UPDATE 2-Imax loss widens; strong film slate helps revenue

(Reuters) - Imax said it lost $4.9 million, or 12 cents a share, in the
three months ended March 31. That was worse than the $3.7
million, or 9 cents per share, that it lost in the same period
a year earlier.




But revenues rose to $27.2 million in the quarter, up from
$23.3 million a year earlier, helped by movies that included
300 and Spider-Man 3.


Read more at Reuters.com Market News

Caterpillar, Google, Intuitive Surgical, Kinetic, Pall: U.S. Equity Movers

(Bloomberg) -- The following is a list of companies
whose shares are having unusual price changes in U.S. exchanges
today. Stock symbols are in parentheses after company names.
Share prices are as of 10:10 a.m. New York time.

American Home Mortgage Investment Corp. (AHM US) rose 58
cents, or 5.4 percent, to $11.34. Shares of American Home, which
specializes in adjustable rate mortgages, plunged yesterday on
speculation its credit facilities might be pulled. Analysts at
JMP Securities and RBC Capital Markets said the company is not in
danger of losing its credit lines from Wall Street firms.


Read more at Bloomberg Stocks News

Dollar Falls to Record Low Versus Euro on Concern Subprime Losses to Mount

(Bloomberg) -- The dollar fell to a record low
versus the euro and headed for a sixth straight weekly drop as
concern increased that losses in subprime mortgages will worsen
a slowdown in U.S. housing and curb economic growth.

The currency also tumbled versus the yen as investors
exited riskier bets. Federal Reserve Chairman Ben S. Bernanke
said yesterday there will be ``significant financial losses'' on
mortgages given to people with poor credit histories.


Read more at Bloomberg Currencies News

Nymex Gas Falls on Ample U.S. Inventories; Narrow Trading Range Expected

(Bloomberg) -- Natural gas futures in New York fell
as ample inventories of the power-plant fuel may trap prices in a
narrow range into August, according to a technical analysis.

Gas prices will settle into a range of $6.23 to $6.80 per
million British thermal units. Current prices appear to ``emulate
a zone of congestion from mid January,'' based on an analysis of
moving averages for the commodity, said Michael Fitzpatrick, vice
president for energy risk management at Man Financial Inc. in New
York.


Read more at Bloomberg Energy News

Fed's Poole: Subprime losses punished poor lending

(Reuters) - "As is often the case, the market's punishment of unsound financial arrangements has been swift, harsh, and without prejudice," he said.




Poole said problems in subprime mortgage markets -- which Fed Chairman Ben Bernanke said on Thursday could add up losses of $50 billion to $100 billion -- may have been unavoidable given the clash of new financial products and a cooling housing market.


Read more at Reuters.com Bonds News

S&P upgrades 16 CDO tranches, cuts 14 tranches

(Reuters) - The ratings affected 12 separate CDOs, with ratings ranging
from "AAA," the highest investment-grade ranking, to
"BBB-plus," the third-lowest investment grade.




S&P also affirmed its ratings on two CDO tranches.


Read more at Reuters.com Bonds News

Fed eyeing subprime partly because mkt large-Poole

(Reuters) - Poole, however, said nothing about how stresses evident in
the subprime mortgage market would impact the broader economy.




Read more at Reuters.com Bonds News

US STOCKS-Earnings misses dent indexes; Dow, S&P off 1 pct

(Reuters) - The Dow Jones industrial average was down 128.52
points, or 0.92 percent, at 13,871.89. It slipped as low as
13,856.12. The Standard & Poor's 500 Index was down
12.21 points, or 0.79 percent, at 1,540.87. The Nasdaq
Composite Index was down 27.09 points, or 1.00 percent,
at 2,692.95.




Read more at Reuters.com Bonds News

UPDATE 1-Whole Foods extends Wild Oats tender offer again

(Reuters) - The offer to acquire all of Wild Oats' outstanding shares
for $18.50 each, or about $565 million, will now expire on Aug.
10, instead of July 20 as previously announced.




The largest U.S. organic grocer said in February that it
planned to buy Wild Oats to better compete with larger
traditional grocers, which are increasingly encroaching into
its organic and prepared foods niches.


Read more at Reuters.com Mergers News

Brunswick cuts outlook on weak retail marine market

(Reuters) - CHICAGO, July 20 - Brunswick Corp., the world's largest maker of recreational boats, on Friday cut its 2007 earnings forecast and said it would cut boat production during the rest of the year, citing a weak U.S. retail marine market, sending shares down more than 7 percent.



