Jobless claims, leading index fall

(Reuters) - First-time claims for state unemployment benefits fell to 301,000 in the week ended July 14 from an upwardly revised 309,000 claims the prior week, the Labor Department said. Economists had expected them to rise slightly.




It was the second consecutive weekly decline and took initial claims to their lowest level since mid-May.


Read more at Reuters.com Economic News

VF Corp. posts higher operating profit

(Reuters) - NEW YORK, July 19 - Apparel maker VF Corp. on Thursday posted better-than-expected quarterly profit from continuing operations, on higher sales across all its segments and the sale of a trademark of one of its brands in Europe.



Income from continuing operations rose 18 percent, to $105.8 million, or 93 cents per share, compared with $89.6 million, or 80 cents, a year earlier.


Read more at Reuters.com Market News

Honeywell profit up 17 percent, beats forecasts

(Reuters) - BOSTON, July 19 - Diversified manufacturer Honeywell International Inc. said on Thursday quarterly profit rose 17 percent, beating Wall Street expectations, boosted by strong demand from the aerospace and construction industries.



Honeywell, the world's largest maker of cockpit electronics, reported second-quarter profit of $611 million, or 78 cents per diluted share, compared with $521 million, or 63 cents per share, a year earlier. Analysts, on average, had expected 76 cents per share, according to Reuters Estimates.


Read more at Reuters.com Market News

Dow Jones quarterly profit falls, hurt by charges

(Reuters) - NEW YORK, July 19 - Dow Jones & Co. Inc. , which soon could be bought by News Corp. for $5 billion, said one-time charges lowered quarterly profit, while its digital business pushed up revenue despite lower ad sales at its flagship Wall Street Journal.



Second-quarter profit fell to $21 million, or 25 cents a share, from $28.8 million, or 34 cents a share, a year earlier.


Read more at Reuters.com Market News

UPDATE 1-Avici posts higher Q2 profit, doubles '07 revenue view

(Reuters) - The North Billerica, Massachusetts-based company said it
raised its revenue outlook based on final orders for its router
products.




The company, which provides Internet infrastructure
equipment that enables network service providers to transmit
data, now sees 2007 revenue of $110 million to $125 million, up
from its April view of $50 million to $60 million.


Read more at Reuters.com Market News

IGT sees earns slightly below Wall Street

(Reuters) - Wall Street analysts are expecting earnings per share of 41
cents for the fourth quarter of fiscal 2007, which ends in
September, and 40 cents and 42 cents per share respectively for
the first two quarters of fiscal 2008.




Read more at Reuters.com Market News

UPDATE 1-OptionsXpress 2nd-qtr profit rises 29 pct

(Reuters) - OptionsXpress reported net income of $23.2 million, or 37
cents a share, from $18 million, or 29 cents a share a year
earlier.




Analysts on average expected the Chicago-based brokerage to
earn 35 cents per share, excluding items.


Read more at Reuters.com Market News

Allstate comfortable with subprime investments

(Reuters) - Allstate executives, including Chief Executive Thomas
Wilson, made their comments during a conference call with
analysts and investors.




Allstate reportered lower than expected earnings on
Wednesday, as homeowner premiums declined.



Read more at Reuters.com Market News

Copper Gains on Speculation Global Economic Growth to Boost Metal Demand

(Bloomberg) -- Copper in New York gained the most
in more than two weeks on speculation that global economic
growth will increase demand for the metal used in homes, cars
and appliances.

China's economy in the second quarter expanded at the
fastest pace in 12 years, the statistics bureau said in Beijing
today. Federal Reserve Chairman Ben S. Bernanke said yesterday
U.S. growth will pick up ``a bit'' next year. The price of
copper has gained more than fourfold in the past four years as
worldwide demand outpaced production.


Read more at Bloomberg Commodities News

Chile's Quinenco agrees to alliance with Citigroup

(Reuters) - Quinenco said it aims to complete the operation by the
start of next year.





Read more at Reuters.com Mergers News

ProLogis Postpones Debut Bonds Because of Volatile Markets, Person Says

(Bloomberg) -- ProLogis European Properties, owner
of Europe's largest group of warehouse distribution facilities,
postponed its first sale of bonds, said a person involved in the
sale.

