H&R Block says judge dismisses much of IRA lawsuit

(Reuters) - Kansas City, Missouri-based H&R Block said State Supreme
Court Justice Karla Moskowitz excused the corporate parent and
five units from the lawsuit. It said she let stand the portion
of the complaint concerning another unit, H&R Block Financial
Advisors Inc., but dismissed allegations of common law fraud.




H&R Block said it believes the remaining claims lack merit,
and that it planned to appeal.


Read more at Reuters.com Bonds News

Natural gas trader sues hedge fund Amaranth

(Reuters) - "When defendants' unlawful scheme of highly leveraged
trading collapsed in September 2006, the price of natural gas
and natural gas futures contracts traded on NYMEX experienced
an almost unprecedented drop," the complaint alleged.




"Defendants' manipulative trading caused traders of natural
gas futures contracts, including plaintiff, to suffer
substantial losses," it said.


Read more at Reuters.com Government Filings News

Teknion profit falls on slower growth, currency

(Reuters) - Toronto-based Teknion, which designs and makes workplace
furniture, chairs and storage systems, said industry growth has
moderated but it still expects year-over-year revenue growth in
the third quarter and for the full year.




Overall sales grew 1 percent in the second quarter to
C$165.7 million, it said.


Read more at Reuters.com Market News

UPDATE 1-Fitch may cut ratings on 19 CDOs, revises methodology

(Reuters) - The rating action, along with warnings on four
collateralized debt obligations in late June, affect about $803
million in securities.




Fitch also said it has revised its CDO rating methodology
and has identified 170 U.S. subprime transactions as requiring
further analysis. Of those, the total amount of bonds rated in
the "BBB" category and below -- the most likely to face rating
actions -- is $7.1 billion.


Read more at Reuters.com Bonds News

Chile stocks slip, peso hits 14-mo high eyeing rates

(Reuters) - The Chilean Central Bank is widely expected to raise its
benchmark lending rate on Thursday afternoon to 5.25 percent
from the current rate of 5 percent.




The anticipated move, which has strengthened the peso and
dampened the stock market, is seen as the most likely response
to rising inflation.


Read more at Reuters.com Bonds News

Corel profit beats forecasts as revenue surges

(Reuters) - TORONTO, July 12 - Consumer software maker Corel Corp. reported a higher second-quarter profit on Thursday that beat forecasts, as revenues surged almost 50 percent due to an acquisition.



Corel, which makes the WordPerfect and WinZip programs, said it earned $2.3 million, or 9 cents a share, in the three months ended May 31. That was up from a loss of $4 million, or 19 cents a share, in the same period a year earlier.


Read more at Reuters.com Market News

Intellon files with SEC for $100 million IPO

(Reuters) - Intellon intends to list its stock on the Nasdaq under the
symbol "ITLN" .




Read more at Reuters.com Government Filings News

Force Protection buys new vehicle-production facility

(Reuters) - Force Protection plans to use the facility for additional
capacity for current and future products including its new
Cheetah vehicle line, it said.





Read more at Reuters.com Mergers News

UPDATE 1-Approach Resources files with SEC to go public

(Reuters) - JPMorgan and A.G. Edwards are underwriting the IPO, the
company said in a preliminary filing with the U.S. Securities
and Exchange Commission.




Approach Resources intends to list its stock on the Nasdaq
under the symbol "AREX" .


Read more at Reuters.com Government Filings News

Fitch Says $7.1 Billion of Subprime Bonds May Be Downgraded, Defaults Rise

(Bloomberg) -- Fitch Ratings said it may downgrade
$7.1 billion of bonds because of rising delinquencies and
defaults on subprime mortgages.

The company put 170 subprime transactions ``under
analysis,'' indicating that they may be cut. Ratings of 19
collateralized debt obligations were placed on review for a
downgrade, Fitch, a unit of Paris-based Fimilac SA, said today in
an e-mailed statement.


Read more at Bloomberg Bonds News

UPDATE 3-Republican lawmaker introduces subprime legislation

(Reuters) - WASHINGTON, July 12 - Mortgage brokers and other
loan sellers would be named in a national database under
legislation introduced Thursday by the top Republican on a U.S.
House of Representatives financial panel.




Spencer Bachus, the ranking member of the House Financial
Services Committee, said his Fair Mortgage Practices Act would
curb unscrupulous lending and increase consumer protections.


