UPDATE 1-Toshiba profit outlook modest, yr profit up

(Reuters) - TOKYO, April 26 - Toshiba , the world's second-largest maker of NAND flash chips, forecast limited growth this year as it posted a 7.4 percent rise in annual operating profit from strong chip and infrastructure system sales.

Prices of NAND, which together with system chips account for about half of Toshiba's profits, have fallen some 60 percent since last year. Both Toshiba Corp and industry number-one, South Korea's Samsung Electronics Co. , needs a price recovery to drive growth this year.


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Japanese Government Bonds Decline as Growth Outlook Curbs Demand for Debt

(Bloomberg) -- Japan's 10-year bonds dropped, ending two days of gains, on speculation accelerating economic growth will limit demand for debt.

Ten-year yields rebounded from near the lowest in two weeks before the Bank of Japan's semi-annual report tomorrow that will forecast the outlook for the economy. The bank will say gross domestic product will quicken to 2.3 percent in the fiscal year ending March 2009, from 2.1 percent in the 12 months started April 1, according to a Bloomberg News survey.


Read more at Bloomberg Bonds News

UPDATE 1-BASF Q1 profits beat forecast, reaffirms outlook

(Reuters) - BASF, the world's largest chemical company by sales, said earnings before interest and tax before special items came in at 2.12 billion euros , compared with the 1.97 billion euro average of 16 forecasts in a Reuters poll.

BASF spent about 7 billion euros last year in buying U.S. catalyst maker Engelhard, the construction chemicals business of Degussa and U.S. resin maker Johnson Polymer to expand and also to reduce the cyclicity of its existing business.


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BlackRock, Goldman Sachs, Waddell Funds Sell U.S. Stocks, Buy Europe, Asia

(Bloomberg) -- Mutual-fund managers at BlackRock Inc., Goldman Sachs Group Inc. and Waddell & Reed Financial Inc. are investing everywhere except in the U.S.

Dennis Stattman is holding the lowest amount of U.S. and Canadian stocks in his $18.1 billion BlackRock Global Allocation Fund since 1998. Katinka Domotorffy, manager of the $2.3 billion Goldman Sachs Growth Strategy Portfolio, prefers Germany, Switzerland and Austria to the U.S.


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Oil steadies, support from US gasoline stock worry

(Reuters) - Oil prices steadied on Thursday over $68, after a rally on thinning U.S. gasoline stockpiles that sparked concerns over potential supply problems during the summer driving season.

London Brent crude, currently seen as more representative of global oil prices than U.S. crude, inched 3 cents higher to $68.60 a barrel at 0247 GMT, after gaining $1.41 on Wednesday. U.S. crude edged 1 cent up to $65.85.


Read more at Reuters Africa

Shiseido profit surges on China growth, stock jumps

(Reuters) - Operating earnings climbed 29 percent to 50 billion yen for the year ended March 31, on a 3.5 percent rise in sales to 694.6 billion yen.

Shiseido projected operating profit to grow 16 percent to 58 billion yen this year.


Read more at Reuters.com Market News

AOL launches India portal, refreshes U.S. site

(Reuters) - "India is one of the world's fastest-growing online markets and our India portal will help us compete for users and advertisers in this important region," Ron Grant, president and chief operating officer of AOL, said in a statement ahead of the official launch in Bangalore.

The launch comes after an overhaul of AOL's business model last summer, when it decided to give away most of its services for free to boost online advertising sales, which it expects to grow on par with the overall market this year.


Read more at Reuters.com Business News

Altana, BASF, DaimlerChrysler, Hugo Boss, Siemens: German Equity Preview

(Bloomberg) -- The following stocks may rise or fall in German markets.

Germany's X-DAX Index climbed 0.4 percent to 7376.27. The index provides an estimate of the DAX Index, based on trading in DAX futures after the Xetra electronic market closes. The DAX added 1 percent to 7343.08 on the Xetra electronic-trading system.


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European Government Bonds May Drop Before German Consumer Confidence Index

(Bloomberg) -- European government bonds may drop for a second day before a report that's expected to show consumer confidence rose in Germany, adding to expectations for higher interest rates in the euro region.

