(Reuters) - Motorola also suggested that if Icahn were elected to the board, he might have trouble balancing trading restrictions as a board insider, but also as an active hedge-fund manager with obligations to his own investors.
In a letter filed with regulators, Icahn said his "$1.2 billion investment is more than sufficient incentive for me to devote all of the time and effort required to help ensure management is 'getting it right.'"
Read more at Reuters.com Bonds News
Wednesday, May 2, 2007
Crude Oil Falls After U.S. Refiners Increased Fuel Production Last Week
(Bloomberg) -- Crude oil fell below $64 a barrel in New York after an Energy Department report showed that refiners increased fuel output last week.
Refineries operated at 88.3 percent of capacity in the week ended April 27, up 0.5 percentage point from the week before. Gasoline supplies fell for a 12th week. Crude-oil supplies rose 1.17 million barrels, the report showed. An increase of 1.5 million barrels was expected, according to the median of responses by 13 analysts surveyed by Bloomberg News.
Read more at Bloomberg Commodities News
Refineries operated at 88.3 percent of capacity in the week ended April 27, up 0.5 percentage point from the week before. Gasoline supplies fell for a 12th week. Crude-oil supplies rose 1.17 million barrels, the report showed. An increase of 1.5 million barrels was expected, according to the median of responses by 13 analysts surveyed by Bloomberg News.
Read more at Bloomberg Commodities News
March factory orders rise surprising 3.1 pct
(Reuters) - Aside from transportation orders, factory orders rose 1.9 percent after being unchanged in February. February orders excluding transportation were first reported as a 0.4 percent decline.
Orders for durable goods, items meant to least three years or longer, also rose a bigger-than-expected 3.7 percent in March. Analysts were expecting durables orders to gain 3.3 percent.
Read more at Reuters.com Business News
Orders for durable goods, items meant to least three years or longer, also rose a bigger-than-expected 3.7 percent in March. Analysts were expecting durables orders to gain 3.3 percent.
Read more at Reuters.com Business News
REFILE-U.S. Treasury says committed to TIPS debt sales
(Reuters) - A Treasury advisory committee recommended that the department consider eliminating 5-year Treasury Inflation-Protected Securities and consolidating 10-year note auctions, according to minutes of the advisory committee meeting issued earlier.
"The TIPS play an important role in our overall portfolio," Treasury's assistant secretary for financial markets, Anthony Ryan, said at a news conference after announcing details of Treasury's quarterly offering of debt securities.
Read more at Reuters.com Economic News
"The TIPS play an important role in our overall portfolio," Treasury's assistant secretary for financial markets, Anthony Ryan, said at a news conference after announcing details of Treasury's quarterly offering of debt securities.
Read more at Reuters.com Economic News
Crude Oil Falls After U.S. Reports Petroleum Inventories Climbed Last Week
(Bloomberg) -- Oil futures fell after the U.S. government reported inventories rose.
Supplies climbed 1.17 million barrels to 335.6 million barrels in the week ended April 27, the Energy Department reported today. Inventories were expected to climb 1.5 million barrels, according to the median estimate of 13 analysts surveyed by Bloomberg News.
Read more at Bloomberg Commodities News
Supplies climbed 1.17 million barrels to 335.6 million barrels in the week ended April 27, the Energy Department reported today. Inventories were expected to climb 1.5 million barrels, according to the median estimate of 13 analysts surveyed by Bloomberg News.
Read more at Bloomberg Commodities News
U.S. economy saw moderate job growth in April
(Reuters) - * Economists' median forecasts:
Nonfarm payrolls up 100,000
Read more at Reuters.com Economic News
Nonfarm payrolls up 100,000
Read more at Reuters.com Economic News
European Media Stocks, Lagardere Rise; Altana, Syngenta Fall, BSkyB Gains
(Bloomberg) -- European media stocks rallied, led by Lagardere SCA and RCS MediaGroup SpA, after News Corp.'s bid for Dow Jones & Co. fueled speculation of takeovers among publishers.
``There could be a move to consolidate'' in the media sector, said Stephen Pope, head of equities research at Cantor Fitzgerald Europe in London. ``You are going to see some companies will fall by the way and some will be snapped up.''
Read more at Bloomberg Stocks News
``There could be a move to consolidate'' in the media sector, said Stephen Pope, head of equities research at Cantor Fitzgerald Europe in London. ``You are going to see some companies will fall by the way and some will be snapped up.''
Read more at Bloomberg Stocks News
Brazilian Real, Bonds Rise on Currency Inflows as Trade Surplus Widened
(Bloomberg) -- Brazil's currency rose for the first time in the last four trading days, boosted by a growing trade surplus and currency inflows from exporters selling dollars.
