(Bloomberg) -- Australia's S&P/ASX 200 Index rose 5.4 points to 6341.1 as of 10:02 a.m. in Sydney. Alumina Ltd climbed.
To contact the reporter for this story: Stuart Kelly in Sydney skelly22@bloomberg.net
Read more at Bloomberg Stocks News
Monday, May 7, 2007
Mexico remittance growth to slow in 2007 - cenbank
(Reuters) - But the flow of dollars is in danger as the U.S. economy slows, particularly in the construction sector where many Mexican immigrants work, and as U.S. authorities make it harder for would-be illegal workers to get across the border.
Jesus Cervantes, a top statistician at the country's central bank, told Reuters remittances would probably only grow by about 5 or 6 percent this year and not likely exceed $24.5 billion.
Read more at Reuters.com Economic News
Jesus Cervantes, a top statistician at the country's central bank, told Reuters remittances would probably only grow by about 5 or 6 percent this year and not likely exceed $24.5 billion.
Read more at Reuters.com Economic News
UPDATE 1-LionOre says Norilsk bid superior to Xstrata's
(Reuters) - The Canadian nickel producer said it has notified Xstrata, which has until May 14 to revise its offer. Xstrata's current bid is valued at about $4 billion.
Russia's Norilsk, the world's biggest nickel miner, has offered C$21.50 in cash for each share of LionOre, compared with C$18.50 a share offered by Swiss-based Xstrata.
Read more at Reuters.com Mergers News
Russia's Norilsk, the world's biggest nickel miner, has offered C$21.50 in cash for each share of LionOre, compared with C$18.50 a share offered by Swiss-based Xstrata.
Read more at Reuters.com Mergers News
Australian Dollar Little Changed Ahead of Retail Sales, Building Reports
(Bloomberg) -- The Australian dollar was little changed before a government report that may show retail sales extended their longest run of growth in five years.
The local dollar has risen 7.3 percent in the past 12 months, the third-biggest gaining major currency, as surging domestic demand has prompted the central bank to raise interest rates to a six-year high of 6.25 percent to curtail inflation. The government also releases a building approvals report today.
Read more at Bloomberg Currencies News
The local dollar has risen 7.3 percent in the past 12 months, the third-biggest gaining major currency, as surging domestic demand has prompted the central bank to raise interest rates to a six-year high of 6.25 percent to curtail inflation. The government also releases a building approvals report today.
Read more at Bloomberg Currencies News
LionOre says Norilsk bid superior to Xstrata's
(Reuters) - The Canadian mining company said it has notified Xstrata, which has until May 14 to match the offer.
Norilsk, the world's biggest nickel miner, has offered C$21.50 in cash for each share of LionOre, compared with C$18.50 a share offered by Swiss-based Xstrata.
Read more at Reuters.com Mergers News
Norilsk, the world's biggest nickel miner, has offered C$21.50 in cash for each share of LionOre, compared with C$18.50 a share offered by Swiss-based Xstrata.
Read more at Reuters.com Mergers News
Oplink files suit against Optical Communication's "poison pill"
(Reuters) - A shareholder rights plan, or 'poison pill,' automatically dilutes the number of shares outatanding in a company when any would-be acquirer purchases shares of a target company above a preset limit.
Read more at Reuters.com Market News
Read more at Reuters.com Market News
Chi Mei, Great Eastern, Telekom Malaysia: Asia Ex-Japan Equity Preview
(Bloomberg) -- The following stocks may rise or fall in Asian markets, excluding Japan. This preview includes news that broke after markets closed. Prices are from the local market's last close. Stock symbols are in parentheses after company names.
Benq Corp. (2352 TT): Taiwan's largest maker of branded consumer electronics said sales in April declined 45 percent from a year earlier to NT$10 billion ($301 million). Benq slid 15 cents, or 1.2 percent, to NT$12.15.
Read more at Bloomberg Stocks News
Benq Corp. (2352 TT): Taiwan's largest maker of branded consumer electronics said sales in April declined 45 percent from a year earlier to NT$10 billion ($301 million). Benq slid 15 cents, or 1.2 percent, to NT$12.15.
Read more at Bloomberg Stocks News
Mitsubishi Heavy, Sumitomo Corp., NTT DoCoMo: Japanese Equity Preview
(Bloomberg) -- The following stocks may move in Japanese markets. Prices are as of the close of trading. Statements were released after the close. Stock symbols are in parentheses.
Akebono Brake Industry Co. (7238 JT): The brake products maker said full-year net income rose 13 percent to 6.63 billion yen ($55.3 million), 12 percent below its 7.5 billion yen forecast. The company expects a 10 percent rise in profit to 7.3 billion yen this business year. The stock dropped 21 yen, or 2.1 percent, to 1,004.
