Corporate Bond Premiums Soar, Sales Canceled, As Investors Shun Risky Debt

(Bloomberg) -- Japanese corporate bond risk rose to
the highest in more than two years and debt sales faltered
globally as investors shunned all but the safest of debt.

Tyco Electronics Ltd. canceled a bond offering. DAE
Aviation Holdings Inc. scrapped plans for a loan. Credit-default
swaps on Goldman Sachs Group Inc. and Bear Stearns Cos. rose to
records on concerns investment banks will be stuck with high-
yield, high-risk debt that they are unable to sell. The rout
spread to indexes gauging the risk of owning everything from
bank loans to emerging market debt.


Read more at Bloomberg Bonds News

UPDATE 1-Bear Stearns seizes troubled hedge fund's assets

(Reuters) - In a statement on Thursday, Bear Stearns said it "assumed
possession of the assets" securing a $1.3 billion credit
facility provided to the High-Grade Structured Credit
Strategies Fund after the fund was unable to meet a margin
call.




The investment bank said it does not expect any "material
change" in financial exposure as a result of its action. It
said it will continue to pursue an "orderly liquidation" of
assets, and will be in a position to establish appropriate
hedges to protect against future price declines.


Read more at Reuters.com Bonds News

UPDATE 1-Standard Pacific posts quarterly loss

(Reuters) - The company reported a net loss of $165.9 million, or $2.56
a share, compared with a net profit in the year-earlier quarter
of $96.5 million, or $1.44 a share.




Excluding one-time impairment charges, the company said it
earned 35 cents a share.


Read more at Reuters.com Bonds News

McKesson posts profit on strong technology results

(Reuters) - Wall Street analysts on average forecast 71 cents per share,
according to Reuters Estimates.







Read more at Reuters.com Market News

Deckers Outdoor quarterly earnings beat forecast

(Reuters) - Net sales rose 26.4 percent to $52.7 million.




Analysts' consensus view for earnings was 11 cents a share,
before items, on revenue of $49.3 million, according to Reuters
Estimates.



Read more at Reuters.com Market News

RPT-Gap Inc names Glenn Murphy new CEO

(Reuters) - Gap, the largest apparel retailer in the world, has been
searching since January for a new chief executive to lead the
company that has suffered from slumping sales amid intense
competition.




Read more at Reuters.com Market News

Celanese posts second-quarter $117 million loss

(Reuters) - Excluding items, the company posted quarterly earnings of
84 cents a share, up from 71 cents a share, in the year-ago
quarter.




Celanese withdrew its full-year outlook last week and said
it would inform its acetic acid and derivatives customers that
the force majeure at the Texas facility would continue, as
repairs made to the plant had been unsuccessful.


Read more at Reuters.com Market News

Roper Industries posts higher quarterly profit

(Reuters) - Second quarter net sales rose to $530.6 million from $425.3
million a year ago.





Read more at Reuters.com Market News

UPDATE 2-YRC Worldwide 2nd-qtr profit down on weak market

(Reuters) - The net profit beat analyst expectations, but citing
economic uncertainty the Overland Park, Kansas-based company
said it would not provide an annual earnings per share
forecast. It provided such estimates in the past.




YRC reported second-quarter net income of $55.4 million, or
95 cents a share, compared with $92.3 million, or $1.58 a
share, a year earlier.


Read more at Reuters.com Market News

UPDATE 2-Amgen net profit rises, key drug meets goal

(Reuters) - NEW YORK/LOS ANGELES, July 26 - Amgen Inc. on
Thursday posted quarterly profit that topped Wall Street
expectations, even as sales of its biggest drug, Aranesp, fell
19 percent in the United States amid safety concerns.




The company also announced positive breast cancer data
about its most important experimental drug, denosumab, and
issued a full-year profit forecast above analysts' estimates.
Its shares rose 1.9 percent in after-hours trading.


Read more at Reuters.com Market News

UPDATE 1-Chartered Semi has 2nd-qtr loss on tax expense

(Reuters) - Chartered posted a second-quarter net loss of $27.1
million, or 11 cents per American Depositary share ,
compared with a year-ago profit of $10.5 million, or 4 cents
per ADS.




Revenue fell to $324.3 million from $364.8 million.


Read more at Reuters.com Market News

LS Cable, SK Telecom, Taiwan Semiconductor: 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.

AU Optronics Corp. (2409 TT): AU said after the market closed
that second-quarter profit surged to NT$5.99 billion from NT$182
million a year earlier. The company was expected to report profit
of NT$2.47 billion, according to a Bloomberg survey. AU, the
world's third-largest maker of liquid-crystal displays, advanced
NT$1.20, or 2.3 percent, to NT$54.


