Bristow Group, Dycom, Medtronic, NorthWestern, Shanda: 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.

Advanced Analogic Technologies Inc. (AATI US) rose $1.29,
or 16 percent, to $9.30 in trading after the official close of
U.S. exchanges. The maker of power-management chips for mobile
phones and computers said Judge Sidney Harris of the U.S.
International Trade Commission ruled the company didn't infringe
Linear Technology Corp.'s (LLTC US) patents.


Read more at Bloomberg Stocks News

Asian High-Yield Bond Sales Will Rise, Led by China, Indonesia, S&P Says

(Bloomberg) -- Asia's high-risk, high-yielding bonds
are attracting more investors from the U.S. and Europe as
declining premiums on investment-grade bonds encourage riskier
bets, according to Standard & Poor's.

Sales of the securities in Asia, excluding Japan, will
probably rise to $7 billion this year from around $6 billion
last year, said Anshukant Taneja, director of corporate and
infrastructure ratings at S&P in Singapore. Companies in China,
Indonesia and India will probably borrow the most in the region,
he said.


Read more at Bloomberg Bonds News

Australian 10-Year Bonds Fall, Pushing Yields to Highest Since June 2004

(Bloomberg) -- Australia's 10-year government bonds
fell, pushing up the yield to 6 percent for the first time since
June 2004, following a decline in U.S. Treasuries as traders
pared bets the Federal Reserve will cut interest rates this year.

Global appetite for debt waned as the odds of a U.S. rate
reduction ebbed after Richmond Fed President Jeffrey Lacker
yesterday said it's up to policy makers to contain price
increases. The yield advantage of Australian two-year bonds over
10-year debt narrowed to the least in two weeks. Longer-dated
bonds typically yield more than shorter maturity debt.


Read more at Bloomberg Bonds News

Singapore Airlines' Shares Rise; Carrier May Buy Stake in China Eastern

(Bloomberg) -- Shares of Singapore Airlines Ltd.,
Asia's most profitable airline, rose after the company said it's
in talks for a potential investment, fueling speculation it may
take a stake in China Eastern Airlines Corp.

Singapore Airlines is in ``advanced'' talks for a potential
investment, it said late yesterday, without elaborating. China
Eastern today said it has ``important matters'' to announce and
is preparing for the release of information. China's third-
largest airline said on May 14 it had begun government-level
talks about selling a stake, possibly to Singapore Airlines.


Read more at Bloomberg Emerging Markets News

Saudi Aramco Will Sell Naphtha at Higher Premiums in Second Half of 2007

(Bloomberg) -- Saudi Aramco, the world's biggest
state oil company, agreed to sell naphtha for the second half of
this year at higher premiums to benchmark prices.

Saudi Aramco will sell its A-180 naphtha at a premium of
$25 a metric ton, A-310 naphtha at a premium of $19.50 a ton,
said traders involved in negotiations in Tokyo with the Dhahran,
Saudi Arabia-based company. It will sell its Jubail naphtha at a
premium of $20.50 a ton and Rabigh naphtha at a premium of
$22.50 a ton.


Read more at Bloomberg Energy News

Platinum Declines on Less-Than-Expected Demand for Exchange-Traded Funds

(Bloomberg) -- Platinum fell to its lowest in almost
a month as demand for exchange-traded funds backed by the metal
has been less than some expected.

Shares of ETFS Physical Platinum, the first ETF backed by
platinum, have fallen 1.3 percent since starting trading April 24
in London.


Read more at Bloomberg Commodities News

Australian 10-Year Bonds Fall, Yield Rises to Highest Since June 2004

(Bloomberg) -- Australia's 10-year government bonds
fell, pushing the yield higher than 6 percent for the first time
since June 2004.

The yield on the benchmark 10-year bond rose 3 basis points,
or 0.03 percentage point, to 6 percent at 10:59 a.m. in Sydney.
The price of the 6 percent bond maturing in February 2017 fell
0.234, or A$2.34 per A$1,000 face amount, to 99.981. Bond yields
move inversely to price.


