Rex Energy sets IPO at 14.67 mln shares, $11-$13

(Reuters) - KeyBanc Capital Markets is the lead underwriter for the
IPO, and the company intends to list its stock on the Nasdaq
under the symbol "REXX" .




Read more at Reuters.com Government Filings News

Buyouts push 'fallen angels' jump in 2007 - S&P

(Reuters) - "Acquisition-related factors are playing a key role in the
crossover of companies to speculative grade from investment
grade," S&P said. About 67 percent of issuers downgraded to
junk were involved in acquisition activity, the agency said.




By number of issuers, fallen angels have declined to 18
from 24 in the same period last year, S&P said.


Read more at Reuters.com Mergers News

U.S. Company Bond Risk Rises for Fifth Week, Credit Default Swaps Show

(Bloomberg) -- The perceived risk of owning U.S.
corporate bonds rose for a fifth week on concerns that subprime
mortgage losses and riskier debt loads at companies will stem
the flow of money into credit markets.

The CDX North America Crossover Index, a benchmark
measuring the perceived credit quality of companies at the
threshold of investment-grade ratings, jumped $9,000 per $10
million in bonds this week to $202,000, its highest in almost a
year, according to CMA Datavision in London. An increase in the
five-year credit-default swap contracts signals deterioration in
the perception of creditworthiness.


Read more at Bloomberg Bonds News

Piper looks at acquisitions in munis

(Reuters) - The Minneapolis investment bank, which focuses on advisory
and underwriting for mid-sized companies, is mainly looking to
expand in areas where it already does business, like public
finance and international banking, or once did, like asset
management.




But acquisitions will be made over time, and at valuations
that make sense, Duffy said.


Read more at Reuters.com Bonds News

EOG sees $44.1 mln Q2 gain from forward contracts

(Reuters) - The average price of EOG's natural gas financial price swap
contracts outstanding for 2007 is $9.42 per million Btu and for
2008 is $9.11 per million Btu, the latest SEC filing said.




Read more at Reuters.com Market News

UPDATE 1-PolyOne sells stake in Oxy Vinyls, shares rise

(Reuters) - Following the announcement, shares of PolyOne rose 13.5
percent to $8.34 in afternoon trading on the New York Stock
Exchange.




The company plans to use the proceeds from the transaction
to reduce its debt and lower interest costs.


Read more at Reuters.com Mergers News

Mexico stocks close up, led by Grupo Mexico gains

(Reuters) - The benchmark IPC stock index was up 0.73 percent at
32,411.84 points, while the peso currency rose
0.31 percent in local trading to 10.773 per dollar.




Mexican lawmakers are debating changes to President Felipe
Calderon's tax reform proposal that was unveiled last month.


Read more at Reuters.com Bonds News

Abbott, Macy's and Research In Motion: U.S. Equity Option Market Movers

(Bloomberg) -- The following is a list of companies
with unusual option trading in U.S. exchanges today. Stock
symbols are in parentheses after company names. Option trading
and stock prices are as of 4 p.m. in New York.

Each call option gives investors the right to buy 100 shares
of a company at a certain price, called the strike price, by a
given date. A put conveys the right to sell 100 shares.


Read more at Bloomberg Stocks News

Italy postpones Alitalia bid deadline again

(Reuters) - ROME, July 6 - The Italian Treasury pushed back on Friday the deadline for submitting binding offers for Alitalia for the second time to July 23 to allow final bidders to examine additional information on the airline.



The treasury, which is selling at least 39.9 percent of the unprofitable airline in the hopes of turning it around, did not specify what additional information was now available.


Read more at Reuters.com Bonds News

Bally Fitness Shareholders Submit Alternative to Company's Bankruptcy Plan

(Bloomberg) -- A group of Bally Total Fitness Holding
Corp. shareholders proposed an alternative to the gym operator's
bankruptcy plan, which would cancel their stock.

The group, led by Harbinger Capital Partners Masters Fund I
Ltd., instead wants to give shareholders 10 percent of the equity
in the reorganized company and a chance to buy another 10 percent
in a rights offer, Harbinger said in a letter to Bally directors
included in a regulatory filing today. The Harbinger group
would get the other 80 percent of the stock, while subordinated
noteholders would receive $60 million in cash and new notes.


Read more at Bloomberg Bonds News

Ohio atty gen probes rating agencies' subprime role

(Reuters) - She pointed to a recent presentation by Joshua Rosner, a
managing director at investment research firm Graham Fisher &
Co., that tied a misapplication of agency ratings to many of
the problems in mortgage-backed securities and collateralized
debt obligations.




