two accounting firms could be sued for what
he called their roles in the collapse of the futures and
commodities broker.




Joshua Hochberg, the examiner, found grounds to support
lawsuits accusing Grant Thornton LLP, Ernst & Young LLP and the
law firm Mayer, Brown, Rowe & Maw LLP of professional
negligence. He also found grounds for lawsuits against Mayer
Brown and Ernst for helping Refco commit fraud, though it was a
"close question" as to Ernst.


Read more at Reuters.com Bonds News

Chaparral Steel profit up after agreeing to sale

(Reuters) - In April, Chaparral said its board was exploring strategic
options, including a possible sale of the company.




On Tuesday, Gerdau's North American unit Gerdau Ameristeel
Corp agreed to buy Chaparral for $4.22
billion.


Read more at Reuters.com Market News

ImmunoGen files with SEC for $75 mln stock shelf

(Reuters) - Under a shelf registration, a company may sell securities
in one or more separate offerings with the size, price and
terms to be determined at the time of sale.




Read more at Reuters.com Government Filings News

UPDATE 1-Banks eye Alitalia stakes in Air One deal-source

(Reuters) - LONDON, July 11 - Banks including Banca Monte dei
Paschi di Siena , Morgan Stanley and Nomura
could take stakes in Italian flag carrier Alitalia
by joining rival Air One's bidding vehicle for the
airline, a source familiar with the matter said Wednesday.




While they are already lending to the consortium, they are
also in talks to play a more active part in any successful deal
by AP Holding, said the source.


Read more at Reuters.com Mergers News

US certifies Virgin America Airlines for service

(Reuters) - Virgin America won regulatory approval of its business plan
in May after agreeing to restructure its financing and agreeing
to change its executive leadership to satisfy a U.S. law that
limits overseas influence in domestic airlines.




Read more at Reuters.com Bonds News

Copper Gains in New York on Concern Chilean Strikes May Disrupt Supplies

(Bloomberg) -- Copper gained in New York on concern
strikes would disrupt supplies from Chile, the world's largest
source of the metal.

Contract workers at Chile's state-owned Codelco, the world's
largest copper producer, walked off the job on June 25. A strike
at Dona Ines de Collahuasi, Chile's third-largest copper mine, is
in its third day. Copper has gained 7.9 percent in the past month
on labor unrest and falling global stockpiles.


Read more at Bloomberg Commodities News

California Pizza, Energizer, SLM, Vital, Yum! Brands: U.S. Equity Movers

(Bloomberg) -- The following is a list of companies
whose shares are having unusual price changes in U.S. exchanges
today. Stock symbols are in parentheses after company names.
Share prices are as of 3 p.m. New York time.

California Pizza Kitchen Inc. (CPKI US) dropped $1.48, or
6.8 percent, to $20.36. The pizza restaurant chain said in a
preliminary statement that second-quarter profit excluding some
items was 23 cents a share. That missed the 24-cent average
analyst estimate compiled by Bloomberg.


Read more at Bloomberg Stocks News

US STOCKS-Indexes up with oil sector, but Sallie Mae drags

(Reuters) - NEW YORK, July 11 - U.S. stocks advanced on
Wednesday, helped by gains in energy shares as oil prices
traded near $73 a barrel.




But the three major stock indexes pared gains after
student loan firm SLM Corp. , commonly known as Sallie
Mae, said the buyers in its proposed $25 billion takeover told
it that current legislative proposals could threaten the deal.
For details, see [ID:nN11401528] Sallie Mae's shares tumbled
10.6 percent after the company's announcement.


Read more at Reuters.com Bonds News

UPDATE 2-NY Sen. Schumer draws line on private equity taxes

(Reuters) - WASHINGTON, July 11 - New York Sen. Charles
Schumer said on Wednesday that Congress is right to look at the
wealthy in considering possible tax hikes but that he "will not
stand for" raising taxes on private-equity firms and hedge
funds while leaving other partnerships alone.




The Democrat, whose constituency includes Wall Street, made
his remarks at a Senate Finance Committee hearing focused on
whether taxes should be raised on the gains of private-equity
firms and hedge-fund managers.