Benchmark debt slid yesterday after the Ifo institute said its gauge of German business sentiment climbed to the second- highest level on record in April. GfK AG may say its confidence index for Germany, Europe's largest economy, rose to 4.7 from 4.4 in April, according to a survey of economists by Bloomberg News.


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Japan's Government Bonds Trade Little Changed After Two-Year Debt Auction

(Bloomberg) -- Japanese government bonds traded little changed after an auction of two-year securities.

The Ministry of Finance's sale of 1.7 trillion yen ($14.3 billion) of two-year notes had bids worth 4.33 times the amount sold, compared with 4.02 in the previous auction held on March 23.


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Oil steadies, support from U.S. gasoline stock worry

(Reuters) - London Brent crude, currently seen as more representative of global oil prices than U.S. crude, inched 3 cents higher to $68.60 a barrel at 0247 GMT, after gaining $1.41 on Wednesday. U.S. crude edged 1 cent up to $65.85.

Analysts said gasoline was dragging crude prices up by the collar, and wondered if U.S. refiners could recover from a slew of disruptions and scheduled maintenance to help bolster stock levels before peak demand kicks in.


Read more at Reuters.com Hot Stocks News

UPDATE 1-Timberland to restate, postpone earnings

(Reuters) - Timberland said its audit committee has concluded that the company's previously issued financial statements from 2001 through 2006 should no longer be relied upon because certain accounting standards were not met.

The standards relate to the accounting for foreign currency hedging instruments, the company said.


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UPDATE 1-Cott adopts plan to protect from unsolicited bids

(Reuters) - The plan gives Cott shareholders the right to purchase common shares at a discount in the event of an unwanted takeover bid.

Cott previously said it has responded to interested parties that have approached it after Cadbury Schweppes Plc announced it would split its confectionery and Americas beverage businesses.


Read more at Reuters.com Mergers News

UPDATE 1-STATS ChipPAC's Q1 net profit up 42 pct

(Reuters) - The Singapore-based firm posted a net profit of $17 million, or 8 cents per diluted American Depositary Share , for the three months ended March, compared with a net profit of $12 million in the year-ago quarter.

The result was slightly below a consensus mean net profit forecast of $18.23 million from six analysts polled by Reuters Estimates, but came in at the high end of the company's own guidance.


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UPDATE 1-Cephalon says Q1 EPS to exceed forecast

(Reuters) - The company's shares rose nearly 6 percent after hours.

Cephalon now expects to report basic adjusted income of $1.40 to $1.45 per share for the quarter, with net sales of about $420 million, up from its previous forecast of $400 million to $410 million.


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Terex first-quarter profit rises

(Reuters) - Analysts, on average, had expected the Westport, Connecticut-based company to report net earnings of $1.05 a share, according to Reuters Estimates.




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U.S. prosecutors reviewing RIM options grants

(Reuters) - RIM said it has been in contact with the office of the U.S. Attorney for the Southern District of New York after learning it was reviewing the company's option grants.

It added it "intends to co-operate" with any requests for information the U.S. attorney's office may have.


Read more at Reuters.com Business News

New York City might get new midtown bus terminal

(Reuters) - The Port Authority of New York and New Jersey, which runs and owns the nation's busiest bus terminal, is considering several proposals, including selling the north wing's air rights to developers who would build a skyscraper on top.

The bistate agency's board could decide at Wednesday's meeting to enter exclusive negotiations with Vornado Realty Trust and Lawrence Ruben Co., according to its agenda.


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Mexico peso up on slowing inflation; stocks fall

(Reuters) - Mexican consumer prices fell 0.21 percent in the first half of April, data showed on Tuesday, slowing 12-month headline inflation to 3.96 percent from 4.21 percent in the year-long period through the end of March.

"The healthy inflation data for the first half of April will finally give some support to the Mexican currency," Mexican brokerage Actinver said in a report.


Read more at Reuters.com Bonds News

Bearish financials view helps Fidelity's Contrafund

(Reuters) - While it did not specify the stocks that Contrafund underweighted, the Web site showed financials accounted for 17.8 percent of the fund's portfolio as of March 31, compared with 19.9 percent as of Feb. 28 and 20.8 percent as of Sept. 30.

Contrafund, which is managed by William Danoff, is closed to new investors. It returned 1.41 percent in the three months to March 31, compared with 0.64 percent for the S&P 500 Composite index. As of Tuesday, the fund's year-to-date return was 5.33 percent.


