Amgen, Alcoa, BankUnited, Nextest, Paychex, Playtex: 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 yesterday. Stock symbols are in parentheses after company
names.

Amgen Inc. (AMGN US) gained 57 cents, or 1 percent, to
$56.52 in trading yesterday after the official close of U.S.
exchanges. The world's largest biotechnology company's board
authorized to buy back as much as $5 billion worth of its own
shares.


Read more at Bloomberg Stocks News

ArcelorMittal broadens alliance with Nippon Steel

(Reuters) - The two companies will continue to discuss the expansion of
the automotive sheet steel business and will enter a definitive
agreement when a final plan has been decided.




Read more at Reuters.com Bonds News

First 9/11 damages trials to begin in Sept-judge

(Reuters) - U.S. District Judge Alvin Hellerstein, who has presided
over all the lawsuits filed in Manhattan federal court by
relatives of the victims, ordered six of the remaining 41 cases
that have not settled to begin Sept. 4.




But in an unusual move and a blow to some plaintiffs, the
judge said the trial would only address damages and a second
trial would have to be held to address liability. Some of the
victim's relatives had hoped the issue of blame would not have
to wait for a second trial.


Read more at Reuters.com Bonds News

Alcan's Evans to head new Rio Tinto Alcan

(Reuters) - The deal gives Evans -- who has only been in the top job at Alcan since March 2006 -- a role in a what is being billed by some as the world's biggest mining deal and the largest takeover in Canadian history.




On Evans' watch, Alcan fell from second to third place among global aluminum producers, following the emergence of Russia's Rusal. But analysts gave him high marks for fending off Alcoa Inc.'s hostile bid and exacting a much higher price from Rio Tinto.


Read more at Reuters.com Business News

Alcoa Extends Gains on Takeover Speculation; Alcan Falls: U.S. After-Hours

(Bloomberg) -- Alcoa Inc. climbed in extended U.S.
trading as speculation increased that the world's second-largest
aluminum company will become a takeover target.

Shares of the New York-based company gained 93 cents, or
2.1 percent, to $46.22 as of 6:52 p.m. in New York. Alcoa
withdrew its hostile $27.7 billion takeover bid for Alcan Inc.
after mining company Rio Tinto Group topped the offer today by
agreeing to pay $38.1 billion.


Read more at Bloomberg Stocks News

WRAPUP 1-Ratings agencies scramble to reassess subprime risk

(Reuters) - Moody's Investors Service and Standard & Poor's are
ratcheting down ratings or revising downward prior forecasts on
billions of dollars of debt due to their lowered outlooks on
the U.S. housing market.




S&P on Thursday cut ratings on $5.7 billion of
subprime-related securities it put on watch earlier this week.
Both S&P and Moody's now project cumulative losses for subprime
loans originated in 2006 to reach as high as 14 percent, more
than double projections at the start of the year.


Read more at Reuters.com Bonds News

Daiei, Fast Retailing, Usen, Renown, Nippon Ichi: Japanese Equity Preview

(Bloomberg) -- The following stocks may move in
Japanese markets tomorrow. Prices are as of the close of trading.
Statements were released after the close. Stock symbols are in
parentheses.

Daiei Inc. (8263 JT): The company, which is partnering with
larger Japanese retailer Aeon Co. (8267 JT), said first-quarter
net income fell 8.7 percent fell to 10.2 billion yen ($84
million) as sales dropped. Daiei slid 4 yen, or 0.3 percent, to
1,248. Aeon declined 55 yen, or 2.5 percent, to 2,140.


Read more at Bloomberg Stocks News

US STOCKS-Dow, S&P end at records on retail sales, Alcoa talk

(Reuters) - NEW YORK, July 12 - U.S. stocks surged on
Thursday, with the Dow hitting a record on its biggest point
gain since 2002, after healthy retail sales reassured
investors about consumer spending and a $38 billion mining
takeover fed expectations for more deals.




The Standard & Poor's 500 index also closed at a new
record and is now within several points of its lifetime high.


Read more at Reuters.com Bonds News

SAC Capital cuts stake in Bausch to 2.7 pct -filing

(Reuters) - U.S. officials said on Tuesday that affiliates of Warburg
Pincus have received U.S. antitrust approval to acquire Bausch
& Lomb.




Read more at Reuters.com Government Filings News

Argentine stocks hit record-high close on U.S. data

(Reuters) - Trade volume on the broad stock market was a moderate 98.2
million pesos , and of active shares, 48
advanced, 21 declined, and 14 were unchanged.







