Brazil's Bovespa Tumbles on Rate, Credit Concerns: Latin American Stocks

(Bloomberg) -- Brazilian stocks fell the most in five
months, led by commodity producers and banks, after the central
bank signaled it may slow the pace of interest rate cuts, curbing
economic growth.

The Bovespa Index of the most-traded stocks on the Sao Paulo
exchange fell 2,263.76, or 4 percent, to 53,737.54 at 1:02 p.m. New
York time, the steepest drop since Feb. 27. The slide was part of a
global equities rout spurred by credit quality concerns in the U.S.
The Morgan Stanley Capital International index of Latin American
shares fell 4.1 percent.


Read more at Bloomberg Stocks News

Kenya coffee marketer seeks sales rules clarity

(Reuters) - A Kenyan coffee marketing agent urged the government on Thursday to resolve conflicts of interest among marketing agents who also double up as exporters, saying it denied farmers getting better prices in the market.

Last year Kenya set rules to regulate the direct sales of coffee buyers abroad, allowing farmers to bypass a central auction where all Kenyan coffee had been traded since 1935.


Read more at Reuters Africa

S.African stocks tumble to 3-week low, miners hit

(Reuters) - South African blue-chip stocks tumbled as much as 2.2 percent to their lowest level in more than three weeks as softer metal prices hit mining stocks and weaker global equities hurt broader sentiment.

The Johannesburg Top-40 index of blue-chip stocks fell 1.98 percent to 25,809.55 points -- its lowest level since July 2. The Johannesburg All-share index slid 1.88 percent to 28,559.50 points.


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Mauritius current account moves into surplus in Q1

(Reuters) - Mauritius registered its first current account surplus in two years in the first quarter of 2007, Central Bank figures showed on Thursday.

"Provisional estimates for the first quarter of 2007 suggest that the current account of the balance of payments registered a surplus of Rs 333 million ... against a deficit of Rs 501 million in the corresponding quarter of 2006," the bank's monthly statistical bulletin said.


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Mr Price Q1 sales up 28 pct, sees slower growth

(Reuters) - South African fashion and homeware retailer Mr Price posted a 27.6 percent rise in first-quarter sales on Thursday but said sales growth for the rest of the year would be "more challenging".

The company said like for like sales stripping out the impact of new stores increased 10.9 percent in the quarter to end June.


Read more at Reuters Africa

Rand, bonds dive in emerging market sell-off

(Reuters) - South Africa's rand fell sharply on Thursday, caught up in a battering of global equities and emerging market currencies.

The local unit was trading at 7.0350 at 1530 GMT, a fall of 2.2 percent from its close in New York of 6.8825, but just off the session trough of 7.04 -- a two-week low.


Read more at Reuters Africa

Schering-Plough pulls EU antibiotic filing

(Reuters) - The European drugs watchdog said the withdrawal of
garenoxacin followed a request for additional information, to
which the company was unable to respond within the permitted
timeframe.




Read more at Reuters.com Government Filings News

EU Commission clears Superior Essex to buy Invex

(Reuters) - The European Commission said in its approval that "a number
of effective competitors, which have sufficient spare capacity,
would remain in the market and would continue to be able to
constrain the behaviour of the merged entity".




Superior Essex makes wire and cable used for communications
and magnet wire. It supplies copper and fibre optic
communications wire and cable products to telephone companies,
and its products are also used in transformers and generators.


Read more at Reuters.com Government Filings News

UPDATE1-Tully's Coffee sees IPO of 3.5 mln shares at $10-$12/shr

(Reuters) - The specialty retailer and wholesaler of hand-craft
roasted, gourmet coffees said KeyBanc Capital Markets Inc.,
D.A. Davidson & Co. and Stifel Nicolaus & Co. Inc. were
underwriting the IPO, according to a filing with the U.S.
Securities and Exchange Commission.




The Seattle, Washington-based company, which has applied
for a Nasdaq listing under the symbol "TULY", has given
underwriters the option to buy up to 525,000 additional shares
to cover any over allotments.