Read more at Bloomberg Stocks News
Akebono Brake Industry Co. (7238 JT): The brake products maker said full-year net income rose 13 percent to 6.63 billion yen ($55.3 million), 12 percent below its 7.5 billion yen forecast. The company expects a 10 percent rise in profit to 7.3 billion yen this business year. The stock dropped 21 yen, or 2.1 percent, to 1,004.
Read more at Bloomberg Stocks News
Aluminum deal could face scrutiny on some products
(Reuters) - The deal probably would trigger a detailed investigation by the Justice Department's antitrust division that would focus on the possible impact on the market for some types of finished aluminum products.
"We expect a prolonged antitrust review period, and will likely result in some divestitures," Credit Suisse said in a note to investors.
Read more at Reuters.com Government Filings News
"We expect a prolonged antitrust review period, and will likely result in some divestitures," Credit Suisse said in a note to investors.
Read more at Reuters.com Government Filings News
TREASURIES-Long bonds gain on ebbing inflation view
(Reuters) - NEW YORK, May 7 - Long-dated U.S. Treasury bond prices rose on Monday as investors took last week's soft jobs data as a sign inflation was ebbing and bet the Federal Reserve would acknowledge that at a monetary policy meeting this week.
But shorter-dated paper traded little changed after a $14 billion sale of three-year notes, the last planned sale of this maturity, drew lackluster demand.
Read more at Reuters.com Bonds News
But shorter-dated paper traded little changed after a $14 billion sale of three-year notes, the last planned sale of this maturity, drew lackluster demand.
Read more at Reuters.com Bonds News
UPDATE 1-Qiagen posts higher 1st-quarter profit
(Reuters) - First-quarter net profit at the Netherlands-based company was $19.87 million, up from $17.58 million a year ago.
A poll of nine analysts by Reuters had expected an average net profit of $19.1 million for the period.
Read more at Reuters.com Market News
A poll of nine analysts by Reuters had expected an average net profit of $19.1 million for the period.
Read more at Reuters.com Market News
Key facts about the world's top aluminum producers
(Reuters) - -- Originally called The Pittsburgh Reduction Company, was renamed in 1907 as the Aluminum Company of America
-- At end 2006, biggest shareholders were: Capital Research & Management Co., with 9.40 percent; Wellington Management Co., with a 9.04 percent; State Street Global Advisors, with a 3.33 percent
Read more at Reuters.com Business News
-- At end 2006, biggest shareholders were: Capital Research & Management Co., with 9.40 percent; Wellington Management Co., with a 9.04 percent; State Street Global Advisors, with a 3.33 percent
Read more at Reuters.com Business News
RPT-Summary-Quotes on Alcoa's bid for Alcan
(Reuters) - The following are quotes from executives, customers, analysts and investors to the news:
ALAIN BELDA, ALCOA CEO
Read more at Reuters.com Mergers News
ALAIN BELDA, ALCOA CEO
Read more at Reuters.com Mergers News
FACTBOX-Key facts about the world's top aluminum producers
(Reuters) - -- Originally called The Pittsburgh Reduction Company, was renamed in 1907 as the Aluminum Company of America
-- At end 2006, biggest shareholders were: Capital Research & Management Co., with 9.40 percent; Wellington Management Co., with a 9.04 percent; State Street Global Advisors, with a 3.33 percent
Read more at Reuters.com Mergers News
-- At end 2006, biggest shareholders were: Capital Research & Management Co., with 9.40 percent; Wellington Management Co., with a 9.04 percent; State Street Global Advisors, with a 3.33 percent
Read more at Reuters.com Mergers News
CORRECTED - US STOCKS-Fresh M&A round lifts Dow to record
(Reuters) - By Kristina Cooke
NEW YORK, May 7 - U.S. stocks gained for a fifth straight day on Monday, buoyed by a fresh wave of deal news and sending the Dow to a record intraday high along the way. The Nasdaq also reached a fresh 52-week intraday high.
Read more at Reuters.com Bonds News
NEW YORK, May 7 - U.S. stocks gained for a fifth straight day on Monday, buoyed by a fresh wave of deal news and sending the Dow to a record intraday high along the way. The Nasdaq also reached a fresh 52-week intraday high.
Read more at Reuters.com Bonds News
Gottschalks, Gray, Imperial Sugar, Wendy's, Darden: 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 2:40 p.m. New York time.
Alcan Inc. (AL US) rose $20.02, or 33 percent, to $81.05 and traded as high as $82.60. Alcoa Inc., seeking to become the world's largest aluminum company, made an unsolicited $26.9 billion cash and stock takeover offer for Alcan. Each Alcan share would be exchanged for $58.60 in cash and 0.4108 of an Alcoa share. That values Alcan at $73.25, or 20 percent more than its last closing price, Alcoa said in a statement.