Read more at Bloomberg Bonds News

Australia's S&P/ASX 200 Index Drops, Led by BHP Billiton on Metals, Oil

(Bloomberg) -- Australia's S&P/ASX 200 Index fell,
led by BHP Billiton Ltd. after prices of commodities including
copper and crude oil declined.

The S&P/ASX 200 Index dropped 16.40, or 0.3 percent, to
6322.40 as of 10:27 a.m. in Sydney.


Read more at Bloomberg Stocks News

UPDATE 2-US Democrats to fund Iraq war with no pullout date

(Reuters) - WASHINGTON, May 22 - President George W. Bush won
a battle over nearly $100 billion to fund the Iraq war as
Democratic leaders in Congress on Tuesday abandoned efforts to
withdraw troops for now but pledged to try again in July.




Instead of setting schedules for pulling U.S. troops, it
appeared the Democratic-run Congress and the Republican White
House agreed for the first time to include conditions prodding
Baghdad to make better progress toward quelling violence or
risk losing around $1.3 billion in U.S. reconstruction aid.


Read more at Reuters.com Bonds News

Japan's Government Bonds May Fall as Traders Prepare for Auction Tomorrow

(Bloomberg) -- Japan's bonds may fall on speculation
traders will sell to protect against potential losses at an
auction of 20-year government debt tomorrow.

Brokerages often reduce bond holdings ahead of auctions in
case yields rise before they can pass on new debt to investors.
Japan's bonds may also track a decline in Treasuries that pushed
10-year U.S. yields to a three-month high yesterday.


Read more at Bloomberg Bonds News

Oil Is Steady After Falling on Expectations of Rising U.S. Gasoline Stocks

(Bloomberg) -- Crude oil was little changed in New
York after falling the most in six weeks yesterday as an expected
rise in U.S. fuel stockpiles dragged gasoline futures to a one-
week low.

An Energy Department report today will probably show the
country's gasoline stockpiles rose for a third week, gaining 1.2
million barrels as refiners increased production, according to a
Bloomberg News survey of 17 analysts. Oil stockpiles, already
above average for this time of year, probably gained another
600,000 barrels, their fifth weekly rise.


Read more at Bloomberg Commodities News

UPDATE 1-NZ's Fletcher Building acquires Formica Corp

(Reuters) - Fletcher said it would pay US$700 million to buy the
Cincinnati-based Formica from private equity firms Cerberus
Capital Management and Oaktree Capital Management.




Fletcher said it would place 26 million shares to raise
around NZ$300 million to part fund the purchase.
The issue equates to a price of around NZ$11.54 a share, an 8.8
percent discount to Fletcher Building's closing share price on
Tuesday.


Read more at Reuters.com Mergers News

UPDATE 2-Payless ShoeSource to buy Stride Rite for $800 mln

(Reuters) - The news sent shares of Stride Rite up more than 30 percent
in extended trade, while Payless' stock rose more than 4
percent.




The $20.50 a share offer represents a 33 percent premium
over Stride Rite's closing of $15.45 on Tuesday.


Read more at Reuters.com Bonds News

Fed's Bernanke honors two for improving racial ties

(Reuters) - He did not make any reference to the economy or interest
rates in a text of his remarks.




Read more at Reuters.com Bonds News

Orthopedic implants maker Amedica files for IPO

(Reuters) - The company is seeking a Nasdaq listing under the symbol
"AMCA."




Read more at Reuters.com Government Filings News

Prospect Medical to acquire ProMed Health Care for $48 mln

(Reuters) - The acquisition, which is expected to immediately add to
earnings, is likely to close on June 1, 2007, the company
said.





