(Reuters) - Net sales for the quarter rose to $390.4 million from $386.6 million.
Read more at Reuters.com Market News
Read more at Reuters.com Market News
Friday, 27 July 2007
'Big Dig' supplier to pay $50 million fine - U.S.
(Reuters) - Aggregate Industries, which supplied 5,700 truckloads of
concrete that was too old to be used or had been watered down,
also pleaded guilty to making fraudulent claims, U.S. Attorney
Michael Sullivan said.
It was unclear what problems might be related to the faulty
concrete, which represents a fraction of the 130,000 truckloads
that the company provided for the Big Dig, he said.
Read more at Reuters.com Bonds News
concrete that was too old to be used or had been watered down,
also pleaded guilty to making fraudulent claims, U.S. Attorney
Michael Sullivan said.
It was unclear what problems might be related to the faulty
concrete, which represents a fraction of the 130,000 truckloads
that the company provided for the Big Dig, he said.
Read more at Reuters.com Bonds News
Platinum Falls Most in Eight Months on Stronger Dollar; Palladium Declines
(Bloomberg) -- Platinum fell the most in eight
months in New York as the dollar strengthened, reducing the
metal's appeal as an alternative investment. Palladium also
dropped.
Platinum is traded mostly in dollars, which rose to a two-
week high against the euro, making the metal more expensive for
holders of the European currency. U.S. stocks extended
yesterday's drop, the biggest in five months, as investors
shunned riskier investments in favor of bonds.
Read more at Bloomberg Commodities News
months in New York as the dollar strengthened, reducing the
metal's appeal as an alternative investment. Palladium also
dropped.
Platinum is traded mostly in dollars, which rose to a two-
week high against the euro, making the metal more expensive for
holders of the European currency. U.S. stocks extended
yesterday's drop, the biggest in five months, as investors
shunned riskier investments in favor of bonds.
Read more at Bloomberg Commodities News
UPDATE 1-Mexico silver mine Penoles Q2 profit up 16.2 pct
(Reuters) - Penoles , the world's top maker of refined
silver, said second-quarter sales totaled 11.247 billion pesos,
up 6.3 percent from the same period last year on higher volumes
and strong metals prices.
Costs rose in the quarter on more expensive labor,
maintenance and repairs, Penoles said.
Read more at Reuters.com Market News
silver, said second-quarter sales totaled 11.247 billion pesos,
up 6.3 percent from the same period last year on higher volumes
and strong metals prices.
Costs rose in the quarter on more expensive labor,
maintenance and repairs, Penoles said.
Read more at Reuters.com Market News
US STOCKS-Indexes fall as credit concerns weigh
(Reuters) - NEW YORK, July 27 - U.S. stocks declined on
Friday as worries about the prospect of a worsening climate for
takeover financing persisted.
The declines come a day after an equities sell-off that
wiped out more than $300 billion in the value of the S&P 500
and put the market on track for its worst weekly drop since the
week of the Feb. 27 global sell-off.
Read more at Reuters.com Bonds News
Friday as worries about the prospect of a worsening climate for
takeover financing persisted.
The declines come a day after an equities sell-off that
wiped out more than $300 billion in the value of the S&P 500
and put the market on track for its worst weekly drop since the
week of the Feb. 27 global sell-off.
Read more at Reuters.com Bonds News
Gold Falls, Caps First Weekly Drop in Month, as Dollar Gains; Silver Drops
(Bloomberg) -- Gold fell in New York, capping the
first weekly decline in a month, on speculation a strengthening
dollar will reduce the precious metal's appeal as an alternative
investment. Silver also dropped.
The dollar rallied to a two-week high against the euro
today after a U.S. Commerce Department report showed the economy
grew last quarter at the fastest pace in more than a year. Gold,
sold in the U.S. currency, has fallen 1.8 percent in the three
days since the dollar reached a record low against the euro.
Read more at Bloomberg Commodities News
first weekly decline in a month, on speculation a strengthening
dollar will reduce the precious metal's appeal as an alternative
investment. Silver also dropped.
The dollar rallied to a two-week high against the euro
today after a U.S. Commerce Department report showed the economy
grew last quarter at the fastest pace in more than a year. Gold,
sold in the U.S. currency, has fallen 1.8 percent in the three
days since the dollar reached a record low against the euro.
Read more at Bloomberg Commodities News
Treasuries Head for Biggest Weekly Gain Since March Amid Risk Aversion
(Bloomberg) -- Treasuries are headed for the
biggest weekly advance in four months as the slump in U.S.
housing drives investors from riskier assets for a third week.