Brindisi said of particular interest was the assertion the
rating agencies may have a role in creating these securities.


Read more at Reuters.com Bonds News

UPDATE 1-Italy postpones Alitalia bid deadline again

(Reuters) - The treasury, which is selling at least 39.9 percent of the
unprofitable airline in the hopes of turning it around, did not
specify what additional information was now available.




All other terms of the sale remain unchanged, it said.


Read more at Reuters.com Mergers News

UPDATE 1-Fidelity National title unit won't be indicted

(Reuters) - Chicago Title had received a letter on Feb. 16 from the
U.S. Attorney for the Southern District of Texas saying it was
the target of a Houston grand jury investigation.




Fidelity, one of the largest U.S. title insurance
companies, said the probe concerned some residential and
commercial mortgage loans that closed between 1999 and 2001,
and which involved three banks in Texas.


Read more at Reuters.com Government Filings News

Oil May Rise Next Week on Supply Risks, Refining Disruptions, Survey Shows

(Bloomberg) -- Crude oil may rise next week on
concern that oil supplies from Nigeria and Iran may be curbed and
U.S. gasoline output will drop because of unexpected refinery
closures.

Sixteen of 36 analysts surveyed, or 44 percent, said oil
prices will increase. Fourteen, or 39 percent, said prices will
fall and six forecast little change. Last week, 49 percent of
respondents said prices would rise.


Read more at Bloomberg Energy News

Chrysler sales outside US up 10 pct in 2nd quarter

(Reuters) - Sales rose 3.3 percent in the quarter to 735,837 vehicles
in the quarter worldwide for Chrysler, which said sales in the
United States rose 1.5 percent to 575,844 units.




Read more at Reuters.com Market News

Investor Perelman appeals Morgan Stanley decision

(Reuters) - By Jonathan Stempel



NEW YORK, July 6 - U.S. billionaire Ronald Perelman has gone to Florida's highest state court to overturn an appeals court ruling that stripped him of a $1.58 billion jury award against Morgan Stanley .


Read more at Reuters.com Bonds News

Net $3.56 bln US securities stripped in June

(Reuters) - The Treasury said $3.398 trillion in securities were
eligible for stripping in June. Of the total, $201.46 billion
were held in stripped form on June 30, compared with $197.90
billion on May 31.




Read more at Reuters.com Economic News

RadioShack calls heat up after fund reveals stake

(Reuters) - "We think the catalyst for the call buying today is the
stake by D.E. Shaw," said Jon Najarian, co-founder of Web
information site optionmonster.com in Chicago. "This may have
flown under some folks' radar screens. I think people are
reacting to this today."




According to Najarian's computer model, only 287 calls,
giving investors the right to buy RadioShack shares at a given
price and time, changed hands on Thursday, significantly below
June's average daily call volume of 2,399 contracts.


Read more at Reuters.com Government Filings News

UPDATE 1-JetBlue says estimated June revenue rises 9 pct

(Reuters) - JetBlue's load factor -- a measure of aircraft occupancy --
was up 1.7 percent to 83.8 percent and preliminary revenue per
available seat mile was up 9 percent over June 2006.




Some airline experts had forecast weaker revenue for major
airlines this summer, especially domestically, but Continental
Airlines and US Airways Group Inc. reported
modest increases systemwide this week.


Read more at Reuters.com Market News

CBOT, Genzyme, Macy's, Newmont, PolyOne, Rowan Cos.: U.S. Equity Movers

(Bloomberg) -- The following is a list of companies
whose shares are having unusual price changes on U.S.
exchanges. Stock symbols are in parentheses after company
names. Share prices are as of 1:10 p.m. in New York.

CBOT Holdings Inc. (BOT US) rose $11.94, or 5.8 percent,
to $218.09. Chicago Mercantile Exchange Holdings Inc. (CME US)
raised its offer for the Chicago Board of Trade for a third
time, to $11 billion, to fend off rival Intercontinental
Exchange Inc. (ICE US) and form the world's largest futures
exchange. Chicago Merc shares fell $1.90 to $553.79, and
Intercontinental shares gained $3.24 to $155.05.


Read more at Bloomberg Stocks News

Wheat Futures, Little Changed, Head for Weekly Gain on U.S. Export Demand

(Bloomberg) -- Wheat futures, little changed today
in Chicago and Kansas City, headed for weekly gains as demand
for U.S. supplies exceeded expectations after prices declined
from record levels.