``In just a few minutes of trading, we've seen some dollar sales from exporters, adding to already heavy flows from foreign investors boosting their position in other local markets,'' said Marcelo Ribeiro, the head of currency trading at Sao Paulo-based Concordia Corretora.
Read more at Bloomberg Currencies News
``In just a few minutes of trading, we've seen some dollar sales from exporters, adding to already heavy flows from foreign investors boosting their position in other local markets,'' said Marcelo Ribeiro, the head of currency trading at Sao Paulo-based Concordia Corretora.
Read more at Bloomberg Currencies News
UPDATE 1-Angiotech's Q1 profit drops on lower stent sales
(Reuters) - Angiotech said adjusted earnings were $6.4 million, or 7 cents a share, for the quarter ended March 31. That is down from $16.8 million, or 20 cents a share, a year earlier.
Analysts expected, on average, adjusted earnings of 4 cents a share, according to Reuters Estimates.
Read more at Reuters.com Market News
Analysts expected, on average, adjusted earnings of 4 cents a share, according to Reuters Estimates.
Read more at Reuters.com Market News
MasterCard quarterly earnings soar
(Reuters) - Economists are increasingly concerned about the health of consumer spending, which in March grew at its slowest rate in five months. Sales of homes and U.S. autos are declining, and the overall economy grew at a paltry annualized rate of 1.3 percent in the first quarter.
But MasterCard's total dollar volume of transactions increased 16.4 percent, and the number of transactions processed rose 19.4 percent during the first quarter, as the number of MasterCard credit and debit cards grew 11.3 percent.
Read more at Reuters.com Business News
But MasterCard's total dollar volume of transactions increased 16.4 percent, and the number of transactions processed rose 19.4 percent during the first quarter, as the number of MasterCard credit and debit cards grew 11.3 percent.
Read more at Reuters.com Business News
Cablevision board approves Dolan offer -- CNBC
(Reuters) - The family has made at least two earlier offers to buy the company in the past few years.
Read more at Reuters.com Mergers News
Read more at Reuters.com Mergers News
Crude Oil Little Changed on Expectations U.S. Gasoline Supply Will Recover
(Bloomberg) -- Crude oil traded little changed before a report expected to show that U.S. refiners may start to replenish gasoline supplies before motoring demand peaks in the summer.
The Energy Department is expected to report stockpiles of crude rose by 1.5 million barrels, according to a Bloomberg News survey of analysts. At the same time, refinery utilization rates are expected to increase and help meet demand for gasoline before the summer driving season starts this month.
Read more at Bloomberg Commodities News
The Energy Department is expected to report stockpiles of crude rose by 1.5 million barrels, according to a Bloomberg News survey of analysts. At the same time, refinery utilization rates are expected to increase and help meet demand for gasoline before the summer driving season starts this month.
Read more at Bloomberg Commodities News
UPDATE 1-TRW Automotive posts quarterly net loss
(Reuters) - TRW reported a net loss of $86 million, or 87 cents per share, for the first quarter, compared with net earnings of $47 million, or 46 cents per share, a year earlier.
Excluding debt charges in both periods, TRW's earnings fell to $61 million or 60 cents per share, from $104 million, or $1.01 per share, a year earlier, on pressure from production cuts by customers in North America and higher commodity costs.
Read more at Reuters.com Market News
Excluding debt charges in both periods, TRW's earnings fell to $61 million or 60 cents per share, from $104 million, or $1.01 per share, a year earlier, on pressure from production cuts by customers in North America and higher commodity costs.
Read more at Reuters.com Market News
UPDATE 1-Heidrick quarterly profit jumps 71 pct
(Reuters) - Net earnings rose 71 percent to $10.1 million, or 53 cents per share, from $5.9 million, or 30 cents per share, a year earlier.
Analysts, on average, expected profit of 45 cents per share, according to Reuters Estimates.
Read more at Reuters.com Market News
Analysts, on average, expected profit of 45 cents per share, according to Reuters Estimates.
Read more at Reuters.com Market News
UPDATE 1-MasterCard quarterly earnings rise
(Reuters) - MasterCard, which processes credit card payments for merchants, said first-quarter earnings rose to $214.9 million, or $1.57 a share, from $126.7 million, or 94 cents a share a year earlier.
Revenue rose 24 percent to $915 million during the quarter.
Read more at Reuters.com Market News
Revenue rose 24 percent to $915 million during the quarter.