Investors seeking the safety of government debt this week
pushed yields on two-year notes, most sensitive to changing
monetary policy, 71 basis points lower than the Federal
Reserve's target rate. The risk of owning corporate bonds soared
to a record on concern that banks and hedge funds face widening
losses on subprime mortgages and leveraged buyouts.
Read more at Bloomberg Bonds News
biggest weekly advance in four months as the slump in U.S.
housing drives investors from riskier assets for a third week.
Investors seeking the safety of government debt this week
pushed yields on two-year notes, most sensitive to changing
monetary policy, 71 basis points lower than the Federal
Reserve's target rate. The risk of owning corporate bonds soared
to a record on concern that banks and hedge funds face widening
losses on subprime mortgages and leveraged buyouts.
Read more at Bloomberg Bonds News
Volatility on Major, Emerging Market Currency Options Rise Amid Aversion
(Bloomberg) -- Volatility on major and emerging-
market currencies options rose as investors shunned riskier
assets amid concern subprime mortgage defaults may rise.
Demand for options granting the right to sell high-yielding
currencies soared as traders bought protection against further
yen appreciation while investors exited so-called carry trades.
The strategy involves borrowing where interest rates are low,
such as in Japan with an 0.5 percent rate, and investing in
countries such as Australia where the benchmark is 6.25 percent.
Read more at Bloomberg Currencies News
market currencies options rose as investors shunned riskier
assets amid concern subprime mortgage defaults may rise.
Demand for options granting the right to sell high-yielding
currencies soared as traders bought protection against further
yen appreciation while investors exited so-called carry trades.
The strategy involves borrowing where interest rates are low,
such as in Japan with an 0.5 percent rate, and investing in
countries such as Australia where the benchmark is 6.25 percent.
Read more at Bloomberg Currencies News
FACTBOX-Recent major U.S. corporate convictions
(Reuters) - Here is a list of some top executives convicted recently in
major U.S. corporate scandals:
* CONRAD BLACK - the media baron faces up to 30 years in
prison after being found guilty earlier this month of criminal
fraud and obstruction of justice in swindling former media
giant Hollinger International Inc. Sentencing is later this
year.
Read more at Reuters.com Bonds News
major U.S. corporate scandals:
* CONRAD BLACK - the media baron faces up to 30 years in
prison after being found guilty earlier this month of criminal
fraud and obstruction of justice in swindling former media
giant Hollinger International Inc. Sentencing is later this
year.
Read more at Reuters.com Bonds News
Pioneer Natural says has option to raise Midkiff-Benedum stake
(Reuters) - On Friday, Atlas completed purchase of about 73 percent
interest in the system from Anadarko Petroleum .
Read more at Reuters.com Mergers News
interest in the system from Anadarko Petroleum .
Read more at Reuters.com Mergers News
UPDATE 2-Brazil's Vivo bids for two smaller rivals
(Reuters) - Brazilian business daily Gazeta Mercantil reported on
Friday that Vivo had agreed to buy Telemig and Amazonia for
about 3.5 billion reais . Telemig denied it had
been sold.
An acquisition of Telemig would give Vivo a much-coveted
foothold in Minas Gerais, the only state where it does not have
coverage.
Read more at Reuters.com Mergers News
Friday that Vivo had agreed to buy Telemig and Amazonia for
about 3.5 billion reais . Telemig denied it had
been sold.
An acquisition of Telemig would give Vivo a much-coveted
foothold in Minas Gerais, the only state where it does not have
coverage.
Read more at Reuters.com Mergers News
Swiss Franc Records Largest Weekly Gain Against Euro Since March on Risk
(Bloomberg) -- The Swiss franc had its biggest
weekly gain against the euro in more than four months as a slump
in global stocks prompted traders to pay back loans in
Switzerland used to buy higher-yielding assets elsewhere.
The franc advanced against the Australian and New Zealand
dollars as investors unwound so-called carry trades that take
advantage of borrowing costs in Switzerland, which are the
second lowest among major economies. New Zealand's key interest
rate is 5.75 percentage points higher than the Swiss benchmark.
Read more at Bloomberg Currencies News
weekly gain against the euro in more than four months as a slump
in global stocks prompted traders to pay back loans in
Switzerland used to buy higher-yielding assets elsewhere.
The franc advanced against the Australian and New Zealand
dollars as investors unwound so-called carry trades that take
advantage of borrowing costs in Switzerland, which are the
second lowest among major economies. New Zealand's key interest
rate is 5.75 percentage points higher than the Swiss benchmark.
Read more at Bloomberg Currencies News
Sepracor results miss; stock plunges
(Reuters) - Net profit fell to $6.1 million, or 5 cents a share, from $11 million, or 10 cents a share, a year ago. Analysts had on average expected earnings of 36 cents a share, according to Reuters Estimates.