Read more at Reuters.com Bonds News

Advanced Micro, Anheuser-Busch, McMoRan, Target: U.S. Equity Movers Final

(Bloomberg) -- The following is a list of companies
whose shares had unusual price changes in U.S. exchanges today.
Stock symbols are in parentheses after company names. Share
prices are as of 4 p.m. New York time.

Abercrombie & Fitch Co. (ANF US) rose $5.70, or 8.2 percent,
to $75.08. The clothing retailer for teens and college said June
comparable store sales rose 2 percent from a year earlier.
Analysts had estimated sales to fall 2.8 percent, according to a
report from Retail Metrics LLC.


Read more at Bloomberg Stocks News

Treasuries Decline a Second Day on Record Stocks, Eased Concern Over Risk

(Bloomberg) -- Treasuries fell for a second
straight day as stocks rallied to record highs, suggesting
investors are becoming less averse to risky assets.

Expectations for higher corporate profits and takeover
speculation eased concern the housing slump will curb economic
growth. Treasuries advanced the most in more than four months on
July 10 as Standard & Poor's and Moody's Investors Service
warned about the credit quality of subprime mortgages.


Read more at Bloomberg Bonds News

Emerging debt-Spreads tighten as stocks hit record highs

(Reuters) - The absence of relevant negative news from the U.S.
subprime mortgage crisis and renewed confidence in the world's
largest economy encouraged investors to increase exposure to
risky assets.




Yield spreads between emerging debt and U.S. Treasury
notes, an important measure of risk aversion, tightened 5 basis
points to 165 basis points, according to JP Morgan's EMBI+
index .


Read more at Reuters.com Bonds News

Kossan, Michang Oil, Samsung and UTI Bank: 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.

Kossan Rubber Industries Bhd. (KRI MK): The Malaysian maker of
latex gloves is being investigated by a U.S. trade agency for
allegedly violating a patent owned by Tillotson Corp. The U.S.
International Trade Commission in Washington wrote to Kossan about
the allegation and the start of investigations into patent
infringement for ``certain nitrile gloves,'' the company said in a
statement to the Kuala Lumpur stock exchange. Its stock rose 5 sen,
or 0.9 percent, to 5.45 ringgit.


Read more at Bloomberg Stocks News

Platinum Futures Rise to Eight-Week High on Strike Threat; Palladium Gains

(Bloomberg) -- Platinum rose to an eight-week high
in New York as miners moved closer to strikes in South Africa,
the source of almost 80 percent of the metal. Palladium gained.

Pay talks foundered this week at Anglo Platinum Ltd. and
Impala Platinum Holdings Ltd., the two biggest producers of the
metal. Workers at Anglo Platinum, the world's largest producer,
declared a dispute, a legal step required before a strike can be
called, the National Union of Mineworkers said today.


Read more at Bloomberg Commodities News

US STOCKS-Indexes jump on retail sales and Alcoa

(Reuters) - NEW YORK, July 12 - U.S. stocks rallied on
Thursday, boosting the Dow to a record, as healthy sales from
key retailers reassured investors about the economy, while
takeover speculation drove Alcoa Inc.'s shares to a
lifetime high.




At one point, the Dow rose more than 200 points, a point
advance that has eluded the blue-chip average for the past
year.


Read more at Reuters.com Bonds News

European car sales fell 0.2 pct in H1 - German VDA

(Reuters) - In June, sales rose almost 1 percent in Europe to more than
1.5 million units compared with the same month last year.




Read more at Reuters.com Market News

Macy's cuts quarterly outlook on weak sales

(Reuters) - ATLANTA, July 12 - Retailer Macy's Inc. cut its quarterly profit outlook on Thursday as June same-store sales came in lower than expected.



The company, which has said that sales at former May stores have been disappointing, forecast earnings of 20 cents to 30 cents per share, excluding merger integration costs, for the second quarter that began on May 6. Its previous profit forecast was 35 cents to 45 cents a share.


Read more at Reuters.com Mergers News

NEXT UP-Rising oil prices seen supporting U.S. TIPS sales

(Reuters) - The U.S. Treasury Department will sell $8 billion of
10-year Treasury Inflation-Protection Securities on
Thursday, plus an estimated $5 billion in 20-year TIPS later
this month. In July 2006, it sold $17 billion in 10-year and
20-year TIPS.