Read more at Bloomberg Stocks News
Alcan Inc. (AL US) rose $20.02, or 33 percent, to $81.05 and traded as high as $82.60. Alcoa Inc., seeking to become the world's largest aluminum company, made an unsolicited $26.9 billion cash and stock takeover offer for Alcan. Each Alcan share would be exchanged for $58.60 in cash and 0.4108 of an Alcoa share. That values Alcan at $73.25, or 20 percent more than its last closing price, Alcoa said in a statement.
Read more at Bloomberg Stocks News
Soybean Prices Decline as Drier Weather May Boost U.S. Planting Progress
(Bloomberg) -- Soybeans in Chicago fell for a fourth consecutive session on speculation dry weather in the U.S. Midwest will help farmers get the nation's second-biggest crop planted before June, when yields begin to fall.
Dry weather prevailed from eastern Iowa to Ohio, allowing many farmers to complete corn planting after weeks of delays caused by heavy rains, said George De la Gardelle, a merchandiser for The Andersons Inc. in Dunkirk, Indiana. In the western Midwest, little rain in expected into next week, allowing muddy fields to dry and flooded fields to drain, he said.
Read more at Bloomberg Commodities News
Dry weather prevailed from eastern Iowa to Ohio, allowing many farmers to complete corn planting after weeks of delays caused by heavy rains, said George De la Gardelle, a merchandiser for The Andersons Inc. in Dunkirk, Indiana. In the western Midwest, little rain in expected into next week, allowing muddy fields to dry and flooded fields to drain, he said.
Read more at Bloomberg Commodities News
Brazil's April car sales, output down from March
(Reuters) - Light vehicle production for the month fell 8.6 percent to 225,700 units from March, Anfavea said.
Flex-fuel vehicles, which can run on any blend of gasoline or ethanol, accounted for 82.1 percent of all light car sales, down and slightly off from 82.8 percent in March.
Read more at Reuters.com Economic News
Flex-fuel vehicles, which can run on any blend of gasoline or ethanol, accounted for 82.1 percent of all light car sales, down and slightly off from 82.8 percent in March.
Read more at Reuters.com Economic News
NEWSMAKER-Alcoa's Belda looking to go out big
(Reuters) - For the Moroccan-born Belda, 63, pulling off the deal would cap a career that started in 1969, when he joined the company's Brazilian affiliate Alcoa Aluminio.
From there, he advanced through Alcoa's Latin American operations, then moved to Pittsburgh, and took over as CEO in 1999. He added the title of chairman two years later.
Read more at Reuters.com Bonds News
From there, he advanced through Alcoa's Latin American operations, then moved to Pittsburgh, and took over as CEO in 1999. He added the title of chairman two years later.
Read more at Reuters.com Bonds News
TREASURIES-Long bonds rise on moderating inflation view
(Reuters) - NEW YORK, May 7 - Long-dated U.S. Treasury bond prices rose on Monday as investors took last week's soft jobs data as a sign inflation was ebbing and bet the Federal Reserve would acknowledge that at a monetary policy meeting this week.
The price gains in longer-dated bonds, which are particularly sensitive to inflation expectations, pushed 30-year yields to their lowest in more than a month.
Read more at Reuters.com Bonds News
The price gains in longer-dated bonds, which are particularly sensitive to inflation expectations, pushed 30-year yields to their lowest in more than a month.
Read more at Reuters.com Bonds News
UPDATE 2-Canada regulator aims for fast Alcoa-Alcan review
(Reuters) - "We're always very sensitive to parties' desire, obviously, to have our position as soon as possible. We work very hard to get our review done as quickly as we possibly can," said Melanie Aitken, senior deputy commissioner of competition and mergers at the Canadian Competition Bureau.
"At this point, it's too early to anticipate how long it would possibly take," she said.
Read more at Reuters.com Mergers News
"At this point, it's too early to anticipate how long it would possibly take," she said.
Read more at Reuters.com Mergers News
UPDATE 1-Wal-Mart in solar power pilot for 22 sites
(Reuters) - The world's largest retailer, which is working toward the goal of one day being supplied by 100 percent renewable energy, said each solar power generating system installed can provide up to 30 percent of the power for the store on which it is installed.
"Pilot project stores are expected to achieve savings over their current utility rates immediately, as soon as the first day of operation," said David Ozment, director of energy for Wal-Mart, in a statement.
Read more at Reuters.com Bonds News
"Pilot project stores are expected to achieve savings over their current utility rates immediately, as soon as the first day of operation," said David Ozment, director of energy for Wal-Mart, in a statement.
Read more at Reuters.com Bonds News
UPDATE 1-FreeSeas to buy four drybulk carriers for $114 mln
(Reuters) - FreeSeas said the acquisition of the second-hand vessels will add about 110,000 dead-weight tonnes capacity to the 50,000 it currently has.