Revenue rose a less-than-expected 5 percent to $278.1 million, with sales of insomnia drug Lunesta growing just 3 percent to $143.0 million as it struggled to fight off competition from a generic version of rival Ambien.
Read more at Reuters.com Mergers News
Revenue rose a less-than-expected 5 percent to $278.1 million, with sales of insomnia drug Lunesta growing just 3 percent to $143.0 million as it struggled to fight off competition from a generic version of rival Ambien.
Read more at Reuters.com Mergers News
Emerging Market Bonds Decline as Investor Aversion to Riskier Assets Rises
(Bloomberg) -- Emerging-market bonds declined,
reversing earlier gains, as investors resumed selling riskier,
higher-yielding assets on mounting concern about losses related
to subprime mortgages.
The extra yield over U.S. Treasuries that investors demand
to hold the developing nation debt has soared to the highest in
more than a year. Argentine debt, among the riskiest in emerging
markets, has posted the biggest declines.
Read more at Bloomberg Emerging Markets News
reversing earlier gains, as investors resumed selling riskier,
higher-yielding assets on mounting concern about losses related
to subprime mortgages.
The extra yield over U.S. Treasuries that investors demand
to hold the developing nation debt has soared to the highest in
more than a year. Argentine debt, among the riskiest in emerging
markets, has posted the biggest declines.
Read more at Bloomberg Emerging Markets News
IPO VIEW-Weak market seen likely to hurt new offerings
(Reuters) - The Dow Jones industrials average dropped again on Friday,
adding to the losses suffered on Thursday as investors dumped
stocks on deepening signs of weakness in the housing market and
deterioration in the credit market. Thursday marked the worst
single session since the Feb. 27 global market sell-off.
The market slump sets a tough environment for new
offerings, analysts said.
Read more at Reuters.com Bonds News
adding to the losses suffered on Thursday as investors dumped
stocks on deepening signs of weakness in the housing market and
deterioration in the credit market. Thursday marked the worst
single session since the Feb. 27 global market sell-off.
The market slump sets a tough environment for new
offerings, analysts said.
Read more at Reuters.com Bonds News
Ford shares up on forecasts for faster turnaround
(Reuters) - Johnson is now forecasting a narrower 2007 loss for Ford of 62 cents per share from his earlier estimate of a loss of $1.77. He expects Ford to lose 23 cents a share in 2008.
Ford on Thursday posted a profit of $750 million, its first in two years, on improved auto business and cost-cutting in its troubled U.S. operations.
Read more at Reuters.com Hot Stocks News
Ford on Thursday posted a profit of $750 million, its first in two years, on improved auto business and cost-cutting in its troubled U.S. operations.
Read more at Reuters.com Hot Stocks News
European Bonds Have Longest Weekly Rally for Five Months on Subprime, Risk
(Bloomberg) -- European bonds gained for a third
week, their longest winning run in almost five months, as traders
switched to the safety of government debt after stocks plunged
around the world.
The rally in German bunds pushed 10-year yields to the
lowest since May today as the risk of owning company debt surged
to a record. A gauge of corporate borrowing costs reached the
highest since October 2001 after hedge funds and banks reported
losses on investments backed by U.S. subprime mortgages.
Read more at Bloomberg Bonds News
week, their longest winning run in almost five months, as traders
switched to the safety of government debt after stocks plunged
around the world.
The rally in German bunds pushed 10-year yields to the
lowest since May today as the risk of owning company debt surged
to a record. A gauge of corporate borrowing costs reached the
highest since October 2001 after hedge funds and banks reported
losses on investments backed by U.S. subprime mortgages.
Read more at Bloomberg Bonds News
Chevron chairman: L.A. refinery restart near done
(Reuters) - "Our crude unit work is just about wrapped up," O'Reilly said later in the conference call.
Chevron began a two-month overhaul of the 143,000 bpd crude distillation unit on June 1 and began restarting the unit on July 22.
Read more at Reuters.com Business News
Chevron began a two-month overhaul of the 143,000 bpd crude distillation unit on June 1 and began restarting the unit on July 22.
Read more at Reuters.com Business News
UPDATE 1-Fed's Lacker-early education key for econ growth
(Reuters) - "My position is that if government is going to invest in
education at all, it should invest in enhancing early childhood
development," Lacker told a conference on early childhood
development in Richmond, Virginia. "For me, this is an economic
growth issue."
Lacker did not comment on the current economic outlook or
monetary policy in his remarks nor in a question and answer
session later at the conference.