Read more at Reuters.com Bonds News

US STOCKS-Indexes rally on retail sales and Alcoa talk

(Reuters) - NEW YORK, July 12 - U.S. stocks surged on
Thursday, with the Dow hitting a record on its biggest point
gain since 2002, after healthy retail sales reassured
investors about consumer spending and a $38 billion mining
takeover fed expectations for more deals.




The Standard & Poor's 500 index also closed at a new
record and is now less than 6 points from its lifetime high.
The Nasdaq rose to its highest in about six-and-a-half years.


Read more at Reuters.com Bonds News

Treasuries Decline a Second Day on Record Stocks, Eased Concern Over Risk

(Bloomberg) -- Treasuries fell for a second
straight day as stocks rallied to record highs, suggesting
investors are becoming less averse to risky assets.

Expectations for higher corporate profits and takeover
speculation eased concern the housing slump will curb economic
growth. Treasuries advanced the most in more than four months on
July 10 as Standard & Poor's and Moody's Investors Service
warned about the credit quality of subprime mortgages.


Read more at Bloomberg Bonds News

US STOCKS-Dow, S&P end at record highs on retail sales, Alcoa

(Reuters) - Blue-chip aluminum company Alcoa Inc. was mentioned
as a possible takeover target, driving its stock to a lifetime
high at $46.15.




The Dow Jones industrial average was up 283.86
points, or 2.09 percent, to end unofficially at a record
13,861.73. The Standard & Poor's 500 Index was up 28.94
points, or 1.91 percent, to close unofficially at a record
1,547.70. The Nasdaq Composite Index was up 49.94
points, or 1.88 percent, to finish unofficially at 2,701.73.


Read more at Reuters.com Bonds News

Approach Resources files with SEC to go public

(Reuters) - Approach Resources intends to list its stock on the Nasdaq
under the symbol "AREX" .




Read more at Reuters.com Government Filings News

U.S. posts $27.48 billion June budget surplus

(Reuters) - The June surplus, fueled by strong tax receipts, was 34 percent above the surplus of $20.52 billion recorded in a year earlier in June 2006, the Treasury said.




During the first nine months of fiscal 2007 that ends on September 30, the cumulative deficit has fallen by 41 percent to $120.97 billion from $206.48 billion in the comparable nine-month period in fiscal 2006.


Read more at Reuters.com Bonds News

Margin debt soars to record $353 billion on NYSE

(Reuters) - The NYSE data showed margin debt surged 11 percent to $353
billion in May, easily topping the last record of $318 billion
hit in April.




Contributing to the surge are regulatory changes that allow
investors to take on more debt from their brokers, said NYSE
Regulation spokesman Brendan Intindola.


Read more at Reuters.com Bonds News

UPDATE 1-Target soars after report of Ackman stake

(Reuters) - The report cited "a person with direct knowledge of his
plans."




Ackman, whose hedge fund Pershing Square Capital Management
has pressured companies including McDonald's Corp ,
Wendy's International Inc and Ceridian Corp to
make changes and boost shareholder returns, could not be
reached for comment. A Target spokeswoman was also
unavailable.


Read more at Reuters.com Bonds News

Hurco Cos. files shelf for $200 mln in debt, stock

(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

Advanced Micro, Anheuser-Busch, McMoRan, Target: 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 2:50 p.m. New York time.

Abercrombie & Fitch Co. (ANF US) rose $5.43, or 7.8 percent,
to $74.81. The clothing retailer for teens and college said June
comparable store sales rose 2 percent from a year earlier.
Analysts had estimated sales to fall 2.8 percent, according to a
report from Retail Metrics LLC.


Read more at Bloomberg Stocks News

US STOCKS-Indexes surge on retail sales and Alcoa talk

(Reuters) - NEW YORK, July 12 - U.S. stocks rallied on
Thursday, boosting the Dow to a record, as healthy sales from
key retailers reassured investors about the economy, while
takeover speculation drove Alcoa Inc.'s shares to a
lifetime high.




The Dow rose more than 200 points, a point advance that
the blue-chip average hasn't achieved in almost a year.


Read more at Reuters.com Bonds News

Wheat Futures Rise in Kansas City as U.S. Cuts Crop Estimate After Rains

(Bloomberg) -- Wheat rose in Kansas City as the
U.S. Department of Agriculture cut its estimate for this year's
harvest after excessive rains hurt the winter crop in the
southern Great Plains.