Read more at Bloomberg Stocks News

Dow Chemical earnings up, but tax rate eyed

(Reuters) - But shares of the company fell 6 percent, as some analysts argued that a lower-than-expected tax rate helped raise earnings above Wall Street's expectations.




Dow, the No. 1 U.S. chemical maker by sales, posted a second-quarter profit of $1.04 billion, or $1.07 a share, up from $1.02 billion, or $1.05 a share, a year earlier. Analysts, on average, had forecast earnings of $1.05 a share, according to Reuters Estimates.


Read more at Reuters.com Business News

CORRECTED: Things go from bad to worse for U.S. home builders

(Reuters) - NEW YORK - The slaughterhouse that has been the U.S. housing market for the past few months got bloodier on Thursday as several industry leaders reported worse results, June home sales fell more than expected and stocks throughout the sector hit multiyear lows.




The grim tidings about the industry dragged down both the housing and construction sectors, as well as the broader stock market.


Read more at Reuters.com Business News

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

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

TREASURIES-Short-term yields head for biggest drop in 3 yrs

(Reuters) - Yields on the benchmark 10-year note were down about 11
basis points at 4.80 percent, and headed for their largest
one-day retreat since a big stock market rout back in late
February.




Read more at Reuters.com Bonds News

TREASURIES-Bond prices surge on stock market plunge

(Reuters) - The bond market rally drove the benchmark 10-year note's
yield to a two-month low and pushed yields on two-year notes to
their biggest drop since 2004. Treasuries were little moved by
the auction of $13 billion worth of five-year paper, which
traders described as poor.




"Flight-to-quality is what we are seeing right now. For the
first couple of days went to gold and right now
it is moving to Treasury bonds and particularly to the shorter
maturities," said Doug Roberts, chief investment strategist with
Channel Capital Research in Shrewsbury, New Jersey.


Read more at Reuters.com Bonds News

Moody's cuts Home Depot's ratings on buyback program

(Reuters) - A key factor in Moody's rating action was the significant
increase in leverage that will occur following the buybacks,
the credit agency said in a statement.




Moody's cut Home Depot's senior unsecured debt rating four
notches to "Baa1," the third-lowest investment grade, from
"Aa3."


Read more at Reuters.com Bonds News

UPDATE 1-L.A. ports reach contract deal with clerks

(Reuters) - The union and the clerks' employers have been negotiating a
three-year contract to replace one that expired on June 30 at
the two ports that handle $275 billion worth of cargo a year, a
major portion of U.S. waterborne trade.




The tentative accord came five days after the 930-member
Local 63 of the Marine Clerks Association of the International
Longshore Warehouse Union submitted what it called its last,
best and final offer to shippers. Management at the ports
presented its final proposal late on Tuesday.


Read more at Reuters.com Bonds News

Forest City in $607 mln sale of retirement homes

(Reuters) - "Current valuations for this business have increased
significantly, and we have chosen to take advantage of this
extraordinary market to dispose of these properties at full
stabilized value," Charles Ratner, Forest City's chief
executive, said in a statement.





Read more at Reuters.com Bonds News

Shell Has No Firm Date for Return to Full Crude-Oil Production in Nigeria

(Bloomberg) -- Royal Dutch Shell Plc, Europe's
largest oil company by market value, has no firm date for when
it can return to full production in Nigeria.

Shell is the biggest international oil producer in Nigeria,
a country that has lost hundreds of thousands of barrels in
daily production from the western Niger Delta since early 2006.
Militants are demanding a greater share of surging oil revenue.


Read more at Bloomberg Energy News

Gold Falls on Concern Housing Report Signals Slowing Economy; Silver Falls

(Bloomberg) -- Gold fell from a three-month high in
New York on concern U.S. economic growth will slow, reducing
demand for precious metals as a hedge against inflation. Silver
futures also declined.

Purchases of new homes fell 6.6 percent in June, more than
economists predicted, and orders for durable goods unexpectedly
fell for a second month, the Commerce Department said today. Some
investors buy gold to preserve purchasing power in times of
accelerating price increases.


Read more at Bloomberg Commodities News

Build-A-Bear Workshop Q2 profit slumps, shares fall

(Reuters) - July 26 - Stuffed-animals retailer Build-A-Bear Workshop Inc. on Thursday reported a 47 percent drop in quarterly profit, as sales fell at stores open at least a year and costs rose as it expanded in Montreal and Puerto Rico.



The St. Louis, Missouri-based company appointed Lehman Brothers in June to look at a range of strategic alternatives and said then it would not provide any earnings outlooks while the review was underway.


