RLPC-UPDATE 1-Boots delays 5 bln stg senior debt amid turmoil

(Reuters) - LONDON, July 25 - Alliance Boots [AB.UL] has
postponed syndication of the 5.05 billion pounds
of senior debt backing its leveraged buyout, Europe's largest
ever, a source familiar with the situation told Reuters Loan
Pricing Corp. on Wednesday.




The company, which is being bought by Kohlberg Kravis
Roberts & Co [KKR.UL] and deputy chairman Stefano Pessina for
11.1 billion pounds, is pressing ahead with the syndication of
1.75 billion pounds of second-lien and mezzanine debt at steep
discounts, with responses on these tranches due by Friday, the
source said.


Read more at Reuters.com Mergers News

UPDATE 1-Applied Biosystems posts higher Q4 profit

(Reuters) - The company, however, warned that the first-quarter revenue
growth rate could be lower than the full year due to the
stronger sales growth witnessed in the first quarter of the
previous year.




First-quarter earnings are expected to be modestly higher
than the 29 cents a share reported in the prior year, the
company said in a statement. Analysts on average were expecting
33 cents a share, excluding items, according to Reuters
Estimates.


Read more at Reuters.com Market News

UPDATE 2-IHOP 2nd-quarter profit up

(Reuters) - Second-quarter net income was $14.1 million, or 82 cents
per share, compared with $10.3 million, or 56 cents, a year
earlier.




Wall Street analysts, on average, had been expecting the
pancake restaurant operator to earn 60 cents per share,
according to Reuters Estimates.


Read more at Reuters.com Market News

FTSE 100 Benchmark Index Drops, Paced by Rio Tinto; Punch Taverns Declines

(Bloomberg) -- The U.K. FTSE 100 Index dropped to a
two month low, paced by Rio Tinto Group and Antofagasta Plc as
copper prices retreated in New York.

Punch Taverns Plc led pub companies lower after Goldman,
Sachs & Co. removed the pub owner from its ``conviction buy''
list. Shares of British Energy Plc tumbled.


Read more at Bloomberg Stocks News

Biogen, Boeing, Chubb, Dade Behring, Snap-on, Xerox: U.S. Equity Movers

(Bloomberg) -- The following is a list of companies
whose shares are have unusual price changes in U.S. exchanges.
Stock symbols are in parentheses after company names. Share
prices are as of 11:40 a.m. in New York.

Aflac Inc. (AFL US) rose $3.60, or 6.9 percent, to $55.50.
The world's largest seller of supplemental health insurance said
second-quarter profit rose 1.7 percent as the company paid out
less per premium dollar in Japan, its biggest market. Profit
excluding investment gains was 82 cents. The estimate of 16
analysts compiled by Bloomberg was 81 cents.


Read more at Bloomberg Stocks News

US STOCKS-Wall St seen rebounding on solid profits

(Reuters) - NEW YORK, July 25 - U.S. stocks were set to start
higher on Wednesday, bouncing back from heavy losses, as solid
profits and positive outlooks from Boeing Co and
Amazon.com Inc. overcame concerns about the housing
slump.




The recovery followed stocks' worst one-day performance in
four months on Tuesday, fueled by disappointing earnings and
fear about spreading losses in the mortgage market.


Read more at Reuters.com Bonds News

US STOCKS-Wall St rebounds at open on profit optimism

(Reuters) - The Dow Jones industrial average was up 101.94
points, or 0.74 percent, at 13,818.89. The Standard & Poor's
500 Index was up 9.84 points, or 0.65 percent, at
1,520.88. The Nasdaq Composite Index was up 21.83
points, or 0.83 percent, at 2,661.69.




Read more at Reuters.com Bonds News

US STOCKS-Indexes up on Boeing, Amazon.com; housing eyed

(Reuters) - NEW YORK, July 25 - U.S. stocks rose on
Wednesday, bouncing back from the prior session's tumble, as
solid profits and outlooks from Boeing Co and Amazon.com
Inc. quashed concerns about the housing slump.




Financial company shares, which declined sharply on
Tuesday, also underpinned the market's rebound, with Citigroup
rising 1.1 percent to $49.87.


Read more at Reuters.com Bonds News

TREASURIES-Bonds still down after existing homes data

(Reuters) - The benchmark 10-year note's price traded down 5/32 for a
yield of 4.93 percent , versus 4.93 percent before
the report and compared with 4.91 percent late on Tuesday. Bond
yields and prices move inversely.