Read more at Reuters.com Bonds News

UPDATE 1-Manila revives power sales with $930 mln deal

(Reuters) - MANILA, July 26 - The Philippine government sold a
600-megawatt coal-fired power plant for $930 million to a group
led by AES Transpower on Thursday, successfully reviving
its energy privatisation programme.




The winning bid was nearly two thirds higher than the $562
million price tag paid for the plant, in Masinloc, Zambales
northwest of Manila, in a 2004 sale that was later nullified.


Read more at Reuters.com Bonds News

AutoNation CEO says US housing to hurt auto sales

(Reuters) - "As best as we can tell, we see no indication it's going to
get any better this year," he added.




Jackson also said sales of pickup trucks, many of which are
bought by construction workers, will continue to be hurt by the
weak housing market. Pickups have traditionally been the most
profitable segment for automakers.


Read more at Reuters.com Bonds News

AirTran quarterly profit rises on increased traffic

(Reuters) - CHICAGO, July 26 - AirTran Holdings Inc. , parent of low-cost carrier AirTran Airways, on Thursday said its quarterly profit rose almost 30 percent as the carrier saw higher traffic and flew fuller planes.



The Orlando, Florida-based airline said its second-quarter net profit amounted to $41.5 million, or 41 cents per share, compared with a profit of $32 million, or 32 cents, a year earlier.


Read more at Reuters.com Bonds News

National City profit falls 27 pct, mortgages weigh

(Reuters) - NEW YORK, July 26 - National City Corp , a large U.S. Midwest regional bank, said on Thursday second-quarter profit fell 27 percent, hurt by rising credit losses in mortgages and home equity loans, and pressure on commercial lending.



Net income for Cleveland-based National City fell to $347 million, or 60 cents per share, from $473 million, or 77 cents, a year earlier.


Read more at Reuters.com Bonds News

TREASURIES-Bonds extend gains after weak new home sales

(Reuters) - Last month's economic data, however, was not the main focus
for a Treasury market that was already rallying sharply on safe
haven flows out of riskier nongovernment bonds and stocks,
traders said.




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US STOCKS-Indexes add losses on news home sales data

(Reuters) - The Dow Jones industrial average was down 115.59
points, or 0.84 percent, at 13,669.48. The Standard & Poor's
500 Index was down 17.91 points, or 1.18 percent, at
1,500.18. The Nasdaq Composite Index was down 27.26
points, or 1.03 percent, at 2,620.91.




Read more at Reuters.com Bonds News

US mortgage delinquencies to peak in '08-Economy.com

(Reuters) - The findings are based on consumer credit files from the
credit bureau Equifax and cover 200 metropolitan areas in the
United States.




Moody's Economy.com said the subprime adjustable-rate
mortgage, or ARM, segment will be the hardest hit, with the
in-foreclosure rate forecast to hit 10 percent by mid-2008, up
from the current 4 percent. For comparison, the previous peak
of 6 percent was reached soon after the September 11, 2001,
terrorist attacks, after which the rate fell to a low of 2.5
percent in the summer of 2005.


Read more at Reuters.com Bonds News

GLOBAL MARKETS-Credit woes sweep financial markets

(Reuters) - NEW YORK, July 26 - U.S. stocks opened down more
than 1 percent on deepening concerns about instability in world
credit markets, while U.S. Treasuries rallied sharply as
investors sought a safe haven in government bonds.




Risky currency trades also came under pressure as the
Japanese yen rose across the board.


Read more at Reuters.com Bonds News

Brazil markets plunge on worries about US economy

(Reuters) - Brazil's currency, the real , weakened more than 1
percent to 1.888 per U.S. dollar.




Despite a third day of weakness, the real is trading near a
seven-year high on heavy foreign investment, high domestic
interest rates and strong exports.


Read more at Reuters.com Bonds News

Edwards proposes repeal of some Bush tax cuts

(Reuters) - "It's time for us to put our economy back in line with our values," Edwards said in a speech in Des Moines, Iowa.




