U.S. Stocks Fall for Week on Concern Housing Slump Will Lead to Defaults

(Bloomberg) -- U.S. stocks had their first
weekly decline in a month after concern grew that loan
losses at banks and brokerages will restrain corporate
profit growth.

Merrill Lynch & Co., Lehman Brothers Holdings Inc. and
Morgan Stanley helped financial shares in the Standard &
Poor's 500 Index tumble the most since March. Google Inc.,
Intel Corp. and Pfizer Inc. declined following their
quarterly reports.


Read more at Bloomberg Stocks News

BP faces fine over Texas City blast recovery

(Reuters) - BP has 15 working days to contest the citations and penalties, and a spokesman said the company was studying the allegations before deciding how to proceed. Some problems cited already were being addressed, the spokesman said.




The company was cited for alleged "willful" failure to ensure that a pressure relief system on the plant's fractionator vessel conforms to industry codes, an OSHA news release said.


Read more at Reuters.com Business News

Lifting the Lid: Engineered Support was a family affair

(Reuters) - Experts say lax corporate governance at ESSI, once a Nasdaq
darling, allowed questionable behavior at the St. Louis-based
defense contractor to go unchecked for years.




The latest twist in the ESSI saga came on Thursday evening
when the U.S. Attorney in St. Louis unveiled indictments that
accuse ESSI co-founder and chairman Michael F. Shanahan Sr. and
his son and former director, Michael F. Shanahan Jr., of
backdating options.


Read more at Reuters.com Government Filings News

SuccessFactors files to go public in $125 mln offer

(Reuters) - The filing did not provide details such as the number of
shares to be sold, expected share price, or expected stock
listing symbol.




Read more at Reuters.com Government Filings News

Mexico stocks down close down as Cemex, Telmex drag

(Reuters) - The benchmark IPC stock index shed 0.71 percent to
31,922.22 points, while the peso currency
weakened 0.30 percent to 10.779 per dollar.




"Company results have not been good at all," said a stock
trader in Mexico City.


Read more at Reuters.com Bonds News

Google, U.S. Steel, Whirlpool, Williams-Sonoma: 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.

Actions Semiconductor Co. (ACTS US) dropped 91 cents, or 15
percent, to $5.09. The Chinese maker of chips for portable
electronics forecast profit of as much as 16 cents a share in the
third quarter. Six analysts on average estimated the company to
earn 17 cents, according to a Bloomberg survey. Analyst Tore
Svanberg at Piper Jaffray & Co. cut the stock to ``market
perform'' from ``outperform.''


Read more at Bloomberg Stocks News

UPDATE 1-Mexico June unemployment rate edges up to 3.26 pct

(Reuters) - A Reuters survey of analysts had forecast an unemployment
rate of 3.42 percent for the month.




Mexico's economy grew 4.8 percent last year but is only
expected to expand 3.6 percent this year as U.S. economic
growth slows, affecting Mexican exports to its No. 1 market.


Read more at Reuters.com Economic News

UPDATE 1-Brazil's Lula criticized for handling of air crash

(Reuters) - BRASILIA, July 20 - President Luiz Inacio Lula da
Silva has come in for scathing criticism over his handling of
Brazil's worst air crash after a close advisor was filmed
apparently celebrating reports suggesting it was caused by a
mechanical error and not government negligence.




The incident capped a flurry of criticism that Lula has
been absent during the crisis in an attempt to avoid
jeopardizing his lofty approval ratings.


Read more at Reuters.com Bonds News

UPDATE 2-U.S. Treasury says subprime woes appear contained

(Reuters) - WASHINGTON, July 20 - The U.S. Treasury
Department on Friday said the recent woes in the subprime
mortgage market appear to be contained and do not now threaten
the broader financial system.




A senior Treasury official, speaking on condition of
anonymity, said the recent mortgage market turmoil "appears
contained" and is not imperiling the broader economy or
financial markets.


Read more at Reuters.com Government Filings News

US STOCKS-Earnings misses, subprime woes pummel shares

(Reuters) - NEW YORK, July 20 - U.S. stocks fell sharply on
Friday, battered by disappointing results from bellwether
stocks such as Caterpillar and Google, as well as worries about
the impact of the housing slump and losses from risky
mortgages.




Caterpillar Inc. , the heavy equipment maker, said
quarterly earnings fell more than expected due to a sharp drop
in truck engine sales and weakness in North American
construction. For details, see [ID:nL20191126]. Its stock
tumbled nearly 8 percent.


Read more at Reuters.com Bonds News

Mexico's Bolsa Posts Weekly Drop, Led by Cemex, on Earnings, U.S. Housing

(Bloomberg) -- Mexico's main stock index fell and
headed for a second straight weekly decline, led by cement maker
Cemex SAB, on concern that slowing growth in the U.S. and domestic
economies will crimp profits.

The Bolsa index fell 1.7 percent this week, including a 1
percent decline today, to 31,833.98 at 12:15 p.m. New York time.
The index fell for the fourth in five days after Caterpillar Inc.
said second-quarter profit fell 21 percent, as the U.S. housing
recession hurt demand for its construction equipment.