U.S. exporters sold 538,400 metric tons of wheat last week,
more than the 200,000 to 400,000 tons forecast by Citigroup
Global Markets in Chicago. Advance sales are up 22 percent since
June 1 compared with the same period a year earlier, the
Department of Agriculture said today. Futures in Chicago have
fallen about 7 percent from the highest ever on June 29.


Read more at Bloomberg Commodities News

Brazilian Companies Agree to Limit Access, Monitor Trades to Control Leaks

(Bloomberg) -- Banco Bradesco SA and eight other
Brazilian companies agreed to limit employees' and executives'
access to confidential plans and monitor stock trades to ensure
that insider information isn't leaked.

The nine companies signed agreements to implement changes
recommended by the Brazilian association of publicly traded
companies, known as Abrasca. The group is attacking insider trading
through self-regulation, association President Antonio Castro said
at a presentation today at the Sao Paulo stock exchange.


Read more at Bloomberg Stocks News

JetBlue says June traffic increases 12.7 pct

(Reuters) - Load factor, which measures the amount of available capacity filled, was 83.8 percent, an increase of 1.7 points from June 2006, the airline said in a statement.






Read more at Reuters.com Market News

Yen Declines to a Record Low Against Euro on Difference in Interest Rates

(Bloomberg) -- The yen fell to an all-time low
against the euro and weakened versus the dollar as rising global
interest rates prompted Japanese investors to buy assets abroad.

The yen fell against all 16 of the most-actively traded
currencies as Japan's 0.5 percent interest rate, the lowest among
developed nations, encouraged investors to borrow in the country
and seek higher returns overseas in a practice known as the carry
trade. The Bank of England yesterday lifted borrowing costs to a
six-year high and the European Central Bank signaled it may raise
its interest rate as soon as September.


Read more at Bloomberg Currencies News

Dana reaches deals with unions, Centerbridge

(Reuters) - By David Bailey



CHICAGO, July 6 - Dana Corp. said on Friday it has reached deals with the United Steelworkers and United Auto Workers on more than $100 million per year in cost cuts the car and truck parts maker needs to exit bankruptcy.


Read more at Reuters.com Bonds News

GLOBAL MARKETS-US jobs data lifts bond yields, stocks edge up

(Reuters) - NEW YORK, July 6 - Robust U.S. jobs data
diminished already slim expectations for a Federal Reserve
interest rate cut this year, lifting Treasury bond yields and
curbing stocks' gains on Friday.




The dollar briefly rose after the June non-farm payrolls
report, but swiftly erased part of those gains.


Read more at Reuters.com Bonds News

Strong jobs growth? Thank a tourist

(Reuters) - Merrill Lynch analyst David Rosenberg says at least some of
the credit should go to tourists who are flocking to the United
States to capitalize on a weak dollar, helping to fill bars and
restaurants.




"Where is all the employment being created? Try the
leisure-hospitality sector -- the weak dollar has worked its
magic in this space," Rosenberg wrote in a note to clients.


Read more at Reuters.com Business News

Mexico's GAP June passenger traffic up 22 percent

(Reuters) - GAP said the numbers were helped by a favorable comparison
with June last year, after Mexico in April 2006 temporarily
suspended flights of local carrier Aerocalifornia over safety
concerns, briefly cutting passenger numbers.




International traffic fell by 3.1 percent to 624,800 people
in June this year, partly due to less demand for flights to
Phoenix.


Read more at Reuters.com Market News

Oil Rises on Concern Nigeria Unrest, North Sea Maintenance Will Cut Supply

(Bloomberg) -- Crude oil rose to a 10-month high on
concern unrest in Nigeria and maintenance of a North Sea oil
field will curb supply as unexpected refinery closures cut fuel
output.

The main militant group in Nigeria's oil-producing Niger
River delta region condemned the kidnapping of a 3-year-old
British girl. Brent oil, produced in the North Sea, is also
rising because of planned maintenance at a field in the region.
Refineries in California, Texas and Kansas have shut or slowed
operations this week.


Read more at Bloomberg Energy News

Rationing looms in Africa energy crisis

(Reuters) - Sub-Saharan Africa must urgently impose power rationing on companies and populations to limit the effects of a worsening energy crisis, industry and government experts said.

Decades of underinvestment in electricity networks and growing populations mean the poorest 20 percent in the region has no access to electricity.


Read more at Reuters Africa

Statoil Planning Maintenance in August at Its Statfjord Field in North Sea

(Bloomberg) -- Statoil ASA, Norway's biggest oil
company, said it plans maintenance next month at its Statfjord A
oilfield in the North Sea.

