Bayer, Infineon, Kontron, MTU Aero, Siemens, Merck: German Equity Preview

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

Germany's X-DAX Index fell 0.1 percent to 7388.01. The index provides an estimate of the DAX Index, based on trading in DAX futures after the Xetra electronic market closes. The DAX added 0.6 percent to 7387.02 on the Xetra electronic-trading system.


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UPDATE 1-Colt Telecom sees flat '07 earnings, Q1 falls

(Reuters) - The Luxemborg-based, pan-European corporate telecoms specialist posted earnings before interest, tax, depreciation and amortisation of 67.8 million euros for the quarter to March 31, down 1.6 million from a year earlier.

"We now expect that market conditions, particularly in Germany, will continue to be difficult throughout 2007. We ... currently expect that EBITDA for 2007 will be broadly in line with EBITDA for 2006," the group said in a statement.


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UPDATE 1-Allianz to squeeze out AGF minority shareholders

(Reuters) - Allianz managed to raise its stake in AGF to 92.18 percent through a 9.8 billion euro public offer that ended last week. It previously held nearly 58 percent of the company.

Together with treasury shares held by AGF itself, amounting to 3.21 percent, Allianz now holds more than the 95 percent of AGF required for a squeeze out under French law, Allianz said in a statement.


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European Government Bonds Set for Weekly Drop as German Confidence Rises

(Bloomberg) -- European government bonds headed for a weekly decline after separate reports showed business and consumer confidence in Germany advanced, supporting the likelihood of higher interest rates in the euro region.

Benchmark debt slid after the Ifo institute said April 25 its gauge of German business sentiment climbed to the second- highest level on record in April. Two-year bund yields rose the most in seven weeks after GfK AG said its confidence index for Germany, Europe's largest economy, rose to 5.5 from 4.4 in April.


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Microsoft Shares Advance After Outlook Eases Investors' Vista Concerns

(Bloomberg) -- The U.S. economy grew in the first quarter at the slowest pace in more than a year, hobbled by flagging investment in business equipment and home construction, economists said before a government report today.

The projected 1.8 percent increase at an annual rate in gross domestic product, the sum of all goods and services produced, is the median estimate of 82 economists surveyed by Bloomberg News and follows a 2.5 percent gain in the fourth quarter. The growth rate would be the weakest since the last three months of 2005.


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Asian Currencies: Korean Won Falls on Wider Deficit, Taiwan Dollar Drops

(Bloomberg) -- South Korea's won headed for a weekly decline as a central bank official said the nation may post a current-account deficit this month after the March shortfall was the widest in almost a year.

The currency is under pressure to weaken as a growing deficit indicates more money is flowing out from the nation than entering. The deficit is widening as dividend payments increase to offshore investors, who owned 37 percent of shares in the benchmark Kospi index as of April 25, according to the stock exchange. Payments usually take place in March and April, increasing demand to convert won into dollars.


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WRAPUP 2-Fed officials stay focused on inflation risks

(Reuters) - AUSTIN, Texas, April 26 - Inflationary pressures in the U.S. economy are likely to ebb but there is not enough proof in the data so far to feel reassured, Federal Reserve officials said on Thursday.

And with risks to both inflation and growth on the rise, policy-makers gave no indication they plan a change to the Fed's steady-as-she-goes stance on interest rates.


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Goldman-led group hikes China Shuanghui offer

(Reuters) - The consortium is making a general offer to buy 39.29 percent of Shuanghui's shares. The latest proposal brings the pricing of the offer up to the 31.17 yuan last traded price of Shuanghui's shares on the Shenzhen Stock Exchange on May 31, 2006.

Rotary Vortex is making the general offer in line with old Chinese rules on acquiring stakes in listed companies. New rules introduced last September do not require a general offer, but Rotary agreed to take over Shuanghui before the rule change.


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Yen Set for Eighth Weekly Loss Versus Euro After Japan's Inflation Report

(Bloomberg) -- The yen headed for an eighth weekly loss against the euro, the worst run since January 2002, after Japan's consumer prices dropped for a second month in March and retail spending and industrial production declined.

Japan's currency traded near a record low against the euro before a Bank of Japan semiannual outlook report that may show inflation and growth predictions don't support the case for the central bank to raise borrowing costs from 0.5 percent, the lowest in the industrialized world.