U.S. farmers will harvest 2.138 billion bushels of wheat,
down 1.4 percent from a June estimate, the USDA said today in a
report. The rains damaged the hard-red winter crop in parts of
Texas, Oklahoma and Kansas.


Read more at Bloomberg Commodities News

Nymex to Start Trading New `Last Day' Brent Crude Oil Contract This Month

(Bloomberg) -- The New York Mercantile Exchange,
the world's largest energy-futures exchange, said it will start
trading a Brent crude oil ``last day'' futures contract in an
effort to revive its trade in the North Sea oil.

``The first listed month will be the September 2007
contract month, beginning on July 29 for trade date July 30,''
the exchange said in an e-mailed statement today.


Read more at Bloomberg Energy News

Eagle Rock Energy Partners shares rise after acquisition

(Reuters) - In May, the company said over time, it will become more of
a 50/50 mix of gas and processing, and oil and gas producing
operations company.




Raymond James analyst Darren Horowitz said Eagle Rock was
unlikely to acquire anything more in near term. "They have got
their plates somewhat full, this is a lot for them to digest,"
he said by phone. Horowitz said the company started off
focusing on pipeline and gathering assets but now is looking to
balance its business with production assets.


Read more at Reuters.com Mergers News

Lawyers eye raters, underwriters in subprime cases

(Reuters) - Litigation stemming from the collapse of the subprime mortgage market is expected to grow as more investors run for cover after suffering losses on bonds tied to mortgage-backed securities.




Plaintiffs' lawyers say they want to know more about the relationship between the credit rating services and investment banks that assembled complex debt structures known as collateralized debt obligations, or CDOs, tied to risky mortgages. Two leading rating services this week downgraded billions in subprime debt, but critics say they should have acted earlier.


Read more at Reuters.com Bonds News

U.S. senator wants GAO study of SEC, CFTC overlap

(Reuters) - The Securities and Exchange Commission and the Commodity
Futures Trading Commission police markets that increasingly
look alike. But past efforts to rationalize the two agencies'
roles have met resistance from the two bureaucracies and from
congressional committees that have jurisdiction over them.




Rhode Island Democrat Jack Reed, who heads the Senate's
securities, insurance and investment subcommittee, said at a
public hearing that he wants to return to the difficult issue
with a Government Accountability Office study.


Read more at Reuters.com Government Filings News

US STOCKS-Indexes jump on retail sales and Alcoa

(Reuters) - NEW YORK, July 12 - U.S. stocks rallied on
Thursday, boosting the Dow to a record, as healthy sales from
key retailers reassured investors about the economy, while
takeover speculation drove Alcoa Inc.'s shares to a
lifetime high.




At one point, the Dow rose more than 200 points, a point
advance that has eluded the blue-chip average for the past
year.


Read more at Reuters.com Bonds News

U.S. posts $27.48 bln June budget surplus

(Reuters) - June is typically a budget surplus month, with a quarterly filing deadline for individual income-tax returns mid-month that brings a flood of money to Treasury coffers.




The budget surplus was in line with expectations of analysts polled by Reuters.


Read more at Reuters.com Economic News

Oil Is Little Changed After Report BP Is Starting Unit at Indiana Refinery

(Bloomberg) -- Crude oil was little changed in New
York after a report that BP Plc will begin startup today of a
unit at its Whiting, Indiana, refinery, the biggest in the
Midwest.

The 235,000 barrel-a-day crude unit, which was shut July 9
for unplanned maintenance, is expected to be at full rates by
next week, a person familiar with the plant's status said. The
refinery can normally process more than 400,000 barrels of oil a
day. The unit had been expected to start up this weekend.


Read more at Bloomberg Energy News

DEALTALK-Private equity on a roll with gaming buyouts

(Reuters) - It's not alone in betting on gaming. The allure of assets like these was once lost on private equity, but a shifting leveraged buyout scene is causing firms to roll the dice on this business.




A key reason is that gaming companies have real estate assets that look cheap compared with the office and residential sides of that sector. At the same time, a licensing bottleneck that had restricted gaming buyouts has fallen away.


