Argentine stocks hit record-high close on U.S. data

(Reuters) - Trade volume on the broad stock market was a moderate 98.2
million pesos , and of active shares, 48
advanced, 21 declined, and 14 were unchanged.







Read more at Reuters.com Bonds News

UPDATE 1-CanWest cuts costs, revenue up, but profit dips

(Reuters) - TORONTO, July 12 - CanWest Global Communications
Corp. reported lower third-quarter earnings on
Thursday, even though revenue and operating profit surged as it
continued to clamp down on expenses and increased its newspaper
revenues.




CanWest, which owns Canada's Global TV network and
publishes a chain of daily newspapers, said it earned C$8.4
million , or 5 Canadian cents a share, in the three
months ended May 31. That was down from a profit of C$13.2
million, or 7 Canadian cents a share, in the same period a year
earlier.


Read more at Reuters.com Market News

TEXT-Moody's release on Bear Stearns deal

(Reuters) - The underlying pools in the transaction are below the overcollateralization
target as of the 6/25/2007 reporting date. Complete rating actions are as
follows: Issuer: Bear Stearns Asset Backed Securities I Trust Review for
possible downgrade: Series 2004-BO1; Class M-6, current rating Baa1, under
review for possible downgrade; Series 2004-BO1; Class M-7, current rating Baa2,
under review for possible downgrade; Series 2004-BO1; Class M-8, current rating
Baa3, under review for possible downgrade.




Read more at Reuters.com Bonds News

Canada names panel to review investment policy

(Reuters) - Two key laws -- the Competition Act and the Investment
Canada Act -- need updating, as trade agreements have opened up
markets and investing has become increasingly global, federal
officials said at a press conference.




The policies "have not been substantially changed in more
than two decades," Finance Minister Jim Flaherty said.


Read more at Reuters.com Government Filings News

Mexico stocks rise, buoyed by U.S. data; peso firm

(Reuters) - The IPC stock index was up 1.16 percent at 32,287
points, while the peso currency firmed 0.42
percent to 10.7745 per dollar.




The price of the benchmark government 10-year peso bond
rose 0.185 point to bid 101.909, pushing its yield
down 3 basis points to 7.69 percent.


Read more at Reuters.com Bonds News

UPDATE 1-S&P admits $5 bln blunder in subprime review

(Reuters) - S&P corrected the volume of residential mortgage-backed
securities it placed under review for downgrade on Tuesday to
$7.35 billion from $12.1 billion.




"It was an error and we corrected it," S&P spokesman Adam
Tempkin said on Thursday. "It was human error. It is what it
is."


Read more at Reuters.com Bonds News

Corn Rises in Chicago on Speculation Hot, Dry Weather to Reduce U.S. Crop

(Bloomberg) -- Corn in Chicago rose to the highest
in more than a week on forecasts for expanding drought
conditions that may harm the biggest U.S. crop while plants are
reproducing.

Crops west of the Mississippi River might face increased
stress as the hottest, driest weather since at least 1995 starts
July 18 and extends into August, said Fred Gesser, senior global
meteorologist for Planalytics Inc. in Wayne, Pennsylvania.
Temperatures may reach 102 degrees Fahrenheit (39 Celsius)
beginning July 22, Gesser said.


Read more at Bloomberg Commodities News

IndyMac sells Pasadena property, sees $60 mln gain

(Reuters) - IndyMac expects to recognize about $24 million of the gain
immediately, while the balance will be amortized over the term
of the lease. The company disclosed the sale and expected gain
in a U.S. Securities and Exchange Commission filing.




Shares of IndyMac rose 18 cents to $28.85 in afternoon
trading on the New York Stock Exchange.



Read more at Reuters.com Government Filings News

U.S. Stocks Rally, Sending S&P 500 and Dow Average to Records; Alcoa Gains

(Bloomberg) -- U.S. stocks rallied, sending the
Standard & Poor's 500 Index and Dow Jones Industrial Average to
records, after retailers reported better-than-expected sales and
investors speculated Alcoa Inc. may be bought.