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UPDATE 3-SpaceX gets Cape Canaveral launch pad

(Reuters) - WASHINGTON, April 26 - Space Exploration Technologies Corp., a start-up seeking to slash the cost of coursing through the cosmos, has been granted a five-year license to launch rockets from Cape Canaveral Air Force Station in Florida, the U.S. Air Force said on Thursday.

The approval will help privately held SpaceX, as the company is known, compete with Orbital Sciences Corp. , which develops small space systems, and later with the bigger rockets of Europe's Arianespace and the United Launch Alliance.


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RPT-Extreme Networks says option measurement, grant dates differ

(Reuters) - The maker of communications networking equipment said its special committee has not yet completed the review of historical stock-option grant practices.

The company reported net revenue of $85.1 million for the third quarter.


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GLOBAL MARKETS-Dow up after intraday record, euro loses steam

(Reuters) - NEW YORK, April 26 - The blue-chip Dow Jones industrial average rose slightly on Thursday, retreating a bit after climbing further above 13,000 to a fresh intraday record, and traders bought back the dollar after it stopped short of hitting a record low against the euro.

Gold slid to a two-week low as the dollar recovered.


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Apple Shares Soar After Second-Quarter Profit Exceeds Analysts' Estimates

(Bloomberg) -- Shares of Apple Inc., maker of the iPod media player, advanced the most in almost four months after second-quarter earnings beat analysts' estimates and investors anticipated a sales boost from the new iPhone.

The stock rose as much as 7.5 percent after Apple said yesterday that net income soared 88 percent in the quarter ended March 31. That surprised investors who were accustomed to seeing a bigger slump in the post-holiday period.


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Zimbabwe's Gono Slashes Value of Zimbabwe Dollar to Revive Export Earnings

(Bloomberg) -- Zimbabwe's central bank, faced with the world's fastest shrinking economy and highest inflation rate, devalued the nation's currency for exporters to ease foreign exchange shortages.

Exporters and companies that generate foreign currency will be paid the equivalent of 15,000 Zimbabwe dollars, central bank Governor Gideon Gono said in a monetary policy statement today, according to a copy on the central bank's Web site.


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Pound Falls on Speculation Recent Rally Already Reflects Rate Expectations

(Bloomberg) -- The pound fell against the dollar on speculation the currency's recent rally already reflects prospects that the Bank of England will raise interest rates twice more this year to ward off inflation.

The pound last week soared to a 25-year high, breaching the $2 level, as traders increased bets the central bank will lift its main rate twice more this year after inflation breached its target by more than a percentage point. Further strengthening may not be justified by the outlook for economic growth, said Nick Parsons, head of Markets Strategy at NabCapital.


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UPDATE 1-Columbia Labs shares up after data suggests new finding

(Reuters) - In February, Columbia said it was dropping development of the gel, Prochieve, after a late-stage trial failed to meet its goal of reducing the rate of preterm birth in women with a previous preterm birth earlier than 35 weeks gestation.

The effect on cervical length was not the primary focus of the trial, the company said.


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S.Africa producer price jump boosts rate hike risk

(Reuters) - South Africa's factory gate inflation soared to a four-year high of 10.3 percent year-on-year in March, above forecasts and raising the risk that interest rates rise again, data showed on Thursday.

The jump from 9.5 percent year-on-year in February's PPI hardens the case for the central bank to resume raising rates, particularly after a leap in the CPIX consumer price measure, targeted by the central bank, which were released on Wednesday.


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UPDATE 1-US jobless claims fell 20,000 last week

(Reuters) - Initial filings for state unemployment insurance aid slipped to 321,000 in the week ended April 21 from an upwardly revised 341,000 for the previous week, the government said.

There were no special factors behind the drop in new claims, a Labor Department analyst told reporters.


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TREASURIES-Prices steady as stocks poise to rally

(Reuters) - NEW YORK, April 26 - U.S. government bond prices were steady on Thursday amid expectations of a strong opening for the stock market, after the latest wave of better-than-expected earnings allayed worries about the economy.

After the Dow hit a record high on Wednesday, stocks seem poised to extend their rally, making them more attractive to investors than Treasuries, analysts said.