Read more at Bloomberg Stocks News

Bid for Stelco unlikely to fetch premium -analysts

(Reuters) - A rush of takeovers in the steel industry has left
good-sized, affordable steel assets such as Stelco a scarce
commodity. But amid the merger mania, the company's valuation
seems to ignore its expensive pension and other post-employment
benefit obligations, analysts said.




"No one has told me why they think it's worth what it is,"
said David Tyerman, a steel analyst at Scotia Capital in
Toronto.


Read more at Reuters.com Mergers News

U.S. teen retailers seek edge for back-to-school

(Reuters) - With factors such as higher gas and grocery prices weighing
heavily on consumers' wallets, many industry insiders are
concerned about a potentially lackluster season.




Almost half of American parents say they will keep
back-to-school apparel spending to a minimum this fall, buying
only replacements for garments their children have outgrown,
according to a survey by America's Research Group.


Read more at Reuters.com Market News

Delphi subject to $82.5 million break-up fee

(Reuters) - Delphi rejected a rival proposal from Highland Capital
Management LP.





Read more at Reuters.com Mergers News

Alliance Boots changing terms on LBO loans: bank

(Reuters) - It is hoped that further details on the loan package will be released on Monday, the spokeswoman said.




Deutsche Bank, JP Morgan and UniCredit HVB are global coordinators for the debt backing the buyout, Europe's largest ever private equity deal and the first of a FTSE 100 company.


Read more at Reuters.com Bonds News

IPO VIEW-Validus set to raise more than $450 mln in IPO

(Reuters) - The Bermuda-based company, one of several reinsurers to
stage IPOs in recent months, has filed to sell 18 million
shares with an anticipated per-share price range of $24 to
$26.




The company initially anticipated raising $200 million in
its IPO but raised expectations after it acquired an
underwriting syndicate in the historic Lloyd's of London
market.


Read more at Reuters.com Mergers News

Canadian Stocks Fall, Led by Biovail, as Drug Rejected; Energy Stocks Slip

(Bloomberg) -- Canada's main stock index fell from a
record, led by Biovail Corp., after regulators rejected the
drugmaker's application for approval of an antidepressant and U.S.
companies reported profits below analysts' estimates.

Google Inc., the Internet search engine owner, posted profit
excluding some items of $3.56 a share, a penny short of analyst
estimates in a Bloomberg survey. Caterpillar Inc., the world's
largest maker of earthmoving machines, said earnings dropped
because of falling demand for truck engines.


Read more at Bloomberg Stocks News

Freddie Mac to sell $5.0 bln bills next week

(Reuters) - -- $1.0 billion of one-month bills due Aug. 22, 2007 to be
sold on Wednesday and settle Thursday;




-- $1.5 billion of three-month bills due Oct. 22, 2007 to
be sold Monday and settle Tuesday;


Read more at Reuters.com Bonds News

UPDATE 1-Lilly drug cuts some breast cancer risk-FDA staff

(Reuters) - Food and Drug Administration staff said Evista reduces the
risk of invasive breast cancer in certain patients. But they
said they will ask an advisory panel that meets Tuesday to
weigh the benefit against serious risks, such as deep vein
thrombosis, pulmonary embolism and possibly stroke death.




Evista is already approved to treat osteoporosis in women
past menopause. The company is seeking approval to promote the
drug for the reduction in risk of invasive breast cancer in
postmenopausal women with osteoporosis and postmenopausal women
at high risk for breast cancer.


Read more at Reuters.com Government Filings News

U.K. Gas for Delivery Today Rises on Signs Demand May Outstrip Supplies

(Bloomberg) -- U.K. natural gas costs rose for a
second day as forecasts indicated demand may outstrip supply. Gas
for mainland Europe and U.K. power also gained.

U.K. gas for same-day delivery rose as much as 4.4 pence, or
15 percent, to 33.75 pence a therm, according to prices on
Bloomberg from the broker ICAP Plc. It traded at 32.75 pence as
of 9:58 a.m. in London. That's equivalent to $6.70 a million
British thermal units. A therm is 100,000 Btus.


Read more at Bloomberg Energy News

Dollar Set for Sixth Straight Weekly Drop Versus Euro on Subprime Concern

(Bloomberg) -- The dollar fell to a record low
versus the euro and headed for a sixth straight weekly drop as
concern increased that losses in subprime mortgages will worsen
a slowdown in U.S. housing and curb economic growth.

The currency also tumbled versus the yen as investors
exited riskier bets. Federal Reserve Chairman Ben S. Bernanke
said yesterday there will be ``significant financial losses'' on
mortgages given to people with poor credit histories.


Read more at Bloomberg Currencies News

UPDATE 1-Watsco lowers 2007 earnings view, shares fall

(Reuters) - "The blow-out first half performance in 2006 has proven
difficult to surpass in 2007," Watsco's Chief Executive Albert
Nahmad said in a statement.




Shares of the company were down more than 6 percent at
$51.05 in morning trade on Friday on the New York Stock
Exchange.


Read more at Reuters.com Mergers News

AMD, Biovail, Caterpillar, Google, Intuitive Surgical: 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 9:35 a.m. New York time.