Wal-Mart Stores Inc., the world's largest retailer, posted
its biggest gain in a month after same-store sales tripled
analysts' predictions. Aluminum producer Alcoa led the Dow's
advance as Rio Tinto Group's plan to buy Alcan Inc. spurred
expectations of more takeovers in the metals industry.


Read more at Bloomberg Stocks News

UPDATE 1-Lazard shares, options jump on takeover talk

(Reuters) - Lazard shares were up $2.08, or 4.5 percent, at $47.97 in
afternoon trading on the New York Stock Exchange. By
comparison, the broader S&P 500 Index was up 1.1 percent.




Investors scooped up options allowing them to profit from
an increase in Lazard's share price. Particularly active were
the calls granting the right to buy Lazard shares at $55 each
by July 20.


Read more at Reuters.com Bonds News

UPDATE 2-Collins & Aikman bankruptcy plan confirmed

(Reuters) - CHICAGO, July 12 - The U.S. Bankruptcy Court in
Detroit has confirmed auto parts maker Collins & Aikman Corp.'s
plan to sell its remaining businesses and wind down
its operations, a company spokesman said on Thursday.




Collins & Aikman, which filed for bankruptcy in May 2005,
remains in talks with numerous parties for sale of its various
remaining plastics businesses and hopes to make the plan
effective by the end of August, spokesman David Youngman said.


Read more at Reuters.com Mergers News

Platinum Futures Rise to Eight-Week High on Strike Threat; Palladium Gains

(Bloomberg) -- Platinum rose to an eight-week high
in New York as miners moved closer to strikes in South Africa,
the source of almost 80 percent of the metal. Palladium gained.

Pay talks foundered this week at Anglo Platinum Ltd. and
Impala Platinum Holdings Ltd., the two biggest producers of the
metal. Workers at Anglo Platinum, the world's largest producer,
declared a dispute, a legal step required before a strike can be
called, the National Union of Mineworkers said today.


Read more at Bloomberg Commodities News

Visual Sciences cuts Q2 view; to review potential sale

(Reuters) - For the quarter, the company now sees earnings of about 11
cents to 12 cents a share, excluding certain items, compared
with its previous view of 15 cents to 16 cents a share.




The provider of real-time analytics applications said it
expects total revenue of about $19.5 million to $19.8 million
for the quarter, compared with $21.3 million to $21.9 million
it had earlier expected.



Read more at Reuters.com Mergers News

Senate panel to consider FDA cigarettes bill

(Reuters) - The bill, opposed by smaller cigarette makers, would let
the FDA restrict tobacco advertising; prevent the sale of
cigarettes to minors; require stronger warning labels; bar
misrepresentation of tobacco's dangers; and order removal of
harmful ingredients from cigarettes.




It would also set standards for "reduced-risk" tobacco
products, which could not be marketed as safer than regular
cigarettes without FDA verification. A similar bill has been
introduced in the House of Representatives.


Read more at Reuters.com Government Filings News

WRAPUP 1-Canada's Dodge cool to aggressive rate hikes

(Reuters) - Bank of Canada Governor David Dodge told reporters on
Thursday that the bank could drive unexpectedly high inflation
down faster if it wanted, but that it feared that could
backfire by driving inflation too low in the long run.




The central bank changed its key overnight rate on Tuesday
for the first time in over a year, raising it by 25 basis
points to 4.50 percent. It also signaled to markets that any
further increases would be "modest", leaving many to expect
just one more hike this year.


Read more at Reuters.com Bonds News

Brazil fixed-rate bond yields tumble in auction

(Reuters) - Brazil's central bank is expected to lower its benchmark
interest rate next Wednesday by half a percentage point as a
rally in the local currency stems inflationary pressure.




In a Reuters poll on Thursday, all 30 economists predicted
the bank would cut the so-called Selic rate to an all-time low
of 11.5 percent from 12 percent.


