(Bloomberg) -- The dollar may extend gains from near an all-time low against the euro on bets the Federal Reserve will maintain its outlook for moderate inflation and growth, reducing the likelihood of interest-rate cuts this year.
The dollar yesterday advanced the most in two months against the euro as investors reduced risk before two consecutive days of central bank announcements. Traders expect the Fed to hold its key rate steady today and European Central Bank President Jean- Claude Trichet tomorrow to signal a June boost in borrowing costs.
Read more at Bloomberg Currencies News
Tuesday, May 8, 2007
JANA asks Alcoa to call off Alcan bid, ponder sale
(Reuters) - On Tuesday, aluminum producer Alcoa launched a hostile bid for Alcan worth nearly $27 billion after talks between the two aluminum producers failed to lead to a deal.
Rosenstein said he believes the move was designed to ward off potential Alcoa suitors and was timed to avoid a shareholders' vote.
Read more at Reuters.com Business News
Rosenstein said he believes the move was designed to ward off potential Alcoa suitors and was timed to avoid a shareholders' vote.
Read more at Reuters.com Business News
Benq, Hutchison Telecom, Lenovo, SM Prime: Asia Ex-Japan Equity Preview
(Bloomberg) -- The following stocks may rise or fall in Asian markets, excluding Japan. This preview includes news that broke after markets closed. Prices are from the local market's last close. Stock symbols are in parentheses after company names.
Acer Inc. (2353 TT): The world's third-largest computer supplier said unconsolidated sales increased 23.4 percent in April to NT$16.2 billion ($487 million). Acer fell 50 cents, or 0.8 percent, to NT$64.
Read more at Bloomberg Stocks News
Acer Inc. (2353 TT): The world's third-largest computer supplier said unconsolidated sales increased 23.4 percent in April to NT$16.2 billion ($487 million). Acer fell 50 cents, or 0.8 percent, to NT$64.
Read more at Bloomberg Stocks News
NY banker granted bail in insider trading case
(Reuters) - The banker will be subject to electronic monitoring while out on bail. He must also surrender any travel documents, U.S. Magistrate Judge James Francis said.
Naseem has not yet entered a plea in the case, but his lawyer, Marc Mukasey, said at the first bail hearing on Friday that Naseem will defend himself against the charges.
Read more at Reuters.com Mergers News
Naseem has not yet entered a plea in the case, but his lawyer, Marc Mukasey, said at the first bail hearing on Friday that Naseem will defend himself against the charges.
Read more at Reuters.com Mergers News
UPDATE 1-Electronic Arts warns on '08 profit; shares down
(Reuters) - The company, which is changing the way it accounts for revenue from certain games played online, forecast adjusted profit of 90 cents to $1.20 per share for the year, compared with Wall Street's average target of $1.31. It forecast a net loss for fiscal 2008.
It was not immediately clear if the accounting change was responsible for the weak outlook.
Read more at Reuters.com Market News
It was not immediately clear if the accounting change was responsible for the weak outlook.
Read more at Reuters.com Market News
UPDATE 1-Charles River posts Q1 earnings above Street view
(Reuters) - The company reaffirmed its outlook for 2007. It expects to earn $2.43 to $2.53 a share from continuing operations, excluding items.
Read more at Reuters.com Market News
Read more at Reuters.com Market News
Verizon warns against unnecessary U.S. auction rules
(Reuters) - The airwaves are considered valuable because they can travel long distances and penetrate thick walls. The auction is seen as the last opportunity for a new player to enter the wireless market.
"We believe rules should not dictate a business plan. They should give every player a chance to bid on the spectrum," Thomas Tauke, Verizon's executive vice president of public affairs and communications, told a news conference on Monday.
Read more at Reuters.com Government Filings News
"We believe rules should not dictate a business plan. They should give every player a chance to bid on the spectrum," Thomas Tauke, Verizon's executive vice president of public affairs and communications, told a news conference on Monday.