Read more at Reuters.com Government Filings News

UPDATE 1-U.S. money market fund assets set record

(Reuters) - "Assets of U.S. money-market funds kept rising ever-higher
during the week ended July 10," said the report published by
iMoneyNet Inc.




Taxable assets jumped $10.4 billion to a record $2.1
trillion, while tax-free assets rose $10.2 billion to a record
$414 billion.


Read more at Reuters.com Bonds News

Gander Mountain shares rise as decks cleared for online foray

(Reuters) - Gander Mountain was unable to sell anything, be it through catalogs or on their Web sites, as Cabela's had gained ownership of their trademark over a decade ago, Friedman Billings Ramsey analyst Jeffrey Sonnek said by phone.




"Now that they have won the trademark back, you can expect them to get moving with an online presence in the near term," Sonnek added.


Read more at Reuters.com Hot Stocks News

Corn Falls as U.S. Crop May Be Larger Than USDA's Record Estimate in June

(Bloomberg) -- Corn in Chicago fell on speculation
the U.S. harvest will be larger than the government forecast a
month ago after farmers planted more of the grain than they
signaled in March.

The U.S. Department of Agriculture tomorrow will forecast
a crop of 12.972 billion bushels, 4.1 percent more than the
record 12.46 billion projected last month, according to the
average estimate of 11 analysts. A crop of that size would be
23 percent bigger than last year's harvest.


Read more at Bloomberg Commodities News

L'Oreal USA buys Maly's West for undisclosed sum

(Reuters) - It said Maly's had facilities in the western states and sold to 30,000 salons. The acquisition follows that of Beauty Alliance, acquired by L'Oreal USA last April.



Maly's West achieved sales of $187 million in 2006. L'Oreal expects the acquisition of Maly's West would be add to earnings per share as of 2008.


Read more at Reuters.com Mergers News

KB Home to exit Indianapolis market

(Reuters) - "It's a very small division," she said. "We're
consolidated. We only had small communities in and around
Indianapolis versus, say, the Atlanta metro has 22."




The company currently has 139 homes under construction in
the Indianapolis area, Shaw said.


Read more at Reuters.com Bonds News

RPT-US STOCKS-Oil sector, financials boost stock indexes

(Reuters) - NEW YORK, July 11 - U.S. stocks rose on
Wednesday, helped by gains in energy shares as oil prices
traded near $73 a barrel and financial shares rebounded a day
after falling on worries about the subprime mortgage industry.




Shares of Exxon Mobil Corp. , up 0.4 percent at
$86.82, also benefited from Lehman Brothers' increase in the
stock's price target. U.S. crude oil futures slipped but
were still trading at $72.90 a barrel. On Tuesday Brent crude
hit an 11-month high of $76.63 in London.


Read more at Reuters.com Bonds News

Motorola shares rise on rumors CEO may step down

(Reuters) - Jackson became the figurehead for widespread shareholder dissatisfaction at Yahoo Inc. after standing up at the company's annual meeting in June and asking then-Chief Executive Terry Semel to apologize to shareholders. A week later, Semel was replaced.




"There are rumors Zander may be resigning," said Charter Equity Research analyst Ed Snyder. "This would increase confidence that a serious restructuring is afoot."


Read more at Reuters.com Business News

UPDATE 1-AOL settles with states on cancellation complaints

(Reuters) - The settlement stems from consumer complaints that AOL made
it difficult to close down accounts -- for example, providing
telephone service representatives with incentives for retaining
customers who called to cancel the service.




Under the agreement, AOL will change its policy and make
refunds to some customers. The settlement also covers other
complaints about AOL billing practices.


Read more at Reuters.com Government Filings News

Nymex Gas Falls as U.S. Inventories Build Toward Record Later This Year

(Bloomberg) -- Natural gas futures in New York fell
as analysts forecast injections of the fuel into storage will
continue building toward a record later this year.

Supplies rose a median 96 billion cubic feet last, 22
analysts and economists said in a Bloomberg survey. The highest
estimate was 108 billion, the lowest, 85 billion.