Read more at Reuters.com Bonds News

Lehman Bros launches $5 bln debt in three-part sale

(Reuters) - The $1.5 billion five-year fixed-rate note issue is expected to yield 1.00 percentage points over Treasuries, and the $2.0 billion 10-year fixed-rate subordinated note issue is expected to yield 1.40 percentage points over Treasuries.



The $1.5 billion 30-year subordinated bond issue is expected to yield 1.70 percentage points over Treasuries.


Read more at Reuters.com Bonds News

Mirant to Pay $11 Million Fine for Giving False Trade Data to Publications

(Bloomberg) -- Mirant Corp., a U.S. power producer,
will pay an $11 million fine for submitting false trade data to
industry publications in 2002 to bolster its natural-gas trading
positions, the U.S. Justice Department said.

Former traders at the Atlanta-based company's Mirant Energy
Trading unit provided false information about natural gas trades
to publications using the data to calculate price indexes on
which some sale contracts are based, the government said today in
a statement. The company won't be charged with a crime, under a
deferred-prosecution agreement with the government.


Read more at Bloomberg Energy News

DealTalk: Private equity on a roll with gaming buyouts

(Reuters) - It's not alone in betting on gaming. The allure of assets like these was once lost on private equity, but a shifting leveraged buyout scene is causing firms to roll the dice on this business.




A key reason is that gaming companies have real estate assets that look cheap compared with the office and residential sides of that sector. At the same time, a licensing bottleneck that had restricted gaming buyouts has fallen away.


Read more at Reuters.com Government Filings News

UPDATE 1-American Medical suspends enrollment in Ovion study

(Reuters) - The Minnetonka, Minnesota-based company expects the
suspension to last about 4 months, it said in a filing with
U.S. regulators.




During the suspension, the company will assess early
placement results to determine if the placement technique or
device requires further changes before enrollment resumes.


Read more at Reuters.com Government Filings News

CBOT shares to be delisted at close of trade

(Reuters) - The combined entity will be known as CME Group Inc., a
CME/Chicago Board of Trade Company.







Read more at Reuters.com Mergers News

Advanced Medical shareholder says Bausch deal dead

(Reuters) - "We think the deal is dead," said Jeffrey Ubben, managing partner of the California-based hedge fund. "We've talked to the large shareholders and haven't found anyone who likes the deal."



He declined to name the shareholders, but noted that Advanced Medical's base is very concentrated, with three funds holding about 40 percent of shares.


Read more at Reuters.com Mergers News

UPDATE 1-Collins & Aikman to sell Hermosillo plant to Ross

(Reuters) - Collins & Aikman, which filed for bankruptcy in May 2005,
is seeking U.S. Bankruptcy Court approval on Thursday to wind
down its operations and complete unit sales.




The purchase would add a key plant to the Ross joint
venture, which already has acquired Collins & Aikman units in
Europe and South America and is buying its soft-trim carpeting
and acoustics business.


Read more at Reuters.com Bonds News

Bush denies al Qaeda at pre-September 11 strength

(Reuters) - Bush spoke after media reports, citing a new intelligence assessment, said the militant network is now as great a threat to U.S. soil as in the months before the 2001 hijack-plane attacks.




"There is a perception in the coverage that al Qaeda may be as strong today as they were prior to September 11. That's just simply not the case," Bush told reporters.


Read more at Reuters.com Bonds News

GM no longer on review for downgrade - Fitch

(Reuters) - NEW YORK, July 12 - Fitch Ratings on Thursday said General Motors Corp. is no longer on review for a downgrade because a new labor contract with its key supplier Delphi Corp has reduced the risk of a work stoppage.



Fitch affirmed GM's issuer rating at "B," the fifth-highest junk rating. The outlook is negative, however, indicating the rating could still be downgraded over the long term.