The sale was delayed because of bond market volatility,
said the person, who declined to be identified because details
of the sale weren't made public. The Luxembourg-based company
had hired ABN Amro Holding NV and Bank of America Securities LLC
to manage the sale of the 10-year euro-denominated notes.


Read more at Bloomberg Bonds News

Dollar slips slightly, eyes interest rates

(Reuters) - The dollar eased slightly against most currencies on Thursday over concerns about the health of U.S housing market as investors eye the next Federal Reserve rate move.

The dollar reached its lowest levels in years on Wednesday following a speech by Federal Reserve Chairman Ben Bernanke outlining risks in the housing market that could weigh on U.S. economic growth.


Read more at Reuters Africa

Syron, Chanos, Faber See Defaults Increasing in Loans to Risky Borrowers

(Bloomberg) -- The worst is yet to come in the
market for subprime loans as defaults increase and holders of
mortgage-backed bonds are forced to sell as prices fall, Freddie
Mac Chief Executive Officer Richard Syron and investors James
Chanos and Marc Faber said.

``Unfortunately I don't think we have hit bottom'' in
defaults, said Syron, whose company is the second-largest source
of money for home loans behind Fannie Mae, said in an interview
yesterday from McLean, Virginia. ``Things are going to get
worse.''


Read more at Bloomberg Stocks News

UPDATE 1-Cott second-quarter profit falls 38 pct

(Reuters) - The company, which makes beverages for major retailers
including Wal-Mart , said short-term cost increases as
it moved production from recently-closed plants also hurt
results.




Cott has been slashing jobs, closing offices and shutting
plants to try to improve profitability.


Read more at Reuters.com Market News

UPDATE 1-PPG second-quarter earnings slip

(Reuters) - The latest results included an after-tax charge of $6
million, or 3 cents a share, related to an asbestos settlement
agreement, the company said.




Quarterly sales rose more than 12 percent to $3.17 billion,
spurred by recent acquisitions and strong organic volume
growth.


Read more at Reuters.com Market News

UPDATE 1-Union Pacific profit rises, beats Street view

(Reuters) - The Omaha, Nebraska-based company reported second-quarter
net income of $446 million, or $1.65 a share, compared with
$390 million, or $1.44 a share, a year earlier.




On average Wall Street analysts had expected earnings per
share of $1.62, according to Reuters Estimates.


Read more at Reuters.com Market News

U.K. Natural Gas Gains on Forecasts Demand May Outstrip North Sea Supply

(Bloomberg) -- U.K. natural gas for delivery today
reversed early declines on forecasts that demand may outstrip
expected supplies of the fuel. Gas in mainland Europe and U.K.
power prices dropped.

Gas for same-day delivery climbed for a third day in four,
gaining 4.2 percent to 29.50 pence a therm at 1:20 p.m. London
time, according to prices on Bloomberg from the broker ICAP Plc.
That's equivalent to $6.0 a million British thermal units. A
therm is 100,000 Btus.


Read more at Bloomberg Energy News

Delphi rejects Highland investment plan

(Reuters) - Highland had proposed to invest up to $2.4 billion in new Delphi shares, $450 million in Series A convertible preferred stock and $450 million in preferred stock, according to the filing.




On Wednesday, Delphi accepted a revised proposal from a group led by Appaloosa Management to invest up to $2.55 billion in Delphi equity.


Read more at Reuters.com Bonds News

Jobless claims fall 8,000 in latest week

(Reuters) - Economists polled by Reuters forecast that initial claims would rise slightly to 311,000 from the original reading of 308,000 in the week ended July 7.




The four-week moving average, a more reliable gauge because it irons out much of the weekly fluctuations, fell to 312,000 from 318,250 the previous week.


Read more at Reuters.com Business News

Treasuries Drop on Boost in European, Asian Stocks, Emerging-Market Bonds

(Bloomberg) -- Treasuries fell as a rebound in
European and Asian stocks and emerging-market bonds suggested
reduced demand for the safety of government debt.

The 10-year note's yield rose 3 basis points, or 0.03
percentage point, to 5.05 percent at 8:35 a.m. in New York.
The price of the 4 1/2 note maturing in May 2017 decreased to 95
23/32.