Read more at Reuters.com Bonds News
education at all, it should invest in enhancing early childhood
development," Lacker told a conference on early childhood
development in Richmond, Virginia. "For me, this is an economic
growth issue."
Lacker did not comment on the current economic outlook or
monetary policy in his remarks nor in a question and answer
session later at the conference.
Read more at Reuters.com Bonds News
German Stocks Decline, Led by Deutsche Bank, Allianz; Volkswagen Rises
(Bloomberg) -- Germany's benchmark DAX Index
dropped for a fourth day, paced by Deutsche Bank AG,
Commerzbank AG and Allianz SE, on mounting concern financing
difficulties may cloud the outlook for mergers and takeovers.
Volkswagen AG advanced after the carmaker's first-half
profit beat analysts' expectations. Siemens AG also climbed.
Read more at Bloomberg Stocks News
dropped for a fourth day, paced by Deutsche Bank AG,
Commerzbank AG and Allianz SE, on mounting concern financing
difficulties may cloud the outlook for mergers and takeovers.
Volkswagen AG advanced after the carmaker's first-half
profit beat analysts' expectations. Siemens AG also climbed.
Read more at Bloomberg Stocks News
U.S. Stocks Extend Steepest Decline in 5 Months on Concern M&A Will Slow
(Bloomberg) -- U.S. stocks extended their biggest
drop in five months on growing concern that takeovers will slow
as the money to pay for them grows scarcer.
Marsh & McLennan Cos., Wyndham Worldwide Corp. and
Dillard's Inc. led the Standard & Poor's 500 lower as investors
abandoned shares that rose on takeover speculation. Fannie Mae
fell the most since 2005 and led financial shares lower. Baker
Hughes Inc., the world's third-biggest oilfield contractor,
slid after reporting a decrease in earnings.
Read more at Bloomberg Stocks News
drop in five months on growing concern that takeovers will slow
as the money to pay for them grows scarcer.
Marsh & McLennan Cos., Wyndham Worldwide Corp. and
Dillard's Inc. led the Standard & Poor's 500 lower as investors
abandoned shares that rose on takeover speculation. Fannie Mae
fell the most since 2005 and led financial shares lower. Baker
Hughes Inc., the world's third-biggest oilfield contractor,
slid after reporting a decrease in earnings.
Read more at Bloomberg Stocks News
Colombia's Peso Strengthens as Central Bank Expected to Boost Lending Rate
(Bloomberg) -- Colombia's peso strengthened before
announcement of a central bank lending rate decision, expected
to push the benchmark borrowing cost to an almost six-year high.
Policy makers in Bogota may boost the overnight interbank
rate a quarter-percentage point to 9.25 percent today, according
to 17 of 31 economists in a Bloomberg survey. The other 14
economists expect the rate to remain unchanged.
Read more at Bloomberg Currencies News
announcement of a central bank lending rate decision, expected
to push the benchmark borrowing cost to an almost six-year high.
Policy makers in Bogota may boost the overnight interbank
rate a quarter-percentage point to 9.25 percent today, according
to 17 of 31 economists in a Bloomberg survey. The other 14
economists expect the rate to remain unchanged.
Read more at Bloomberg Currencies News
Platinum ETFs fail to stir market, seen supportive
(Reuters) - Platinum exchange-traded funds (ETFs) have failed to boost the thinly-balanced market or attract huge investment in the first three months, but will continue to underpin prices in the long run, analysts say.
The trading rule of 'buy the rumour, sell the fact' has been true for the metal, with prices setting historic highs in November on mere talk of an ETF launch but hovering in a broad range below the peak after their listings in April and May.
Read more at Reuters Africa
The trading rule of 'buy the rumour, sell the fact' has been true for the metal, with prices setting historic highs in November on mere talk of an ETF launch but hovering in a broad range below the peak after their listings in April and May.
Read more at Reuters Africa
Gazprom eyes more partners for Shtokman - Medvedev
(Reuters) - "There could be two models for this -- it could be where our
partners join the project as fully fledged participants in the
equity of the joint company, or as ... contractors which in my
view ... could create a little less stability in relations."
France's Total recently agreed to take a 25
percent stake in a special purpose entity that will develop the
first phase of Shtokman, a vast field in the Barents Sea that
has enough reserves to supply the world for a year.
Read more at Reuters.com Mergers News
partners join the project as fully fledged participants in the
equity of the joint company, or as ... contractors which in my
view ... could create a little less stability in relations."
France's Total recently agreed to take a 25
percent stake in a special purpose entity that will develop the
first phase of Shtokman, a vast field in the Barents Sea that
has enough reserves to supply the world for a year.
Read more at Reuters.com Mergers News
Kimco posts rise in quarterly FFO
(Reuters) - About 8 cents per share was attributed to income associated with joint ventures within and outside of the United States, analysts said.