"Preliminary industry data indicates that retail sales are down by as much as 13 percent in our key category of sterndrive and inboard powered fiberglass boats in the second quarter, which historically represents the strongest period of the selling season," Chief Executive Dustan McCoy said in a statement, explaining company production and shipment cuts. "Despite our actions, however ... we have not made meaningful progress in reducing our pipeline inventories for these products," he added. "We also see no reason to believe that retail trends will reverse in the second half of the year, which is the slowest period for boat sales."


Read more at Reuters.com Market News

U.K. Gas for Delivery Today Rises on Signs Demand May Outstrip Supplies

(Bloomberg) -- U.K. natural gas costs rose for a
second day as forecasts indicated demand may outstrip supply. Gas
for mainland Europe and U.K. power also gained.

U.K. gas for same-day delivery rose as much as 4.4 pence, or
15 percent, to 33.75 pence a therm, according to prices on
Bloomberg from the broker ICAP Plc. It traded at 32.75 pence as
of 9:58 a.m. in London. That's equivalent to $6.70 a million
British thermal units. A therm is 100,000 Btus.


Read more at Bloomberg Energy News

US drug reviewers question GPC Biotech cancer drug

(Reuters) - Food and Drug Administration staff raised five issues with GPC's application for the drug Orplatna, known generically as satraplatin. Among them, they asked whether one of the main goals in a GPC study was acceptable for marketing approval, and whether pain measurements were reliable.






Read more at Reuters.com Government Filings News

Kenya's bourse revises share index

(Reuters) - The Nairobi Stock Exchange (NSE) said on Friday it had revised the companies listed on its main share index to replace inactive stocks.

The bourse has two indexes, the blue chip NSE-20 Share Index and the AIG 27-share Index.


Read more at Reuters Africa

E.Africa firms see worse security, power supply

(Reuters) - Businesses in Kenya expect security to deteriorate, while their Tanzanian and Ugandan counterparts expect access to reliable and affordable energy to worsen in 2007, a survey released on Friday said.

Tanzania and Uganda suffered severe power cuts in late 2005 and most of 2006 after drought depleted their hydropower generation capacity.


Read more at Reuters Africa

Brazil's Real Declines From Seven-Year High as Risk Aversion Increases

(Bloomberg) -- Brazil's currency declined from a
seven-year high as an increase investor aversion to riskier
assets reduced the appeal of emerging market securities.

Stocks in the U.S. slumped and benchmark Treasuries gained
amid speculation rising subprime mortgage defaults will lead to
higher interest rates for private borrowers and curb economic
growth.


Read more at Bloomberg Currencies News

CORRECTED - US STOCKS-Shares fall on earnings; Nasdaq drops 1 pct

(Reuters) - The Dow Jones industrial average was down 106.49
points, or 0.76 percent, at 13,893.92. The Standard & Poor's
500 Index was down 11.01 points, or 0.71 percent, at
1,542.07. The Nasdaq Composite Index was down 28.16
points, or 1.04 percent, at 2,691.88.




Read more at Reuters.com Bonds News

WesBanco to buy Oak Hill for $201 mln

(Reuters) - WesBanco expects the combination to be break-even to 2008
earnings per share and to add over 2 percent to 2009 earnings
per share.





Read more at Reuters.com Mergers News

Freddie Mac sells $3 bln 10-year reference notes

(Reuters) - Freddie Mac on Friday will also sell $3.0 billion in new
three-year reference notes doe Aug. 23, 2010.




Read more at Reuters.com Bonds News

UPDATE 1-Freddie Mac sells $6 bln reference notes

(Reuters) - The 5.125 percent three-year notes were priced at 99.769 to
yield 5.205 percent, or 36.5 basis points over U.S. Treasuries.
The 5.50 percent 10-year notes were priced at 99.916 to yield
5.51 percent, or 51 basis points over Treasuries.




Settlement for both issues is July 23.


Read more at Reuters.com Bonds News

Canada Stocks May Fall on Slowing Chinese Demand; Barrick, Inmet May Fall

(Bloomberg) -- Canadian stocks may fall after China
raised interest rates and U.S. companies, including Google Inc. and
Caterpillar Inc., reported profit below analysts' estimates.

Gold prices in London declined on speculation that the three-
week rally was overdone, given expectations for increased sales
from central-bank reserves. Barrick Gold Corp., the world's biggest
gold producer, and Inmet Mining Corp. may decline, based on bids
submitted to the Toronto Stock Exchange.