Read more at Reuters.com Mergers News

CORRECTED - UPDATE 1-LSI has loss in line with its lowered forecast

(Reuters) - LSI, a maker of chips used in networks and cell phones and
of data storage systems, said it had a second-quarter net loss
of $378 million, or 50 cents per share, compared with a
year-earlier net profit of $53.8 million, or 13 cents per
share.




Excluding items, LSI said it had a second-quarter loss of 2
cents per share. Last month, LSI said it expected a net loss
per share of 43 cents to 52 cents per share and revenue of $650
million to $670 million. Excluding items, it said it expected a
loss of 3 cents per share.


Read more at Reuters.com Market News

Goodyear quarterly earnings rise

(Reuters) -



) Keywords: RADIATIONTHERAPYSERVICES OUTLOOK/


Read more at Reuters.com Market News

Alaska Air profit narrows in second quarter

(Reuters) - The change, effective Feb. 4, will align Guess?'s reporting cycle with the National Retail Federation fiscal calendar and would provide more consistent quarter-to-quarter comparisons, the company said in a statement.






Read more at Reuters.com Market News

RPT-Apache 2nd-qtr results drop

(Reuters) - Excluding last year's $132 million Canadian tax benefit,
earnings rose by 7 percent.





Read more at Reuters.com Market News

UPDATE 2-Kansas City Southern quarterly profit rises

(Reuters) - Excluding items, the railroad's net profit met analyst
expectations, but charges pushed it below estimates and
contributed to the company's shares falling more than 7
percent.




The Kansas City, Missouri-based company reported
second-quarter net income available to common stockholders of
$25.3 million, or 30 cents a diluted share, compared with $19.2
million, or 24 cents a share, a year earlier.


Read more at Reuters.com Market News

Rockwell Collins profit up, shares off on outlook

(Reuters) - NEW YORK, July 26 - Rockwell Collins Inc. said on Thursday that quarterly profit rose a greater-than-expected 21 percent, helped by strong sales of its high-tech aerospace systems.



The company, which makes cockpit electronics and other plane parts for Boeing Co. and Airbus , also said full-year profit would probably be at the top end of its previous forecast as the global boom in aircraft production continues.


Read more at Reuters.com Market News

Things go from bad to worse for U.S. home builders

(Reuters) - The grim tidings about the industry dragged down both the housing and construction sectors, as well as the broader stock market.




"Overall, the market for new homes stinks ... liquidity is getting sucked out of the system," said Alex Vallecillo, senior portfolio analyst with Allegiant Asset Management, which has $30 billion in total assets under management. "Mortgages are going to be tougher to come by, more expensive. The buyers are basically drying up."


Read more at Reuters.com Market News

Aetna posts higher profit, raises forecast

(Reuters) - By Lewis Krauskopf



NEW YORK, July 26 - Aetna Inc. on Thursday posted a 16 percent rise in second-quarter earnings as enrollment increased, and the No. 3 U.S. health insurer raised its full-year forecast.


Read more at Reuters.com Market News

UPDATE 1-Ballard Power trims loss on margin, forex gains

(Reuters) - Ballard reported a net loss of $11.1 million, or 10 cents a
share, for the period ended June 30, compared with a loss of
$17.3 million, or 15 cents a share, in the year-before
quarter.




Analysts polled by Reuters Estimates, on average had
expected a loss of 13 cents a share, before exceptions.


Read more at Reuters.com Market News

Thomson profit rises as Reuters deal proceeds

(Reuters) - Thomson, which publishes legal, tax, financial, scientific and health care information, said it earned $377 million, or 58 cents a share. That was up from a profit of $173 million, or 26 cents a share, in the same period a year earlier.




After adjusting for a one-time tax benefit of $14 million, discontinued operations, costs related to the Reuters transaction and other items, earnings were $254 million, or 39 cents a share, compared with $210 million, or 33 cents a share, in the corresponding period in 2006.


Read more at Reuters.com Government Filings News

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.


Read more at Reuters Africa

Anglo says S.Africa zinc, copper unit hit by long strike

(Reuters) - The world's third biggest mining group, Anglo American Plc, said on Thursday that output at its Black Mountain zinc and copper production unit in South Africa had been hit by prolonged industrial action.

Anglo did not say exactly how much output had been lost at Black Mountain which also produces lead and silver.


Read more at Reuters Africa

UPDATE 1-Nordstrom sells Faconnable brand for $210 million

(Reuters) - NEW YORK, July 26 - Nordstrom Inc. said
on Thursday that it agreed to sell its Faconnable clothing unit
for $210 million to Lebanese-based M1 Group, as the upscale
department store chain focuses on running its stores.




