ARM, AstraZeneca, Shell, BT, Cadbury, Reed: U.K., Irish Equity Preview

(Bloomberg) -- The following stocks may rise or fall
in U.K. and Irish markets today. Stock symbols are in parentheses
and prices are from yesterday's market close.

The benchmark FTSE 100 Index fell 44.40, or 0.7 percent, to
close at 6454.30. The FTSE All-Share Index declined 26.93, or 0.8
percent, to 3333.01.


Read more at Bloomberg Stocks News

Taiwan AU's Q2 net surges as LCD demand recovers

(Reuters) - Ahead of the results, seven analysts surveyed by Reuters
Estimates had expected AU to make a second-quarter net profit of
T$1.57 billion in the April-June quarter.




Analysts expect annual back-to-school PC demand to further
spur demand for LCDs, while lower prices are also encouraging
consumers to replace old computers and televisions.


Read more at Reuters.com Market News

Gold off 1-week low, Tokyo futures extends losses

(Reuters) - Gold rose on Thursday after falling to its lowest in a week on Wednesday on a firmer U.S. dollar, while Tokyo futures fell for the fourth day in a row, tracking sharp losses on New York's COMEX market.

Spot gold rose to $675.80/676.60 an ounce at 0255 GMT, from $674.40/675.20 late in New York on Wednesday, when it dropped to as low as $670.50 after a recovery in the dollar sparked heavy liquidation.


Read more at Reuters Africa

Bharti's Profit Doubles to $375 Million After Adding Record Users in India

(Bloomberg) -- Bharti Airtel Ltd., India's largest
wireless operator, said first-quarter profit doubled after
adding a record number of mobile-phone customers.

Net income climbed to a record 15.12 billion rupees ($375
million) under U.S. accounting rules in the quarter ended June
30 from 7.55 billion rupees a year earlier, the New Delhi-based
company said in a statement today. Sales rose 53 percent to
59.05 billion rupees.


Read more at Bloomberg Emerging Markets News

Hyundai Motor Q2 profit up 52 pct on higher sales

(Reuters) - That compared with 403.1 billion won a year ago and 307.4
billion won in the previous quarter.




The maker of the Santa Fe sports utility vehicle is
expected to post even better earnings in the second half and
enjoy healthy local sales as growth in Asia's fourth-largest
economy picks up.


Read more at Reuters.com Market News

Japan Brokerage, Shipping Shares Gain on Profit Outlook; Mitsubishi Falls

(Bloomberg) -- Shares of Japanese securities
companies and shipping line operators jumped, led by Nomura
Holdings Inc. and Nippon Yusen K.K., after profits boosted
investor confidence.

Nomura had its biggest gain in almost five years after first
quarter profit almost quadrupled. Nippon Yusen rose to a record
after the company boosted its profit forecast during the mid-day
break. Honda Motor Co. also jumped after lifting its profit
outlook.


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South Korea to Take Action to Curb Won Gain, Official Says; Currency Falls

(Bloomberg) -- South Korea's won fell the most in a
month after Deputy Finance Minister Kim Sung Jin said the
government is ready to take action to stem gains that pushed the
currency to its highest since 1997.

``If the won moves because of speculative forces, the
government and the central bank will, are ready to, and are
determined to take appropriate steps when needed,'' Kim said at a
briefing in Gwacheon, South Korea today. ``The won has appreciated
too much against the dollar.''


Read more at Bloomberg Currencies News

Datang Power to Issue 5.8 Billion Bonus Shares to Boost Capital, Liquidity

(Bloomberg) -- Datang International Power Generation
Co., the biggest Hong Kong-listed Chinese electricity producer by
market value, plans to hand 5.8 billion bonus shares to investors,
doubling the amount of stock available for trading.

Datang Power will issue 4.2 billion yuan-denominated so-
called A shares in Shanghai, and 1.6 billion overseas-listed H
shares, the Beijing-based utility said in a statement to the Hong
Kong Stock Exchange last night.


Read more at Bloomberg Emerging Markets News

Amazon "two for two in 2007"

(Reuters) - Amazon's dizzying rise on Wednesday -- up 24 percent and a three-fold increase over the past year -- represents investor reaction to a glowing second quarter: Earnings tripled, revenue grew strongly and profit margins expanded.




Wall Street got its first glimpse of improved Amazon performance in the January-March quarter, a welcome sign after years of what many complained was the company's focus on sales at the expense of profits, which stagnated as Amazon spent heavily on technology and content.