Read more at Reuters.com Mergers News

Yen May Be Little Changed Before Report Might Show Prices Fell in Japan

(Bloomberg) -- The yen may be little changed against
the euro before a Japanese government report this week that is
forecast to show core consumer prices declined in April on an
annual basis in the world's second-largest economy.

The Japanese currency's risk-reversal rate versus the euro
rose, approaching levels seen before the Feb. 27 global stock
market rout, as investors are less willing to weaken the yen.
Japan's 0.5 percent interest rate is the lowest among major
economies and prompts investors to borrow its currency to finance
positions in higher-yielding assets, in a practice known as the
carry trade.


Read more at Bloomberg Currencies News

Alcan looking at all strategic options: CEO

(Reuters) - Evans declined to identify the others Alcan was talking to, or specify whether Alcan would consider trying to take over Alcoa.




Read more at Reuters.com Business News

UPDATE 1-Mexico sees growth above 4 pct next year

(Reuters) - "Our view is that in the first half of this year, the
Mexican economy will grow at a 2.8 percent , and the
growth in the second half will be 3.8 percent ... and
more than 4 percent next year," Carstens told business leaders
at an event.




Carstens said he expected economic growth of 3.3 percent
growth in Mexico this year compared with 4.8 percent last year,
citing a slowdown in the economy of the United States, where
Mexico sends 90 percent of its exports.


Read more at Reuters.com Economic News

UPDATE 1-Grubb & Ellis, NNN Realty Advisors agree to merge

(Reuters) - Grubb & Ellis would issue 0.88 common shares for each
outstanding share of NNN Realty Advisors, as part of the merger
agreement, Grubb & Ellis said in a statement.




Following the merger, Grubb & Ellis stockholders will own
about 41 percent of the combined company and NNN Realty
Advisors stockholders will own about 59 percent, it said.


Read more at Reuters.com Mergers News

Yingli Green Energy sets IPO at 29 mln ADSs

(Reuters) - Each ADS will represent one common share in the IPO.




In an amended offering document filed with the U.S.
Securities and Exchange Commission, the company said
underwriters will have the option to buy another 4.35 million
shares to meet demand.


Read more at Reuters.com Government Filings News

Black Box, Intel, Las Vegas Sands, Staples, KongZhong: 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.

Accredited Home Lenders Holding Co. (LEND US) rose 76 cents,
or 6 percent, to $13.51 and traded as high as $14. Silver Point
Capital LP said in a regulatory filing that it boosted its stake
in the subprime mortgage company to 5.2 percent from 3.8 percent.


Read more at Bloomberg Stocks News

UPDATE 1-Casino shares soar on Tracinda/MGM Mirage

(Reuters) - MGM Mirage stock surged to an all-time high of $82.25,
before trading up $16.60, or 26.37 percent, at $79.55 on the
New York Stock Exchange at mid-afternoon.




Tracinda said Monday it will enter talks to buy MGM
Mirage's Bellagio property and its $7.4 billion CityCenter
development on the Las Vegas Strip.


Read more at Reuters.com Bonds News

U.S.-China talks not aimed at short-term: Gutierrez

(Reuters) - Gutierrez said the U.S. delegation explained to Chinese officials that U.S. restrictions on high-technology exports were not a barrier to increasing U.S. exports to China, noting that only a small portion of last year's $17 billion worth of U.S. high-technology exports to China required a license.




The U.S. government only rejected $12 million of proposed high-tech exports to China last year, he added.


Read more at Reuters.com Bonds News

Copper Falls to 7-Week Low in New York on Speculation China Demand to Slow

(Bloomberg) -- Copper futures fell to the lowest in
seven weeks in New York on speculation that demand may slow in
China, the world's biggest consumer of the metal used in pipes
and wires.

Stockpiles of copper monitored by the Shanghai Futures
Exchange have more than tripled this year to the highest in
three years. Last week, the Chinese government implemented
measures to slow economic expansion. Before today, copper had
rallied 18 percent in 2007 on forecasts that growth in China
would boost metal consumption.