Crude prices climbed above $76 a barrel in London,
an 11-month high, prompted by robust worldwide demand and news
that OPEC saw no need right now to produce more oil.


Read more at Reuters.com Bonds News

Crude Oil Is Little Changed as BP Starts Whiting, Indiana, Refinery Unit

(Bloomberg) -- Crude oil and gasoline fell in New
York on a report BP Plc will begin startup today of a unit at
its Whiting, Indiana, refinery, the biggest in the Midwest.

The 235,000 barrel-a-day crude unit, which was shut July 9
for unplanned maintenance, is expected to be at full rates by
next week, a person familiar with the plant's status said. The
refinery can normally process more than 400,000 barrels of oil a
day. The unit had been expected to start up this weekend.


Read more at Bloomberg Commodities News

U.S. trade gap widens on oil, jobless claims fall

(Reuters) - A separate weekly report showed the number of Americans applying for first-time jobless benefits fell more than expected, suggesting continued labor market strength.




The May trade shortfall widened 2.3 percent to $60 billion from a revised $58.7 billion in April, the Commerce Department said.


Read more at Reuters.com Economic News

UPDATE 1-Ameren to invest $1 bln on Missouri upgrades

(Reuters) - About $500 million will be spent on improving reliability,
including underground cabling to strengthen the system against
severe weather, more aggressive tree-trimming, and inspecting
and repairing of its circuit and devices.




The remainder will be used to install environmental
controls on its existing power plants.


Read more at Reuters.com Market News

Brazil Congress passes 2008 budget guidelines

(Reuters) - The proposed guidelines were first sent to Congress in
April and encompassed keeping the primary budget surplus target
for the 2008-2010 period at 3.8 percent of gross domestic
product.




The primary budget surplus, which excludes interest
payments, is closely followed by analysts and investors as a
gauge of the government's ability to service its debt.


Read more at Reuters.com Bonds News

Lehman Brothers sets guidance on 3 part debt sale

(Reuters) - The 30-year subordinated bond issue is expected to yield
0.30 percentage point over the 10-year spread.




Read more at Reuters.com Bonds News

UPDATE 2-Astral hungry for deals after Standard buy-CEO

(Reuters) - TORONTO, July 12 - Broadcaster Astral Media Inc.
remains hungry for acquisitions despite spending
about C$1.1 billion just months ago to buy
Standard Radio, its chief executive said on Thursday.




"Do we still have an appetite? The answer is yes," Ian
Greenberg told analysts during a conference call discussing the
company's third-quarter earnings.


Read more at Reuters.com Government Filings News

Air France-KLM says sector consolidation not over

(Reuters) - The airline group will examine potential deals as they arise as long as they create value, he told a shareholders' meeting.



Spinetta also told investors the group would decide on a potential order for the new generation of mid-size aircraft from Airbus and Boeing next year by choosing between the Airbus A350 XWB and Boeing's 787 Dreamliner.


Read more at Reuters.com Mergers News

Mexico's Peso Strengthens Against Dollar as Oil Surges to 10-Month High

(Bloomberg) -- Mexico's peso rose as the price of
crude oil, the country's biggest export, surged.

Oil advanced to an almost one-year high in New York after a
U.S. government report indicated supplies dropped last week. A
report today showing a decline in U.S. unemployment last week
also fueled optimism that consumer demand for other Mexican
exports will remain strong. The U.S. buys about 80 percent of
Mexico's goods sold abroad.


Read more at Bloomberg Currencies News

Progressive Corp. posts lower June earnings

(Reuters) - June earnings fell to $65.4 million, or 9 cents a share, from $115.0 million, or 15 cents a share a year ago.



The Mayfield Village, Ohio-based car and home insurer's combined ratio, which reflects how much it made on the premiums it earned before losses and expenses, was 95.7 in the latest quarter, up from 87.4 last year. A lower combined ratio is better for an insurer.


Read more at Reuters.com Market News

RPT-Brookfield buys Brazil power assets for $150 mln

(Reuters) - OTTAWA, July 12 - Brookfield Asset Management
Inc. said on Thursday it will buy a group of
hydroelectric generating facilities and hydro development
projects in Brazil from Energisa S.A. for $150 million.




Brookfield, an asset manager with interests in real estate
and power generation, said the purchase includes 11 operating
hydroelectric stations with a combined generating capacity of
45 megawatts and development projects with a potential capacity
of 188 megawatts.