Read more at Reuters.com Market News
UPDATE 1-Brookfield Asset profit up 9 pct, to split stock
(Reuters) - Brookfield, an asset manager with interests in real estate and power generation, said it had a net profit of $195 million, or 46 cents a share, in the quarter ended March 31, up from a profit of $179 million, or 43 Canadian cents a share, in the same quarter last year.
The company's board of directors approved the stock split on May 1, which will give shareholders one-half of a Brookfield class A share for each class A and class B share held.
Read more at Reuters.com Market News
The company's board of directors approved the stock split on May 1, which will give shareholders one-half of a Brookfield class A share for each class A and class B share held.
Read more at Reuters.com Market News
Angiotech, Barrick Gold, Rogers Communications: Canadian Equity Preview
(Bloomberg) -- The following is a list of companies whose shares may have unusual price changes in Canadian markets today. This preview includes news that broke after markets closed yesterday. Symbols are in parentheses after company names and prices are from the last close.
The Standard & Poor's/TSX Composite Index slipped 10.35, or 0.1 percent, to 13,406.33, yesterday in Toronto.
Read more at Bloomberg Stocks News
The Standard & Poor's/TSX Composite Index slipped 10.35, or 0.1 percent, to 13,406.33, yesterday in Toronto.
Read more at Bloomberg Stocks News
Dollar Touches a Two-Month High Against Yen on Reduced Concern Over Growth
(Bloomberg) -- The dollar rose to a two-month high against the yen and advanced versus the euro as signs of manufacturing strength may allay concern over a slowdown in the world's largest economy.
The U.S. currency gained versus the pound and Swiss franc after the Institute for Supply Management said yesterday it's manufacturing index rose to the highest in almost a year, pushing investors to reduce bets on an interest rate cut by the Federal Reserve. A Fed index of the dollar's value against the currencies of seven major trading partners climbed from an all-time low.
Read more at Bloomberg Currencies News
The U.S. currency gained versus the pound and Swiss franc after the Institute for Supply Management said yesterday it's manufacturing index rose to the highest in almost a year, pushing investors to reduce bets on an interest rate cut by the Federal Reserve. A Fed index of the dollar's value against the currencies of seven major trading partners climbed from an all-time low.
Read more at Bloomberg Currencies News
SPX Corp. earnings rise
(Reuters) - Analysts, on average, had expected a profit of 51 cents per share, according to Reuters Estimates.
Read more at Reuters.com Market News
Read more at Reuters.com Market News
Gold ticks down on dollar rise, may weaken further
(Reuters) - Silver traded near Tuesday's one-month lows, but platinum and palladium moved marginally higher.
"The gold market is long and I don't think investors are very keen to get short the market here," said David Holmes, director of precious metals sales at Dresdner Kleinwort.
Read more at Reuters.com Hot Stocks News
"The gold market is long and I don't think investors are very keen to get short the market here," said David Holmes, director of precious metals sales at Dresdner Kleinwort.
Read more at Reuters.com Hot Stocks News
Gold Falls in London on Speculation Dollar Will Rebound; Silver Declines
(Bloomberg) -- Gold declined on reduced expectations for a drop in U.S. interest rates, buoying the dollar and eroding investor demand for the precious metal as an alternative asset. Silver advanced.
Bullion dropped $5 yesterday after an industry report showed U.S. manufacturing grew in April at the fastest pace in almost a year, boosting the dollar against the euro. Gold had climbed to an 11-month high on April 23 partly on speculation slowing U.S. growth would cause the Federal Reserve to lower interest rates while rates were climbing in Europe.
Read more at Bloomberg Commodities News
Bullion dropped $5 yesterday after an industry report showed U.S. manufacturing grew in April at the fastest pace in almost a year, boosting the dollar against the euro. Gold had climbed to an 11-month high on April 23 partly on speculation slowing U.S. growth would cause the Federal Reserve to lower interest rates while rates were climbing in Europe.
Read more at Bloomberg Commodities News
Sprint posts loss, postpaid subscribers fall
(Reuters) - Revenue was $10.1 billion, compared with $10.07 billion in the year ago quarter.
Sprint said it added nearly 600,000 subscribers in the quarter. It lost 220,000 postpaid subscribers, who pay monthly bills, compared with an average forecast for postpaid losses of around 300,000 from 6 analysts contacted by Reuters.
Read more at Reuters.com Market News
Sprint said it added nearly 600,000 subscribers in the quarter. It lost 220,000 postpaid subscribers, who pay monthly bills, compared with an average forecast for postpaid losses of around 300,000 from 6 analysts contacted by Reuters.