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Harman Int'l to be bought for about $8 billion

(Reuters) - Shares of Harman surged $18.90, or 18.4 percent, to $121.46 in early morning trading on the New York Stock Exchange.

As an alternative to receiving cash, Harman's stockholders could elect to exchange some or all of their Harman stock for shares in a new corporation formed by KKR and GS Capital Partners.


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UPDATE 1-Hilton to sell up to 10 hotels to Morgan Stanley

(Reuters) - Hilton and other lodging companies have been taking advantage of robust demand for hotel properties to trim their portfolios. Hilton also said on Thursday that it had closed the sale of its Scandic Hotel chain to private equity group EQT for $1.1 billion.

Hilton Hotels is seeking an investment-grade credit rating after taking on debt to buy Hilton International in February 2006 in a $6 billion deal.


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UCB says results to date in line with expectations

(Reuters) - UCB previously said revenues and operating profit were expected to grow significantly in 2007 as a result of its acquisition of German peer Schwarz.




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UPDATE 1-Dubai's Emirates looks to buy more Airbus A380s

(Reuters) - The government-owned carrier, which already has 43 of the world's largest passenger planes on order, has had a "dialogue" with Airbus about buying more, the airline's President, Tim Clark, told Reuters on Thursday.

"We see more of these aircraft coming into the company," Clark said in Dubai. "We are looking at anywhere between 10 and 15."


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Stora Enso Q1 beats f'casts, sees challenges ahead

(Reuters) - Pretax profit rose 30 percent from the same quarter last year.

Shares in Stora Enso traded up 5.8 percent at 13.60 euros by 1030 GMT.


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Old Dominion quarterly profit slightly higher

(Reuters) - Wall Street analysts had, on average, expected earnings for the quarter of 34 cents a share, excluding items, according to Reuters Estimates.




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Boyd Gaming first-quarter net profit rises

(Reuters) - Excluding one-time items, Boyd's adjusted earnings from continuing operations fell to $44 million, or 50 cents a share, compared with $72.2 million, or 79 cents a share, a year earlier. Wall Street was expecting 53 cents a share, on average, according to Reuters Estimates.




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Hubbell quarterly earnings rise

(Reuters) - For the first quarter, analysts' consensus view was for earnings of 60 cents a share, excluding items, according to Reuters Estimates.




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Newell Rubbermaid profit lower but beats estimates

(Reuters) - The maker of Rubbermaid containers and Goody hair care products also forecast both full-year 2007 earnings and the next quarter's earnings in-line with analysts' expectations.

Net income from continuing operations of $65.1 million or 23 cents a share, compared with $130.2 million, or 47 cents a share, a year earlier.


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UPDATE 1-Coke Enterprises profit slips, view maintained

(Reuters) - The company affirmed its 2007 forecast and said it expects "significant business headwinds" for the rest of the year.

First-quarter profit was $15 million, or 3 cents per share, compared with $16 million, or 3 cents per share, a year before.


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Comcast profit rises on subscribers

(Reuters) - Without the gain, Comcast's profit was $537 million, or 17 cents per share, in line with the average Wall Street analyst forecast of $526.8 million, or 17 cents per share, according to Reuters Estimates.

Revenue in the first quarter rose 32 percent to $7.39 billion from $5.60 billion. Analysts had forecast $7.36 billion.


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Tidewater conducts internal investigation in Nigeria

(Reuters) - The move follows a settlement involving Vetco Gray Controls, a Houston-based oil service company, Tidewater said. Tidewater said it had used the same third-party agent for its temporary importations in Nigeria that was thought to be significantly implicated in the 2007 Vetco Gray proceedings.




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Ituran Location to buy shares of Mapa Group for about $9.9 mln

(Reuters) - The acquisition of Mapa Group, which provides geographic information in Israel, will be financed from the company's internal cash resources and IPO proceeds, Ituran said in a statement.




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UPDATE 4-Swiss ABB Q1 net doubles as energy demand soars

(Reuters) - ZURICH, April 26 - First-quarter net profit at Swiss engineering group ABB more than doubled to $537 million, beating expectations and boosting its shares, as its energy clients scramble to meet soaring demand.

Orders rose more than expected to $8.64 billion, the group said on Thursday, as the need for power increases in emerging markets, while industrialised countries have started long-overdue investments in cleaner energy.


