PRESS DIGEST - Wall Street Journal - Aug 6

(Reuters) - * Bear Stearns Cos. co-president quit, becoming
Wall Street's highest-profile casualty in the subprime-lending
fiasco.




* ICI reached a tentative deal to be taken over by
Akzo Nobel and Henkel for $16 billion.
The chemical and paint maker had rejected Akzo's earlier
offers.


Read more at Reuters.com Mergers News

Senate report faults SEC on hedge fund probe

(Reuters) - The report from the Senate Finance and Senate Judiciary committees, released late on Friday, ends a year-long inquiry into the dismissal of former SEC staffer Gary Aguirre.




Aguirre says he was forced out of the agency after a probe he was leading got too close to prominent Wall Street banker John Mack. His claims prompted three Senate hearings and drew heavy press coverage.


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REFILE-TREASURIES-Bond prices rise after soft US jobs report

(Reuters) - NEW YORK, Aug 3 - U.S. government debt prices
rose on Friday as bond investors added to bets that the Federal
Reserve may start cutting interest rates before year end after
a soft July jobs report.




U.S. stocks futures turned down, pointing to a lower start
on Wall Street, which helped to stoke a moderate safe-haven bid
for Treasuries.


Read more at Reuters.com Bonds News

Weyerhaeuser profit drops, but beats expectations

(Reuters) - NEW YORK, Aug 3 - Timber company Weyerhaeuser Co. reported a sharp drop in second-quarter earnings on Friday as prices fell at its real estate business and U.S. home builders' demand for wood products weakened.



Although the results beat Wall Street expectations, analysts noted that this resulted from lower corporate expenses, rather than the earnings in the company's main businesses.


Read more at Reuters.com Bonds News

At American Home, it's one last day at the office

(Reuters) - By Lynn Adler



MELVILLE, New York, Aug 3 - In some respects it was a normal summer Friday in this Long Island hamlet roughly 50 miles east of Wall Street. The weather was hot, a bit steamy. The weekend approached, and employees of American Home Mortgage Investment Corp. awaited their paychecks.


Read more at Reuters.com Bonds News

Wall St jumps late on profits, credit concerns nag

(Reuters) - U.S. stocks rose on Thursday in another late-day rally as enthusiasm about strong earnings tempered nervousness about more weakness in credit conditions with news another mortgage lender may fold.

Pharmacy chain CVS Caremark Corp. and MTV networks owner Viacom Inc. were among companies that posted results that topped Wall Street's expectations, sending their shares higher. CVS shares climbed 3.5 percent.


Read more at Reuters Africa

GLOBAL MARKETS-US jobs data hit stocks, dollar, boost bonds

(Reuters) - LONDON, Aug 3 - Stocks and the dollar fell while
safe-haven government bonds rallied on Friday after
weaker-than-expected U.S. jobs data fanned concerns about a U.S.
economy already struggling with credit liquidity fears.




U.S. stock futures pointed to a weaker open on Wall Street
while European stocks moved deeper in negative territory
after data showed U.S. employers boosted payrolls in July at the
slowest pace since February, adding 92,000 jobs.


Read more at Reuters.com Economic News

News Corp, Dow Jones deal expected Tuesday-source

(Reuters) - By Robert MacMillan and Kenneth Li



NEW YORK, July 31 - Rupert Murdoch's News Corp. is expected to reach a definitive agreement to buy Dow Jones & Co. Inc. on Tuesday evening, capping his three-month pursuit of the publisher of the Wall Street Journal, a source familiar with the matter said.


Read more at Reuters.com Mergers News

GLOBAL MARKETS-Stocks rally worldwide as credit markets calm

(Reuters) - Earnings from General Motors Corp. sharply exceeded
Wall Street's estimates, driving its stock up nearly 3 percent
and lifting the Dow industrials as it increased investor
optimism about U.S. corporate profits.




The broad market also was bolstered by an inflation
indicator that rose less than expected in June.