Read more at Reuters.com Market News
US mortgage applications rose in latest week-MBA
(Reuters) - Borrowing costs on 30-year fixed-rate mortgages, excluding fees, averaged 6.14 percent, up 0.01 percentage point from the previous week. Interest rates, however, were significantly below year-ago levels of 6.57 percent.
The MBA's seasonally adjusted purchase index rose 4.0 percent to 427.3, its highest level since the week ended Jan. 12 when it stood at 439.7, but the index was below its year-ago level of 433.3. The purchase index is considered a timely gauge of U.S. home sales.
Read more at Reuters.com Bonds News
The MBA's seasonally adjusted purchase index rose 4.0 percent to 427.3, its highest level since the week ended Jan. 12 when it stood at 439.7, but the index was below its year-ago level of 433.3. The purchase index is considered a timely gauge of U.S. home sales.
Read more at Reuters.com Bonds News
Telefonica sees no problems in Brazil - paper
(Reuters) - "There will be no problem whatsoever in being the owner of TIM and Vivo at the same time," Portuguese business daily Jornal de Negocios quoted a Telefonica spokesman as saying.
A Telefonica spokesman declined to comment on the report.
Read more at Reuters.com Mergers News
A Telefonica spokesman declined to comment on the report.
Read more at Reuters.com Mergers News
Crude Oil Declines on Expectations U.S. Will Report an Increase in Supply
(Bloomberg) -- Crude oil fell in New York before a report due today that will probably show U.S. crude supplies rose to a five-month high.
The Energy Department is expected to report stockpiles rose 1.5 million barrels, according to a Bloomberg News survey of analysts. At the same time, refinery utilization rates are expected to increase and help meet demand for gasoline before the summer driving season starts this month.
Read more at Bloomberg Energy News
The Energy Department is expected to report stockpiles rose 1.5 million barrels, according to a Bloomberg News survey of analysts. At the same time, refinery utilization rates are expected to increase and help meet demand for gasoline before the summer driving season starts this month.
Read more at Bloomberg Energy News
U.S. Stock-Index Futures Rise; Dow Jones, Time Warner Advance in Europe
(Bloomberg) -- U.S. stock-index futures rose after Rupert Murdoch's $5 billion bid for Dow Jones & Co. revived speculation takeovers will increase, and after Time Warner Inc. posted earnings that beat analysts' estimates.
Dow Jones shares jumped in Europe after some shareholders said Rupert Murdoch's offer for the a 125-year-old newspaper publisher will spark a bidding tussle. Time Warner gained on its earnings report.
Read more at Bloomberg Stocks News
Dow Jones shares jumped in Europe after some shareholders said Rupert Murdoch's offer for the a 125-year-old newspaper publisher will spark a bidding tussle. Time Warner gained on its earnings report.
Read more at Bloomberg Stocks News
U.S. worker confidence down on financial concerns
(Reuters) - According to the report, the number of workers who said their financial situation was improving fell two points to 42 percent in April, while those saying it was getting worse rose a point to 38 percent.
"After appearing unaffected by rising energy prices for the past couple of months, U.S. workers are beginning to reveal the toll that paying $3.00 for a gallon of gas has taken on their wallets," said Robert Morgan, president of the New York-based, Hudson Talent Management, which provides permanent recruitment, contract professionals and talent management services and which publishes the index.
Read more at Reuters.com Economic News
"After appearing unaffected by rising energy prices for the past couple of months, U.S. workers are beginning to reveal the toll that paying $3.00 for a gallon of gas has taken on their wallets," said Robert Morgan, president of the New York-based, Hudson Talent Management, which provides permanent recruitment, contract professionals and talent management services and which publishes the index.
Read more at Reuters.com Economic News
SL Green plans to sell Manhattan building -report
(Reuters) - SL Green was not immediately available for comment.
Read more at Reuters.com Mergers News
Read more at Reuters.com Mergers News
Lonmin Shares Rise Most in 14 Months on Forecast for `Strong' Second Half
(Bloomberg) -- Shares of Lonmin Plc, the world's third-biggest platinum producer, gained the most in 14 months after Chief Executive Officer Brad Mills forecast a ``very strong'' second half as furnace repairs allow sales to rebound.
The company posted a loss of $3 million, or 2 cents a share, in the six months to March 31, compared with $67 million, or 47.1 cents, a year earlier. Sales fell 11 percent to $631 million after damage to the furnace near Rustenburg, northwest of Johannesburg, cut production by a fifth.