Analysts were expecting FFO of 60 cents a share, according to Reuters Estimates.
Read more at Reuters.com Hot Stocks News
Analysts were expecting FFO of 60 cents a share, according to Reuters Estimates.
Read more at Reuters.com Hot Stocks News
UPDATE 1-Mexico holds rate steady despite higher inflation
(Reuters) - The bank said it sees inflation, which has been stubbornly
trending higher, closing in on its long-term 3 percent target
by the end of 2008 even though food prices are still high.
Mexico's 12-month inflation nudged into the central bank's
danger zone in the first half of July, increasing expectations
of an interest rate hike some time this year, although most
analyst did not expect an increase on Friday.
Read more at Reuters.com Bonds News
trending higher, closing in on its long-term 3 percent target
by the end of 2008 even though food prices are still high.
Mexico's 12-month inflation nudged into the central bank's
danger zone in the first half of July, increasing expectations
of an interest rate hike some time this year, although most
analyst did not expect an increase on Friday.
Read more at Reuters.com Bonds News
Economy in transition to sustained growth:Paulson
(Reuters) - "We're seeing risk being repriced and a different perspective on risk," Paulson said, but he said the U.S. and global economy remained healthy.
The U.S. economy grew at a strong 3.4 percent annual rate in the second quarter, according to government figures issued on Friday, though analysts anticipate the pace of growth will moderate in coming quarters.
Read more at Reuters.com Bonds News
The U.S. economy grew at a strong 3.4 percent annual rate in the second quarter, according to government figures issued on Friday, though analysts anticipate the pace of growth will moderate in coming quarters.
Read more at Reuters.com Bonds News
Mexico stocks gain after strong U.S. economic data
(Reuters) - The peso was flat at 10.9875 per dollar. The
currency was unchanged after the central bank kept interest
rates steady as expected at a monthly monetary policy review.
Data showed the economy in the United States, Mexico's main
trading partner, grew faster than expected in the second
quarter.
Read more at Reuters.com Bonds News
currency was unchanged after the central bank kept interest
rates steady as expected at a monthly monetary policy review.
Data showed the economy in the United States, Mexico's main
trading partner, grew faster than expected in the second
quarter.
Read more at Reuters.com Bonds News
Fed's Lacker-early education key for econ growth
(Reuters) - Lacker did not comment on the current economic outlook or
monetary policy in his remarks. He is not expected to answer
questions on monetary policy at the event.
The Fed is largely expected to keep interest rates steady
at its next rate-setting meeting on Aug 7. Lacker is not a
voting member of the committee this year.
Read more at Reuters.com Bonds News
monetary policy in his remarks. He is not expected to answer
questions on monetary policy at the event.
The Fed is largely expected to keep interest rates steady
at its next rate-setting meeting on Aug 7. Lacker is not a
voting member of the committee this year.
Read more at Reuters.com Bonds News
UPDATE 1-Deb Shops to go private in $395 mln cash deal
(Reuters) - The offer price of $27.25 per share is just over 2 percent
more than the stock's Thursday closing price of $26.68.
Shares of the company were ahead of the offer price at
$27.30 in thin pre-market electronic trade.
Read more at Reuters.com Mergers News
more than the stock's Thursday closing price of $26.68.
Shares of the company were ahead of the offer price at
$27.30 in thin pre-market electronic trade.
Read more at Reuters.com Mergers News
Ingersoll-Rand profit higher, but stock slips
(Reuters) - NEW YORK, July 27 - Industrial conglomerate Ingersoll-Rand Co. Ltd. , in the midst of remaking its portfolio of businesses, reported higher quarterly profit on Friday, reflecting a large gain from discontinued operations.
The company also disclosed it received a notice from the U.S. Internal Revenue Service, proposing adjustments to its past tax filings, and said it would contest the proposed adjustments.
Read more at Reuters.com Mergers News
The company also disclosed it received a notice from the U.S. Internal Revenue Service, proposing adjustments to its past tax filings, and said it would contest the proposed adjustments.
Read more at Reuters.com Mergers News
European Bonds Head for Longest Run of Weekly Gains in Five Months on Risk
(Bloomberg) -- European bonds headed for a third
week of gains, the longest run in almost five months, as traders
switched to the safety of government debt after stocks plunged
around the world.
The rally in bonds pushed 10-year yields to near the lowest
since May as the risk of owning company debt surged to a record.
A gauge of corporate borrowing costs reached the highest since
October 2001 after hedge funds and banks reported losses on
investments backed by U.S. subprime mortgages.