Read more at Reuters.com Government Filings News
Japan's Yen, Korea's Won, Thai Baht, Indian Rupee: Asian Currency Preview
(Bloomberg) -- The following events and economic reports may influence trading in Asian currencies today.
Exchange rates are from the previous session.
Read more at Bloomberg Currencies News
Exchange rates are from the previous session.
Read more at Bloomberg Currencies News
Loomis Sayles Sold Venezuela Heavy-Oil Bonds as Chavez Takes Over Ventures
(Bloomberg) -- Loomis Sayles & Co., whose Loomis Sayles Bond Fund is the best-performing in its class over the past decade, sold in the past two months the debt it held in Venezuelan heavy-oil projects, Vice Chairman Dan Fuss said.
Loomis Sayles held notes with a total face value of about $88 million as of Feb. 28, according to securities filings, Bloomberg data show. Loomis Sayles finished selling the notes two weeks ago, Fuss said.
Read more at Bloomberg Emerging Markets News
Loomis Sayles held notes with a total face value of about $88 million as of Feb. 28, according to securities filings, Bloomberg data show. Loomis Sayles finished selling the notes two weeks ago, Fuss said.
Read more at Bloomberg Emerging Markets News
Leap Wireless posts Q1 loss
(Reuters) - The company said it added about 318,000 net new customers in the first quarter, and that it had customer churn -- a measure of cancellations -- of 3.4 percent in the quarter, up slightly from 3.3 percent a year earlier.
San Diego-based Leap posted a first-quarter loss of $8.1 million, or 12 cents a share, compared with a profit of $17.7 million, or 29 cents a share, a year ago.
Read more at Reuters.com Market News
San Diego-based Leap posted a first-quarter loss of $8.1 million, or 12 cents a share, compared with a profit of $17.7 million, or 29 cents a share, a year ago.
Read more at Reuters.com Market News
TREASURIES-Bonds little changed as traders await Fed
(Reuters) - NEW YORK, May 8 - U.S. Treasuries were little changed on Tuesday with traders wary of taking a strong position ahead of the Federal Reserve's policy meeting on Wednesday.
Investors expect the Fed to keep the benchmark overnight lending rate steady at 5.25 percent, but are unsure how policy-makers will describe an environment of weakening economic growth and slowing inflation, while making the case for keeping interest rates on hold.
Read more at Reuters.com Bonds News
Investors expect the Fed to keep the benchmark overnight lending rate steady at 5.25 percent, but are unsure how policy-makers will describe an environment of weakening economic growth and slowing inflation, while making the case for keeping interest rates on hold.
Read more at Reuters.com Bonds News
Energy Conversion third-quarter net loss widens
(Reuters) - Total revenue for the quarter rose to $27.4 million from $27.0 million last year.
For the latest third quarter, analysts were expecting the company to post a loss of 8 cents a share, excluding items, according to Reuters Estimates.
Read more at Reuters.com Market News
For the latest third quarter, analysts were expecting the company to post a loss of 8 cents a share, excluding items, according to Reuters Estimates.
Read more at Reuters.com Market News
Liberty Media profit up at Starz, QVC
(Reuters) - By Michele Gershberg
NEW YORK, May 8 - Liberty Media, controlled by cable industry veteran John Malone, reported a rise in profit on Tuesday for its two key units on subscriber growth at movie network Starz and higher sales at shopping channel QVC.
Read more at Reuters.com Mergers News
NEW YORK, May 8 - Liberty Media, controlled by cable industry veteran John Malone, reported a rise in profit on Tuesday for its two key units on subscriber growth at movie network Starz and higher sales at shopping channel QVC.
Read more at Reuters.com Mergers News
US STOCKS-Indexes dip on profit-taking before Fed meeting
(Reuters) - NEW YORK, May 8 - U.S. stocks declined modestly on Tuesday as investors decided to book profits on five straight sessions of gains in blue chips, a day before the Federal Reserve's meeting on interest-rate policy.