Shares of the company were up more than 6 percent at $5.24 on the Nasdaq. Earlier in the session, the stock rose about 10 percent.
Read more at Reuters.com Mergers News
Shares of the company were up more than 6 percent at $5.24 on the Nasdaq. Earlier in the session, the stock rose about 10 percent.
Read more at Reuters.com Mergers News
Mexico's Peso Rises to Four-Month High on Rate Spread With U.S. Benchmark
(Bloomberg) -- Mexico's currency rose to its strongest since January on expectations the U.S. Federal Reserve will keep borrowing costs steady when policy makers meet this week, preserving the attractiveness of riskier peso assets.
Anticipation regarding the Fed's stance on its benchmark lending rate comes after Mexico's central bank unexpectedly raised its target by a quarter-percentage point on April 27. The move by Banco de Mexico widened the spread, or yield differential, between the banks' key rates for the first time in two years.
Read more at Bloomberg Currencies News
Anticipation regarding the Fed's stance on its benchmark lending rate comes after Mexico's central bank unexpectedly raised its target by a quarter-percentage point on April 27. The move by Banco de Mexico widened the spread, or yield differential, between the banks' key rates for the first time in two years.
Read more at Bloomberg Currencies News
Fed seen leaving rates on hold
(Reuters) - At its last meeting in March, the Fed surprised markets by removing a phrase in its post-meeting statement that additional firming may be needed, showing it may be willing to consider moving in either direction, depending on economic conditions.
But policy-makers have said inflation remains the Fed's predominant concern, and the key is how the Fed views the risks to the economy and inflation going forward.
Read more at Reuters.com Bonds News
But policy-makers have said inflation remains the Fed's predominant concern, and the key is how the Fed views the risks to the economy and inflation going forward.
Read more at Reuters.com Bonds News
German Shares Including Altana, Deutsche Boerse Advance; Daimler Retreats
(Bloomberg) -- German stocks including Altana AG and Deutsch Boerse AG gained. Shares of DaimlerChrysler AG dropped after the company said global sales at its Mercedes Car Group fell 3 percent in April.
The benchmark DAX Index added 8.93, or 0.1 percent, to 7525.69. DAX futures expiring in June rose 12, or 0.2 percent, to 7556.50 as of 5:41 p.m. in Frankfurt. The HDAX Index of the country's 110 biggest advanced 5.61, or 0.1 percent, to 3889.19.
Read more at Bloomberg Stocks News
The benchmark DAX Index added 8.93, or 0.1 percent, to 7525.69. DAX futures expiring in June rose 12, or 0.2 percent, to 7556.50 as of 5:41 p.m. in Frankfurt. The HDAX Index of the country's 110 biggest advanced 5.61, or 0.1 percent, to 3889.19.
Read more at Bloomberg Stocks News
Wheat Falls as U.S. Crop Conditions Improve After Freeze Hurt Plains Crops
(Bloomberg) -- Wheat futures fell in Chicago and Kansas City as the condition of the U.S. crop may improve for a second-straight week after an April 7 freeze damaged plants in parts of the southern Plains.
Some 56 percent of the winter wheat was rated good or excellent as of April 29, up from 54 percent a week earlier, the U.S. Department of Agriculture said April 30. The amount of wheat at that level may be higher in the weekly crop-progress report the USDA will release after the close of trading today.
Read more at Bloomberg Commodities News
Some 56 percent of the winter wheat was rated good or excellent as of April 29, up from 54 percent a week earlier, the U.S. Department of Agriculture said April 30. The amount of wheat at that level may be higher in the weekly crop-progress report the USDA will release after the close of trading today.
Read more at Bloomberg Commodities News
Liquidnet CEO says may go public in '08
(Reuters) - Liquidnet, founded by Merrin in November 1999, caters to big institutional investors who want to trade stock without using traditional brokers and exchanges. The company has attracted significant market share in the United States and Europe, taking advantage of the accelerating shift from human trading to automated electronic systems worldwide.
Major owners of the closely held company include private equity firm Thomas H. Lee Partners, Merrin and Liquidnet employees, Merrin said.
Read more at Reuters.com Business News
Major owners of the closely held company include private equity firm Thomas H. Lee Partners, Merrin and Liquidnet employees, Merrin said.
Read more at Reuters.com Business News
France's Bouygues, Alstom, Areva Gain After Election; Total, Suez Slide
(Bloomberg) -- French stocks including Bouygues SA, Alstom SA and Areva SA rose. The shares gained on speculation the victory of Nicolas Sarkozy in France's presidential election may pave the way for a merger between the companies.