Read more at Bloomberg Bonds News

BB&T second-quarter profit rises

(Reuters) - The Winston-Salem, North Carolina-based company said net income rose to $458 million, or 83 cents per share, from $429 million, or 79 cents a share, a year earlier.



Excluding items, operating profit rose to $461 million, or 83 cents per share, from $430 million, or 79 cents a share.


Read more at Reuters.com Market News

PPG second-quarter earnings slip

(Reuters) - The latest results included an after-tax charge of $6
million, or 3 cents a share, the company said.





Read more at Reuters.com Market News

UPDATE 1-Huntington Bancshares profit falls

(Reuters) - NEW YORK, July 19 - Huntington Bancshares Inc., a large U.S. Midwest bank, said on Thursday second-quarter net fell 28 percent, blaming soured loans to homebuilders in eastern Michigan.



Huntington , which warned earlier this month that profits would fall, said it expects its business to be hurt by a continued downturn in the eastern Michigan housing market and by weakness in the auto industry.


Read more at Reuters.com Market News

Zloty Advances as Investors' Appetite for Emerging Market Assets Returns

(Bloomberg) -- The Polish zloty rose as investors
regained their appetite for risk and bought emerging-market
stocks.

Poland's WIG 20 index saw its biggest gain in more than two
weeks and stocks in Hungary, the Czech Republic and Romania also
rose after Federal Reserve Chairman Ben S. Bernanke allayed
concern that a housing slump would brake U.S. economic growth.


Read more at Bloomberg Emerging Markets News

Nasdaq profit more than triples

(Reuters) - Analysts, on average, were expecting Nasdaq to earn 36 cents a share, according to Reuters Estimates.




Net revenue for the quarter rose 16 percent to $198.7 million, excluding various fees.


Read more at Reuters.com Hot Stocks News

Vattenfall Halts Brunsbuettel Nuclear Power Plant to Repair Screw Anchors

(Bloomberg) -- Vattenfall Europe AG, Germany's
fourth-largest utility, halted its Brunsbuettel nuclear plant for
repairs to screw anchors.

The 771-megawatt reactor will remain offline until
investigations and repairs are complete, the Social Ministry of
the state of Schleswig-Holstein, where the facility is based,
said today in an e-mailed statement. Faults were discovered with
screw anchors holding pipes in place, the ministry said.


Read more at Bloomberg Energy News

Zanzibar to privatise clove industry

(Reuters) - Zanzibar will soon privatise its clove industry in a bid to revive what was once the Indian Ocean Islands' main foreign exchange earner, the archipelago's finance minister said on Thursday.

Cloves were once the main foreign exchange earner on the so called "spice islands", but the industry collapsed in the 1980's after international prices tumbled.


Read more at Reuters Africa

UPDATE 1-Paragon Shipping files for $201.3 mln IPO

(Reuters) - UBS Securities LLC, Morgan Stanley & Co. Inc. and Cantor
Fitzgerald & Co. were underwriting the IPO, the drybulk
shipping services provider told the U.S Securities and Exchange
Commission.




The company, which intends to apply for listing Class A
Common Shares on the Nasdaq under the symbol "PRGN," said it
plans to use part of its net proceeds to fund a portion of the
purchase price of three additional drybulk carriers and to
repay up to $108.3 million of debt under its existing credit
facility.


Read more at Reuters.com Government Filings News

Alcan, Husky, International Forest and Maple Leaf: Canadian Equity Preview

(Bloomberg) -- The following is a list of companies
whose shares may have unusual price changes in Canadian markets.
This preview includes news that broke after markets closed. Symbols
are in parentheses after company names and prices are from the last
close.

The Standard & Poor's/TSX Composite Index rose 201.65, or 1.4
percent, to 14,583.66.


Read more at Bloomberg Stocks News

Algeco parent to buy Williams Scotsman

(Reuters) - It said Gerry Holthaus, currently chairman and chief
executive of Williams Scotsman, is expected to remain CEO and
become chairman and CEO of Ristretto, Algeco's parent company.





Read more at Reuters.com Bonds News

Crude Oil Rises 11-Month High After Total Declares Angolan Force Majeure

(Bloomberg) -- Crude oil rose to an 11-month high in
New York after Total SA lost production and declared force majeure
at the Dalia field in Angola.