The market pared some of its morning losses as investors saw the decline as the first buying opportunity in more than a week. Resilience in the transportation sector also limited the market's decline.
Read more at Reuters.com Bonds News
The market pared some of its morning losses as investors saw the decline as the first buying opportunity in more than a week. Resilience in the transportation sector also limited the market's decline.
Read more at Reuters.com Bonds News
AQuantive, BioLase, ENGlobal, Liberty Media, Warnaco: U.S. Equity Movers
(Bloomberg) -- The following is a list of companies whose shares are having unusual price changes in U.S. exchanges today. Stock symbols are in parentheses after company names. Share prices are as of 2:40 p.m. New York time.
3Com Corp. (COMS US) gained 35 cents, or 8.3 percent, to $4.56 and traded as high as $4.72. Citadel Investment Group LLC, a Chicago hedge fund manager, boosted its stake in the networking-equipment maker to 8.4 percent from less than 1 percent. Citadel said it may seek alternatives to increase shareholder value in 3Com, according to a filing with the U.S. Securities and Exchange Commission.
Read more at Bloomberg Stocks News
3Com Corp. (COMS US) gained 35 cents, or 8.3 percent, to $4.56 and traded as high as $4.72. Citadel Investment Group LLC, a Chicago hedge fund manager, boosted its stake in the networking-equipment maker to 8.4 percent from less than 1 percent. Citadel said it may seek alternatives to increase shareholder value in 3Com, according to a filing with the U.S. Securities and Exchange Commission.
Read more at Bloomberg Stocks News
Mexico's Bolsa Falls a Second Day, Led by America Movil: Petrobras Slips
(Bloomberg) -- Mexico's Bolsa index fell for the second day and had the biggest two-day loss in eight weeks, led by shares of mobile-phone company America Movil SAB, on concerns shares are too expensive relative to profit as the economy slows.
The index of the most-traded stocks in Mexico City today fell 281.67, or 1 percent, to 29,494.90, at 2:05 p.m. in New York. The Bolsa had set a record May 4 with its first close above 30,000. Brazil's Bovespa index today fell 410.38, or 0.8 percent, to 49,871.
Read more at Bloomberg Emerging Markets News
The index of the most-traded stocks in Mexico City today fell 281.67, or 1 percent, to 29,494.90, at 2:05 p.m. in New York. The Bolsa had set a record May 4 with its first close above 30,000. Brazil's Bovespa index today fell 410.38, or 0.8 percent, to 49,871.
Read more at Bloomberg Emerging Markets News
Ardour Alternative Energy Index Fund to Start Trading Tomorrow in New York
(Bloomberg) -- Ardour Capital Partners LLC's global alternative energy index will begin trading tomorrow on the New York Stock Exchange as an exchange traded fund that tracks producers of wind, solar and other renewable energy companies.
The Market Vectors Global Alternative Energy fund will seek to track the performance of 30 companies in the Ardour Index including Denmark's Vestas Wind Systems A/S, the world's biggest wind turbine maker, and First Solar Inc., a supplier of solar cells that turn the sun's energy into electricity.
Read more at Bloomberg Energy News
The Market Vectors Global Alternative Energy fund will seek to track the performance of 30 companies in the Ardour Index including Denmark's Vestas Wind Systems A/S, the world's biggest wind turbine maker, and First Solar Inc., a supplier of solar cells that turn the sun's energy into electricity.
Read more at Bloomberg Energy News
TREASURIES-Bonds rise as 10-yrs draw strong indirect bid
(Reuters) - Indirect bidders took home 44.3 percent of the issue, well above an average 34 percent at similar auctions last year. Existing 10-year notes were up 1/32 and yielding 4.63 percent.
Read more at Reuters.com Bonds News
Read more at Reuters.com Bonds News
U.S. job activity flat in March - Labor
(Reuters) - In March, the job openings rate rose in professional and business services and fell in construction.