Read more at Reuters.com Bonds News

UPDATE 1-U.S. existing home sales fell in June

(Reuters) - WASHINGTON, July 25 - The pace of existing home
sales in the United States fell in June to a
lower-than-expected 5.75 million unit annual rate while prices
and inventories showed signs of stabilizing, the National
Association of Realtors said in a report on Wednesday.




Sales were off 3.8 percent in June and hit their lowest
since November 2002 when it was 5.73 million unit pace.


Read more at Reuters.com Bonds News

TREASURIES-Bonds erase losses to turn flat with stocks

(Reuters) - The benchmark 10-year note was unchanged in
price for a yield of 4.91 percent, while the two-year note
_was flat for a yield of 4.74 percent.




Read more at Reuters.com Bonds News

GE issues credit card aimed to cut emissions

(Reuters) - In voluntary emissions markets, consumers who feel guilty about their greenhouse emissions can buy offsets, or credits, designed to represent emissions reductions that took place somewhere else, like a solar or wind power farm.




"Earth Rewards cardholders will now have a new tool to complement the ways they are already reducing their emissions," Tom Gentile, an executive at GE Money said in a release. "They can turn everyday purchases into extraordinary rewards."


Read more at Reuters.com Bonds News

TREASURIES-Benchmark yields hit 7-week low on volatile stocks

(Reuters) - U.S. stocks briefly dipped into negative territory as
concerns about financing for takeovers hit financial shares,
stalling an earlier rebound. The drop followed news that
Chrysler Corp. had postponed a $12 billion auto loan deal. For
details see [ID:nN25348993].




The news lent underlying support to Treasuries -- which had
been down sharply earlier in the session -- as investors
considered safer fixed income assets to park their cash and
assess the ongoing shakeout in lending markets.


Read more at Reuters.com Bonds News

Cerberus says Chrysler buyout remains on track

(Reuters) - The comments came after bankers on Wednesday were forced to
postpone a $12 billion syndicated loan needed to finance the
deal.




DaimlerChrysler said earlier it remained
confident the sale would close in the current quarter.


Read more at Reuters.com Bonds News

Argentine peso, stocks, bonds slide with region

(Reuters) - The Argentine peso fell for a third straight day, reaching
territory not seen since early 2003, as banks and funds
liquidated sovereign debt and stocks and converted gains into
dollars.




In informal trade between foreign exchange houses as
measured by Reuters, the peso fell to 3.200/3.205 per dollar
. The currency has lost almost 2 percent since Friday's
close.


Read more at Reuters.com Bonds News

Copper Futures Fall Most in Four Weeks in New York on U.S. Housing Slump

(Bloomberg) -- Copper fell the most in four weeks
in New York as a slowdown in homebuilding damps demand in the
U.S., the world's second-largest consumer of the metal.

Home resales in the U.S. fell for a fourth straight month
in June, a sign that housing remained mired in the worst slump
in 16 years. Copper has fallen 12 percent since reaching a
record high in May 2006 as a decline in U.S. home construction
curbs use of the metal in pipes and wiring.


Read more at Bloomberg Commodities News

S.Africa's Denel cuts year loss to $80 million

(Reuters) - South African defence firm Denel cut its net loss for the year to March to 549 million rand from a loss of 1.36 billion rand in the previous year, and lifted turnover through new contracts, it said on Wednesday.

The troubled state-owned artillery, infantry and guided weapons manufacturer, which has received billions of rands in state assistance over the past three years, recorded a 17.8 percent rise in turnover to 3.27 billion rand.


Read more at Reuters Africa

Dollar rises vs euro in technical rebound

(Reuters) - The dollar extended gains against the euro on Wednesday in a technical rebound from record lows plumbed on Tuesday.

Dealers apparently shrugged off a report showing U.S. existing home sales in June were lower than expected.


Read more at Reuters Africa

Gold slips 1.6 pct on dollar recovery, soft oil

(Reuters) - Gold fell 1.6 percent on Wednesday as a recovery in the dollar and softer oil prompted investors to take profits from the metal's 11-week highs.

Gold slipped as low as $671.70 an ounce and was quoted at $672.70/673.30 at 1448 GMT, against $682.60/683.40 in New York late on Tuesday, when a record-low dollar propelled gold as high as $687.10.