Read more at Bloomberg Commodities News

UPDATE 1-S&P, Fitch may cut MGM Mirage deeper into junk

(Reuters) - Tracinda said on Monday it is exploring options for its 56
percent stake in MGM. For details, see [ID:nN21358817]




Tracinda said its move could result in a financial
restructuring of the remainder of the casino company, which
controls roughly a third of the Strip, with famous properties
such as Luxor, Mandalay Bay and Circus Circus.


Read more at Reuters.com Bonds News

Wheat Prices Decline as Wet Weather Improves U.S. Winter-Crop Conditions

(Bloomberg) -- Wheat in Chicago and Kansas City fell
after a report said the condition of the U.S. winter crop
improved for the fourth straight week as wet weather helped
plants recover from a freeze in early April.

About 59 percent of the winter-wheat crop was rated good
or excellent as of May 20, compared with 58 percent the
previous week, the U.S. Department of Agriculture said
yesterday. Fields in western Kansas may yield as much as
60 bushels an acre, said Jamey Kohake, a broker at Paragon
Investments in Silver Lake, Kansas.


Read more at Bloomberg Commodities News

Urban Outfitters to launch a fourth brand

(Reuters) - "Sites will be large and free standing. Merchandise will include lifestyle home and garden products combined with antiques, live plants and flowers," he said in a statement.




He said the company has an "outstanding opportunity" to serve the affluent consumer.


Read more at Reuters.com Business News

UPDATE 1-U.S. govt forecasts active Atlantic hurricane season

(Reuters) - WASHINGTON, May 22 - The 2007 Atlantic hurricane
season will be active with 13 to 17 named storms, seven or 10
of which are expected to become hurricanes, the U.S.
government's top climate agency predicted on Tuesday.




Of the seven to 10 hurricanes forecast, three to five will
be major ones of Category 3 or higher with winds over 110 miles
per hour, the National Oceanic and Atmospheric
Administration said in its annual forecast.


Read more at Reuters.com Bonds News

Kidney failure, death seen with Novartis' Exjade-FDA

(Reuters) - The agency added that Novartis has already included the new
concerns on the drug's label. The company has also notified
doctors, who the FDA said should take steps to monitor at-risk
patients.




Read more at Reuters.com Government Filings News

Critical Therapeutics signs licensing deal for asthma drug

(Reuters) - The company has also agreed to make aggregate milestone
payments of up to $2.9 million to CyDex.




CyDex has been given a worldwide, exclusive license to
develop and sell Zileuton combined with or formulated using
Captisol, its patented drug enablement technology.


Read more at Reuters.com Government Filings News

UPDATE 1-TransAlta seeks buyer, bids to boost unit value

(Reuters) - TransAlta Power hired BMO Capital Markets to advise on the
process, which would include strategic alternatives to boost
the value of its units and hunt for a buyer.




The company said the strategic review wasn't prompted by a
takeover offer.


Read more at Reuters.com Mergers News

European Phone Stocks, Deutsche Telekom Advance; Glaxo, Novartis Decline

(Bloomberg) -- European telecommunications stocks
rose, led by Deutsche Telekom AG on speculation the region's
largest phone company may spin off its U.S. business.

Deutsche Telekom gained the most in four months. Tele2 AB
rallied to a four-week high as Morgan Stanley said the Swedish
telecommunications provider was the ``best restructuring
story.'' STMicroelectronics NV climbed on plans to form a
company with Intel Corp.


Read more at Bloomberg Stocks News

TEXT-S&P release on Hannover Ruckversicherung-AG

(Reuters) - At the same time, Standard & Poor's affirmed the 'AA-' counterparty credit
and insurer financial strength ratings on Hannover Re.




In addition, the outlook on the strategically important International
Insurance Co. of Hannover Ltd. was revised to stable from negative and the 'A+'
counterparty credit and insurer financial strength ratings affirmed.