Read more at Reuters.com Business News

Democrats fight for black votes in South Carolina

(Reuters) - The early voting state is the first 2008 Democratic contest with a large African-American electorate -- more than half of the primary voters are expected to be black -- and could provide vital clues about the outcome of the national race.




Black voters could make a difference in Democratic primaries in Florida, scheduled to vote on the same day as South Carolina, and many of the more than 20 states that vote the next week -- including big states like New York, New Jersey and Illinois that could decide the nomination.


Read more at Reuters.com Bonds News

New York Times profit rises, ad revenue declines

(Reuters) - NEW YORK, July 25 - New York Times Co. said on Wednesday quarterly profit rose, helped by a one-time gain from the sale of its broadcast operations, but revenue fell because of weaker newspaper advertising sales.



Second-quarter net income rose to $118.4 million, or 82 cents a share, compared with $59.6 million, or 41 cents a share, in the quarter a year ago.


Read more at Reuters.com Market News

Investor to oppose IHOP-Applebee's deal

(Reuters) - Applebee's shares were up 8 cents at $24.63 in Wednesday
afternoon trade on Nasdaq.




"I believe Applebee's board has made a grave mistake in
agreeing to an undervalued bid for the entire company," Biglari
said, adding that his group was "exploring all of our
options."


Read more at Reuters.com Mergers News

Treasuries Little Changed With Yields Near Lowest in Almost Eight Weeks

(Bloomberg) -- U.S. Treasuries were little changed
as concerns about credit-market risk held yields near the lowest
in almost eight weeks.

Interest-rate swap spreads held at a five-year high as
Kohlberg Kravis Roberts & Co.'s banks were unable to attract
demand for about $10 billion of loans to fund the leveraged
buyout of Alliance Boots Plc amid waning demand for risky
credits. Moody's Investors Service called the credit slump a
``reality check'' in a report today.


Read more at Bloomberg Bonds News

Erosion may send Alaska oil wells into the ocean

(Reuters) - The disappearance of sea ice that shields against storm-waves, and of permafrost that holds shorelines together, is eating away at the coast of the National Petroleum Reserve-Alaska, according to a U.S. Geological Survey study.




Erosion rates have risen steeply along the coastline of the reserve -- where the administration of President George W. Bush wants to increase oil drilling -- possibly due to warmer weather, the study showed.


Read more at Reuters.com Bonds News

Morgan Stanley moves reveal European focus

(Reuters) - The second-largest securities firm in the world announced a series of management moves Wednesday that will send its global head of investment banking -- and, for the first time, the global mergers and acquisitions head -- to London. Moreover, three members of the firm's five-man investment banking operating committee will call London's Canary Wharf their home office.




The moves "will help us build upon the growth of our institutional businesses, strengthen regional authority outside the U.S. and sharpen our focus on global clients," Morgan Stanley Chairman and Chief Executive John Mack said.


Read more at Reuters.com Bonds News

UPDATE 1-ConAgra to pay $45 mln to settle fraud charges-SEC

(Reuters) - WASHINGTON, July 25 - ConAgra Foods Inc.
agreed to pay $45 million to settle civil charges of financial
fraud and improper accounting practices, the U.S. Securities
and Exchange Commission said on Wednesday.




The SEC said ConAgra had misused corporate reserves to
manipulate earnings in its 1999 fiscal year, and a former
subsidiary engaged in improper revenue recognition in 2000. The
company also made numerous tax errors from 2002 through 2005,
the agency said.


Read more at Reuters.com Government Filings News

UPDATE 2-IHOP 2nd-quarter profit up

(Reuters) - Second-quarter net income was $14.1 million, or 82 cents
per share, compared with $10.3 million, or 56 cents, a year
earlier.




Wall Street analysts, on average, had been expecting the
pancake restaurant operator to earn 60 cents per share,
according to Reuters Estimates.


Read more at Reuters.com Market News

Lufthansa raises 2007 goal after beating forecasts

(Reuters) - The result on Wednesday was boosted by the performance at the carrier's Swiss subsidiary, which it bought two years ago, Lufthansa said in a statement, adding Swiss would give a lift to second-half earnings.




"The executive board is raising its profit forecast and now anticipates an operating result for the full year -- in line with market expectations -- significantly above 1 billion euros," the airline said.


Read more at Reuters.com Business News

Egyptian indexes edge down, blue chips mixed

(Reuters) - Egyptian stock indexes inched down on Wednesday, as market leaders closed on a mixed note amid profit-taking on Commercial International Bank (CIB), traders said.