Read more at Reuters.com Mergers News

UK miners up on bid hopes after Rio's Alcan offer

(Reuters) - "It really does put the question mark on who's next," a trader said. "And even if these companies aren't taken over, you are going to see a re-rating on the sector take place on the back of Alcan offer."




Vedanta climbed 4.6 percent to top the FTSE 100 gainers at 1227 GMT, while Xstrata added 3.8 percent, Lonmin was up 2.6 percent, Anglo American was up 1.9 percent, Antofagasta added 3.5 percent and Kazakhmys 2.8 percent.


Read more at Reuters.com Hot Stocks News

FDA clears Lasik device for differing eyesight

(Reuters) - The laser device works by correcting for all the
nearsightedness to help distance vision in a patient's dominant
eye, while fixing only part of the nearsightedness in the less
dominant eye, which helps close-up vision, the FDA said.




The FDA said it asked that the company conduct a study
tracking 500 patients for six months after surgery, to check
for potential visual disturbances that could limit activities
or worsen a patient's quality of life.


Read more at Reuters.com Government Filings News

Retail sales notch modest gains in June

(Reuters) - Wal-Mart, the world's largest retailer, reported a better-than-expected rise in June sales at its U.S. stores open at least a year and said its previous forecast for higher second-quarter earnings is "attainable."




But the discount retailer warned that the environment remains challenging.


Read more at Reuters.com Business News

US STOCKS-Wall St opens higher on retailers

(Reuters) - The Dow Jones industrial average was up 60.96
points, or 0.45 percent, at 13,638.83. The Standard & Poor's
500 Index was up 4.98 points, or 0.33 percent, at
1,523.74. The Nasdaq Composite Index was up 11.18
points, or 0.42 percent, at 2,662.97.




Read more at Reuters.com Bonds News

Brookfield buys Brazil power assets for $150 mln

(Reuters) - Brookfield, an asset manager with interests in real estate
and power generation, said the purchase includes 11 operating
hydroelectric stations with a combined generating capacity of
45 megawatts and development projects with a potential capacity
of 188 megawatts.







Read more at Reuters.com Mergers News

BJ's Wholesale June same-store sales up 5.3 pct

(Reuters) - The company, the No. 3 U.S. warehouse club operator, said
total sales for the five weeks ended July 7 rose 9.8 percent to
$886.8 million.





Read more at Reuters.com Market News

Cato June same-store sales flat; raises Q2 profit view

(Reuters) - Cato said it now sees earnings of 35 cents to 37 cents a
share for the second quarter, up from its earlier outlook of 27
cents to 31 cents a share.





Read more at Reuters.com Market News

Crude Oil Climbs Above $73 a Barrel as U.S. Inventories, Imports Decline

(Bloomberg) -- Crude oil rose to more than $73 a
barrel in New York after the U.S. government reported supplies of
oil dropped because of a decline in imports.

Crude-oil stockpiles dropped 1.5 million barrels to 352.6
million barrels last week, according to the U.S. Energy Department.
Imports fell 7 percent to an average 10 million barrels a day, the
lowest since the week ended April 13.


Read more at Bloomberg Commodities News

FTSE recovers in choppy trade, miners offset oils

(Reuters) - Britain's FTSE top share index rose on Thursday as gains in the mining sector from Rio Tinto's

$38.1-billion bid for Canada's Alcan offset a fall in Rio's own stock and weakness in Royal Dutch Shell.


Read more at Reuters Africa

Stein Mart June same-store sales fall 2.9 pct

(Reuters) - The company also said it sees second quarter earnings at
the lower end of its previously announced outlook of 6 cents to
10 cents a share and that same-store sales are expected to be
flat to slightly negative for the period.





Read more at Reuters.com Market News

S.Africa May manufacturing output accelerates to 6.6 pct y/y

(Reuters) - South Africa's manufacturing output accelerated to an unadjusted 6.6 percent in volume terms year-on-year in May from 3.8 percent in April, official data showed on Thursday.

Compared with April, manufacturing production in volume terms rose by a seasonally adjusted 4.5 percent, Statistics South Africa said.


Read more at Reuters Africa

Fleetwood posts quarterly loss

(Reuters) - Sales fell 16 percent to $508.4 million.




Analysts, on average, expected the Riverside,
California-based company to report a loss of 31 cents a share
on sales of $552.4 million.