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S.Africa March PPI quickens to 10.3 pct yr/yr

(Reuters) - South Africa's producer price inflation accelerated to 10.3 percent year-on-year in March after a 9.5 percent increase in February, above forecasts, official data showed on Thursday.

On a monthly basis, PPI increased by 1.2 percent after a 0.1 percent decrease in February.


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Baha's Superfund Pitch Grabs Ranieri, Annoys Hedge Funds by Wooing Masses

(Bloomberg) -- Three salespeople surround a speakerphone in a glass-fronted store across from the main New York Public Library on Fifth Avenue, talking with counterparts in Chicago and Toronto. In the lobby, flat-panel TVs run a loop of commercials for commodity investments.

Here, wedged among discount electronics retailers and mobile phone vendors, is what former Vienna cop and college dropout Christian Baha says is the next wave of investing: a company called Superfund that's hawking hedge fund-style funds to the masses.


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UPDATE 1-China's CNOOC Q1 oil, gas output up 5.1 pct

(Reuters) - CNOOC, which is engineering a string of acquisitions from Australia to Indonesia to Nigeria, is scouring the globe for more and developing deepwater exploration to supply China, the world's largest oil consumer after the United States.

CNOOC said in a statement on Thursday that its overall oil and gas output rose to 473,280 barrels of oil equivalent per day in the January to March period.


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Siemens says not in any VDO unit sale talks

(Reuters) - Earlier, Chief Executive Klaus Kleinfeld told the news conference that preparations for a listing of VDO, valued at up to 9 billion euros , were fully on track.




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ABB CEO says will be discplined in acquisitions

(Reuters) - Also on the call, Chief Executive Officer Fred Kindle said the group would remain disciplined when spending its $2.3 billion cash pile on buying rivals.

"Let's face it, prices are very high," Kindle said.


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FTSE up 0.6 pct, buoyed by M&A, US stocks

(Reuters) - Britain's top share index climbed 0.6 percent in early trading on Thursday, on the back of a strong rally in the United States overnight and continued merger and acquisition activity.

At 0733 GMT, the FTSE 100 was up 40.4 points at 6,502.3, after the Dow Jones industrial average powered passed the 13,000-level for the first time on Wednesday.


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India's Ranbaxy says gets U.S. nod for zolpidem

(Reuters) - MUMBAI, April 26 - India's Ranbaxy Laboratories Ltd. said on Thursday it had approval from the U.S. Food and Drug Administration to manufacture and market zolpidem tartrate tablets, used to treat insomnia.

The drug, a generic version of Ambien tablets made by France's Sanofi-Aventis , had annual sales of $2.12 billion in the United States, it said.


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Germany May Sell 9 Billion Euros in Inflation Bonds, Steinbrueck Says

(Bloomberg) -- Germany will probably sell inflation- linked bonds for a second year this year, Finance Minister Peer Steinbrueck said.

The federal government may sell as much as 9 billion euros ($12.3 billion) in bonds with coupons linked to the annual average rate of price increases in the euro area, said Steinbrueck today in a speech in Berlin. He wasn't more specific.


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Quanta says expects to ship 25 mln laptops in 2007

(Reuters) - Quanta, which supplies top PC vendors such as Dell Inc. and Hewlett-Packard Co. , also said it posted January-March net profit of T$3.402 billion , up 24 percent from T$2.74 billion a year ago.




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Taiwan's Quanta Q1 net up 24 pct on healthy demand

(Reuters) - The first-quarter result was in line with expectations for a T$3.45 billion profit, according to forecasts from four analysts surveyed by Reuters Estimates.

Compal Electronics Inc. , the world's No.2 contract laptop maker, on Monday posted an 18 percent rise in quarterly profit and forecast 2007 shipments would rise 38 percent from 2006.


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Corporate Bond Risk Declines in Europe, Credit-Default Swap Prices Show

(Bloomberg) -- The risk of owning European corporate bonds fell, according to traders of credit-default swaps.

Contracts based on 10 million euros ($13 million) of debt included in the iTraxx Crossover Series 7 Index of 50 European companies fell 2,500 euros to 196,500 euros at 7:39 a.m. in London, according to JPMorgan Chase & Co.


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