European Aeronautic, Defence & Space Co. and Arcelor Mittal also climbed. Total SA and Suez SA pulled down the benchmark CAC 40 Index.
Read more at Bloomberg Stocks News
European Aeronautic, Defence & Space Co. and Arcelor Mittal also climbed. Total SA and Suez SA pulled down the benchmark CAC 40 Index.
Read more at Bloomberg Stocks News
Liz Claiborne forms partnership with designer
(Reuters) - Liz Claiborne, which owns the Juicy Couture and Ellen Tracy clothing labels, hopes to license the Narciso Rodriguez brand and extend it into accessories, Chief Executive William McComb said in a statement.
The partnership marks Liz's entry into the luxury designer segment, McComb said.
Read more at Reuters.com Mergers News
The partnership marks Liz's entry into the luxury designer segment, McComb said.
Read more at Reuters.com Mergers News
Wolfowitz aide resigns from World Bank
(Reuters) - "Given the current environment surrounding the leadership of the World Bank Group, it is very difficult to be effective in helping to advance the mission of the institution," Kellems said.
Read more at Reuters.com Bonds News
Read more at Reuters.com Bonds News
UPDATE 1-RUSAL says Alcoa/Alcan bid won't affect its strategy
(Reuters) - "We will monitor with interest the developments around Alcoa's plan to acquire Alcan," UC RUSAL said in a written statement e-mailed to Reuters.
"In any case, the information that has appeared will not affect the strategy of UC RUSAL as an energy and metallurgy company which has been the leader in the growth and efficiency dynamics in the last four years."
Read more at Reuters.com Mergers News
"In any case, the information that has appeared will not affect the strategy of UC RUSAL as an energy and metallurgy company which has been the leader in the growth and efficiency dynamics in the last four years."
Read more at Reuters.com Mergers News
Canada Dollar Reaches 11-Month High on Building Permit Data, Bid For Alcan
(Bloomberg) -- Canada's dollar strengthened to an 11- month high after Canadian building permits rose at the quickest pace ever in March, and following the announcement of Alcoa Inc.'s $33 billion bid for Montreal-based Alcan Inc.
Building permits rose at a 27.4 percent rate in March after dropping by 22.4 percent in February, Statistics Canada reported today in Ottawa, suggesting a firm Canadian housing market contrasted with a weakened one in the U.S. The median forecast of 16 economists Bloomberg surveyed was for a 5 percent increase.
Read more at Bloomberg Currencies News
Building permits rose at a 27.4 percent rate in March after dropping by 22.4 percent in February, Statistics Canada reported today in Ottawa, suggesting a firm Canadian housing market contrasted with a weakened one in the U.S. The median forecast of 16 economists Bloomberg surveyed was for a 5 percent increase.
Read more at Bloomberg Currencies News
Wall St indexes open higher on Alcoa bid
(Reuters) - U.S. stocks opened higher on Monday, boosted by takeover news after Alcoa Inc. unveiled plans to launch a hostile takeover bid for Canadian rival Alcan Inc.
The Dow Jones industrial average was up 29.50 points, or 0.22 percent, at 13,294.12. The Standard & Poor's 500 Index
Read more at Reuters Africa
The Dow Jones industrial average was up 29.50 points, or 0.22 percent, at 13,294.12. The Standard & Poor's 500 Index
Read more at Reuters Africa
Crude Oil, Gasoline Fall on Signs Fuel Supplies Will Meet Demand in U.S.
(Bloomberg) -- Crude oil fell to a six-week low and gasoline plunged on speculation that U.S. refiners will increase output of the motor fuel before the peak-demand driving season.
Refineries operated at 90.2 percent of capacity last week, up 0.9 percentage point from the week before, according to a Bloomberg News survey. Analysts were split over whether gasoline supplies rose or fell. Stores of the fuel fell in the 12 weeks ended April 27, the Energy Department said. The driving season begins with the Memorial Day holiday at the end of this month.
Read more at Bloomberg Commodities News
Refineries operated at 90.2 percent of capacity last week, up 0.9 percentage point from the week before, according to a Bloomberg News survey. Analysts were split over whether gasoline supplies rose or fell. Stores of the fuel fell in the 12 weeks ended April 27, the Energy Department said. The driving season begins with the Memorial Day holiday at the end of this month.
Read more at Bloomberg Commodities News
Wal-Mart said eyeing Gottschalks -- report
(Reuters) - The article said opening bids are expected by early June.
In December, Gottschalks said it hired UBS Investment Bank to help it explore available options, including a sale or merger of the company.
Read more at Reuters.com Mergers News
In December, Gottschalks said it hired UBS Investment Bank to help it explore available options, including a sale or merger of the company.
Read more at Reuters.com Mergers News
Marvell says committee seeks CEO's removal as chair
(Reuters) - The company's shares rose 74 cents, or 4.2 percent, to $18.34.