Market speculation on a possible CIB move to buy Arab-African International Bank had boosted the stock's price since last Thursday, despite CIB's refusal to comment on the rumour, traders said.


Read more at Reuters Africa

Oil Rises After Report Shows U.S. Supplies Dropped for Third-Straight Week

(Bloomberg) -- Crude oil rose for the first time in
four days in New York after the U.S. government reported a third
straight weekly decline in oil inventories.

Supplies fell 1.1 million barrels to 351 million barrels
last week, the Energy Department report showed. Inventories in
Cushing, Oklahoma, the main supply hub in the U.S., fell 1.38
million barrels to 212.4 million barrels, the lowest since
February 2006.


Read more at Bloomberg Energy News

KKR's Banks Fail to Sell $10 Billion of Loans for Alliance Boots Buyout

(Bloomberg) -- Kohlberg Kravis Roberts & Co.'s
banks, led by Deutsche Bank AG, failed to sell 5 billion pounds
($10 billion) of senior loans to fund the leveraged buyout of
Alliance Boots Plc, two people with direct knowledge of the deal
said.

KKR's eight underwriters will offer higher interest rates to
sell 1.75 billion pounds of junior loans, said the people who
declined to be identified because the discussions are private.
The banks will keep the senior loans on their balance sheets, the
people said.


Read more at Bloomberg Bonds News

UK scrutiny feared as City bonuses seen at record

(Reuters) - Concerns are increasing among London's bankers that Prime
Minister Gordon Brown's new cabinet may put City bonuses, paid
around Christmas, under scrutiny.




The Joseph Rowntree Foundation, a social policy research
charity, said this month the gap between rich and poor in Britain
was at its widest in 40 years.


Read more at Reuters.com Mergers News

ConocoPhillips Q2 profit falls on Venezuela charge

(Reuters) - Excluding the $4.5 billion impairment for its Venezuelan
assets, the third-largest U.S. oil company posted earnings of
$2.90 a share.




Integrated oil companies that both produce and refine oil
and gas are expected to have yet another in a series of stellar
quarters as soaring refining margins picked up the slack for a
year over year drop in oil prices.


Read more at Reuters.com Market News

Mercedes Q2 EBIT rises 74 pct, ups margin target

(Reuters) - FRANKFURT, July 25 - DaimlerChrysler's premium auto division Mercedes Car Group boosted second-quarter earnings before interest and tax 74 percent to 1.20 billion euros , the world's fifth-biggest carmaker said on Wednesday, beating market expectations.



With revenue flat at 12.558 billion euros, the Mercedes EBIT margin of nearly 9.6 percent in the quarter easily surpassed its minimum 7 percent target for 2007.


Read more at Reuters.com Market News

UPDATE 1-TradeStation Q2 earnings rise; trims '07 view range

(Reuters) - The company lowered the upper end of its 2007 earnings
outlook range to between 74 cents and 77 cents a share.




TradeStation had earlier forecast earnings of 74 cents to
84 cents a share for the full year. Analysts on average were
looking for earnings of 75 cents a share, before special items,
according to Reuters Estimates.


Read more at Reuters.com Market News

TREASURIES-Bonds erase losses to turn flat with stocks

(Reuters) - The benchmark 10-year note was unchanged in
price for a yield of 4.91 percent, while the two-year note
_was flat for a yield of 4.74 percent.




Read more at Reuters.com Bonds News

Dollar Rises Most Against Euro in Year as Charts Suggest Decline Too Fast

(Bloomberg) -- The dollar rose the most against the
euro in a year as charts some investors use to predict currency
movements suggested its decline to a record low was too rapid.

The U.S. currency has fallen 1.2 percent against the euro
so far this month on speculation weakness in the housing market
may slow economic growth. Average profit growth for the second
quarter among U.S. firms in the Standard & Poor's 500 Index has
so far exceeded analysts' forecasts.


Read more at Bloomberg Currencies News

US STOCKS-Futures jump on Boeing, Amazon.com optimism

(Reuters) - NEW YORK, July 25 - U.S. stock index futures rose
on Wednesday as solid profits and positive outlooks from plane
maker Boeing Co and Web retailer Amazon.com Inc.
overcame worries about the housing slump.




The recovery followed stocks' worst one-day performance in
four months on Tuesday after disappointing earnings and
increased concern about the impact of housing losses on the
economy.


Read more at Reuters.com Bonds News

Fannie Mae sells $4.5 billion in bills

(Reuters) - Settlement is July 25.-26.