Total's decision covered half the oil pumped at the offshore
field, which had produced 240,000 barrels a day, said Patricia
Marie, a company spokeswoman. A generator failure caused the
problem. Oil also gained because the U.S. government said gasoline
stockpiles fell last week as imports plunged and demand climbed.


Read more at Bloomberg Energy News

PNC Financial second-quarter profit rises

(Reuters) - Net income for the Pittsburgh-based company rose to $423 million from $381 million. Earnings per share fell to $1.22 from $1.28 because PNC had more shares outstanding.



Adjusted earnings rose to $434 million from $386 million, and fell to $1.25 from $1.30 on a per-share basis.


Read more at Reuters.com Market News

Baxter quarterly net rises as sales climb 7 percent

(Reuters) - The Deerfield, Illinois-based company, which also makes hospital products and kidney dialysis equipment, also raised its outlook for the year, forecasting earnings per share of $2.65 to $2.70, with sales up 4 to 5 percent.



Baxter said second-quarter net earnings were $431 million, or 65 cents per diluted share, compared with $309 million, or 47 cents per share, in the year-ago quarter.


Read more at Reuters.com Market News

SunTrust quarterly profit rises on one-time gain

(Reuters) - The results included a $145.6 million after-tax gain on the
sale of 4.5 million shares of Coke, or 9 percent of the bank's
Coke holdings.





Read more at Reuters.com Market News

Futures rise before wave of earnings, IBM gains

(Reuters) - Shares of International Business Machines Corp. rose in extended-hours trading on Wednesday after the world's largest computer services company reported earnings that beat Wall Street expectations.




"IBM shows the weak dollar is having a very positive effect on some multinational companies. Their overseas revenues are really helping the bottom line very strongly, that's the bullish part of the day," said Rick Meckler, president of investment firm LibertyView Capital Management in Hoboken, New Jersey.


Read more at Reuters.com Hot Stocks News

Gold Drops in London as Weaker Dollar Fails to Spur Buying; Silver Gains

(Bloomberg) -- Gold rose in London, erasing an
earlier decline. Silver also advanced.

Gold for immediate delivery added $1, or 0.2 percent, to
$674 an ounce at 10:03 a.m. local time, after earlier falling as
much as $1.51. Prices this year peaked at $694.25 an ounce on
April 23.


Read more at Bloomberg Commodities News

Scholastic quarterly profit rises

(Reuters) - In a statement detailing Karmazin's planned testimony before a U.S. Senate committee today, Karmazin said: "The merger will allow us to lower prices. Consumers who want fewer channels than currently offered will be able to select one or more packages of channels for less than $12.95 per month."



Sirius plans to buy XM in an all-stock deal which was worth about $4.6 billion when it was announced in February, but the merger has been criticized by some U.S. lawmakers and consumer groups as anti-competitive.


Read more at Reuters.com Market News

Weak North American economy hurts Vitran results

(Reuters) - Earnings fell to $5.5 million, or 41 cents a share, from
$5.8 million, or 45 cents a share, a year earlier.








Read more at Reuters.com Market News

Paragon Shipping files for $201.3 mln IPO

(Reuters) - The filing did not reveal how many shares the company
planned to sell or their expected price. The company intends to
apply for listing Class A Common Shares on the Nasdaq under the
symbol "PRGN."





Read more at Reuters.com Government Filings News

Turkey's Cukurova to sell media stake-sources

(Reuters) - Cukurova is offering a minority stake in its print media
assets, which include newspaper Aksam, television companies
including entertainment channel Show TV, and pay-TV Digiturk,
the sources said. One of the sources said four bidders had
started due diligence.




"They are making a holding structure including Digiturk,
Aksam and Show TV and the other newspapers and magazines, and
they are offering that," said the second source, who declined to
be named. "They are selling up to 50 percent of it."


Read more at Reuters.com Mergers News

Enthrust Financial files for $86.25 mln offering

(Reuters) - The filing did not reveal how many shares the company
planned to sell or their expected price.




The company, whose common stock currently trades on the OTC
Bulletin Board under the symbol "EFSV.OB," plans to apply to
list its common stock on the Nasdaq under the symbol "RODM."