The hires rate in March, or additions to the payrolls during the month, was 3.5 percent, unchanged from the previous month. The hires rate fell in manufacturing and government.
Read more at Reuters.com Economic News
The hires rate in March, or additions to the payrolls during the month, was 3.5 percent, unchanged from the previous month. The hires rate fell in manufacturing and government.
Read more at Reuters.com Economic News
FACTBOX-Five facts about Quebec's separatists
(Reuters) - - Boisclair led the party to its worst defeat ever in the March 26 provincial election, with the Parti Quebecois falling to third place with only 28 percent of the vote and 36 out of the 125 seats in the Quebec National Assembly.
- Only 41, Boisclair brought enthusiasm and drive but launched fierce attacks on key allies, including the trade union movement during the election and the head of the separatist Bloc Quebecois in the federal Parliament last weekend.
Read more at Reuters.com Bonds News
- Only 41, Boisclair brought enthusiasm and drive but launched fierce attacks on key allies, including the trade union movement during the election and the head of the separatist Bloc Quebecois in the federal Parliament last weekend.
Read more at Reuters.com Bonds News
SEC charges two with DJ insider trading
(Reuters) - The SEC, in a civil complaint filed in Manhattan federal court, contends that the couple bought Dow Jones stock from April 13 to April 30, before the takeover offer for the Wall Street Journal publisher became public on May 1.
The SEC said the defendants "engaged in widespread and unlawful trading activity" that put them in a position to make an estimated $8.1 million profit based on current stock prices. It did not specify in the lawsuit how it believed the couple learned of the impending takeover bid.
Read more at Reuters.com Business News
The SEC said the defendants "engaged in widespread and unlawful trading activity" that put them in a position to make an estimated $8.1 million profit based on current stock prices. It did not specify in the lawsuit how it believed the couple learned of the impending takeover bid.
Read more at Reuters.com Business News
Corn Falls Most in Month as U.S. Farmers Boost Plantings, Rains Aid Soil
(Bloomberg) -- Corn prices in Chicago fell, heading for the biggest drop in a month, after a government report showed U.S. farmers planted more acres than expected last week.
Dry weather helped farmers in the 18 top-producing states complete planting of 53 percent of the corn as of May 6, up from 23 percent a week earlier, the U.S. Department of Agriculture said. Farmers planted 39 percent of intended acreage in Iowa and 36 percent in Illinois, the two biggest producing states.
Read more at Bloomberg Commodities News
Dry weather helped farmers in the 18 top-producing states complete planting of 53 percent of the corn as of May 6, up from 23 percent a week earlier, the U.S. Department of Agriculture said. Farmers planted 39 percent of intended acreage in Iowa and 36 percent in Illinois, the two biggest producing states.
Read more at Bloomberg Commodities News
Weaker Billiton, Anglo hit S.African stocks
(Reuters) - South African stocks slid on Tuesday as weaker gold and copper prices hit mining heavyweights Anglo American and BHP Billiton, and investors speculated they might bid for aluminium firm Alcan.
The Johannesburg Top-40 index of blue-chip stocks fell 2.44 percent to 25,202.29 points -- its biggest one-day fall since March 14 -- while the broader All-share index dropped 2.21 percent to 28,161.78 points.
Read more at Reuters Africa
The Johannesburg Top-40 index of blue-chip stocks fell 2.44 percent to 25,202.29 points -- its biggest one-day fall since March 14 -- while the broader All-share index dropped 2.21 percent to 28,161.78 points.
Read more at Reuters Africa
UPDATE 2-Canada housing starts crimped by rural weakness
(Reuters) - April starts fell to a seasonally adjusted annualized level of 211,900 units from an upwardly revised 214,000 in March. The average expectation of analysts was for 215,000 starts.
"Canada's housing market is slowly starting to cool down as rising home prices eat into affordability, Sal Guatieri, senior economist at BMO Capital Markets, wrote in a note.