Read more at Bloomberg Bonds News
week of gains, the longest run in almost five months, as traders
switched to the safety of government debt after stocks plunged
around the world.
The rally in bonds pushed 10-year yields to near the lowest
since May as the risk of owning company debt surged to a record.
A gauge of corporate borrowing costs reached the highest since
October 2001 after hedge funds and banks reported losses on
investments backed by U.S. subprime mortgages.
Read more at Bloomberg Bonds News
Mexico's KOF 2nd-quarter net profit rises
(Reuters) - The company operates in nine countries across Latin America
and is the second largest Coke bottler in the world.
Read more at Reuters.com Market News
and is the second largest Coke bottler in the world.
Read more at Reuters.com Market News
Sepracor results miss, cuts 2007 outlook
(Reuters) - The Marlborough, Massachusetts-based drug company said net profit fell to $6.1 million, or 5 cents a share, from $11 million, or 10 cents a share, a year ago.
Revenue rose 5 percent to $278.1 million. Analysts, on average, expected revenue of $327.2 million.
Read more at Reuters.com Hot Stocks News
Revenue rose 5 percent to $278.1 million. Analysts, on average, expected revenue of $327.2 million.
Read more at Reuters.com Hot Stocks News
AIG, Chubb, Allstate Share Buybacks Portend Lower Premiums, Stock Prices
(Bloomberg) -- U.S. property and casualty insurers
are buying back stock at the fastest rate in at least 20 years,
and that spells trouble for shareholders.
While repurchases typically boost share prices, in the
insurance industry, they're a sign that competition is pushing
premiums low enough to threaten profit growth. Property and
casualty stocks are lagging behind both life insurers and U.S.
benchmarks as commercial insurance prices decline the most since
they started falling in 2004.
Read more at Bloomberg Exclusive News
are buying back stock at the fastest rate in at least 20 years,
and that spells trouble for shareholders.
While repurchases typically boost share prices, in the
insurance industry, they're a sign that competition is pushing
premiums low enough to threaten profit growth. Property and
casualty stocks are lagging behind both life insurers and U.S.
benchmarks as commercial insurance prices decline the most since
they started falling in 2004.
Read more at Bloomberg Exclusive News
Nymex Gas Rises on Threat of Disruption to Supply During Hurricane Season
(Bloomberg) -- Natural gas in New York advanced as
buyers took advantage of lower prices before the possible arrival
of tropical storms that would cause the power-plant fuel to rise.
Since hitting a 2007 high of $8.191 on June 4, the near-
month contract has fallen 27 percent on slack demand for
electricity from gas-fired plants as mild weather limited air-
conditioning use.
Read more at Bloomberg Energy News
buyers took advantage of lower prices before the possible arrival
of tropical storms that would cause the power-plant fuel to rise.
Since hitting a 2007 high of $8.191 on June 4, the near-
month contract has fallen 27 percent on slack demand for
electricity from gas-fired plants as mild weather limited air-
conditioning use.
Read more at Bloomberg Energy News
U.S. economic growth revised down for 2004-2006
(Reuters) - In annual revisions to the government's broadest measure of
economic output, the Commerce Department's Bureau of Economic
Analysis revised down gross domestic product for all three
years.
"The expansion that followed the 2001 downturn is milder
than previously estimated," the BLS said in releasing its
revisions that reflected more complete source data.
Read more at Reuters.com Economic News
economic output, the Commerce Department's Bureau of Economic
Analysis revised down gross domestic product for all three
years.
"The expansion that followed the 2001 downturn is milder
than previously estimated," the BLS said in releasing its
revisions that reflected more complete source data.
Read more at Reuters.com Economic News
Fannie Mae portfolio grows in June, down in 2007
(Reuters) - Fannie Mae said that its non-agency securities totaled $122.8
billion at the end of the second quarter, of which $47.2 billion
were backed by subprime loans. Nearly all of the subprime-backed
bonds, $46.9 billion, were rated 'AAA' or the equivalent by at
least two ratings agencies and none of them have been downgraded,
Fannie Mae said.
Read more at Reuters.com Bonds News
billion at the end of the second quarter, of which $47.2 billion
were backed by subprime loans. Nearly all of the subprime-backed
bonds, $46.9 billion, were rated 'AAA' or the equivalent by at
least two ratings agencies and none of them have been downgraded,
Fannie Mae said.
Read more at Reuters.com Bonds News
Sarkozy preens, ruffles feathers on African tour
(Reuters) - Making his first visit to sub-Saharan Africa since his
election as French president in May, Sarkozy set out his Africa
policy in a public speech to Senegal's main university late on
Thursday, acknowledging colonialism's ills and calling for
democracy, liberty, justice and law, to a mixed reception.