Read more at Reuters.com Bonds News

Canadian Stocks Gain on U.S. Durable Goods; Encana, Energy Shares Advance

(Bloomberg) -- Canadian stocks rose for the first time in three days, led by energy producers, after EnCana Corp.'s profit exceeded analysts' estimates and a report showed that orders for durable goods increased more than expected in the U.S., the nation's biggest export market.

The Standard & Poor's/TSX Composite Index gained 56.33, or 0.4 percent, to 13,646.66 as of 9:37 a.m. in Toronto. The benchmark is 0.5 percent below its April 18 record of 13,711.96.


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UPDATE 2-Manor Care earnings rise up 22 percent

(Reuters) - CHICAGO, April 25 - Manor Care Inc. , the biggest U.S. owner of nursing homes, said on Wednesday quarterly earnings rose on strong occupancy in its skilled nursing centers.

First-quarter profit rose to $30 million, or 39 cents per share, from $25 million, or 30 cents a share, a year earlier.


Read more at Reuters.com Mergers News

Dow tops 13,000 on strong earnings, Alcoa

(Reuters) - Shares of Alcoa, the world's largest aluminum company and a Dow component, rose sharply after the company said it might sell the packaging and consumer business, whose products include Reynolds Wrap.

The Dow average leapt to an intraday record of 13,036.99 within minutes of the market's open. Earlier, data showed orders for durable goods -- costly and long-lasting manufactured items -- rose more than expected in March. The report helped to calm concerns about the economy, while news of earnings showed surprising strength.


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Presstek finds material weakness in some internal controls

(Reuters) - The company also said it filed its 2006 annual report, which had been delayed due to a regulatory review of its accounting treatment for certain product development costs.




Read more at Reuters.com Government Filings News

UPDATE 1-Alcoa explores possible sale of packaging business

(Reuters) - The company, whose shares rose nearly 5 percent, said it would consider all possible options, including joint ventures and a sale of the business.

"We're going to look at all options available," said Alcoa spokesman Kevin Lowery.


Read more at Reuters.com Mergers News

EU mergers and takeovers (April 25)

(Reuters) - APPROVALS AND WITHDRAWALS:

-- General Electric of the United States purchases portions of Abbott Laboratories' laboratory and point-of-care in vitro diagnostics division


Read more at Reuters.com Mergers News

Louisiana-Pacific posts first-quarter loss

(Reuters) - "I do not see this market improving substantially for the rest of 2007," Louisiana-Pacific Chief Executive Rick Frost said in a statement.




Read more at Reuters.com Market News

Hitachi Construction profit up 51 pct, sees growth

(Reuters) - Hitachi Construction's upbeat results echoed an earnings report last week from industry leader Caterpillar Inc. , which also expects strong demand outside North America to offset any pain from the faltering U.S. housing market.

Komatsu Ltd. , Japan's top maker of construction machinery ahead of Hitachi, is also expected to post double-digit profit gains for the past year and predict solid growth in 2007/08 when it unveils earnings on Thursday.


Read more at Reuters.com Market News

Silicon Labs posts first-quarter profit above analysts' view

(Reuters) - Analysts were expecting 16 cents a share, excluding exceptional items, on revenue of $105.7 million, according to Reuters Estimates.




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UPDATE 1-ConocoPhillips profit rises on gains from sales

(Reuters) - Net income rose to $3.55 billion, or $2.12 a share, from $3.29 billion, or $2.34 a share, last year.

The company said the asset sales added about 29 cents per share in this year's quarter.


Read more at Reuters.com Market News

UPDATE 1-Genzyme earnings rise on higher drug sales

(Reuters) - BOSTON, April 25 - Biotechnology company Genzyme Corp. reported higher-than-expected quarterly earnings on Wednesday and raised its full year forecast, driven by strong sales of its drugs for rare and chronic diseases.

The Cambridge, Massachusetts-based company said net income rose to $158.2 million, or 57 cents a share, in the first quarter from $101 million, or 37 cents a share, a year ago. Revenue rose to $883.2 million from $730.8 million a year ago.