Read more at Reuters.com Economic News
"Canada's housing market is slowly starting to cool down as rising home prices eat into affordability, Sal Guatieri, senior economist at BMO Capital Markets, wrote in a note.
Read more at Reuters.com Economic News
Eastern Platinum plans 600,000oz S.Africa smelter
(Reuters) - Eastern Platinum Ltd plans to revive and refurbish a smelter in South Africa with capacity of up to 600,000 ounces of platinum group metals (PGMs) per year, the firm said on Tuesday.
The facility would add needed smelting capacity in South Africa, the world's biggest producer of PGMs and where many new mines will begin producing in coming years, Eastern Platinum said in a statement.
Read more at Reuters Africa
The facility would add needed smelting capacity in South Africa, the world's biggest producer of PGMs and where many new mines will begin producing in coming years, Eastern Platinum said in a statement.
Read more at Reuters Africa
ABN Amro, HSBC and Societe Generale Join LiquidityHub Bond-Pricing Venture
(Bloomberg) -- ABN Amro Holding NV, HSBC Holdings Plc and Societe Generale SA are joining LiquidityHub Ltd., a company set up by investment banks to aggregate bond prices.
The number of banks participating in the venture is now 15, according to an e-mailed statement from LiquidityHub. The company also added Bloomberg LP, the parent company of Bloomberg News, and Reuters Group Plc to its list of distributors, it said in a separate press release.
Read more at Bloomberg Bonds News
The number of banks participating in the venture is now 15, according to an e-mailed statement from LiquidityHub. The company also added Bloomberg LP, the parent company of Bloomberg News, and Reuters Group Plc to its list of distributors, it said in a separate press release.
Read more at Bloomberg Bonds News
Mexico's Pemex total debt at $52.5 bln end-March
(Reuters) - The world's most indebted oil company, Pemex has leaned heavily on bond markets for years to fund exploration as the bulk of its sales were lost in taxes.
Read more at Reuters.com Bonds News
Read more at Reuters.com Bonds News
AmBev, Cosan, Itau, Petrobras and Vale do Rio Doce: Brazil Equity Movers
(Bloomberg) -- Brazil's main stock index fell for a second day, led by miner Cia. Vale do Rio Doce.
The Bovespa Index of the most-traded stocks on the Sao Paulo exchange fell 410.34, or 0.8 percent, to 49,871.39 as of 9:38 a.m. New York time.
Read more at Bloomberg Stocks News
The Bovespa Index of the most-traded stocks on the Sao Paulo exchange fell 410.34, or 0.8 percent, to 49,871.39 as of 9:38 a.m. New York time.
Read more at Bloomberg Stocks News
GE's energy invstment unit acquires reserves in Oklahama, Texas
(Reuters) - In the second transaction, GE Energy Financial Services partnered with a subsidiary of GeoResources Inc.
Read more at Reuters.com Mergers News
Read more at Reuters.com Mergers News
UPDATE 1-Mexico's GAP, Asur April passenger traffic up
(Reuters) - GAP, which operates 12 airports in western Mexico including at Tijuana and Guadalajara, said domestic traffic jumped 33.2 percent and international traffic fell by 10.7 percent.
Low-cost carriers, which operate out of 11 of GAP's 12 airports, accounted for much of the extra domestic traffic.
Read more at Reuters.com Market News
Low-cost carriers, which operate out of 11 of GAP's 12 airports, accounted for much of the extra domestic traffic.
Read more at Reuters.com Market News
AK Steel, AQuantive, Fuel Tech, Heelys, McDermott: U.S. Equity Preview
(Bloomberg) -- The following is a list of companies whose shares may have unusual price changes in U.S. exchanges today. This preview includes news that broke after exchanges closed. Stock symbols are in parentheses after company names. Share prices are as of 8:50 a.m. New York time.