Read more at Bloomberg Energy News

Soybeans Futures Rise as Hot, Dry Weather Threatens Crops in U.S. Midwest

(Bloomberg) --Soybeans rose in Chicago, extending
a rally to a three-year high, on speculation hot, dry weather
will expand drought conditions in the U.S. Midwest, damaging
flowering crops.

There's no widespread rain in the forecast for the central
U.S. for the next 10 days, according to John Dee, president of
Global Crop Monitoring in Mohawk, Michigan. Starting July 16,
high temperatures will approach 100 degrees Fahrenheit (38
Celsius), Dee said.


Read more at Bloomberg Commodities News

Roche ups pressure on Ventana

(Reuters) - "Such action may include the nomination of new directors to Ventana's Board and/or proposals to amend Ventana's bylaws," Roche said in a statement.




Ventana's board earlier unanimously rebuffed the offer, saying the hostile bid undervalues the diagnostics company and its prospects in the fast-growing cancer-testing market.


Read more at Reuters.com Hot Stocks News

US STOCKS-Oil sector, financials lift stock indexes

(Reuters) - Shares of Exxon Mobil Corp. , up 0.3 percent at
$86.77, also benefited from Lehman Brothers' increase in the
stock price target. U.S. crude oil futures rose 4 cents
to $72.85 a barrel.




The S&P index of financial shares rose 0.4
percent, reversing Tuesday's drop of 2.2 percent, its worst
decline since mid-March.


Read more at Reuters.com Bonds News

Canada dollar seen hurting growth-Conference Board

(Reuters) - "The surge in the Canadian dollar during the second quarter
of 2007 exceeded anything we have seen recently," said Pedro
Antunes, director of national and provincial forecasts at the
Conference Board.




A stronger currency makes it harder for Canadian exporters,
especially manufacturers, to remain competitive.


Read more at Reuters.com Bonds News

Ventana declines comment on other possible suitors

(Reuters) - Ventana earlier said its board unanimously rejected the $75
per share hostile bid, which Roche first announced late last
month. Ventana said the bid -- which represented a 45 percent
premium at the time -- undervalues the company and its
prospects in the fast-growing cancer-testing market.




Asked whether Ventana preferred to remain a standalone
company, Gleeson said: "This is about value. It's not about
whether we want to stand alone or not, and we believe that the
value that is being offered today is nowhere near the value
that we believe this company can deliver."


Read more at Reuters.com Mergers News

Regulators say hedge fund woes won't spread

(Reuters) - However, in testimony to Congress the regulators renewed a call for big global banks to improve their hedge fund risk management practices.




Favorable market conditions have helped the Bear Stearns-managed hedge funds to close out positions with a "limited impact on the broader markets," Erik Sirri, the Securities and Exchange Commission's market regulation director, told U.S. lawmakers.


Read more at Reuters.com Government Filings News

AOL settles with states over cancellation complaints

(Reuters) - Under the agreement, AOL will change its policy and refund customers who have complained of unauthorized charges for the Internet service. The settlement also covers other consumer complaints about billing practices.




AOL will pay the states $3 million for costs and fees.


Read more at Reuters.com Government Filings News

UPDATE 1-Brazil Gerdau says still on hunt for acquisitions

(Reuters) - "We are going to remain open to new acquisitions and
continue with our strategy of being one of the consolidators
," Andre Gerdau Johannpeter said on a
conference call with reporters. "We remain on the hunt."




Gerdau Johannpeter made the remarks one day after its North
American unit Gerdau Ameristeel Corp agreed to
buy Texas-based Chaparral Steel Co for $4.22 billion,
its latest in a series of acquisitions in recent years.


Read more at Reuters.com Mergers News

OMV could bid more than $166/shr for MOL-sources

(Reuters) - OMV has loosely agreed terms on the loan with banks
including J.P. Morgan and Barclays but has yet to sign any deal
formally, the sources said, adding that there remain "many
significant hurdles" to any offer being made and the loan may
not be required.




The Austrian company has no plans to go hostile against MOL
and is trying to win over the board as it tries to create a
central European energy giant.