Read more at Bloomberg Emerging Markets News
The company posted a loss of $3 million, or 2 cents a share, in the six months to March 31, compared with $67 million, or 47.1 cents, a year earlier. Sales fell 11 percent to $631 million after damage to the furnace near Rustenburg, northwest of Johannesburg, cut production by a fifth.
Read more at Bloomberg Emerging Markets News
Nickel Surcharges Rise to Record on Use, Shrinking Inventory, Calyon Says
(Bloomberg) -- Nickel surcharges paid by stainless- steel makers and other users of the metal rose to a record because of soaring demand from China and dwindling inventory, said Calyon, the investment-banking unit of Credit Agricole SA.
The average surcharge for Europe, the U.S. and Japan is $1,355 a ton, Calyon's London-based metals analyst Michael Widmer said in a report yesterday.
Read more at Bloomberg Commodities News
The average surcharge for Europe, the U.S. and Japan is $1,355 a ton, Calyon's London-based metals analyst Michael Widmer said in a report yesterday.
Read more at Bloomberg Commodities News
S. African Rand Drops With Gold, Platinum, on Central Bank Sale Concerns
(Bloomberg) -- The South African rand fell as the price of precious metals dropped and on speculation the central bank will sell the currency.
Gold and platinum account for about a fifth of exports in Africa's largest economy and the rand often moves in tandem with the metals. Last week the rand broke through the 7-per-dollar barrier for the first time in four months, prompting speculation the central bank may sell its reserves to weaken the currency and safeguard exports and economic growth.
Read more at Bloomberg Currencies News
Gold and platinum account for about a fifth of exports in Africa's largest economy and the rand often moves in tandem with the metals. Last week the rand broke through the 7-per-dollar barrier for the first time in four months, prompting speculation the central bank may sell its reserves to weaken the currency and safeguard exports and economic growth.
Read more at Bloomberg Currencies News
UPDATE 1-Blockbuster sells UK chain for $150 mln
(Reuters) - The move is part of Blockbuster's ongoing efforts to sell off non-core assets and some international operations, while it boosts Game Group's presence in the UK market.
Shares in Game Group, a retailer of PC and video games, rose 5.2 percent after the announcement.
Read more at Reuters.com Mergers News
Shares in Game Group, a retailer of PC and video games, rose 5.2 percent after the announcement.
Read more at Reuters.com Mergers News
Dollar Advances Against Euro, Yen Before U.S. Factory Orders Report
(Bloomberg) -- The dollar rose against the euro and traded near a two-month high against the yen on speculation a U.S. government report today on factory orders will add to the Federal Reserve's case for delaying an interest-rate cut.
The U.S. currency also gained for a third day versus the euro after the Institute for Supply Management's manufacturing index yesterday rose to the highest in almost a year and prompted investors to reduce bets on a reduction in borrowing costs. A Fed index of the dollar's value against the currencies of seven major trading partners climbed from an all-time low yesterday.
Read more at Bloomberg Currencies News
The U.S. currency also gained for a third day versus the euro after the Institute for Supply Management's manufacturing index yesterday rose to the highest in almost a year and prompted investors to reduce bets on a reduction in borrowing costs. A Fed index of the dollar's value against the currencies of seven major trading partners climbed from an all-time low yesterday.
Read more at Bloomberg Currencies News
German Benchmark Stocks Rise, Led by Continental, Henkel, MAN Shares
(Bloomberg) -- German stocks advanced, led by Continental AG, Henkel KGaA and MAN AG.
The benchmark DAX Index rose 39.11, or 0.5 percent, to 7447.98 as of 9:12 a.m. in Frankfurt. The HDAX Index of the country's 110 biggest shares climbed 0.5 percent to 3853.50.
Read more at Bloomberg Stocks News
The benchmark DAX Index rose 39.11, or 0.5 percent, to 7447.98 as of 9:12 a.m. in Frankfurt. The HDAX Index of the country's 110 biggest shares climbed 0.5 percent to 3853.50.
Read more at Bloomberg Stocks News
Murdoch's Dow deal may up Asia clout, but not China
(Reuters) - The media giant has had mixed success in Asia where it owns Hong Kong-based broadcaster Star TV and Star India but has made several unsuccessful attempts to tap China's rapidly growing media market.
Dow Jones' presence in Asia through the Wall Street Journal Asia and Dow Jones Newswires would give Murdoch a further foothold in the region but was unlikely to make a significant difference to his China ambitions, analysts said.
Read more at Reuters.com Mergers News
Dow Jones' presence in Asia through the Wall Street Journal Asia and Dow Jones Newswires would give Murdoch a further foothold in the region but was unlikely to make a significant difference to his China ambitions, analysts said.
Read more at Reuters.com Mergers News
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