``On Statfjord A, there will be a stop in August as
planned,'' said Eli Rye, a spokeswoman for Statoil in Stavanger,
Norway, where the company is based. Maintenance will begin Aug. 3
and last for 23 days, she said.


Read more at Bloomberg Energy News

Nedbank issues $284 mln unsecured note

(Reuters) - South Africa's Nedbank has issued a 15-year 2 billion rand listed subordinated unsecured floating rate note, it said on Friday.

The coupon on the note is set at 3-month JIBAR plus 47 basis points. The bond was placed with the International Finance Corporation and the African Development Bank in equal tranches of 1 billion rand each, Nedbank said in a statement.


Read more at Reuters Africa

Hurricane center in eye of own storm

(Reuters) - The newly installed director of the National Hurricane Center, Bill Proenza, had launched a high-profile campaign to replace an aging weather satellite he said was crucial for accurate forecasts and publicly criticized his superiors for spending money on public relations.




He won the backing of several Florida politicians who portrayed him as a whistle-blower shedding light on the failings of the National Oceanic and Atmospheric Administration , which runs the Miami-based hurricane center.


Read more at Reuters.com Bonds News

RPT-US STOCKS-Shares flat as energy offsets rate fears

(Reuters) - NEW YORK, July 6 - U.S. stocks were little
changed on Friday as gains in shares of energy companies offset
concern about higher borrowing costs after strong employment
data.




Exxon Mobil Corp. shares rose 0.6 percent to $85.79
after U.S. crude oil gained 97 cents to $72.79 a barrel.
For a fact box on oil prices, see ID:nL06438033


Read more at Reuters.com Bonds News

Euro Increases to an All-Time High Against the Yen on Interest-Rate Gap

(Bloomberg) -- The euro rose to an all-time high
against the yen and gained versus the dollar as rising global
interest rates prompted Japanese investors to buy assets abroad.

The yen fell against all 16 of the most-actively traded
currencies as Japan's 0.5 percent interest rate, the lowest among
developed nations, encouraged investors to borrow in the country
for higher returns overseas in a practice known as the carry
trade. The Bank of England yesterday lifted borrowing costs a
quarter-percentage point to a six-year high of 5.75 percent.


Read more at Bloomberg Currencies News

Canada Finance Stocks Fall on Rate Concerns; Alcan Advances on Bid Report

(Bloomberg) -- Canadian financial shares fell, led by
Royal Bank of Canada, after a better-that-expected jobs report
fanned speculation that the central bank will raise borrowing costs
next week to cool the economy.

Raw-materials stocks rose on a report that Rio Tinto Group
hired bankers to help consider takeover candidates including Alcan
Inc., the aluminum maker that's already had an offer from Alcoa
Inc.


Read more at Bloomberg Stocks News

UPDATE 1-Alcan says Alcoa bid lacking, mulls options

(Reuters) - Alcan spokeswoman Anik Michaud declined to comment on
reports that Rio Tinto , the world's
second-largest miner, has asked investment banks to advise it
on options, including a possible counterbid for Alcan.




"We've said that from the outset that we were in discussion
with third parties," Michaud said. She declined to identify the
third parties.


Read more at Reuters.com Mergers News

Bank of Moscow Postpones Debut Sale of Bonds Citing Debt Market Volatility

(Bloomberg) -- Bank of Moscow, Russia's fifth-largest
bank by assets, postponed its debut sale of bonds in euros
because of market volatility, according to a faxed statement from
Deutsche Bank AG.

The bank, controlled by Moscow's government, hired Deutsche
Bank and JPMorgan Chase & Co. to manage the sale of the five-year
debt.


Read more at Bloomberg Bonds News

South Africa's Rand Gains for Second Week on Views Rates Will Keep Rising

(Bloomberg) -- The South African rand gained for a
second week, rising with other emerging market currencies on
speculation their relatively high interest rates will continue to
attract investors.

The rand strengthened beyond the 7-per-dollar level this
week for the first time since May as investors bet the Reserve
Bank will maintain the yield advantage of local assets by
continuing to raise interest rates. The yield gap between South
African benchmark 10-year debt and similar-maturity Treasuries
has widened more than 30 basis points in the past month.


Read more at Bloomberg Currencies News

Canadian Dollar Rises to 30-Year High as Job Growth Accelerated in June

(Bloomberg) -- Canada's dollar rose to the highest
in 30 years after a government report showed employers added
twice the expected number of jobs in June.