Read more at Reuters.com Mergers News

French Stock Index Drops; Alstom, PPR, Lafarge Shares Fall on the CAC 40

(Bloomberg) -- French stocks fell for a second day,
paced by Alstom SA, PPR and Lafarge SA.

The CAC 40 Index slipped 18.13, or 0.3 percent, to 6001.09
after earlier dropping as much as 1.4 percent. The SBF 120 Index
also retreated 0.3 percent.


Read more at Bloomberg Stocks News

European Government Bonds Erase Gains as Investors' Subprime Concerns Ease

(Bloomberg) -- European bonds were little changed,
erasing earlier gains, after a rebound in U.S. stocks prompted
investors to return to riskier assets.

Benchmark debt earlier surged, pushing 10-year bund yields
down by the most in a year yesterday, after Moody's Investors
Services cut the credit ratings on $5.2 billion of bonds backed
by subprime mortgages and Standard & Poor's warned it may
downgrade $12 billion of debt. Stocks rebounded as investors bet
the global economy will continue growing, eroding demand for the
safest assets.


Read more at Bloomberg Bonds News

Moody's May Cut $5 Billion of CDOs Backed by Subprime Mortgage Securities

(Bloomberg) -- Moody's Investors Service may cut $5
billion of collateralized debt obligations backed by subprime
mortgage-backed securities.

The rating actions affect 184 pieces of 91 CDOs,
representing about 3.6 percent of CDOs containing asset-backed
securities that are rated by Moody's, the ratings company said in
a statement today. Moody's yesterday cut ratings on $5.2 billion
of subprime bonds.


Read more at Bloomberg Bonds News

Home sales, prices to slip more this year: NAR

(Reuters) - The National Association of Realtors trimmed its sales forecast for the fifth straight month and also widened its predicted drop in existing home values.




The cloudy outlook for the housing sector comes a day after credit ratings agencies said loans offered to borrowers with damaged credit are shakier than earlier thought.


Read more at Reuters.com Economic News

Brazil Gerdau says still on hunt for acquisitions

(Reuters) - Gerdau Johannpeter made the remarks one day after its North
American unit Gerdau Ameristeel Corp. agreed to
buy Texas-based Chaparral Steel Co. for $4.22 billion,
its latest in a series of acquisitions in recent years.





Read more at Reuters.com Mergers News

US STOCKS-Wall St gains, sidesteps subprime worries

(Reuters) - NEW YORK, July 11 - U.S. stocks rose on Wednesday
after a sharp decline in the prior session as investors hedged
their bets about the impact of a worsening crisis in the
subprime mortgage industry.




Shares of big manufacturers were among gainers, with
Caterpillar Inc. and Honeywell International
rising about 1 percent.


Read more at Reuters.com Bonds News

Florida to introduce tough greenhouse gas targets

(Reuters) - Gov. Charlie Crist was expected to sign executive orders at
a global warming conference in Miami this week setting new
emissions targets for power companies, automobiles and trucks,
toughen conservation goals for state agencies and require
state-owned vehicles to use alternative fuels.




Florida would adopt many tough pollution standards set by
California and mimicked by other states, which have implemented
their own such regulations because Washington has failed to
pass national laws. President George W. Bush has also rejected
the international Kyoto agreement on reducing greenhouse gas
emissions.


Read more at Reuters.com Bonds News

TREASURIES-Bonds fall as stocks up on muted subprime view

(Reuters) - NEW YORK, July 11 - U.S. government bond prices
dropped on Wednesday as investors bought stocks on the belief
that there may have been an overreaction to worries about the
extent of the subprime mortgage market's troubles.




However, bond investors were alert for any repeat of
Tuesday's stock market sell-off that triggered flows into the
safety of Treasuries and lifted the 10-year note to its
strongest daily performance since Feb. 27. On Tuesday, the Dow
Jones industrial average fell 148 points after Standard
& Poor's and Moody's began to cut credit ratings on about $17
billion of mortgage-related debt. The Standard & Poor's 500
index ended Tuesday's session down 1.42 percent and the
Nasdaq composite index fell 1.16 percent.


Read more at Reuters.com Bonds News