Read more at Reuters.com Bonds News

U.S. Hotel Stocks Rise, Led by MGM on Kerkorian's Offer; Staples Declines

(Bloomberg) -- Most U.S. stocks gained, led by hotel
companies, after billionaire Kirk Kerkorian said he wants to buy
the Bellagio Hotel & Casino from MGM Mirage.

Shares of the world's second-largest casino company surged
the most since 1989 after Kerkorian, who owns 56 percent of MGM,
also said he's studying ``alternatives'' for his investment.
Staples Inc. had the steepest loss in the Standard & Poor's 500
Index after the office-supplies retailer tempered its earnings
forecast.


Read more at Bloomberg Stocks News

UPDATE 1-Merged Indian airline's IPO in 2008 - minister

(Reuters) - Praful Patel said the merged entity -- to be called Air
India -- would start combined operations from July.




The government will then appoint merchant bankers to advise
it on the proposed equity offer.
"IPO is very much on the cards. We do hope by 2008 we will
have an IPO of the merged entity," Patel told reporters.


Read more at Reuters.com Mergers News

S.Africa black middle class big but untapped - study

(Reuters) - South Africa's black middle class grew by 30 percent last year and should continue to expand in the coming years as the government pursues its black economic empowerment programme, a study has shown.

However, the survey by the University of Cape Town and TNS Research says retailers have failed to tap fully into this group, which numbers 2.6 million or 12 percent of the country's black population, but holds more than half of its buying power.


Read more at Reuters Africa

UPDATE 1-GigaMedia quarterly profit rises

(Reuters) - The company attributed seasonal factors, notably a downturn
in online gaming during the summer, and increased competition
in its markets for the expected decline.




Shares of the company were down about 7.33 percent at
$14.80 in early morning trade on the Nasdaq.


Read more at Reuters.com Market News

JBS, Lopes, Perdigao, Tam, Telemar, Vale do Rio Doce: Brazil Equity Movers

(Bloomberg) -- Brazil's main stock index was little
changed, as mining company Cia. Vale do Rio Doce fell and phone
company Tele Norte Leste Participacoes SA gained.

The Bovespa Index of the most-traded stocks on the Sao Paulo
exchange fell 42.32, or less than 0.1 percent, to 52,381.13 as of
9:40 a.m. New York time after trading at a record yesterday.


Read more at Bloomberg Stocks News

Mexican Peso Rises to Almost Seven-Month High Amid Demand for Risky Assets

(Bloomberg) -- Mexico's peso advanced to the
strongest level in almost seven six months as investors bought
the country's bonds and stocks for higher returns.

``Investors are still chasing high yields,'' said Ricardo
Amorim, chief Latin America economist in New York at WestLB AG.
``All emerging-market currencies are doing well, including the
Mexican peso. The peso has more room to appreciate.''


Read more at Bloomberg Currencies News

UPDATE 2-Fremont sells loan unit for $1.9 bln, shares soar

(Reuters) - Fremont also said it had agreed to sell a minority stake in
the entire company to an investor group led by Gerald Ford, the
former chief executive of Golden State Bancorp Inc., for about
$80 million in the form of preferred stock and warrants to buy
more common shares.




The deal could eventually lead to the investor group owning
20 percent of the outstanding stock of the company, one of
several lenders to less credit-worthy home buyers who have
scrambled to overcome rising defaults and late payments amid a
U.S. housing slowdown.


Read more at Reuters.com Mergers News

Copper Declines in New York Amid Speculation Chinese Consumption May Slow

(Bloomberg) -- Copper futures fell in New York on
speculation that demand may slow in China, the world's biggest
consumer of the metal used in pipes and wires.

Stockpiles of the metal monitored by the Shanghai Futures
Exchange have more than tripled this year, climbing to the
highest in three years. Before today, copper had rallied 18
percent in 2007 on forecasts that growth in China would boost
demand.