Read more at Reuters.com Bonds News

Marathon Switches to Light Louisiana Sweet Crude Oil to Estimate Margins

(Bloomberg) -- Marathon Oil Co., the largest
refiner in the U.S. Midwest, said it switched to using Light
Louisiana Sweet crude oil to estimate refining margins in the
second quarter because West Texas Intermediate, the U.S.
benchmark, no longer gives an accurate indication of its costs.

The Texas grade, known as WTI, lost value against domestic
and foreign crudes in the quarter because refinery disruptions
cut demand and caused a glut at the storage facility in Cushing,
Oklahoma, the delivery point for New York futures. The Louisiana
crude cost an average $5.63 a barrel more than WTI in the
quarter, up from a $1.48 premium a year earlier, Marathon said.


Read more at Bloomberg Energy News

Latin Shares Rise on Metals Outlook, Led by Vale: Grupo Televisa Advances

(Bloomberg) -- Latin American stocks rose the most in
more than a month, led by mining company Cia. Vale do Rio Doce,
after Morgan Stanley raised its forecast for metals prices.

The Morgan Stanley Capital International index of Latin
American shares gained 2 percent to 3988.92 at 11:40 a.m. in New
York, the biggest gain since June 1. Indexes in Brazil, Colombia
rose more than 1 percent. Mexico's Bolsa index climbed 0.8 percent.


Read more at Bloomberg Stocks News

Rand stuck in range, lacks direction

(Reuters) - South Africa's rand was largely rangebound on Thursday, restricted by the impact of options trading and a scarcity of market-moving data, traders said.

At 1500 GMT, the rand stood at 6.9820 versus the dollar, about 0.4 percent firmer than its New York close of 7.0265 on Wednesday.


Read more at Reuters Africa

Coffee Falls in New York on Increasing Stockpiles, Dry Weather in Brazil

(Bloomberg) -- Coffee fell in New York as
stockpiles reached the highest since October 2005 and forecasts
for warmer weather eased concerns of frost in Brazil, the
world's largest producer.

Inventories in warehouses monitored by the New York Board
of Trade rose to 4.22 million bags as of July 10, the 10th-
straight gain. Supplies have swelled 27 percent in the past year
at the exchange's delivery points in New York, New Orleans,
Hamburg, Miami and Antwerp, Belgium.


Read more at Bloomberg Commodities News

Crude Oil Is Little Changed as BP Starts Whiting, Indiana, Refinery Unit

(Bloomberg) -- Crude oil fell on a report BP Plc
will begin startup today of a unit at its Whiting, Indiana,
refinery, the biggest in the Midwest.

The 235,000 barrel-a-day crude unit, which was shut July 9
for unplanned maintenance after a crack was discovered on a
piece of equipment, is expected to be at full rates by next
week, a person familiar with the plant's status said. The
refinery can normally process more than 400,000 barrels of oil a
day. Prices were higher until gasoline plunged on the Whiting
headlines.


Read more at Bloomberg Commodities News

Mexico's Peso Strengthens Against Dollar as Oil Surges to 10-Month High

(Bloomberg) -- Mexico's peso rose as the price of
crude oil, the country's biggest export, surged.

Oil advanced to an almost one-year high in New York after a
U.S. government report indicated supplies dropped last week. A
report today showing a decline in U.S. unemployment last week
also fueled optimism that consumer demand for other Mexican
exports will remain strong. The U.S. buys about 80 percent of
Mexico's goods sold abroad.


Read more at Bloomberg Currencies News

UPDATE 2-M/I Homes sales fall, withdraws forecast

(Reuters) - M/I also estimated second-quarter impairment and write-off
charges of $60 million to $70 million, as well as $5 million
for charges related its 2005 acquisition of a Florida builder.




"Today's announcement is further evidence of the
challenging and uncertain conditions facing the home building
industry," M/I Chief Executive Robert Schottenstein said in a
statement.


Read more at Reuters.com Market News

L'Oreal Q2 sales rise 10.4 pct, upbeat on full year

(Reuters) - "This strong momentum reflects both very rapid growth in new
markets as L'Oreal captures strategic positions, and sustained
growth in Western Europe and North America," Chief Executive
Jean-Paul Agon said in a statement.