Advanced Micro Devices Inc. (AMD US) rose 30 cents, or 1.9
percent, to $16.08. The second-largest maker of personal-computer
processors reported more sales than analysts' estimated and the
company said it may break even by the end of the year.


Read more at Bloomberg Stocks News

Mild China rate hike seen keeping market jittery

(Reuters) - China's stock market, which rebounded on Friday after a deep correction over the past six weeks, may also be hit next week by an announcement made later that a tax on interest income would be cut.




However, signs of strong first-half corporate earnings were expected to outweigh worries about macroeconomic measures.


Read more at Reuters.com Business News

Canada Stocks May Fall on Slowing Chinese Demand; Barrick, Inmet May Fall

(Bloomberg) -- Canadian stocks may fall after China
raised interest rates and U.S. companies, including Google Inc. and
Caterpillar Inc., reported profit below analysts' estimates.

Gold prices in London declined on speculation that the three-
week rally was overdone, given expectations for increased sales
from central-bank reserves. Barrick Gold Corp., the world's biggest
gold producer, and Inmet Mining Corp. may decline, based on bids
submitted to the Toronto Stock Exchange.


Read more at Bloomberg Stocks News

Loan Derivatives Indexes Drop to Record as Debt for Buyouts Hits Snags

(Bloomberg) -- Indexes that allow investors to bet
on the health of the leveraged loan market, which has fueled the
private-equity boom, fell to the lowest since they started
trading as investor demand for the debt wanes.

The LCDX index tied to the loans of 100 companies with
high-yield, high-risk ratings dropped to a record low. The two-
month-old index fell 0.3 to 95 and earlier dropped as low as
94.85 as of 7:38 a.m. in New York, according to Goldman, Sachs &
Co. In Europe, the iTraxx LevX Index of contracts on loans to 35
companies dropped 1 to 96.85, the lowest since it began trading
in October, according to Deutsche Bank AG.


Read more at Bloomberg Bonds News

UPDATE 1-Sonoco 2nd-quarter profit slips on one-time items

(Reuters) - The company, whose products include tubes, reels and
labels, posted a profit of $42.4 million, or 41 cents a share,
down from $49.3 million, or 49 cents a share, a year earlier.




Excluding items, earnings rose to 56 cents a share from 51
cents.


Read more at Reuters.com Market News

Italy's Saipem wins Nigeria contract for $210 mln

(Reuters) - Italian oil services provider Saipem said on Friday it had won a contract worth about $210 million to build a pipeline in Nigeria.

Saipem said in a statement it had gotten the contract from Shell to build 46-kilometre (28.58 miles) onshore pipeline in the Bayelsa and Rivers states.


Read more at Reuters Africa

Nova, Nucor, Schlumberger, Thornburg, U.S. Steel: 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.

Advanced Micro Devices Inc. (AMD US) rose 74 cents, or 4.7
percent, to $16.52 in trading yesterday after the official close
of U.S. exchanges. The second-largest maker of personal-computer
processors said sales in the second quarter increased 13 percent
to $1.38 billion after cutting prices to compete with Intel Corp.
Analysts had estimated the company to have sales of $1.25
billion, according to a Bloomberg survey.


Read more at Bloomberg Stocks News

Boston Scientific posts profit v loss, sales dip

(Reuters) - Excluding items, the company earned 18 cents a share.




The consensus estimate on Wall Street was for a profit of
19 cents per share, according to Reuters Estimates.



Read more at Reuters.com Market News

Japan July industrial output seen hurt by quake

(Reuters) - Nissan Motor Co. Ltd. said it would halt production
next Monday at all of its plants, while Honda Motor Co. Ltd.
plans to stop output at three factories because of
supply problems at Riken Corp. which makes piston rings
and seal rings for transmission parts. [ID:nT210243]




The 6.8 magnitude quake on Monday killed 10 people and
damaged homes and factories in northwestern Japan, and
economists said it would drag down industrial production,
although the impact on the overall economy may be limited.


Read more at Reuters.com Economic News

ECB's Constancio Says Euro Gains Curb Inflation, Central Bank Monitoring

(Bloomberg) -- European Central Bank council member
Vitor Constancio said the euro's appreciation will help to push
down inflation in the 13-nation euro region.

``Of course it has an impact in reducing inflation,''
Constancio, who also heads Portugal's central bank, told
reporters in Lisbon today. ``It's automatic and it's something we
always consider. That's one of the variables we look into.''


Read more at Bloomberg Currencies News

Nigerian Inflation Accelerates for Second Month to 6.4 Percent in June

(Bloomberg) -- Nigerian inflation accelerated for a
second consecutive month, reaching an annual 6.4 percent in June
after food and fuel costs increased, the National Bureau of
Statistics said.

The inflation rate rose from 4.6 percent in May, the Abuja-
based agency said on its Web site late yesterday.


Read more at Bloomberg Emerging Markets News

Imax quarterly loss narrows

(Reuters) - Following the restatement of its 2002 to 2005 results, Imax
said it has revised its accounting policy on revenue
recognition of theater systems installations.





Read more at Reuters.com Market News