Read more at Reuters.com Market News

Asbury 1st-qtr operating earnings rise

(Reuters) - DETROIT, April 25 - Asbury Automotive Group Inc on Wednesday posted a 12-percent rise in quarterly operating profit, but saw a sharp drop in net earnings on charges related to a refinancing and the retirement of the car dealership chain's chief executive.

Revenue rose 4 percent to $1.42 billion from $1.37 billion driven by sales gains for used cars and vehicle financing. Asbury, the sixth-largest U.S. auto retailer by sales of new vehicles, posted a first-quarter net profit of $433,000, or 1 cent per share, from $12.6 million, or 37 cents per share, a year earlier.


Read more at Reuters.com Market News

US STOCKS-Futures rise on profits, but Boeing slips

(Reuters) - NEW YORK, April 25 - U.S. stock index futures rose on Wednesday on the latest round of higher-than-expected earnings, but the Dow will have to surmount a disappointing revenue outlook from Boeing Co. to cross the 13,000 mark.

The Nasdaq composite index is likely to get a boost from Amazon.com Inc. after the online retailer said late on Tuesday quarterly profit more than doubled. Amazon shares rose more than 16 percent before the opening bell.


Read more at Reuters.com Bonds News

Portuguese Stocks Gain, Paced by Banco Comercial: World's Biggest Mover

(Bloomberg) -- Portuguese stocks advanced, led by Banco Comercial Portugues SA, which yesterday raised its bid for Banco BPI SA to 5.32 billion euros ($7.3 billion), on speculation the improved offer won't be accepted by BPI shareholders.

Grupo Inmocaral SA paced a decline in Spanish real-estate shares as they fell for second day on concern the country's property boom is over.


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U.K. Pound Gains Versus Dollar on Expectations Interest-Rate Gap to Widen

(Bloomberg) -- The pound held near $2 against the dollar on speculation the U.K.'s interest-rate premium over other countries will widen as accelerating inflation forces the Bank of England to increase borrowing costs further.

The pound rose earlier today as BOE Governor Mervyn King yesterday said he was ``determined'' to bring down inflation. A government report today showed the economy expanded faster than expected in the first quarter, supporting expectations of a rate increase next month.


Read more at Bloomberg Currencies News

S.Africa regulators plan hedge fund regulation

(Reuters) - South African regulators planned to bring the hedge fund sector within the scope of current legislation to increase investor protection, the Reserve (Central) Bank said on Wednesday.

The bank said in its quarterly Financial Stability Review for the three months to end-March, that regulator the Financial Services Board (FSB) was in talks with stakeholders in the industry.


Read more at Reuters Africa

Crude Oil Gains; U.S. Gasoline Demand Expected to Grow as Refineries Shut

(Bloomberg) -- Crude oil rose because some analysts and traders expect U.S. gasoline demand to rise before the summer driving season while some refineries had to cut production.

A ConocoPhillips refinery near Los Angeles had an ``unplanned'' shutdown yesterday. BP Plc said its Whiting, Indiana, refinery has lowered production to about 200,000 barrels a day, or half its capacity, after a unit failed in March.


Read more at Bloomberg Energy News

Insiders at 6 companies sold stock before warning: WSJ

(Reuters) - But the Journal cited representatives of Administaff, Nautilus and Packeteer as saying executives sold shares before events that caused revisions to the forecasts.

The paper also said the chief financial officer of Keithley declined to discuss the matter with it.


Read more at Reuters.com Business News

Polish Zloty Rises on Expectations Central Bank Will Raise Interest Rates

(Bloomberg) -- Poland's zloty advanced on expectations the central bank will raise interest rates today for the first time in three years.

The zloty is the third-best performer against the euro this month as policy makers prepare to raise borrowing costs a quarter point from a record-low of 4 percent, according to 15 of 18 economists surveyed by Bloomberg News. The meeting at around noon in Warsaw comes a day after the Slovak central bank cut its benchmark for a second month and before an expected cut in Hungarian rates.


Read more at Bloomberg Currencies News

Network Rail Sets Up Program to Sell Inflation-Linked Bonds in Pounds

(Bloomberg) -- Network Rail, the government backed owner of Britain's railways, has set up a program to sell inflation-linked bonds in pounds.

The company intends to sell two or three benchmark bonds with maturities between 15 and 45 years, according to a statement released by the Regulatory News Service. Network Rail intends to sell its first so-called index-linked bonds maturing in November 2037 from the program in the week of April 30, according to the statement.