"Despite the negative impact of exchange rates, these good
levels of performance mean that we are confident about the sales
and results outlook for the full year 2007," he added.


Read more at Reuters.com Market News

Brazil Congress passes 2008 budget guidelines

(Reuters) - The proposed guidelines were first sent to Congress in
April and encompassed keeping the primary budget surplus target
for the 2008-2010 period at 3.8 percent of gross domestic
product.




The primary budget surplus, which excludes interest
payments, is closely followed by analysts and investors as a
gauge of the government's ability to service its debt.


Read more at Reuters.com Bonds News

TREASURIES-Bonds slip as surging stocks draw investors

(Reuters) - NEW YORK, July 12 - U.S. government bond prices
slipped on Thursday as investors returned to stocks and riskier
fixed-income assets, curbing the safe-haven bid that lifted
Treasuries this week.




Treasuries had gained earlier in the session as renewed
concerns about the U.S. subprime mortgage market pressured
non-government bonds and sparked demand for the relative safety
of U.S. Treasury debt.


Read more at Reuters.com Bonds News

U.S. Fed's Kroszner mum on when Basel II regs ready

(Reuters) - By John Poirier



WASHINGTON, July 12 - U.S. regulators have made progress toward a final rule to implement an international capital adequacy plan for the biggest banks, U.S. Federal Reserve Governor Randall Kroszner on Thursday.


Read more at Reuters.com Bonds News

Lehman Brothers sets guidance on 3 part debt sale

(Reuters) - The 30-year subordinated bond issue is expected to yield
0.30 percentage point over the 10-year spread.




Read more at Reuters.com Bonds News

UPDATE 2-Astral hungry for deals after Standard buy-CEO

(Reuters) - TORONTO, July 12 - Broadcaster Astral Media Inc.
remains hungry for acquisitions despite spending
about C$1.1 billion just months ago to buy
Standard Radio, its chief executive said on Thursday.




"Do we still have an appetite? The answer is yes," Ian
Greenberg told analysts during a conference call discussing the
company's third-quarter earnings.


Read more at Reuters.com Bonds News

UPDATE 1-Canada's Dodge urges "open process" for IMF

(Reuters) - "We think that there are lots of very good candidates out
there for the job" of IMF managing director, Dodge told a press
conference, but he added that it is up to the IMF board to
decide on a replacement.




Earlier this week, European finance ministers said they
would support former French Finance Minister Dominique
Strauss-Kahn to head the IMF.


Read more at Reuters.com Bonds News

US STOCKS-S&P rises 1 percent as indexes extend gains

(Reuters) - The Dow Jones industrial average was up 182.41
points, or 1.34 percent, at 13,760.28, just shy of a fresh
lifetime high set earlier in the session at 13,767.19. The
Standard & Poor's 500 Index was up 17.52 points, or
1.15 percent, at 1,536.28. The Nasdaq Composite Index
was up 28.41 points, or 1.07 percent, at 2,680.20.




Read more at Reuters.com Bonds News

Rio's Albanese plans grand union

(Reuters) - Rio , the world's second biggest miner, unveiled an agreed $38 billion takeover of Canada's Alcan Inc on Thursday to create the world's biggest aluminum producer.




London-based Albanese, 50 in September, is a U.S. citizen who grew up in New Jersey and graduated in mineral economics and mining engineering from the University of Alaska.


Read more at Reuters.com Mergers News

Market watchers won't rule out takeover of Macy's

(Reuters) - In recent weeks, speculation has surfaced that the operator of the Macy's and Bloomingdale's store chains might be a takeover target for private equity firms.




Investors have placed bullish bets in the options markets by buying Macy's calls. For the past three Fridays, Macy's call volume was heavier than usual as investors hoped to profit from a share rally.