Read more at Reuters.com Mergers News

SEC charges Ex-ESSI CEO and son with options fraud

(Reuters) - According to the complaint, employees and directors
received about $20 million in unauthorized and undisclosed
compensation as a result of backdating. Of that, $16 million
was received by top executives and directors.




The SEC alleged that from 1997 to 2002, Shanahan and his
son approved the issuance of backdated stock options that
coincided with historically low closing prices of the company's
stock.


Read more at Reuters.com Government Filings News

UPDATE 1-L'Oreal Q2 sales up, Eastern Europe demand surges

(Reuters) - The maker of Maybelline make-up, Lancome perfumes and Vichy
skincare said it generated revenues of 4.246 billion euros
in the three months to June 30, with sales at
its core comestics branch up 5.9 percent at 3.984 billion euros.




Quarterly like-for-like growth was 7.4 percent both at the
group's and the comestics branch's levels, L'Oreal said.


Read more at Reuters.com Market News

SocGen buys Pioneer German fund admin assets

(Reuters) - The bank added that the acquisition would mean its Societe
Generale Securities Services unit would have a total of close to
440 billion euros of assets under administration.




Read more at Reuters.com Mergers News

Apollo to buy Huntsman, trumps Basell

(Reuters) - Huntsman's board unanimously approved the $28 per share cash bid from Apollo, the private equity firm founded by Leon Black, after Basell said late on Wednesday it would not raise its earlier bid of $25.25 per share.




The Huntsman-Hexion tie-up would create a global specialty chemicals company with more than $18 billion in sales.


Read more at Reuters.com Business News

REFILE-UPDATE 1-Canada's Dodge cool to aggressive rate hikes

(Reuters) - OTTAWA, July 12 - Bank of Canada Governor David
Dodge expressed caution on Thursday about the idea of
aggressively raising interest rates to fight inflation, saying
this would backfire by driving inflation too low.




"We could really ram up interest rates and that would
shorten the period over which inflation would come back to
target but it would also mean ... you would in fact have a
period where we'd be running considerable excess supply and
we'd be pushing inflation well below target," he said.


Read more at Reuters.com Bonds News

Protection One files $172.5 mln offering

(Reuters) - Protection One did not reveal how many shares will be sold
by the company and its selling shareholders, and at what
price.





Read more at Reuters.com Bonds News

Saskatchewan Refinery Workers Ratify Contract Agreement That Averted Stike

(Bloomberg) -- Workers at Federated Co-operatives
Ltd.'s oil refinery in Regina, Saskatchewan, ratified a new labor
agreement, averting a strike at the 100,000 barrel-a-day plant.

More than 90 percent of unionized workers voted for the
three-year contract, which will boost wages by 5 percent in the
first year and 4.5 percent in each of the next two years, the
Communications, Energy and Paperworkers Union of Canada said in
an e-mailed statement yesterday.


Read more at Bloomberg Energy News

UPDATE 1-China must ensure export safety-US Commerce chief

(Reuters) - "What we've told the Chinese is they have to do this now.
This is something they need to take extremely seriously,"
Gutierrez told Reuters in an interview.




A series of Chinese product recalls and food scares has
heightened concern about the safety of Chinese goods.


Read more at Reuters.com Government Filings News

Gold hits 1-month high as dollar hits lifetime low

(Reuters) - Gold jumped more than 1 percent to a one-month high on Thursday, powered by the dollar that slumped to a record low against the euro.

But the metal was likely to attract heavy selling at key technical points on its upward move as investors were not yet convinced it was on a recovery path, analysts said.


Read more at Reuters Africa

Miners boost S.Africa stocks; outlook hits Angloplat

(Reuters) - South African shares muscled to a record high on Thursday as a stronger gold price and Rio Tinto's bid for Alcan powered mining stocks but Anglo Platinum sank on a disappointing trading update.

The Johannesburg Top-40 index of blue-chip stocks rose 0.54 percent to 27,028.86 points, a historic closing peak, while the All-share index gained 0.49 percent to 29,789.95 points, also a record.


Read more at Reuters Africa

Copper Declines in New York, Erasing Gains, on Concern Rally Was Overdone

(Bloomberg) -- Copper futures fell in New York,
erasing earlier gains, on speculation a rally that took the metal
to a two-month high was overdone.