Read more at Reuters Africa

UPDATE 1-Voltaire amends IPO to 5.8 mln shr at $9-$11 each

(Reuters) - Earlier, the provider of server and storage switching as
well as software had estimated its IPO at between $12 and $14
per share.




The company said it expects to receive total net proceeds
of $51.4 million assuming an IPO price of $10 a share.


Read more at Reuters.com Government Filings News

Siemens new CEO starts with poor Q3, VDO sale

(Reuters) - Siemens posted a rise in new orders well below that reported by rivals in a booming infrastructure market and operating profit that missed market expectations by far, only partly due to negative equity related to its NSN telecoms joint venture.




The industrial group said it would sell VDO to Continental for 11.4 billion euros and acquire U.S. diagnostics company Dade Behring for about $7 billion to bolster its medical unit.


Read more at Reuters.com Business News

European Stocks Drop, Led by Volvo, Randstad; Hermes International Falls

(Bloomberg) -- European stocks fell for a second day
after earnings and forecasts from Volvo AB, Randstad Holding NV
and Hermes International SCA triggered concern profit growth is
faltering.

Volvo, the world's second-largest truckmaker, dropped the most
in more than a year after reporting profit that missed analysts'
estimates. Randstad tumbled 16 percent after the world's third-
largest staffing company said it's ``cautious'' for the third
quarter. Hermes International SCA fell after saying annual profit
will stagnate.


Read more at Bloomberg Stocks News

Aflac, Amazon.com, Convergys, Corning, Illumina, Volvo: U.S. Equity Movers

(Bloomberg) -- The following is a list of companies
whose shares are have unusual price changes in U.S. exchanges.
Stock symbols are in parentheses after company names. Share
prices are as of 9:50 a.m. in New York.

Aflac Inc. (AFL US) rose $4.83, or 9.3 percent, to $56.73.
The world's largest seller of supplemental health insurance said
second-quarter profit rose 1.7 percent as the company paid out
less per premium dollar in Japan, its biggest market. Profit
excluding investment gains was 82 cents. The estimate of 16
analysts compiled by Bloomberg was 81 cents.


Read more at Bloomberg Stocks News

CORRECTION:General Dynamics profit falls on year-ago gain

(Reuters) - The U.S. No. 4 defense contractor, which makes Abrams tanks and Gulfstream aircraft, reported quarterly profit of $513 million, or $1.26 per share, compared with $636 million, or $1.56 per share, in the year-ago quarter.







Read more at Reuters.com Market News

Exelon second-quarter earnings rise

(Reuters) - Exelon shares have outperformed the utility industry this
year, rising 23 percent, compared with a 9 percent gain for the
S&P utilities index .




Though still trading at multiyear highs, the index has
dipped in the past two months after hitting an all time high in
May. Utility stocks, often viewed as bond surrogates because of
their high dividend yields, have wobbled due to concerns about
the possibility of rising interest rates.



Read more at Reuters.com Market News

Colgate quarterly profit rises; forecast unchanged

(Reuters) - CHICAGO, July 25 - Colgate-Palmolive Co. posted a better-than-expected rise in quarterly profit on Wednesday, driven by improvements from its ongoing restructuring plan and strong sales growth.



The company, known for its namesake toothpaste, also said it still expects double-digit percentage growth in earnings per share this year.


Read more at Reuters.com Market News

UPDATE 1-Exelon second-quarter earnings rise

(Reuters) - The company, which this week agreed to contribute $800
million to a $1 billion rate relief package for electricity
customers in Illinois, said net income rose to $702 million, or
$1.03 per share, from $644 million, or 95 cents per share, a
year earlier.




Excluding special items, Exelon said it earned $1.03 per
share. On that basis, analysts' average forecast was $1.02,
according to Reuters Estimates.


Read more at Reuters.com Market News

PepsiAmericas Q2 earnings rise, raises '07 view

(Reuters) - July 25 - PepsiAmericas Inc. , the No. 2 Pepsi bottler, on Wednesday reported a higher second-quarter profit and raised its full-year outlook as operating margins doubled in Central Europe and its U.S. performance was good.



PepsiAmericas said its net income for the quarter was $78.0 million, or 61 cents a share, compared with $65.0 million, or 50 cents a share, a year earlier.