Read more at Bloomberg Stocks News

Copper Rises to 2-Month High as Surging Chinese Economy Spurs Metal Usage

(Bloomberg) -- Copper rose to a two-month high in
New York on speculation that demand will remain strong in China,
the world's largest consumer of the metal.

China's economy expanded during the second quarter at the
fastest pace in 12 years, the statistics bureau said in Beijing
yesterday. Rising demand from China has helped spur a 28 percent
rally in copper this year as imports of the metal used in pipes
and wires surged to record levels.


Read more at Bloomberg Commodities News

Journal Register says June ad sales fall

(Reuters) - "While this period's advertising revenues are not
unexpected given the trends we have seen thus far in 2007, we
still believe that the case for improvement in the latter part
of the year for advertising revenue growth remains compelling,"
Senior Vice President and Chief Financial Officer Julie Beck
said in a statement.





Read more at Reuters.com Market News

Dollar Erases Gain Against Euro as Concern About U.S. Slowdown Increases

(Bloomberg) -- The dollar was little changed after
erasing a gain against the euro as concern increases that losses
in subprime mortgages will worsen a slowdown in the U.S. housing
market and curb economic growth.

The currency also pared its advance versus the yen as
investors avoided riskier assets and sought the safety of U.S.
government debt. Federal Reserve Chairman Ben S. Bernanke said
yesterday that losses on investments linked to mortgages given
to people with poor credit histories may total $100 billion.


Read more at Bloomberg Currencies News

Angloplat says union never filed wage dispute

(Reuters) - The world's biggest platinum producer Angloplat will hold further wage talks with South Africa's biggest mining union next week after it did not file a dispute as expected, spokesman Simon Tebele told Reuters.

The National Union of Mineworkers Secretary General Oupa Komane said it had agreed to further bilateral talks after receiving an invitation from the company. A dispute is the first legal step towards going on strike.


Read more at Reuters Africa

UPDATE 1-Masimo sees IPO of 11.9 mln shares at $16-$18 each

(Reuters) - The medical technology company said in a U.S. regulatory
filing that it expects to raise net proceeds of about $20.2
milllion from the sale of 1.5 million of its common shares,
assuming an initial public offering price of $17 per share.




Assuming a price of $17 a share, the company would have a
market capitalisation of $897.9 million.


Read more at Reuters.com Government Filings News

Kenyan shilling steady vs dollar, banks dominate trade

(Reuters) - The Kenya shilling held steady against the dollar on Friday, in trade dominated by banks, dealers said.

At 1000 GMT, commercial banks quoted the local currency at 67.05/15 to the dollar, the same as Thursday's close.


Read more at Reuters Africa

Chrysler, UAW to mark start of contract talks

(Reuters) - Chrysler, which is being spun off by German parent DaimlerChrysler in a $7.4-billion deal, was the first of the three U.S. automakers to reach a deal with the UAW during the last round of labor talks in 2003.




On Friday, in a choreographed photo opportunity, Chrysler Chief Executive Tom LaSorda will shake hands with UAW President Ron Gettelfinger at Chrysler's Auburn Hills, Michigan headquarters and usher in a period of both deep uncertainty and heightened expectations for the U.S. auto industry.


Read more at Reuters.com Business News

Loan Derivatives Indexes Drop to Record as Debt for Buyouts Hits Snags

(Bloomberg) -- Indexes that allow investors to bet
on the health of the leveraged loan market, which has fueled the
private-equity boom, fell to the lowest since they started
trading as investor demand for the debt wanes.

The LCDX index tied to the loans of 100 companies with
high-yield, high-risk ratings dropped to a record low. The two-
month-old index fell 0.3 to 95 and earlier dropped as low as
94.85 as of 7:38 a.m. in New York, according to Goldman, Sachs &
Co. In Europe, the iTraxx LevX Index of contracts on loans to 35
companies dropped 1 to 96.85, the lowest since it began trading
in October, according to Deutsche Bank AG.


Read more at Bloomberg Bonds News

UPDATE 1-CHRONOLOGY-China's measures to cool its economy

(Reuters) -




The cabinet also lowered to 5 percent from 20 percent the
withholding tax on interest income.


Read more at Reuters.com Bonds News

CORRECTION - - UPDATE 1-Wachovia quarterly profit rises 24pct

(Reuters) - Excluding merger costs, profit was $2.36 billion, or $1.23 per share. Analysts on average forecast profit of $1.22 per share, according to Reuters Estimates.