The committee determined that there were a number of occasions that grant dates were chosen "with the benefit of hindsight as to the price of the company's stock, so as to provide exercise prices lower than the fair market value on the actual measurement date."
Read more at Reuters.com Government Filings News
The committee determined that there were a number of occasions that grant dates were chosen "with the benefit of hindsight as to the price of the company's stock, so as to provide exercise prices lower than the fair market value on the actual measurement date."
Read more at Reuters.com Government Filings News
Oil, Gasoline Futures Decline on Expectations of Adequate U.S. Fuel Supply
(Bloomberg) -- Crude oil and gasoline fell on speculation that refiners will increase production of the motor fuel before the peak-demand driving season.
U.S. refiners operated at 90 percent of capacity last week, up 0.7 percentage point from the week before, according to a Bloomberg News survey. Analysts were split over whether gasoline supplies rose or fell. Supplies of the fuel fell in the 12 weeks ended April 27, the Energy Department said. The driving season begins with the Memorial Day holiday at the end of this month.
Read more at Bloomberg Energy News
U.S. refiners operated at 90 percent of capacity last week, up 0.7 percentage point from the week before, according to a Bloomberg News survey. Analysts were split over whether gasoline supplies rose or fell. Supplies of the fuel fell in the 12 weeks ended April 27, the Energy Department said. The driving season begins with the Memorial Day holiday at the end of this month.
Read more at Bloomberg Energy News
Canadian Stocks May Gain, Led by Alcan, on Alcoa Offer; Barrick May Rise
(Bloomberg) -- Canadian stocks may gain after Alcoa Inc. said it plans to offer $33 billion for Alcan Inc. in the biggest Canadian takeover, after merger negotiations failed.
Alcoa, seeking to become the world's largest aluminum producer, may rise after saying it plans to offer cash and stock valued at $33 billion. Gold producers may advance as the price of the metal rises.
Read more at Bloomberg Stocks News
Alcoa, seeking to become the world's largest aluminum producer, may rise after saying it plans to offer cash and stock valued at $33 billion. Gold producers may advance as the price of the metal rises.
Read more at Bloomberg Stocks News
Goldman's Abby Cohen Raises S&P 500 Forecast to 1600, Dow to 14,000
(Bloomberg) -- Goldman Sachs Group Inc. chief investment strategist Abby Joseph Cohen increased her forecasts for the Standard & Poor's 500 Index and Dow Jones Industrial Average to 1600 and 14,000, respectively, by the end of the year.
The S&P 500 closed on May 4 at 1505.62, the highest since September 2000. Cohen's new estimate implies a 6.3 percent advance from the current level. The Dow, which finished at a record 13,264.62 last week, would have to rally 5.5 percent to meet Cohen's projection.
Read more at Bloomberg Stocks News
The S&P 500 closed on May 4 at 1505.62, the highest since September 2000. Cohen's new estimate implies a 6.3 percent advance from the current level. The Dow, which finished at a record 13,264.62 last week, would have to rally 5.5 percent to meet Cohen's projection.
Read more at Bloomberg Stocks News
Armor Holdings, Motorola, Quovadx, Sony, Tenaris: U.S. Equity Preview
(Bloomberg) -- The following is a list of companies whose shares may have unusual price changes in U.S. exchanges today. This preview includes news that broke after exchanges closed. Stock symbols are in parentheses after company names. Share prices are as of 8:10 a.m. in New York.
Alcan Inc. (AL US) rose $14.97, or 25 percent, to $76 in trading before U.S. exchanges opened. Alcoa Inc., seeking to become the world's largest aluminum company, plans to offer cash and stock valued at $33 billion to acquire Alcan. Alcoa, based in New York, will offer $58.60 in cash and 0.4108 of a share of Alcoa stock for each Alcan share. That values Alcan at $73.25, 20 percent higher than the closing price on May 4, Aloca said today in a statement distributed by Canada Newswire. Alcoa Inc. (AA US) fell 21 cents to $35.45.
Read more at Bloomberg Stocks News
Alcan Inc. (AL US) rose $14.97, or 25 percent, to $76 in trading before U.S. exchanges opened. Alcoa Inc., seeking to become the world's largest aluminum company, plans to offer cash and stock valued at $33 billion to acquire Alcan. Alcoa, based in New York, will offer $58.60 in cash and 0.4108 of a share of Alcoa stock for each Alcan share. That values Alcan at $73.25, 20 percent higher than the closing price on May 4, Aloca said today in a statement distributed by Canada Newswire. Alcoa Inc. (AA US) fell 21 cents to $35.45.