Read more at Reuters.com Market News

Philippine Central Bank Cuts Rate, Won't Stagger Costs for Larger Deposits

(Bloomberg) -- The Philippine central bank cut its
key interest rate and ended a policy of staggering borrowing
costs depending on the size of deposits, effectively keeping the
cost of lending in the $117 billion economy unchanged.

Bangko Sentral ng Pilipinas lowered the reverse repurchase
rate by 1.5 percentage points to 6 percent, Governor Amando
Tetangco told reporters in Manila today. It also scrapped a
policy of paying lower rates of interest on large deposits
placed with the central bank.


Read more at Bloomberg Emerging Markets News

U.K. Pound Rises to 26-Year High on BOE Rate Views, U.S. Subprime Outlook

(Bloomberg) -- The pound rose to a 26-year against
the dollar on speculation the Bank of England will keep raising
U.K interest rates, as the Federal Reserve stays on hold.

Britain's currency extended its gains to 1.2 percent this
week as Moody's Investors Service cut ratings of bonds backed by
subprime mortgages and Standard & Poor's threatened to do the
same. Investors expect BOE policy makers to raise rates a quarter
point by year-end, and are adding to bets on a further increase
to 6.25 percent.


Read more at Bloomberg Currencies News

Aozora, Controlled by Cerberus, Cancels Debt Sale, Says Markets `Unstable'

(Bloomberg) -- Aozora Bank Ltd., the Japanese bank
controlled by U.S. buyout firm Cerberus Capital Management LP,
cited ``unstable'' capital markets as it canceled a sale of
dollar-denominated subordinated bonds overseas.

The Tokyo-based bank will revive the sale when markets
become stable, it said in a statement sent to the Tokyo Stock
Exchange today.


Read more at Bloomberg Bonds News

European Stocks Drop, Led by Rio Tinto, Royal Dutch Shell; Alstom Gains

(Bloomberg) -- European stocks fell for a third day,
led by Rio Tinto Group after the world's third-largest mining
company agreed to buy Canada's Alcan Inc. for $38.1 billion.

Royal Dutch Shell Plc also dropped after UBS AG lowered its
recommendation for the shares. Alstom SA led advancing stocks
after the world's third-biggest maker of power plants said fiscal
first-quarter sales rose 27 percent, driven by increased
investment in electricity grids.


Read more at Bloomberg Stocks News

Oil Climbs Above $72.70 a Barrel in New York as U.S. Crude Supply Declines

(Bloomberg) -- Crude oil rose after a report that U.S.
supplies of oil dropped because of a decline in imports.

Crude-oil stockpiles dropped 1.5 million barrels to 352.6
million barrels last week, according to the U.S. Energy Department.
Imports fell 7 percent to an average 10 million barrels a day, the
lowest since the week ended April 13.


Read more at Bloomberg Commodities News

European Mining Stocks Gain, Led by BHP Billiton, Xstrata; Shell Drops

(Bloomberg) -- European mining stocks rose for a
second day, led by BHP Billiton Ltd. and Xstrata Plc, on takeover
speculation after Rio Tinto Group agreed to buy Canada's Alcan
Inc. for $38.1 billion.

Royal Dutch Shell Plc limited gains after UBS AG lowered its
recommendation for the shares. Alstom SA jumped after the world's
third-biggest maker of power plants said fiscal first-quarter
sales rose 27 percent, driven by increased investment in
electricity grids.


Read more at Bloomberg Stocks News

Malaysia aims to resolve Proton partner issue fast

(Reuters) - State investment arm Khazanah Nasional Bhd, which owns 43
percent of Proton, is in talks with Germany's Volkswagen
and U.S. auto giant General Motors to sell
some of its stake in the loss-making company.




Volkswagen is viewed as the frontrunner to partner Proton
and has held two rounds of talks with the Malaysian government.
A third round could be in the offing but talks with U.S.
carmaker General Motors are also under way, the government said
last month.


Read more at Reuters.com Mergers News

European Stocks Advance, Paced by BHP, Xstrata on Takeover Speculation

(Bloomberg) -- European stocks rose for the first
time in three days, led by BHP Billiton Ltd. and Xstrata Plc on
takeover speculation after Rio Tinto Group agreed to buy Canada's
Alcan Inc. for $38.1 billion.

Rio Tinto, the world's third-largest mining company, climbed
to a record. Alstom SA jumped after the world's third-biggest
maker of power plants said fiscal first-quarter sales rose 27
percent, driven by increased investment in electricity grids.


Read more at Bloomberg Stocks News