Read more at Reuters.com Bonds News

US STOCKS-Wall Street rises on profits, data; GM helps

(Reuters) - NEW YORK, July 31 - U.S. stocks rose on Tuesday,
buoyed by strong earnings from companies such as General Motors
Corp. and Sun Microsystems , and some reassuring
reports on the economy.




GM set the stage for gains after the automaker swung to a
profit in the second quarter and handily topped Wall Street's
expectations [ID:nN31206991], while Sun Microsystems' shares
rose 7 percent after the high-end computer maker posted a
quarterly profit as it cut costs.


Read more at Reuters.com Bonds News

GM trounces 2nd-qtr estimates, shares surge

(Reuters) - By Jui Chakravorty



DETROIT, July 31 - General Motors Corp on Tuesday said it posted a quarterly profit that trounced Wall Street estimates as it benefited from cost-cutting and growing sales overseas, sending shares up as much as 6 percent.


Read more at Reuters.com Market News

US STOCKS-Wall St. rises on data, GM earnings

(Reuters) - NEW YORK, July 31 - U.S. stocks climbed on
Tuesday after General Motors Corp. added to optimism
about corporate earnings and a key inflation indicator showed a
smaller-than-expected rise.




GM shares jumped 6 percent to $34.56 after the blue-chip
automaker swung to a profit in the second quarter and handily
topped Wall Street's expectations. For details, see
[ID:nN30442082].


Read more at Reuters.com Bonds News

US STOCKS-Credit woes, good earnings leave indexes flat

(Reuters) - NEW YORK, July 30 - U.S. stocks were little
changed in volatile trading on Monday after Wall Street's worst
week in nearly five years as investors weighed the worsening
credit market with a positive earnings outlook.




Tightening lending standards threatened to slow or halt the
heavy pace of corporate buy-outs, including several major deals
by private equity firms, that have fueled a rally in equities.


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TREASURIES-Steady in Asia, credit crunch fears supporting

(Reuters) - The credit crunch fears have fuelled safe-haven flows to
shorter-dated Treasuries and stirred speculation the Fed could
cut rates, pulling the two-year yield down to some 75 basis
points below the current federal funds rate of 5.25 percent.




With no major economic data due in the session, traders said
they would be keeping a close eye on how U.S. stocks move later
in the session, with Asian equity markets initially falling
about 1 percent following the tumble on Wall Street last Friday.


Read more at Reuters.com Bonds News

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

Ford swings to surprise profit

(Reuters) - Ford, which is in the midst of a restructuring plan that includes closing 16 plants and cutting up to 45,000 jobs, posted a net profit of $750 million, or 31 cents per share, compared with a loss of $317 million, or 17 cents, a year earlier.




Profit from continuing operations, excluding one-time items, was 13 cents per share. That blew past the average Wall Street forecast of a loss of 37 cents per share as tracked by Reuters Estimates.


Read more at Reuters.com Market News

Wendy's posts second-quarter profit

(Reuters) - Wall Street analysts on average had been expecting profit
of 33 cents per share, according to Reuters Estimates.




Last year's results included a big charge for the company's
evaluation of its Baja Fresh chain, which it later sold.


Read more at Reuters.com Market News

Alaska Air Q2 profit narrows, misses estimate

(Reuters) - WASHINGTON, July 26 - Alaska Air Group Inc. reported a narrower quarterly profit on Thursday that fell short of Wall Street expectations, weighed down by higher fuel costs and a softer revenue environment.



Seattle-based Alaska, the parent of Alaska Airlines and Horizon Air, said net income was $46.1 million, or $1.13 per share, compared with $55.5 million, or $1.38 per share, a year ago.


Read more at Reuters.com Market News

Franklin Resources quarterly earnings jump

(Reuters) - That compares with $371.4 million, or $1.41 a year ago.




Wall Street analysts had expected earnings of $1.81, 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