Read more at Reuters.com Market News

UPDATE 4-Randstad's weaker outlook hits staffing firm shares

(Reuters) - AMSTERDAM, July 25 - Dutch staffing company
Randstad disappointed investors on Wednesday by
warning of slower growth in the third quarter, triggering steep
falls in its shares and those of its rivals.




Despite a double-digit rise in second-quarter profit in line
with forecasts, Randstad's third quarter earnings per share
forecast of 0.95 euros fell short of the average of 1.10 in a
Reuters poll of six analysts, sending its shares down to a
four-month low.


Read more at Reuters.com Market News

UPDATE 2-Norfolk So. profit beats Wall Street view, stock up

(Reuters) - The railroad's stock rose more than 1 percent after the
announcement.




The Norfolk, Virginia-based company said second-quarter net
income rose to $394 million or 98 cents a share, from $375
million, or 89 cents a share, a year earlier.


Read more at Reuters.com Market News

UPDATE 2-National Oilwell 2nd-qtr profit soars, tops view

(Reuters) - HOUSTON, July 25 - National Oilwell Varco Inc.
said on Wednesday its second-quarter profit more than
doubled, well surpassing Wall Street estimates, as high energy
prices sparked strong demand for its oil and natural gas
drilling equipment.




Shares of the Houston-based company were up 5 percent, or
$5.66, to $117.99 in early trade on the New York Stock
Exchange.


Read more at Reuters.com Market News

South African Rand Gains After Country's Credit Outlook Revised Higher

(Bloomberg) -- South Africa's rand rose against the
dollar after Fitch Ratings revised the country's credit outlook
to ``positive'' from ``stable.''

The rand also gained today as the spread, or yield gap,
between 10-year South African bonds and equivalent U.S.
Treasuries rose to near the highest in six months. The Reserve
Bank's 9.5 percent main lending rate makes local assets
attractive for investors who fund their purchases by borrowing
more cheaply in other currencies.


Read more at Bloomberg Currencies News

ConocoPhillips Q2 profit falls on Venezuela charge

(Reuters) - Excluding a huge charge related to Venezuela's move to take over ConocoPhillips operations in the country, the third-largest U.S. oil company posted earnings of $2.90 a share -- well ahead of Wall Street's average forecast of $2.68 a share, according to Reuters Estimates.




"Their refining and marketing operations did wonders for the quarter, and oil and gas prices stayed pretty high, too," said Oppenheimer & Co. analyst Fadel Gheit.


Read more at Reuters.com Hot Stocks News

UPDATE 1-Stelco widens loss in second-quarter on charges

(Reuters) - The Canadian steelmaker, which is on the auction block,
said it lost C$41 million, compared with a loss of C$39 million
a year earlier. The company did not provide a per-share
figure.




Excluding the charges, and also factoring out a C$30
million foreign exchange gain on long-term debt, Stelco turned
a profit before income taxes of C$5 million, it said.


Read more at Reuters.com Mergers News

Marshall & Ilsley to sell 3 branches

(Reuters) - The company said it expects the transaction to close in the
fourth quarter.





Read more at Reuters.com Mergers News

Pride International says buys ultra-deepwater drillship

(Reuters) - Pride International expects the rig to be delivered in the
first quarter of 2010.





Read more at Reuters.com Mergers News

UK's BAE, VT say agree to form shipbuilding JV

(Reuters) - BAE said in a statement to the London Stock Exchange that VT
would have the right to put its stake on BAE, either in whole or
so as to reduce it to 20-24.9 percent, from one year after
completion.




Read more at Reuters.com Mergers News

ConocoPhillips Profit Plunges After Chavez Seizes Venezuelan Oil Assets

(Bloomberg) -- ConocoPhillips, the third-largest
U.S. oil producer, said second-quarter profit tumbled 94 percent
after Hugo Chavez's government seized the company's assets in
Venezuela.

Earnings dropped to $301 million, or 18 cents a share, from
a record $5.19 billion, or $3.09, a year earlier, Houston-based
ConocoPhillips said today in a statement. Writing off the
Venezuelan properties reduced net income by $4.51 billion.


Read more at Bloomberg Energy News

UPDATE 1-Ashland net climbs on motor oil business' strength

(Reuters) - However, the company warned that fiscal 2007 results from
its performance materials business would reflect continued
weakness in the North American automotive, marine and
residential housing markets.