The Canadian dollar was the biggest gainer against the U.S.
dollar among the 10 most actively traded currencies. Investors
stepped up bets the Bank of Canada will lift its benchmark
interest rate more than once by year-end, increasing the appeal
of holding the nation's currency.


Read more at Bloomberg Currencies News

AMD buys $7.5 mln stake in Transmeta, shares rise

(Reuters) - It is still best known for its Crusoe and Efficeon computer microprocessors, which went on sale in 2000 when it strived to be a chip manufacturer. Their small design and efficient use of power allowed the fledgling company to hold its own against No. 1 chipmaker Intel Corp. , but only for several years.




In 2005, Transmeta said it was pulling out of the microprocessor business, under heavy pressure from Intel, which had beefed up the technology and marketing efforts behind its laptop microprocessors.


Read more at Reuters.com Hot Stocks News

US STOCKS-Indexes slip on rate worries after jobs data

(Reuters) - NEW YORK, July 6 - U.S. stocks fell on Friday on
concern about higher borrowing costs as bond yields rose after
stronger-than-expected jobs data reinforced the view that the
Federal Reserve would not cut interest rates this year.




The rate worries overshadowed news of corporate takeover
activity -- a proposed $4.2 billion purchase of eye-care
company Bausch & Lomb Inc. by Advanced Medical Optics
Inc. For details, see [ID:nN05385353].


Read more at Reuters.com Bonds News

Freddie Mac to sell $5 bln in bills on Monday

(Reuters) - -- $3.0 billion of three-month bills due Oct. 9, 2007 to be
sold Monday and settle Tuesday; and




-- $2.0 billion of six-month bills due Jan. 7, 2008 to be
sold Monday and settle Tuesday.


Read more at Reuters.com Bonds News

Oil Climbs to 10-Month High on Concern Unrest in Nigeria Will Curb Exports

(Bloomberg) -- Crude oil rose to a 10-month high on
concern that unrest in Nigeria will curb the flow of oil from
Africa's biggest producer.

The main militant group in Nigeria's oil-producing Niger
River delta region condemned the kidnapping of a 3-year-old
British girl. Oil output by the Organization of Petroleum
Exporting Countries was little changed last month, a Bloomberg
News survey showed. Brent oil, produced in the North Sea, is also
rising because of planned maintenance at a field in the region.


Read more at Bloomberg Commodities News

WRAPUP 1-U.S. June job growth tops forecasts

(Reuters) - WASHINGTON, July 6 - U.S. employers added a solid
132,000 new jobs in June and boosted payrolls more strongly
than previously thought in April and May, according to a Labor
Department report that underlined a strengthening job market.




The June hiring figure topped forecasts for 120,000 jobs
made by Wall Street economists surveyed by Reuters.


Read more at Reuters.com Economic News

Canada Stocks Fall on Rate Concern, Led by Royal Bank, Research in Motion

(Bloomberg) -- Canadian stocks fell, led by Royal Bank
of Canada, after a better-that-expected jobs report fanned
speculation that the central bank will raise borrowing costs next
week to cool the economy.

Research In Motion Ltd. declined after reaching a record
yesterday.


Read more at Bloomberg Stocks News

Share of home prices' fall most in 15 years: survey

(Reuters) - That's up from 5 percent reporting falling home values last
year and just below a peak of 22 percent in the last quarter of
1992, during the last downturn in U.S. residential real estate
markets.




"The impact will be much smaller home equity cash-outs
curtailing consumption spending," Curtin wrote.


Read more at Reuters.com Bonds News

UPDATE 1-Ottawa says no plans to sell nuclear agency stake

(Reuters) - The Toronto Star said on Friday that Natural Resources
Minister Gary Lunn has been leading privatization discussions
with General Electric Co. It quoted a source close to GE
as saying the company is confident that this is a "done deal."




"There are no formal negotiations underway with anyone,"
Kathleen Olson, spokeswoman for Lunn, told Reuters.


Read more at Reuters.com Mergers News

Italy June truck deliveries up 2.6 pct, Fiat down

(Reuters) - Among Italy's main brands, deliveries at Fiat's
light commercial vehicle division fell 9.2 percent to 9,937, but
those at its truck division Iveco rose 3.6 percent to 2,119.




Piaggio slipped 2.3 percent to 425.
The two biggest foreign competitors enjoyed far stronger
gains for the month.


Read more at Reuters.com Market News

Alcan says Alcoa bid remains inadequate

(Reuters) - "We've said that from the outset that we were in discussion with third parties," Michaud said. She declined to identify the third parties.







Read more at Reuters.com Business News