Read more at Reuters.com Hot Stocks News

Marriott earnings rise but shares fall on outlook

(Reuters) - For the second straight quarter, Marriott lowered its forecast for revenue per available room, or revpar -- a key measure of hotel performance -- from its hotels in North America. The lowered forecast reinforced concerns about a slowdown in its home market.




"Marriott's second top-line revision for 2007 offers one more support to our view that trends in the US are decelerating at a faster-than-expected clip," Goldman Sachs analyst Steven Kent said in note.


Read more at Reuters.com Hot Stocks News

J.C. Penney same-store sales beat expectations

(Reuters) - "They are continuing to be strong. I think you're going to see that growth continue," said Faith Hope Consolo, retail leasing and sales chairman at Prudential Douglas Elliman Retail Leasing. "They've retooled, refreshed and gone forward very strong."




Shares of J.C. Penney, which earlier rose as much as 5 percent, were up $2.38 at $73.54 in morning trade on the New York Stock Exchange.


Read more at Reuters.com Business News

Gold, Silver Gain in New York as Dollar Slides to Record Low Against Euro

(Bloomberg) -- Gold and silver rose in New York
after the dollar fell to a record low against the euro, boosting
the appeal of the precious metals as alternative investments

Gold generally moves in the opposite direction of the U.S.
dollar. Before today, gold had gained 3.8 percent this year
while the euro had climbed 4.2 percent against the dollar.


Read more at Bloomberg Commodities News

European Bonds Fall as Report Shows Faster Growth, Global Stocks Advance

(Bloomberg) -- European bonds snapped a three-day
advance after reports showed the region's economy expanded faster
than previously estimated and a recovery in stocks sapped demand
for the safety offered by government debt.

Bonds fell the most in a week as the European Central Bank
said interest rates are still low enough to support growth. ECB
President Jean-Claude Trichet yesterday said there are ``upside
risks'' on inflation. Bonds, which rose earlier in the week after
ratings companies downgraded debt backed by subprime mortgages in
the U.S., fell as U.S. stocks led a global recovery.


Read more at Bloomberg Bonds News

Canadian Stocks Climb to Record on Rio Tinto's Bid for Alcan; Teck Gains

(Bloomberg) -- Canadian stocks rose, sending the
benchmark index to another record, after Rio Tinto offered to buy
aluminum maker Alcan Inc. for $38.1 billion, fueling takeover
speculation on other materials stocks.

A five-year rally in commodities that's lifted many metals
to records has spurred more than $106 billion of proposed takeovers
in the mining and metals industry so far this year, according to
Bloomberg data. Inmet Mining Corp. and Teck Cominco Ltd. gained
along with Alcan on the Toronto stock exchange today.


Read more at Bloomberg Stocks News

Target June sales rise; strong July expected

(Reuters) - CHICAGO, July 12 - Discount retailer Target Corp. said on Thursday that sales at stores open at least a year rose 3.3 percent in June, within its own anticipated range, and forecast stronger growth for July.



Last month, Target said it expected June same-store sales to be near the lower end of its forecast of a rise of 3 percent to 5 percent. Analysts on average were expecting an increase of 3.4 percent, according to a Reuters survey.


Read more at Reuters.com Market News

UPDATE 1-Gottschalks forecasts Q2 loss, lower FY profit

(Reuters) - The company said June sales at its stores open at least a
year fell 4.3 percent due to softness in several of its apparel
categories as well as in home store merchandise.




Total sales for the month decreased 5.8 percent to $57.5
million from $61.0 million a year earlier.


Read more at Reuters.com Market News

UPDATE 1-TJX same-store sales rose 5 pct in June

(Reuters) - Analysts, on average, had been expecting the off-price
retailer to post a same-store sales rise of 3.3 percent,
according to a Reuters survey.




Framingham, Massachusetts-based TJX, which operates the
T.J. Maxx and Marshalls chains, said its total sales for the
five weeks ended July 7 were $1.7 billion, up 9 percent from
the year-ago period.


Read more at Reuters.com Market News