Read more at Bloomberg Stocks News
TREASURIES-Bonds a touch easier ahead of supply
(Reuters) - Since economists expect the Fed to leave interest rates on hold at 5.25 percent on Wednesday, the traders will focus on what hints it will provide about the possibility for lower borrowing costs in the future given recent news of slowing inflation and economic growth.
Dealers said they expected the market to drift this week between the higher and lower end of its recent range. Any Fed acknowledgment of economic weakness should support bond prices but supply will weigh on them.
Read more at Reuters.com Bonds News
Dealers said they expected the market to drift this week between the higher and lower end of its recent range. Any Fed acknowledgment of economic weakness should support bond prices but supply will weigh on them.
Read more at Reuters.com Bonds News
Alcan, Home Capital Group and Magna International: Canada Equity Preview
(Bloomberg) -- The following is a list of companies whose shares may have unusual price changes in Canadian markets today. This preview includes news that broke after markets closed May 4. Symbols are in parentheses after company names and prices are from the last close.
The Standard & Poor's/TSX Composite Index added 82.89, or 0.6, to a record 13,769.89, on May 4 in Toronto. The benchmark has risen 6.7 percent this year as some of Canada's biggest companies, including nickel miner Inco Ltd., were sold.
Read more at Bloomberg Stocks News
The Standard & Poor's/TSX Composite Index added 82.89, or 0.6, to a record 13,769.89, on May 4 in Toronto. The benchmark has risen 6.7 percent this year as some of Canada's biggest companies, including nickel miner Inco Ltd., were sold.
Read more at Bloomberg Stocks News
Buffett eyes $40 bln to $60 bln deals: report
(Reuters) - Buffett would "love" to find a $40 billion acquisition and would "figure out a way" to come up with $60 billion for the right deal, he said in a later interview, according to the Bloomberg report.
Reuters previously reported that Buffett told shareholders at Berkshire's annual meeting on Saturday that the company would like to make a big acquisition. "The entire world is definitely on our radar screen, and we hope to be on its," Buffett said.
Read more at Reuters.com Business News
Reuters previously reported that Buffett told shareholders at Berkshire's annual meeting on Saturday that the company would like to make a big acquisition. "The entire world is definitely on our radar screen, and we hope to be on its," Buffett said.
Read more at Reuters.com Business News
UPDATE 1-Alcoa launches $27 bln hostile bid for Alcan
(Reuters) - Alcoa's move follows nearly two years of merger discussions between the companies that failed to a yield an agreement.
"We are very disappointed that those efforts did not result in a negotiated transaction - a conclusion we would have strongly preferred," Alain J.P. Belda, Chairman and Chief Executive Officer of Alcoa, said in a statement.
Read more at Reuters.com Mergers News
"We are very disappointed that those efforts did not result in a negotiated transaction - a conclusion we would have strongly preferred," Alain J.P. Belda, Chairman and Chief Executive Officer of Alcoa, said in a statement.
Read more at Reuters.com Mergers News
European Stocks Rebound; Altana, Bouygues Shares Lead Advancing Shares
(Bloomberg) -- European stocks recovered losses. Altana AG and Bouygues SA led advancing shares.
The Dow Jones Stoxx 600 Index added 0.26, or 0.1 percent, to 392.99 as of 12:16 p.m. in London after falling as much as 0.2 percent earlier. The Stoxx 50 dropped 0.1 percent and the Euro Stoxx 50, a measure for the 13 nations sharing the euro, was little changed.
Read more at Bloomberg Stocks News
The Dow Jones Stoxx 600 Index added 0.26, or 0.1 percent, to 392.99 as of 12:16 p.m. in London after falling as much as 0.2 percent earlier. The Stoxx 50 dropped 0.1 percent and the Euro Stoxx 50, a measure for the 13 nations sharing the euro, was little changed.
Read more at Bloomberg Stocks News
CDO Sales Tumbled 46 Percent in March as Subprime Delinquencies Mounted
(Bloomberg) -- Sales of bonds backed by corporate loans and debt, home mortgages or debt on commercial properties dropped 46 percent in April from March as delinquencies mounted on subprime loans, according to Morgan Stanley.
New issues of collateralized debt obligations fell to $39.5 billion from $73.1 billion, New York-based Morgan Stanley analyst Vishwanath Tirupattur said in a May 4 report. Sales of so-called structured finance CDOs, often backed by subprime loans, declined 61 percent to $15.4 billion.
Read more at Bloomberg Bonds News
New issues of collateralized debt obligations fell to $39.5 billion from $73.1 billion, New York-based Morgan Stanley analyst Vishwanath Tirupattur said in a May 4 report. Sales of so-called structured finance CDOs, often backed by subprime loans, declined 61 percent to $15.4 billion.