Net income in the third quarter ended on June 30 increased
to $100 million, or $1.58 a share, from $93 million, or $1.29 a
share, a year earlier.


Read more at Reuters.com Market News

FLIR Systems second-quarter profit rises

(Reuters) - Analysts on average expected earnings of 36 cents a share,
before items, on revenue of $169.9 million, according to
Reuters Estimates.





Read more at Reuters.com Market News

UPDATE 1-Cache posts lower quarterly profit; ups '07 view

(Reuters) - But Cache, which sells elegant eveningwear and
day-into-evening sportswear, raised its 2007 outlook to reflect
improved sourcing costs from its acquisition of Adrienne
Victoria Designs.




The company now sees 2007 earnings of 47 cents to 51 cents
a share, compared with its prior view of 47 cents to 49 cents a
share. Cache expects net sales of $271 million to $275 million,
up from its previous outlook of $267 million to $273 million.


Read more at Reuters.com Market News

UPDATE 1-Allegheny Technologies' 2nd-quarter profit rises

(Reuters) - Net income was $206.5 million, or $2.00 per share, compared
with $144.3 million, or $1.41 per share, a year earlier, the
Pittsburgh-based company said.




Analysts on average expected the company to post earnings
of $1.92 per share, according to Reuters Estimates.


Read more at Reuters.com Market News

National Oilwell 2nd-qtr profit more than doubles

(Reuters) - Analysts on average had expected the Houston-based company
to report a profit of $1.54 a share, according to Reuters
Estimates.




Total revenue in the quarter rose to $2.38 billion, up 44
percent from the 2006 second quarter.


Read more at Reuters.com Market News

FBR Capital Markets posts Q2 profit above Street view

(Reuters) - Analysts were expecting the company to earn 24 cents a
share, on revenue of $150.2 million, according to Reuters
Estimates.





Read more at Reuters.com Market News

Luxury group Hermes warns on profits

(Reuters) - Its shares fell almost 3 percent.




Posting first-half revenues in line with expectations on Wednesday, the maker of trademark scarves, perfumes and leather goods, such as the iconic Kelly bag, cut its full-year sales growth forecast for the second time this year and said 2007 operating profit and net profit "should be about the same as in 2006".


Read more at Reuters.com Business News

Xerox posts higher quarterly net, lifts outlook

(Reuters) - Xerox, the world's biggest supplier of office printers, copiers and related services, reported second-quarter net income of $266 million, or 28 cents a share, up from $260 million, or 25 cents a share, a year earlier.




Analysts were expecting a profit of 27 cents a share, according to Reuters Estimates.


Read more at Reuters.com Business News

Alexion, Business Objects, Volvo, Skechers, Xerox: 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. in New York.

Alexion Pharmaceuticals Inc. (ALXN US) rose $5.32, or 11
percent, to $55 in trading before U.S. exchanges opened. The 15-
year-old drug developer reported a second-quarter net loss,
excluding share-based compensation, of 61 cents a share,
according to a press release distributed by PRNewswire. That beat
the $1.05 a share loss expected by analysts, according to the
average estimate in a Bloomberg survey.


Read more at Bloomberg Stocks News

Canadian Dollar Drops From 30-Year High as Prices of Commodities Decline

(Bloomberg) -- The Canadian dollar fell from a 30-
year high as the U.S. counterpart gained and prices of the
nation's commodity exports declined.

Commodities account for about half of Canada's exports. The
U.S. dollar rose against 12 of 16 major currencies.


Read more at Bloomberg Currencies News

UPDATE 1-IHOP 2nd-quarter earnings rise

(Reuters) - Second-quarter net income was $14.1 million, or 82 cents
per share, compared with $10.3 million, or 56 cents, a year
earlier.




Wall Street analysts, on average, had been expecting the
pancake restaurant operator to earn 60 cents per share,
according to Reuters Estimates.


Read more at Reuters.com Mergers News

US mortgage applications fell in latest week-MBA

(Reuters) - Borrowing costs on 30-year fixed-rate mortgages, excluding
fees, averaged 6.59 percent, down 0.02 percentage point from
the previous week. Interest rates were also below year-ago
levels at 6.69 percent.




The MBA's seasonally adjusted purchase index fell 5.0
percent to 424.2, its lowest reading since April. The index was
above its year-earlier level of 389.0. The purchase index is
considered a timely gauge of U.S. home sales.


Read more at Reuters.com Bonds News