Currently running third in the Democratic race behind Sens. Hillary Clinton of New York and Barack Obama of Illinois, Edwards is trying to position himself as the leader of ideas in the race for his party's nomination for the November 2008 election.


Read more at Reuters.com Bonds News

Transocean, GlobalSantaFe break new deal ground

(Reuters) - Transocean and GlobalSantaFe, two of the largest oil drillers, agreed on Monday to a near $18 billion deal in which their shareholders will both receive a cash payment at the time of the deal in addition to stock in the new company.




To do that, the companies combined a $15 billion leveraged recapitalization backed by a bridge loan with a stock-for-stock swap that gives no premium to shareholders -- a new deal structure that will likely turn up again, M&A experts said.


Read more at Reuters.com Bonds News

UPDATE 1-US brokers' CDS spreads widen 20 bps on credit woes

(Reuters) - NEW YORK, July 26 - U.S. brokers' credit spreads
widened by about 20 basis points on average due to worries
about risky mortgages and a recent spate of pulled financings
for corporate buyouts, analysts said on Thursday.




Bear Stearns Cos.' credit default swap spreads
jumped about 25.5 basis points to 110 basis points, which means
it costs $110,000 annually to protect $10 million of its debt
for five years.


Read more at Reuters.com Bonds News

Intercontinental Exchange Profit Rises 73 Percent as Energy Trading Gains

(Bloomberg) -- Intercontinental Exchange Inc., which
lost its bid to acquire the Chicago Board of Trade this month,
said second-quarter net income jumped 73 percent on increased
energy trading.

Profit rose to $53.7 million, or 75 cents per share, from
$31 million, or 52 cents per share, in the year-earlier period,
Atlanta-based Intercontinental said. Revenue jumped to $136.7
million in the quarter, up 86 percent from $73.6 million.


Read more at Bloomberg Energy News

Goldman Sachs, Bear Stearns Bond Risk Surges, Credit Default Swaps Show

(Bloomberg) -- The risk of owning bonds of Wall Street
firms soared as concerns escalated that investment banks will be
hurt by losses from subprime mortgages and corporate debt.

Credit-default swaps on $10 million of Goldman Sachs Group
Inc. bonds jumped as much as $18,000 to a record $85,000,
according to broker Phoenix Partners Group in New York. Bear
Stearns Cos. credit swaps surged as much as $29,000 to $110,000,
also a new high. Lehman Brothers Holdings Inc. climbed as much as
$24,000 to $104,000.


Read more at Bloomberg Bonds News

Benchmark quarterly profit falls

(Reuters) - Excluding costs related to restructuring and other items,
the profit would have been 39 cents a share. Sales for the
period rose to $756 million from $749 million a year ago.




Analysts had forecast earnings of 38 cents a share,
excluding items, and revenue of $756.8 million, according to
Reuters Estimates.



Read more at Reuters.com Market News

ICE posts higher quarterly profit

(Reuters) - Excluding charges, the company earned 85 cents per share.




Read more at Reuters.com Market News

AmerisourceBergen quarterly earnings rise

(Reuters) - CHICAGO, July 26 - AmerisourceBergen Corp. said on Thursday quarterly earnings rose 9 percent as gains in its drug distribution business offset weakness in its long-term care institutional pharmacy operations.



Fiscal third-quarter net income was $130 million, or 69 cents per share, up from $119 million, or 58 cents per share, a year earlier, the Valley Forge, Pennsylvania-based drug wholesaler and pharmacy services provider said. Excluding one-time items, AmerisourceBergen earned 60 cents a share. On that basis, analysts on average had forecast 62 cents a share, according to Reuters Estimates.


Read more at Reuters.com Market News

Check printer Deluxe posts 2nd-qtr profit

(Reuters) - Revenue fell 1 percent to $399.9 million.





Read more at Reuters.com Market News

Celgene 2nd-qtr earnings jump on cancer drug sales

(Reuters) - Excluding one-time items, the company earned 26 cents a
share. On that basis, analysts on average expected 23 cents a
share, according to Reuters Estimates.