Adidas AG American depositary receipts (ADDYY US): The world's second-largest sporting-goods maker said in a statement distributed by Business Wire that its first-quarter net income fell 11 percent to 128 million euros ($174.3 million) from 144 million euros a year earlier. That topped the 125.4 million-euro median estimate of five analysts surveyed by Bloomberg. Adidas ADRs, each representing half a share, fell 30 cents to $28.70 in regular trading yesterday.
Read more at Bloomberg Stocks News
Adidas AG American depositary receipts (ADDYY US): The world's second-largest sporting-goods maker said in a statement distributed by Business Wire that its first-quarter net income fell 11 percent to 128 million euros ($174.3 million) from 144 million euros a year earlier. That topped the 125.4 million-euro median estimate of five analysts surveyed by Bloomberg. Adidas ADRs, each representing half a share, fell 30 cents to $28.70 in regular trading yesterday.
Read more at Bloomberg Stocks News
Citigroup commits $50 bln to green initiatives
(Reuters) - Citigroup's program comes as U.S. companies look for ways to benefit from growing demand for alternative energies, and reducing emissions.
Chief Executive Charles Prince said the program "is not a wish list, but a realistic, achievable plan that services a critical global need and responds to an emerging investment opportunity."
Read more at Reuters.com Bonds News
Chief Executive Charles Prince said the program "is not a wish list, but a realistic, achievable plan that services a critical global need and responds to an emerging investment opportunity."
Read more at Reuters.com Bonds News
Harrah's profit misses estimates
(Reuters) - Adjusted earnings from continuing operations were 88 cents a share. Wall Street analysts, on average, had expected $1.00 a share, according to Reuters Estimates.
Revenue rose 13 percent to $2.66 billion, above analysts' average forecast of $2.49 billion.
Read more at Reuters.com Market News
Revenue rose 13 percent to $2.66 billion, above analysts' average forecast of $2.49 billion.
Read more at Reuters.com Market News
Treasuries Gain Before Auction, Federal Reserve's Interest-Rate Meeting
(Bloomberg) -- U.S. Treasuries gained before an auction today of 10-year notes and a Federal Reserve policy meeting tomorrow.
Economists predict policy makers will keep the target for the overnight lending rate between banks unchanged at 5.25 percent, according to a Bloomberg News survey. The government will auction $13 billion of securities today, after selling $14 billion of three-year notes yesterday at yields close to dealer forecasts.
Read more at Bloomberg Bonds News
Economists predict policy makers will keep the target for the overnight lending rate between banks unchanged at 5.25 percent, according to a Bloomberg News survey. The government will auction $13 billion of securities today, after selling $14 billion of three-year notes yesterday at yields close to dealer forecasts.
Read more at Bloomberg Bonds News
WSJ editors knew of Murdoch offer in advance: report
(Reuters) - Several days after Murdoch submitted a letter to the Dow Jones board, he sent an e-mail message to the Journal's top editor, Paul Steiger, marked "Personal and Confidential," telling him of the bid, the Times reported citing unidentified sources at Dow Jones.
Murdoch offered his reassurances that he would uphold the editorial integrity of the Journal if he were successful, according to the Times.
Read more at Reuters.com Business News
Murdoch offered his reassurances that he would uphold the editorial integrity of the Journal if he were successful, according to the Times.
Read more at Reuters.com Business News
Base metals slip, oil bounces above $65
(Reuters) - Industrial metals slipped on Tuesday as a week-long strike in Peru ended, while precious metals drifted and oil bounced back from a six-week low.
Copper for delivery in three months on the London Metal Exchange fell to $8,150/8,160 per tonne at 1152 GMT, down 2 percent from Friday, when it hit an 11-month high of $8,320 on the Peruvian strike and a strong growth outlook in the United States.
Read more at Reuters Africa
Copper for delivery in three months on the London Metal Exchange fell to $8,150/8,160 per tonne at 1152 GMT, down 2 percent from Friday, when it hit an 11-month high of $8,320 on the Peruvian strike and a strong growth outlook in the United States.