Copper gained 9.2 percent in the 10 sessions before today as
strikes raised concerns production would be cut at a time of
shrinking global stockpiles. Still, copper has fallen 6.3 percent
since reaching an 11-month high on May 4 on signs of easing
demand from China, the world's largest consumer of the metal.


Read more at Bloomberg Commodities News

U.K. Pound Declines Versus Euro, Dollar on Signs Property Boom is Cooling

(Bloomberg) -- The pound dropped against the euro
after an industry survey showed house prices in the U.K. rose at
the slowest pace since January 2006 last month, a sign higher
interest rates may be starting to cool the property-market boom.

The pound fell against 14 of the 16 most-traded currencies,
as investors reduced bets the Bank of England will raise rates to
6.25 percent this year. The U.K. currency also retreated from a
26-year high against the dollar as a technical indicator used by
traders to judge whether it's risen or fallen too far suggested
buying for this week had run its course.


Read more at Bloomberg Currencies News

UK warns consumers on contaminated fake toothpaste

(Reuters) - LONDON, July 12 - British authorities issued an alert on Thursday after contaminated counterfeit versions of GlaxoSmithKline Plc's Sensodyne toothpaste were found.



The discovery follows a series of similar fake toothpaste scares around the world.


Read more at Reuters.com Government Filings News

Astral hungry for deals after Standard buy

(Reuters) - "Do we still have an appetite? The answer is yes," Ian Greenberg told analysts during a conference call discussing the company's third-quarter earnings.




Greenberg also said he's not concerned about taking on debt as Astral has other ways, such as using its own shares, to finance a deal if leverage gets uncomfortably high.


Read more at Reuters.com Market News

Basell bows out on Huntsman, clearing Apollo's path

(Reuters) - Huntsman said on Friday the Apollo bid was a higher offer and had given Basell until Wednesday to make a counter offer.




Apollo raised its offer again on Monday of this week to $28 per share from its previous offer of $27.25 per share even though Basell had not yet responded to their first bid. Basell had offered $25.25 per share.


Read more at Reuters.com Bonds News

US STOCKS-Wall St indexes extend gains, Dow up 1 pct

(Reuters) - The Dow Jones industrial average was up 135.51
points, or 1.00 percent, at 13,713.38. The Standard & Poor's
500 Index was up 12.44 points, or 0.82 percent, at
1,531.20. The Nasdaq Composite Index was up 18.46
points, or 0.70 percent, at 2,670.25.




Read more at Reuters.com Bonds News

US STOCKS-Wall St advances on retailers; Alcoa gains

(Reuters) - NEW YORK, July 12 - U.S. stocks advanced on
Thursday, lifting the Dow to a record, after major retailers,
including Wal-Mart Stores Inc. posted surprisingly
strong monthly sales figures, boosting optimism about the
outlook for profits.




Shares of Alcoa hit a record high, rising after Alcoa was
outbid in its attempt to acquire rival Alcan Inc.



Read more at Reuters.com Bonds News

U.S. 30-year mortgage rates spike in latest week

(Reuters) - Frank Nothaft, Freddie Mac vice president and chief
economist, said the mortgage finance giant expected rates to
stay around their current levels through the end of the year.




"Freddie Mac expects weakness in the housing market to
persist in the second half of the year, with 2007 total home
sales and housing starts hitting 5-year lows," he also said.


Read more at Reuters.com Bonds News

UPDATE 2-Moody's raises loss expectations on subprime loans

(Reuters) - Nicolas Weill, team managing director and chief credit
officer at Moody's, said the agency is increasing its loss
expectations for newly originated loans by 10 percent, and for
other loans to as high as 25 percent.




Moody's on Tuesday cut ratings of 399 mortgage-backed
securities and may cut ratings of another 32, affecting a total
of $5.2 billion in debt. For details, see [ID:nN10336254]


Read more at Reuters.com Bonds News

NEXT UP-Rising oil prices seen supporting U.S. TIPS sales

(Reuters) - The U.S. Treasury Department will sell $8 billion of
10-year Treasury Inflation-Protection Securities on
Thursday, plus an estimated $5 billion in 20-year TIPS later
this month. In July 2006, it sold $17 billion in 10-year and
20-year TIPS.




Crude prices climbed above $76 a barrel in London,
an 11-month high, prompted by robust worldwide demand and news
that OPEC saw no need right now to produce more oil.


Read more at Reuters.com Bonds News