Revenue rose 76.4 percent to $348 million.



Read more at Reuters.com Market News

Ford swings to surprise second-qtr profit

(Reuters) - DETROIT, July 26 - Ford Motor Co on Thursday swung to a surprise second-quarter profit after seven quarters of losses on cost-cutting and a turnaround in its core automotive operations, pushing shares higher.



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.


Read more at Reuters.com Market News

UPDATE 1-Check printer Deluxe posts profit, ups 2007 view

(Reuters) - Net income for the St. Paul, Minnesota-based company was
$36 million, or 69 cents per share. A year earlier, it posted a
net loss of $2.4 million, or 5 cents per share, reflecting a
large write-off.




Revenue fell 1 percent to $399.9 million, while selling,
general and administrative expenses dropped 4 percent.


Read more at Reuters.com Market News

Tenneco posts higher quarterly earnings

(Reuters) - Excluding one-time items, Tenneco earned 87 cents per
share. Analysts on average expected Lake Forest, Illinois-based
Tenneco to report earnings of 77 cents excluding one-time
items, according to Reuters Estimates.





Read more at Reuters.com Market News

UPDATE 1-Benchmark profit falls on restructuring charges

(Reuters) - The company, which makes computers, telecommunications
equipment and other electronics, posted net income of $25.9, or
35 cents a share, compared with $27.5 million, or 42 cents a
share, a year earlier.




Excluding restructuring costs and other items, the profit
would have been 39 cents a share.


Read more at Reuters.com Market News

Life Time Fitness quarterly profit rises

(Reuters) - Total revenue rose more than 32 percent to $162.1 million.




Analysts on average were expecting earnings of 43 cents a
share, before exceptional items, on revenue of $160.3 million.



Read more at Reuters.com Market News

UPDATE 1-QLT tumbles to loss on legal charges

(Reuters) - The pharmaceutical company lost $68.7 million, or 92 cents
a share for the period to June 30, compared with a profit of
$7.5 million, or 8 cents a share for the same quarter a year
earlier.




QLT said the results included a charge of $109.9 million
related to the court case, which was brought by the
Massachusetts Eye and Ear Infirmary.


Read more at Reuters.com Market News

AutoNation quarterly profit up

(Reuters) - Income from continuing operations was 38 cents a share.




Revenue fell to about $4.6 billion from about $4.9 billion
a year earlier, as a weak housing market led to a decline in
sales, particularly in the key markets of California and
Florida.



Read more at Reuters.com Market News

Goodrich profit up on aircraft gear sales

(Reuters) - NEW YORK, July 26 - Goodrich Corp. said on Thursday second-quarter profit rose a greater-than-expected 54 percent, helped by strong sales of its new and replacement aerospace components for business, regional and military jets.



The company, which supplies wheels, brakes and other plane parts to Boeing Co. and Europe's Airbus , also raised its full-year profit forecast, citing strength across the board as the boom in commercial aviation and military spending continues.


Read more at Reuters.com Market News

Loblaw 2nd qtr profit down on restructuring costs

(Reuters) - Loblaw, which has struggled to improve its warehouse network, posted net income of C$119 million , or 43 Canadian cents a share. That is down from a profit of C$194 million, or 71 Canadian cents a share, in the year-earlier quarter.






Read more at Reuters.com Market News

UPDATE 2-Rolls-Royce underlying pretax up, backlog jumps

(Reuters) - LONDON, July 26 - Strong demand for airliners
helped engine maker Rolls-Royce Plc post a 17 percent
rise in underlying first-half pretax profit and fatten its order
backlog to a record 35.1 billion pounds .




Underlying profit rose to 380 million pounds for the six
months to June 30, the British company said on Thursday.


Read more at Reuters.com Market News

Franklin Resources reports higher quarterly earnings

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





Read more at Reuters.com Market News

Level 3 loss narrows; sales outlook below views

(Reuters) - NEW YORK, July 26 - Level 3 Communications Inc. on Thursday reported a smaller quarterly loss on higher revenue, but the telecommunications carrier forecast full-year sales below analysts' expectations.