As part of the deal, Nordstrom said it will continue to buy
Faconnable merchandise for at least three years, and will still
offer the brand in its stores.


Read more at Reuters.com Mergers News

Ford swings to surprising 2nd-quarter 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 Mergers News

Copper Falls to 1-Week Low on Signs Slowing U.S. Growth Will Curb Demand

(Bloomberg) -- Copper futures fell in New York on
concern that an economic slowdown in the U.S., the second-
largest consumer of the metal, will curb demand.

Orders for durable goods excluding transportation equipment
in the U.S. unexpectedly fell in June for a second month, the
Commerce Department said today. Sales of existing homes in June
fell for a fourth month, a report showed yesterday. Copper, used
in homes, appliances and cars, has declined 12 percent since
reaching a record in May 2006 as demand waned in the U.S.


Read more at Bloomberg Commodities 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

3M posts higher profit, raises forecast

(Reuters) - The company, considered a bellwether for the U.S. economy, also raised its 2007 profit forecast, helping to push up its shares by more than 2 percent in morning trading.




"The quarter really showed the company is back on track and performance has taken off," Morningstar analyst Scott Burns said.


Read more at Reuters.com Business News

UPDATE 2-Brazil cenbank says future rate cuts need caution

(Reuters) - SAO PAULO, Brazil, July 26 - Brazil's central
bank said the country's strong currency has allowed for deeper
interest rate cuts, but that accelerating economic growth will
require it to be especially cautious about future rate
reductions.




In minutes released on Thursday from its rate-setting
meeting last week, the bank's monetary policy committee also
said that despite uncertainties about the strength of the U.S.
economy the outlook for continued dollar inflows to Brazil
remained positive.


Read more at Reuters.com Economic News

Global Stocks Drop; Investors Shun Risk as Credit Market Turmoil Worsens

(Bloomberg) -- Stocks fell around the world and U.S.
Treasuries rallied on concern higher borrowing costs will slow
takeovers, spur debt defaults and curb earnings, prompting
investors to flee riskier assets.

The Standard & Poor's 500 Index fell to its lowest in a
month, while Europe's Dow Jones Stoxx 600 Index dropped 1.8
percent, its biggest retreat since March. Benchmark stock indexes
in Brazil, Mexico, Argentina, Korea, Poland, Russia and Turkey
fell more than 2 percent.


Read more at Bloomberg Stocks News

GLOBAL MARKETS-Risk aversion sweeps across markets

(Reuters) - Both moves indicated that investors were pulling away from
riskier assets.




The FTSEurofirst 300 index of top European shares
ignored good earnings reports and fell 1.4 percent and Wall
Street looked set for a poor start.


Read more at Reuters.com Bonds News

UPDATE 1-FBR to sell nonprime mortgage unit to Sun Capital

(Reuters) - FBR said the unit, which made more than $7.4 billion of
mortgage loans in 2006, will be recapitalized, with Sun Capital
investing $60 million and FBR investing $15 million. FBR also
expects to fund $15 million of expected losses in the unit, and
will keep ownership of $250 million of new mortgages, which it
hopes to sell or securitize.




In a statement, FBR Chief Operating Officer J. Rock Tonkel
said the transaction gives First NLC "liquidity to navigate
through an exceptionally difficult mortgage market environment,"
while leaving FBR with exposure to improvement in the business
once the market begins to recover.


Read more at Reuters.com Bonds News

MarineMax 3rd-quarter profit falls

(Reuters) - Excluding items the company said it earned 50 cents per
share.





Read more at Reuters.com Market 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 Market News

Raytheon profit up on unit sale; raises forecast

(Reuters) - NEW YORK, July 26 - Raytheon Co. said on Thursday second-quarter net profit rose sharply, helped by a one-time gain from the sale of its aircraft unit and strong revenue from its missiles and military electronics units.



The U.S. No. 5 defense contractor also raised its full-year profit forecast, citing operational improvements across the board.


Read more at Reuters.com Market News

Build-A-Bear Workshop posts lower second-quarter profit

(Reuters) - Total revenue rose 7.2 percent to $100.4 million.




Analysts on average expected the company to earn 8 cents a
share, including stock-compensation expense but before other
exceptional items, on revenue of $104.3 million, according to
Reuters Estimates.



Read more at Reuters.com Market News

UPDATE 1-3M posts higher quarterly profit

(Reuters) - The company also raised its 2007 profit forecast.




Net income in the second quarter rose about 4 percent to
$917 million, or $1.25 a share, compared with $882 million, or
$1.15 a share, in the year earlier quarter.


Read more at Reuters.com Market News