Total revenue rose 20 percent to $8.7 billion, compared with the Reuters estimate of $8.39 billion.


Read more at Reuters.com Mergers News

Boston Scientific posts profit v loss, sales dip

(Reuters) - Excluding items, the company earned 18 cents a share.




The consensus estimate on Wall Street was for a profit of
19 cents per share, according to Reuters Estimates.



Read more at Reuters.com Market News

Sonoco second-quarter profit slips

(Reuters) - Excluding items, earnings rose to 56 cents a share from 51
cents.




Analysts on average had forecast profit of 59 cents a
share, according to Reuters Estimates.



Read more at Reuters.com Market News

INSTANT VIEW: China raises rates after strong growth

(Reuters) - KEY POINTS




-- The People's Bank of China raised the one-year deposit rate by 0.27 percentage point to 3.33 percent, and the one-year lending rate by 0.27 percentage point to 6.84 percent.


Read more at Reuters.com Business News

Citigroup profit rises 18 percent

(Reuters) - Revenue jumped 20 percent to $26.63 billion, while operating expenses were up 16 percent.




Analysts, on average, expected profit of $1.13 per share on revenue of $24.88 billion, according to Reuters Estimates.


Read more at Reuters.com Bonds News

UPDATE 1-Virgin Mobile USA files for $506 mln IPO

(Reuters) - Virgin Mobile USA provides prepaid wireless phone services
in the United States, claiming around 15 percent of that market
with about 4.9 million customers as of March 31.




It is jointly owned by British entrepreneur Richard
Branson's Virgin Group and Sprint Nextel Corp. . the No. 3
U.S. wireless operator in terms of subscribers.


Read more at Reuters.com Government Filings News

Masimo sees IPO of 11.9 mln shares at $16-$18 each

(Reuters) - Masimo said it plans to list its common stock on the Nasdaq
under the symbol "MASI".





Read more at Reuters.com Government Filings News

US STOCKS-S&P futures slip after Google, Microsoft

(Reuters) - Microsoft, the world's largest software maker, posted
higher earnings after the closing bell on Thursday, but
personal computer sales did not pay off as much as some
analysts had hoped, sending shares down 2 percent in
extended-hours trading. For details, see [ID:nN19429097].




Google reported earnings that missed expectations due to
increased hiring and a jump in operating expenses, sending its
stock down 7 percent after the bell.


Read more at Reuters.com Bonds News

Wachovia quarterly profit rises

(Reuters) - Net income for the Charlotte, North Carolina-based company was $2.34 billion, or $1.22 per share, up from $1.88 billion, or $1.17 a share, a year earlier.






Read more at Reuters.com Market News

Stocks seen lower, tech results to weigh

(Reuters) - Shares of Google fell 5 percent in extended trading hours on Thursday as the Internet search company reported disappointing earnings due to the costs of a recent hiring spree and a jump in other operating expenses.




Shares of Microsoft declined 1 percent in extended trading hours after it reported quarterly results that were in line with analysts' estimates.


Read more at Reuters.com Business News

S.Africa's SABC starts Africa channel amid bias furore

(Reuters) - South Africa's public broadcaster is launching an international news channel to compete with CNN and the BBC, joining the growing ranks of news outlets seeking to challenge media stereotypes about Africa.

But media watchdogs say the South African Broadcasting Corp should focus on bolstering editorial independence at home after charges of political meddling harmed its credibility and revived memories of its days as a propaganda machine for apartheid.


Read more at Reuters Africa

Corporate Bond Risk Touches Two-Year High in Europe, Default Swaps Show

(Bloomberg) -- The risk of owning European corporate
bonds rose to a two-year high today, according to traders of
credit-default swaps.

Contracts based on 10 million euros ($13 million) of debt
included in the iTraxx Crossover Series 7 Index of 50 European
companies jumped 14,000 euros to 326,000 at 10:36 a.m. in London,
according to Deutsche Bank AG.


Read more at Bloomberg Bonds News

Yen Declines, Near Record Low Against Euro, as Carry Trades Increase

(Bloomberg) -- The yen fell against the dollar and
traded near a record low against the euro as gains in global
stocks encouraged investors to borrow in Japan's currency to buy
assets elsewhere.