Read more at Reuters.com Bonds News

Marshall & Ilsley to sell 3 branches

(Reuters) - The company said it expects the transaction to close in the
fourth quarter.





Read more at Reuters.com Mergers News

Spectrum buys worldwide rights for tumor treatment

(Reuters) - Spectrum Pharmaceuticals will make an upfront payment plus
regulatory and sales milestones, and royalties on future net
sales.





Read more at Reuters.com Mergers News

UPDATE 1-Ashland net climbs on motor oil business' strength

(Reuters) - However, the company warned that fiscal 2007 results from
its performance materials business would reflect continued
weakness in the North American automotive, marine and
residential housing markets.




Net income in the third quarter ended on June 30 increased
to $100 million, or $1.58 a share, from $93 million, or $1.29 a
share, a year earlier.


Read more at Reuters.com Market News

Ethan Allen quarterly profit falls

(Reuters) - CHICAGO, July 25 - Ethan Allen Interiors Inc. reported a slight drop in quarterly profit on Wednesday as sales eased in a challenging environment for home furnishings.



"While we have seen some positive trends in recent weeks, we remain cautiously aware of the fact that consumer confidence is impacted by several factors that are beyond our control," Chairman and Chief Executive Farooq Kathwari said in a statement.


Read more at Reuters.com Market News

Louisiana-Pacific posts 2nd-qtr loss

(Reuters) - The company posted a quarterly loss from continuing
operations of 15 cents a share, compared with a year-earlier
profit of 53 cents a share.





Read more at Reuters.com Market News

UPDATE 1-Nova Chemicals second-quarter profit dips

(Reuters) - The company, Canada's biggest manufacturer of raw plastics,
said profit in the quarter was $80 million, or 96 cents a
share, down from $106 million, or $1.27 cents a share, in the
year-earlier quarter.




Current quarter results include after-tax restructuring
charges of $9 million, or 11 cents a share, from Nova's ongoing
cost cutting while the year-prior period had a $60 million
benefit from tax rate reductions.


Read more at Reuters.com Market News

Grindrod says sells 18 pct of bank unit

(Reuters) - South African shipping and logistics group Grindrod has sold an 18 percent stake in its banking unit, Grindrod Bank, to three black invester groups, the company said on Wednesday.

Grindrod gave no financial details of the stake sale, which is in line with the South African government's Black Economic Empowerment (BEE) policy.


Read more at Reuters Africa

Alexion, Business Objects, Volvo, Skechers, Xerox: 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. Share prices are as of 7:30 a.m. in New York.

Alexion Pharmaceuticals Inc. (ALXN US) rose $5.32, or 11
percent, to $55 in trading before U.S. exchanges opened. The 15-
year-old drug developer reported a second-quarter net loss,
excluding share-based compensation, of 61 cents a share,
according to a press release distributed by PRNewswire. That beat
the $1.05 a share loss expected by analysts, according to the
average estimate in a Bloomberg survey.


Read more at Bloomberg Stocks News

Corning says quarterly profit slips

(Reuters) - Second-quarter net income fell to $489 million, or 30 cents a share, from $514 million, or 32 cents per share a year earlier. Sales climbed to $1.42 billion, up 12.7 percent over last year's second-quarter sales of $1.26 billion.



Excluding special charges, Corning net income was 34 cents a share.


Read more at Reuters.com Market News

UPDATE 1-Rockwell Automation profit up, foreign sales lift

(Reuters) - The company, whose products help factories to run more
smoothly, reported second-quarter profit of $164.2 million, or
$1.05 per share, compared with $149 million, or 83 cents per
share, a year earlier.




Analysts, on average, expected profit of 96 cents per
share, according to Reuters Estimates.


Read more at Reuters.com Market News

RPT-Hudson City 2nd-qtr profit falls

(Reuters) - Net income for the Paramus-based parent of Hudson City
Savings Bank fell to $72.7 million from $73.2 million a year
earlier. Profit per share rose to 14 cents from 13 cents
because the company had fewer shares outstanding.





Read more at Reuters.com Bonds News

Xerox quarterly net income rises

(Reuters) - Analysts were expecting a profit of 27 cents a share, according to Reuters Estimates.




Xerox, which has bet on introducing color printers and thriving on lucrative long-term supplies and service deals, said total revenue rose 6 percent to $4.21 billion, from $3.98 billion one year ago.