Level 3, whose shares fell 7 percent in early electronic trading, is a communications and Internet backbone provider, and offers a large network of interconnected routes covering the U.S. and Europe.


Read more at Reuters.com Market News

UPDATE 1-Consol Energy 2nd-quarter earnings climb

(Reuters) - Net earnings in the quarter rose to $153 million, or 83
cents per share, versus $111 million, or 59 cents per share,
for the year-ago quarter.




Revenues rose to $1.06 billion from $932 million.


Read more at Reuters.com Market News

Genlyte quarterly earnings rise

(Reuters) - Analysts on average were expecting earnings of $1.29 a
share, excluding items, according to Reuters Estimates.





Read more at Reuters.com Market News

UPDATE 1-Harsco profit beats Wall St view; outlook raised

(Reuters) - Net income in the second quarter rose to $83.1 million, or
98 cents a share, from $53.9 million, or 64 cents a share, in a
year earlier.




Income from continuing operations was 91 cents a share.
Analysts were expecting 78 cents, according to Reuters
Estimates.


Read more at Reuters.com Market News

UPDATE 1-Royal Caribbean profit rises but lowers view

(Reuters) - Royal Caribbean, the world's second-largest cruise operator
after Carnival Corp. , said second-quarter net profit
rose to $128.7 million, or 60 cents per share, from $122.4
million, or 57 cents per share, in the same quarter last year,
boosted by cost-cutting and the acquisition of Spanish cruise
line Pullmantur




Revenues rose to $1.5 billion from $1.3 billion, as the
addition of Pullmantur helped increase capacity by 12 percent.


Read more at Reuters.com Market News

UPDATE 3-Celgene 2nd-qtr earnings jump on cancer drug sales

(Reuters) - BOSTON, July 26 - Celgene Corp. , the top maker of drugs to treat multiple myeloma, said on Thursday its second-quarter earnings rose on soaring sales of its newest product, Revlimid.



Net profit rose to $54.9 million, or 13 cents a share, from $9.6 million, or 3 cents a share, a year earlier.


Read more at Reuters.com Market News

Lyondell second-quarter earnings rise

(Reuters) - Income from continuing operations rose to $1.02 per share from 50 cents a year ago.




Ethylene segment results continued to reflect good volumes and operating rates with modest margin improvement, the Houston-based company said.


Read more at Reuters.com Hot Stocks News

Coca-Cola Enterprises profit falls

(Reuters) - Excluding restructuring charges and other items, profit was 58 cents per share for the company, which bottles, sells and distributes more than three-quarters of the Coke drinks sold in North America.




Read more at Reuters.com Business News

Shell finds new Nigerian oilfield

(Reuters) - "Aghata-1 well is a material exploration success for SPDC and Shell," said Basil Omiyi, the managing director of SPDC, a Nigerian arm of the Anglo-Dutch oil major.




"It has the potential to immediately increase oil production in the area, and also enabling us to find other potential exploration opportunities in similar geological settings," Omiyi was quoted as saying in a company statement.


Read more at Reuters.com Business News

June durable goods orders rose 1.4 pct

(Reuters) - U.S. Treasury debt prices rose on Thursday, stretching to new session highs, after the weaker-than-expected data on durable goods suggested flagging business growth in the latter part of the second quarter.




The dollar fell to a two-and-a-half month low against the yen and was little changed against the euro.


Read more at Reuters.com Business News

Yen Strengthens as Equities Decline, Prompting Unwinding of Carry Trades

(Bloomberg) -- The yen rose to a 2 1/2-month high
against the dollar as global equities fell, prompting traders to
reduce investment in assets funded by borrowing in Japan.

The Japanese yen rose against all 16 most-actively traded
currencies as investors pared so-called carry trades, following a
declines in stock markets in Asia and Europe. U.S. stock-index
futures also dropped on concern losses related to subprime
mortgages will undermine economic growth.


Read more at Bloomberg Currencies News