Read more at Bloomberg Bonds News

GLOBAL MARKETS-Dollar close to record euro low, Europe shines

(Reuters) - European shares opened higher, supported by corporate deals and a positive economic climate. Germany's IFO business sentiment index rose across the board.

Angst about the U.S. economy was stoked on Tuesday when U.S. existing home sales posted their biggest monthly drop in 18 years and consumer sentiment hit an eight-month low.


Read more at Reuters.com Bonds News

Euro Trades Near Record Against Dollar After German Ifo Confidence Report

(Bloomberg) -- The euro held within a half-cent of the record against the dollar after Germany's Ifo institute said business confidence rose a second month in April, reinforcing expectations of higher European interest rates.

Investors increased bets on the European Central Bank raising borrowing costs in June after the report, which exceeded economists' estimates. The single currency has gained 2.1 percent against the dollar this month as traders speculated on the key rate reaching 4.25 percent this year from 3.75 percent now. ECB council member Miguel Fernandez Ordonez yesterday said the bank's monetary policy is ``still on the accommodative side.''


Read more at Bloomberg Currencies News

TCI urges ABN AMRO to back RBS group bid proposal

(Reuters) - "The board of ABN AMRO must allow the RBS consortium full access to conduct due diligence immediately," TCI, which has been a vocal critic of the Dutch bank, said in an emailed statement.

"The board of ABN AMRO must recommend the RBS consortium offer, subject to the diligence condition being met."


Read more at Reuters.com Mergers News

Merck, Sanofi file for broader Gardasil use in EU

(Reuters) - But the new submission includes efficacy data showing some protection against additional cervical cancer-causing HPV types, and data on protection against vaginal and vulvar cancers.

The filing with the European Medicines Agency follows a similar submission to the U.S. Food and Drug Administration last week.


Read more at Reuters.com Government Filings News

French Stocks Increase, Paced by Michelin on Sales; Societe Generale Gains

(Bloomberg) -- French stocks gained, paced by Societe Generale SA, the country's second-largest bank by market value, and Michelin & Cie., the world's second-biggest tiremaker.

The CAC 40 Index climbed 0.5 percent to 5913.06 at 9:19 a.m. in Paris. The SBF 120 Index advanced 0.4 percent.


Read more at Bloomberg Stocks News

Euro Rises Close to Record Against Dollar Before German Confidence Report

(Bloomberg) -- The euro rose to within a half-cent of the record against the dollar before a report that's expected to show German business confidence rose for a second month in April, further underpinning expectations of higher interest rates.

The single currency has gained 2.1 percent against the dollar this month as traders raised bets on the European Central Bank increasing its key rate to 4.25 percent this year. ECB council member Miguel Fernandez Ordonez yesterday said the bank's monetary policy is ``still on the accommodative side.''


Read more at Bloomberg Currencies News

Elbit gets regulatory approval for Tadiran offer

(Reuters) - Ten days ago Elbit raised its offer for Tadiran shares to 210 shekels per share from 186 shekels, increasing the entire tender offer to 1.5 billion shekels from 1.33 billion.

Elbit owns about 43 percent of Tadiran and is seeking to buy the remaining 7,148,101 shares it does not own.


Read more at Reuters.com Mergers News

UPDATE 1-RBS group unveils $98 bln bid plan for ABN AMRO

(Reuters) - The group, which includes Spain's Santander and Dutch-Belgian bank Fortis , said on Wednesday they planned to offer 39 euros a share for ABN AMRO, made up of 70 percent in cash and 30 percent in RBS shares.

They said this was 13 percent higher than the value of the Barclays all-share offer at Tuesday's close, and included ABN AMRO's final dividend for 2006 of 60 euros cents a share.


Read more at Reuters.com Bonds News

Barclays, GlaxoSmithKline, Lonmin, Reuters: U.K., Irish Equity Preview

(Bloomberg) -- The following stocks may rise or fall in U.K. and Irish markets today. Stock symbols are in parentheses and prices are from yesterday's market close.

The benchmark FTSE 100 Index fell 50.20, or 0.8 percent, to 6429.5 in London. The FTSE All-Share Index lost 26.16, or 0.8 percent, to 3341.62.


Read more at Bloomberg Stocks News