The yen slid against all 16 most-active currencies this week
as investors added to so-called carry trades, taking advantage of
Japan's interest rate, the lowest among industrialized nations.
The Japanese currency also dropped after China raised rates to
cool economic growth, prompting speculation demand for Japanese
exports in its third-largest market will slow.


Read more at Bloomberg Currencies News

U.K.'s FTSE 100 Is Little Changed; Mining Shares Advance as Sage Retreats

(Bloomberg) -- U.K.'s mining stocks rose, paced by
Rio Tinto Plc after copper prices climbed in Asia. Kingfisher
Plc advanced after Deutsche Bank AG raised its recommendation on
shares of Europe's biggest home-improvement retailer.

Sage Group Plc, Britain's biggest maker of accounting
software, paced falling shares.


Read more at Bloomberg Stocks News

European Bonds Rally as Subprime Defaults Prompt Investors to Seek Safety

(Bloomberg) -- European government bonds rallied on
speculation defaults on U.S. subprime mortgages will hurt the
global economy, fueling demand for the safest assets.

Bunds gained, sending 10-year yields to their lowest in
almost three weeks, after the risk of owning European corporate
debt touched a two-year high. Government debt was buoyed this
week after Bear Stearns Cos. told investors they weren't likely
to get any money back from two of its hedge funds that bet on
securities backed by subprime mortgages.


Read more at Bloomberg Bonds News

U.S. Stock-Index Futures Fall; Citigroup Drops, Google Tumbles in Europe

(Bloomberg) -- U.S. stock-index futures fell before
Citigroup Inc., the world's biggest financial-services firm, and
Caterpillar Inc., the world's largest maker of earthmoving
equipment, report quarterly earnings.

Citigroup and Caterpillar shares declined in Europe. Google
Inc. tumbled after rising costs at the world's most-popular
Internet-search engine caused second-quarter profit to miss
analysts' estimates.


Read more at Bloomberg Stocks News

European Gasoil Gains on Crude-Oil Output Disruption in North Sea, Angola

(Bloomberg) -- European gasoil for delivery in
August rose as disruption to production in the North Sea and
offshore Angola cut supplies of easy-to-refine crude for
refineries in Europe and the U.S.

Refiners in Sweden and the Netherlands reduced operating
rates after refining margins for Brent crude fell to negative,
making processing of the most expensive benchmark grade
unprofitable. Producers in the North Sea cut output earlier this
month after an undersea natural-gas pipeline was shut for
maintenance.


Read more at Bloomberg Energy News

Alliance Boots Bond Risk Rises as KKR Faces Higher Loan Costs to Fund LBO

(Bloomberg) -- The risk of owning Alliance Boots
Plc's bonds rose on expectations bankers underwriting the
leveraged buyout by Kohlberg Kravis Roberts & Co. will increase
interest margins to raise 9 billion pounds ($18.5 billion).

Credit-default swaps protecting 10 million euros of Boots
debt rose 10,000 euros to a record 420,000 euros today, according
to Societe Generale SA. KKR and bankers led by Deutsche Bank AG
have to close the syndication of the loans today under a
commitment deadline announced July 5. The bankers are likely to
offer improved terms to attract enough investors, said Sonia Van
Dorp, a credit analyst at Societe Generale.


Read more at Bloomberg Bonds News

Fresh bid talk boosts Friends Provident shares

(Reuters) - Friends Provident, worth almost 4 billion pounds at current market prices, has said it feels under no pressure to do deals and is happy with its current growth momentum.




Friends Provident and AXA were not immediately available for comment.


Read more at Reuters.com Hot Stocks News

Mutua Madrilena selling 3 pct stake in ACS

(Reuters) - MADRID, July 20 - Spanish insurer Mutua Madrilena is selling its stake of about 3 percent in construction group ACS through a private placement carried out by Morgan Stanley, the firms said on Friday.



Shares in ACS opened 2.8 percent lower on the news and at 0811 GMT were down 2.6 percent at 46.82 euros.


Read more at Reuters.com Government Filings News

Zeltia shares soar after cancer drug approval

(Reuters) - MADRID, July 20 - Shares in Spanish drug company Zeltia soared on Friday after its cancer treatment Yondelis was recommended for approval in Europe, its first medicine to make its way to the market. Zeltia shares were 19.4 percent higher at 9.79 euros at 0800 GMT after the European Medicines Agency late on Thursday recommended Yondelis be approved by the European Commission, a process which usually takes a couple of months.



The company said Yondelis should be available to treat soft tissue sarcomas by the end of the year.


Read more at Reuters.com Government Filings News