Read more at Bloomberg Bonds News
Berkshire Hathaway, Cyberonics, Darden, Delta, Sony: U.S. Equity Preview
(Bloomberg) -- The following is a list of companies whose shares may have unusual price changes in U.S. exchanges tomorrow. This preview includes news that broke after exchanges closed. Stock symbols are in parentheses after company names.
Berkshire Hathaway Inc. (BRK/A US): The company, run by billionaire Warren Buffett, said yesterday he envisioned an acquisition so big that he'd have to sell some stocks to free up funds. Separately, the company's first-quarter profit rose 12 percent to $1,682 a share as its catastrophe reinsurance business benefited from higher prices and mild weather. The stock gained $650 to $109,250 in regular trading.
Read more at Bloomberg Stocks News
Berkshire Hathaway Inc. (BRK/A US): The company, run by billionaire Warren Buffett, said yesterday he envisioned an acquisition so big that he'd have to sell some stocks to free up funds. Separately, the company's first-quarter profit rose 12 percent to $1,682 a share as its catastrophe reinsurance business benefited from higher prices and mild weather. The stock gained $650 to $109,250 in regular trading.
Read more at Bloomberg Stocks News
Indonesia's Rupiah Surges to One-Year High on Rates; Asian Currencies Gain
(Bloomberg) -- Indonesia's rupiah climbed to the strongest in almost a year, the biggest fluctuation of any currency today, after buying by foreign investors drove the benchmark stock index to a record.
The rupiah rose for a fifth day as the central bank may cut interest rates tomorrow to boost economic growth. The rupiah also appreciated after a U.S. government report on May 4 showed employers added the fewest jobs in more than two years.
Read more at Bloomberg Currencies News
The rupiah rose for a fifth day as the central bank may cut interest rates tomorrow to boost economic growth. The rupiah also appreciated after a U.S. government report on May 4 showed employers added the fewest jobs in more than two years.
Read more at Bloomberg Currencies News
Armor Holdings Shares Rise on Report BAE May Bid $3.5 Billion for Company
(Bloomberg) -- Shares of Armor Holdings Inc., the largest maker of Humvee military vehicles, soared in Europe after the Wall Street Journal reported BAE Systems Plc is in advanced talk to buy the U.S. company for $3.5 billion.
Armor stock rose 7.6 percent to $88.43 as of 10:07 a.m. in Frankfurt. The stock cost $82.15 a share in New York Stock Exchange composite trading May 4. Shares of London-based BAE traded in Germany fell less than 0.1 percent to 445.6 pence from 446 pence May 4. The London market is closed today for a holiday.
Read more at Bloomberg Stocks News
Armor stock rose 7.6 percent to $88.43 as of 10:07 a.m. in Frankfurt. The stock cost $82.15 a share in New York Stock Exchange composite trading May 4. Shares of London-based BAE traded in Germany fell less than 0.1 percent to 445.6 pence from 446 pence May 4. The London market is closed today for a holiday.
Read more at Bloomberg Stocks News
European Stocks Erase Gains; Shell, Total Decline With Oil, ABN Amro Falls
(Bloomberg) -- European stocks erased gains. Royal Dutch Shell NV and Total SA led energy stocks lower as oil declined for a sixth day.
ABN Amro Holding NV fell after rejecting an offer from a Royal Bank of Scotland Group Plc-led group for its LaSalle Bank unit.
Read more at Bloomberg Stocks News
ABN Amro Holding NV fell after rejecting an offer from a Royal Bank of Scotland Group Plc-led group for its LaSalle Bank unit.
Read more at Bloomberg Stocks News
German Stocks Including Altana and Continental Climb; Adidas Declines
(Bloomberg) -- German stocks including Altana AG and Continental AG advanced. Adidas AG led falling shares.
The benchmark DAX Index rose 11.68, or 0.2 percent, to 7528.44 as of 9:09 a.m. in Frankfurt. The HDAX Index of the country's 110 biggest companies climbed 0.2 percent.
Read more at Bloomberg Stocks News
The benchmark DAX Index rose 11.68, or 0.2 percent, to 7528.44 as of 9:09 a.m. in Frankfurt. The HDAX Index of the country's 110 biggest companies climbed 0.2 percent.
Read more at Bloomberg Stocks News
European stocks edge up in thin trade
(Reuters) - European stocks ticked higher in early trade on Monday, underpinned by firm Asian markets and mergers and acquisition activity but volumes are expected to take a beating with UK markets closed for a holiday.
The CAC 40 index rose 0.2 percent, with Conservative Nicolas Sarkozy's comfortable presidential election win set to appeal to reform-hungry French markets, analysts said.
Read more at Reuters Africa
The CAC 40 index rose 0.2 percent, with Conservative Nicolas Sarkozy's comfortable presidential election win set to appeal to reform-hungry French markets, analysts said.
Read more at Reuters Africa
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