Read more at Reuters.com Hot Stocks News

EnCana profit slips, but raises annual outlook

(Reuters) - Canada's biggest oil and gas producer said net income fell
to $1.45 billion, or $1.89 a a share for the quarter ended June
30, from $2.16 billion, or $2.55 a share, for the same time a
year earlier.







Read more at Reuters.com Market News

TXU recommends merger approval; CEO to leave

(Reuters) - The company said if the merger did not close, Wilder had
agreed to remain as chairman and CEO.




Read more at Reuters.com Mergers News

Copper, lead, nickel slip as dollar strengthens

(Reuters) - Copper prices fell more than 1 percent on Wednesday as labour dispute concerns eased, while lead and nickel slipped as the dollar strengthened.

London Metal Exchange copper for three-months delivery was at $7,860/7,875 a tonne at 0937 GMT, down from Tuesday's close of $7,965.


Read more at Reuters Africa

German, Dutch Next-Day Power Rises on Prediction Wind Production May Fall

(Bloomberg) -- German and Dutch electricity for
tomorrow gained as forecasts showed production from wind turbines
will fall and RWE AG stopped a lignite-fired power plant for
maintenance.

Electricity for tomorrow in Germany, Europe's biggest power
market, advanced 21 percent to 33 euros ($45.38) a megawatt-hour
at 10:48 a.m. Berlin time, according to broker GFI Group Inc. The
corresponding Dutch contract gained 18 percent to 33.50 euros a
megawatt-hour.


Read more at Bloomberg Energy News

China shares jump 2.7 percent to just off record high

(Reuters) - The index has soared 10.5 percent over the past four trading days, its biggest four-day gain since mid-2005, and is up 62 percent from the start of this year.




"The market is being led by financial and property stocks which means it could break the record in the near future," even though many investors may take profits above 4,300 points, said Zhou Lin, analyst at Huatai Securities.


Read more at Reuters.com Hot Stocks News

UPDATE 1-Arkansas Best quarterly profit falls

(Reuters) - The Ft. Smith, Arkansas-based company reported
second-quarter net income of $19.6 million or 78 cents a share,
compared with $29 million or $1.13 a share a year earlier.




Wall Street analysts had on average expected earnings per
share for the quarter of 66 cents, according to Reuters
Estimates.


Read more at Reuters.com Market News

UPDATE 1-Honda Q1 rises on brisk car sales, lifts forecasts

(Reuters) - By Chang-Ran Kim, Asia auto correspondent



TOKYO, July 25 - Honda Motor Co. posted a better-than-expected 16 percent rise in quarterly profit as increased exports and currency gains outweighed higher raw material and sales costs, and it lifted its full-year forecasts to reflect a softer yen.


Read more at Reuters.com Market News

EMI Credit-Default Swaps Fall on Report Citigroup May Stall LBO Financing

(Bloomberg) -- EMI Group Plc credit-default swaps
fell following a report Citigroup Inc. has yet to approve an
extended deadline to finance the buyout of the U.K. record label
by Terra Firma Capital Partners Ltd.

Guy Hands' buyout firm has secured permission for the deal
from 26 percent of EMI shareholders. If Terra Firma fails to
secure the required 90 percent of investor approval by the 1
p.m. deadline on July 29, Hands plans to extend the deadline to
give shareholders more time, the London-based Times reported
today.


Read more at Bloomberg Bonds News

Matsushita Q1 profit up 13.5 pct on softer yen

(Reuters) - The sharp gain came although JVC, owned 52.4 percent by Matsushita, was hit by slow sales of its LCD TVs in Japan and Europe.



JVC said on Tuesday it would issue 35 billion yen worth of new shares to Kenwood Corp. and asset manager Sparx Group in August, taking itself off Matsushita's consolidated accounts.


Read more at Reuters.com Market News

South Korea's Kospi Closes Above 2,000 for First Time on Moody's Upgrade

(Bloomberg) -- South Korea's Kospi index closed
above 2,000 for the first time after Moody's Investors Service
raised the nation's debt rating and the central bank reported
the fastest economic growth in 18 months. Shinhan Financial
Group Ltd. led lenders higher.

``It's a positive development, one in a series of events
that show risk is receding and will eventually help Korea be
acknowledged as a developed, rather than emerging, market,''
said Yoo Byung Ok, who oversees $2.7 billion at Mirae Asset
Investment Management Co. in Seoul. ``The GDP figures confirmed
that growth will speed up in the second half, and that the
market's gain is supported by fundamentals.''


Read more at Bloomberg Stocks News