Read more at Bloomberg Commodities News

Home Inns, NovaStar, Staples, Total System Services: 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. Shares prices are as of 8:50 a.m. New York time.

Accredited Home Lenders Holding Co. (LEND US) rose $1.35, or
11 percent, to $14.10 in trading before the open of U.S.
exchanges. Silver Point Capital LP said in a regulatory filing
that it boosted its stake in the subprime mortgage company to 5.2
percent from 3.8 percent.


Read more at Bloomberg Stocks News

Russia Won't Buy Stocks to Prop Up Equity Market, Finance Minister Says

(Bloomberg) -- Russian Finance Minister Alexei Kudrin
said the government won't buy stocks to cushion the country's
equity market, a day after President Vladimir Putin urged
ministers to consider doing so.

``The government will not invest in any individual stocks to
support them,'' Kudrin told investors today at a conference in
Moscow organized by Troika Dialog, Russia's second-biggest
independent investment bank. ``Any injection of this sort would
be negative.''


Read more at Bloomberg Stocks News

Whole Foods extends offer for Wild Oats shares

(Reuters) - In February, Whole Foods had said it will buy smaller rival Wild Oats for $18.50 a share, or about $565 million, to compete better with larger traditional grocers.







Read more at Reuters.com Mergers News

ICAP Profit Probably Rose 24% on Computer-Based Trades: Earnings Outlook

(Bloomberg) -- ICAP Plc, the world's largest broker
of transactions between banks, may say tomorrow that pretax
profit rose 24 percent, lifted by computer-based trading of
bonds, stocks, currencies and their derivatives.

Profit before tax and one-time items in the year through
March 31 advanced to 252 million pounds ($497 million) from 204
million pounds in 2006, according to the average estimate of
three analysts compiled by Bloomberg. Revenue at London-based
ICAP, which acts as a go-between for trades in financial markets,
probably rose 20 percent to 1.1 billion pounds.


Read more at Bloomberg Bonds News

Petrobras, PetroChina Discuss Exploration, Refining-Project Cooperation

(Bloomberg) -- Petroleo Brasileiro SA, Brazil's
state-controlled oil company, said it is discussing ``strategic
cooperation'' with PetroChina Co.

The company may sign an initial agreement with China's
biggest oil producer by the end of this year, said Henyo T.
Barretto, president consultant at Rio de Janeiro-based Petrobras.
The accord would cover exploration and refining.


Read more at Bloomberg Emerging Markets News

Staples profit jumps 12.4 percent

(Reuters) - The Framingham, Massachusetts-based company said quarterly sales rose 8 percent to $4.59 billion from $4.24 billion a year ago, but slightly missing Wall Street expectations.




Analysts, on average, were expecting the retailer to earn 29 cents a share on about $4.7 billion in sales, according to Reuters Estimates.


Read more at Reuters.com Market News

BJ's Wholesale 1st-quarter profit falls

(Reuters) - Profit for the fiscal first quarter, ended May 5, was $13.65 million, or 21 cents per share, compared with $15.42 million, or 23 cents per share, a year earlier.



BJ's earned 20 cents a share, excluding a 1 cent-a-share gain from the sale of pharmacy-related assets.


Read more at Reuters.com Market News

Yen Near 3-Month Low Versus Dollar as BOJ Signals Interest Rates on Hold

(Bloomberg) -- The yen traded near a three-month low
against the dollar as policy meeting minutes indicated the Bank of
Japan plans to keep interest rates unchanged in coming months.

The Japanese currency slid for a second day versus the dollar
as investors returned to the so-called carry trade, borrowing in
Japan, where the benchmark rate is 0.5 percent, to invest in the
U.S. and Europe. The euro also approached a five-week low against
the dollar on speculation prices already reflect the interest-rate
outlook in the euro region.


Read more at Bloomberg Currencies News