"Cliches, more cliches and still cliches. What an insult!"
the Dakar daily Sud Quotiden said on its front page on Friday.
Read more at Reuters.com Bonds News
election as French president in May, Sarkozy set out his Africa
policy in a public speech to Senegal's main university late on
Thursday, acknowledging colonialism's ills and calling for
democracy, liberty, justice and law, to a mixed reception.
"Cliches, more cliches and still cliches. What an insult!"
the Dakar daily Sud Quotiden said on its front page on Friday.
Read more at Reuters.com Bonds News
July consumer sentiment at 5-month peak: U.Mich
(Reuters) - But it bounced back from June's final reading of 85.3, a 10-month low, and posted the index's best showing since February, when it stood at 91.3.
Read more at Reuters.com Bonds News
Read more at Reuters.com Bonds News
US economy, exports driven by global growth-Paulson
(Reuters) - "Now I believe what we're seeing is a strong global
economy. This is the strongest global economy I've seen in 32
years. The growth rate in Europe has doubled. We've got growth
throughout Asia. Japan is now growing, so I think this is being
driven by strong growth outside of the U.S."
The Commerce Department said earlier that U.S. economic
growth rebounded to 3.4 percent during the second quarter, its
strongest pace since the beginning of last year on a surge in
business investment, increased government spending and improved
trade performance. The data marked a big turnaround from anemic
0.6 percent growth in the first quarter, a figure previously
reported as 0.7 percent.
Read more at Reuters.com Bonds News
economy. This is the strongest global economy I've seen in 32
years. The growth rate in Europe has doubled. We've got growth
throughout Asia. Japan is now growing, so I think this is being
driven by strong growth outside of the U.S."
The Commerce Department said earlier that U.S. economic
growth rebounded to 3.4 percent during the second quarter, its
strongest pace since the beginning of last year on a surge in
business investment, increased government spending and improved
trade performance. The data marked a big turnaround from anemic
0.6 percent growth in the first quarter, a figure previously
reported as 0.7 percent.
Read more at Reuters.com Bonds News
Crocs, Cymer, Deckers, Isilon Systems, Netgear, QLogic: U.S. Equity Movers
(Bloomberg) -- The following is a list of companies
whose shares are having unusual price changes in U.S. exchanges.
Stock symbols are in parentheses after company names. Share
prices are as of 9:35 a.m. in New York.
Crocs Inc. (CROX US) rose $7.61, or 15 percent, to $58.20.
The maker of resin clogs forecast profit of as much as 62 cents a
share in the third quarter. Analysts expect 43 cents, the average
of six estimates in a Bloomberg survey.
Read more at Bloomberg Stocks News
whose shares are having unusual price changes in U.S. exchanges.
Stock symbols are in parentheses after company names. Share
prices are as of 9:35 a.m. in New York.
Crocs Inc. (CROX US) rose $7.61, or 15 percent, to $58.20.
The maker of resin clogs forecast profit of as much as 62 cents a
share in the third quarter. Analysts expect 43 cents, the average
of six estimates in a Bloomberg survey.
Read more at Bloomberg Stocks News
Hungary's Forint Posts Weekly Drop Versus Euro as Investors Avoid Risk
(Bloomberg) -- The Hungarian forint posted its
biggest weekly drop against the euro in 10 months as tumbling
global stocks and concern about U.S. subprime mortgage losses
prompted investors to shun emerging markets.
The forint was the worst performer against the euro over the
past five days, sliding more than 2 percent, as the NTX Index of
stocks in central Europe's 30 largest companies declined the most
in a week since March. Investors reversed trades where they'd
bought the forint to take advantage of Hungary's 7.75 percent
interest rate, also sending the currency tumbling.
Read more at Bloomberg Currencies News
biggest weekly drop against the euro in 10 months as tumbling
global stocks and concern about U.S. subprime mortgage losses
prompted investors to shun emerging markets.
The forint was the worst performer against the euro over the
past five days, sliding more than 2 percent, as the NTX Index of
stocks in central Europe's 30 largest companies declined the most
in a week since March. Investors reversed trades where they'd
bought the forint to take advantage of Hungary's 7.75 percent
interest rate, also sending the currency tumbling.
Read more at Bloomberg Currencies News
European Bond Yields Hold Near Lowest in Two Months as Stocks Decline
(Bloomberg) -- European bond yields held near the
lowest in two months as stock markets across the region fell and
corporate-debt risk surged to a record
Bunds reversed earlier losses on speculation investors
switched to the safety of government securities. Benchmark 10-
year yields rose earlier after data showing consumer-price
inflation accelerated in Germany in July, adding to the case for
the European Central Bank to keep raising interest rates.