Read more at Reuters.com Government Filings News

UPDATE 3-China GDP growth jumps to 11.9 pct, tightening seen

(Reuters) - BEIJING, July 19 - China's annual economic growth
surged to an 11-½ year high of 11.9 percent in the second
quarter, cementing expectations for tighter policy to keep the
world's fastest-growing major economy from overheating.




The figures put China on course to chalk up its straight
fifth year of double-digit growth and to overtake Germany as
the world's third-biggest economy -- perhaps as soon as this
year.


Read more at Reuters.com Bonds News

Virgin America to sell first tickets Thursday

(Reuters) - Virgin America will initially operate two daily flights between its San Francisco hub and New York's John F. Kennedy International Airport, and five daily flights between San Francisco and Los Angeles.




Operating a fleet of new Airbus A319s and A320s and promising luxury amenities, Virgin America is taking aim at JetBlue Airways and other carriers that promote customer service.


Read more at Reuters.com Business News

Russia's Rostelekom 2006 net profit jumps 49 pct

(Reuters) - Net profits, to International Financial Reporting Standards, increased to 1.46 billion roubles from 0.98 billion roubles in 2005, the company said.



Revenues also rose by around 50 percent to stand at 61.56 billion roubles, compared with 40.96 billion roubles in 2005.


Read more at Reuters.com Market News

UPDATE 2-Shanghai to launch financial conglomerate soon

(Reuters) - SHANGHAI, July 19 - The Shanghai government will
set up a financial conglomerate soon to consolidate the city's
financial assets and strengthen its role as a financial centre,
a senior official and sources said.




The group -- likely to be named Shanghai New International
group -- will allow the government to tighten control of its
financial assets in a city that is increasingly competing with
other financial hubs such as Hong Kong and Tokyo.


Read more at Reuters.com Mergers News

Aquarius contractor fires 3,000 striking workers

(Reuters) - More than 3,000 striking workers at two South African mines owned by platinum miner Aquarius Platinum have been dismissed, the firm said on Thursday.

The strike stemmed from demands for a bonus made by employees and followed the dismissal of 108 load-haul dumper operators in May. The rest of the contractor workforce went on a sympathy strike.


Read more at Reuters Africa

U.K. Natural Gas Declines on Forecast That Supplies May Outstrip Demand

(Bloomberg) -- U.K. natural gas costs fell as
forecasts indicated growing supplies may outstrip expected
consumption of the fuel today. Gas in mainland Europe and U.K.
power prices also dropped.

Gas for same-day delivery declined 4.8 percent to 27 pence a
therm at 9:20 a.m. London time, according to prices on Bloomberg
from the broker Spectron Group Plc. That's equivalent to $5.50 a
million British thermal units. A therm is 100,000 Btus. Gas for
delivery a day ahead fell as much as 9.3 percent to 26.75 pence a
therm, according to Spectron.


Read more at Bloomberg Energy News

Telenet Seeks 1 Billion-Euro Loan to Pay Shareholder Dividends, Refinance

(Bloomberg) -- Telenet Group Holding NV, Belgium's
biggest provider of broadband cable services, is seeking a 1
billion-euro ($1.4 billion) loan as part of its plan to replace
bonds and pay dividends, bankers arranging the deal said.

Telenet, based in Mechelen, Belgium, wants to refinance all
its bonds and return as much as 813.4 million euros to
shareholders, the company said earlier this month. Telenet hired
BNP Paribas SA, JPMorgan Chase & Co. and ABN Amro Holding NV to
arrange the financing, said the bankers, who declined to be
identified because the terms haven't been set.


Read more at Bloomberg Bonds News

Vodafone posts solid Q1 as India, Turkey shine

(Reuters) - By Kirstin Ridley, European Telecoms Correspondent



LONDON, July 18 - Mobile phone giant Vodafone Group Plc posted robust first-quarter revenue and customer growth on Thursday as booming business in India and Turkey helped offset tough German and Italian markets.


Read more at Reuters.com Mergers News

LG Elec swings to biggest profit in 3 years

(Reuters) - SEOUL, July 19 - South Korea's LG Electronics Inc. swung to a profit in the second quarter as a turnaround in its LCD venture and strong mobile phone sales outweighed heavy losses in its plasma display business.



LG, the world's No. 5 handset maker, is likely to enjoy a stronger second half as a recovery at its liquid crystal display


Read more at Reuters.com Market News