Read more at Bloomberg Bonds News
lowest in two months as stock markets across the region fell and
corporate-debt risk surged to a record
Bunds reversed earlier losses on speculation investors
switched to the safety of government securities. Benchmark 10-
year yields rose earlier after data showing consumer-price
inflation accelerated in Germany in July, adding to the case for
the European Central Bank to keep raising interest rates.
Read more at Bloomberg Bonds News
Gold Heads for Weekly Decline in New York on Dollar Rebound; Silver Drops
(Bloomberg) -- Gold fell in New York, heading for
the biggest weekly decline in seven weeks, on speculation a
strengthening dollar will reduce the precious metal's appeal as
an alternative investment. Silver also dropped.
The dollar rallied to a two-week high against the euro
today after a U.S. Commerce Department report showed the economy
grew last quarter at the fastest pace in more than a year. Gold,
sold in the U.S. currency, rose to a three-month high of $695.40
an ounce on July 25, a day after the dollar touched a record low
of $1.3852 against the euro.
Read more at Bloomberg Commodities News
the biggest weekly decline in seven weeks, on speculation a
strengthening dollar will reduce the precious metal's appeal as
an alternative investment. Silver also dropped.
The dollar rallied to a two-week high against the euro
today after a U.S. Commerce Department report showed the economy
grew last quarter at the fastest pace in more than a year. Gold,
sold in the U.S. currency, rose to a three-month high of $695.40
an ounce on July 25, a day after the dollar touched a record low
of $1.3852 against the euro.
Read more at Bloomberg Commodities News
UPDATE 2-Novartis to supply Zelnorm for U.S. restricted use
(Reuters) - ZURICH, July 27 - Swiss drugmaker Novartis
said on Friday it would make bowel drug Zelnorm
available to U.S. patients on a restricted basis after pulling
the product from the market at the request of regulators.
Novartis said it had established a restricted access
programme for Zelnorm in cooperation with U.S. regulators so
that patients in need of the drug can be considered for
treatment.
Read more at Reuters.com Government Filings News
said on Friday it would make bowel drug Zelnorm
available to U.S. patients on a restricted basis after pulling
the product from the market at the request of regulators.
Novartis said it had established a restricted access
programme for Zelnorm in cooperation with U.S. regulators so
that patients in need of the drug can be considered for
treatment.
Read more at Reuters.com Government Filings News
Sudan assigns Chinese CNPC offshore oil block
(Reuters) - Sudan has signed a deal with Chinese state oil firm China National Petroleum Corp. (CNPC) to take a majority stake in its Block 13 exploration site, off the coast of the Red Sea, a senior Sudanese oil official said on Friday.
CNPC has a 40 percent stake, 15 percent for both Indonesian state firm and Sudanese state oil firm Sudapet.
Read more at Reuters Africa
CNPC has a 40 percent stake, 15 percent for both Indonesian state firm and Sudanese state oil firm Sudapet.
Read more at Reuters Africa
US RATE FUTURES-Boost gains on GDP, inflation data
(Reuters) - Futures show an 82 percent chance the Fed will ease by
year-end , up from 76 percent overnight. Before
Thursday's rally prospects for a Fed cut this year were below
50 percent.
U.S. second-quarter real GDP growth was reported at 3.4
percent against the consensus Wall Street forecast of 3.2
percent.
Read more at Reuters.com Bonds News
year-end , up from 76 percent overnight. Before
Thursday's rally prospects for a Fed cut this year were below
50 percent.
U.S. second-quarter real GDP growth was reported at 3.4
percent against the consensus Wall Street forecast of 3.2
percent.
Read more at Reuters.com Bonds News
UPDATE 1-Thursday share buybacks most since 9/11-TrimTabs
(Reuters) - Over the past week, 54 buybacks totaling $20.1 billion were
announced, the 14th week of the past 15 that new stock buybacks
exceeded $10 billion, TrimTabs Investment Research of Santa
Rosa, California, said late on Thursday.
"Corporate America is sure not acting as if it sees trouble
ahead. Indeed, corporate America is doing what it has always
done when stocks sell-off: they start buying," said Charles
Biderman, chief executive of TrimTabs, in a statement.
Read more at Reuters.com Bonds News
announced, the 14th week of the past 15 that new stock buybacks
exceeded $10 billion, TrimTabs Investment Research of Santa
Rosa, California, said late on Thursday.
"Corporate America is sure not acting as if it sees trouble
ahead. Indeed, corporate America is doing what it has always
done when stocks sell-off: they start buying," said Charles
Biderman, chief executive of TrimTabs, in a statement.
Read more at Reuters.com Bonds News
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