Read more at Reuters Africa
UPDATE 1-Hewitt Associates Q2 earnings fall on items
(Reuters) - For the latest second quarter, Hewitt earned $13.0 million, or 12 cents a share, compared with $31.8 million, or 29 cents a share, in the year-ago quarter.
The latest-quarter included $20 million in pretax charges, which included the anticipated restructuring of an HR BPO contract, the resolution of a legal dispute and asset impairments.
Read more at Reuters.com Market News
The latest-quarter included $20 million in pretax charges, which included the anticipated restructuring of an HR BPO contract, the resolution of a legal dispute and asset impairments.
Read more at Reuters.com Market News
UPDATE 1-WCI Communities posts quarterly loss
(Reuters) - The company posted a first-quarter net loss of $15.8 million, or $38 cents per share, versus a profit of $40.2 million, or $89 cents per share, in the year-earlier quarter.
The loss was wider than the 22 cent loss analysts polled by Reuters Estimates had expected.
Read more at Reuters.com Market News
The loss was wider than the 22 cent loss analysts polled by Reuters Estimates had expected.
Read more at Reuters.com Market News
U.S. April small business confidence dipped-survey
(Reuters) - "Overall, expectations for the economy are soft," William Dunkelberg, NFIB's chief economist, said in a statement. "Real growth will continue, but closer to 2 percent than to 3 percent.
"While growth is slower, inflation pressures are growing," Dunkelberg said. "Higher labor costs are not helping the inflation situation."
Read more at Reuters.com Bonds News
"While growth is slower, inflation pressures are growing," Dunkelberg said. "Higher labor costs are not helping the inflation situation."
Read more at Reuters.com Bonds News
Cincinnati Bell quarterly profit rises
(Reuters) - The company, which offers fixed-line and wireless telephone services in Ohio, Kentucky and Indiana, said revenue rose 6 percent to $315.3 million.
Read more at Reuters.com Market News
Read more at Reuters.com Market News
UPDATE 1-CVS/Caremark first-quarter profit jumps 24 pct
(Reuters) - The results also include 10 days of operations at Caremark, the pharmacy benefits manager that CVS acquired on March 22.
First-quarter profit was $408.9 million, or 43 cents per share, compared with $329.6 million, or 39 cents per share, a year earlier.
Read more at Reuters.com Market News
First-quarter profit was $408.9 million, or 43 cents per share, compared with $329.6 million, or 39 cents per share, a year earlier.
Read more at Reuters.com Market News
Platinum Falls After Northam Says Strike at Mine in South Africa May End
(Bloomberg) -- Platinum fell after Northam Platinum Holdings Inc. said workers at its mine in South Africa, the world's biggest producer, may be ordered to end a strike, clearing the way for higher output. Palladium gained.
An urgent interdict granted yesterday allows Northam to force workers back on the job within 48 hours. Platinum has climbed 3.4 percent since the strike began April 29.
Read more at Bloomberg Commodities News
An urgent interdict granted yesterday allows Northam to force workers back on the job within 48 hours. Platinum has climbed 3.4 percent since the strike began April 29.
Read more at Bloomberg Commodities News
Dollar Drops for Third Day Versus Yen Before Fed Statement Tomorrow
(Bloomberg) -- The dollar fell for a third day against the yen on speculation the Federal Reserve will express growing concern about U.S. economic weakness in a statement tomorrow, boosting the chance of an interest-rate cut this year.
Traders are betting the Fed's next move will be to reduce rates, while the ECB will flag a June increase at a May 10 meeting. The yen were also supported by a report that China raised the amount of foreign currencies that lenders must keep as reserves.
Read more at Bloomberg Currencies News
Traders are betting the Fed's next move will be to reduce rates, while the ECB will flag a June increase at a May 10 meeting. The yen were also supported by a report that China raised the amount of foreign currencies that lenders must keep as reserves.
Read more at Bloomberg Currencies News
CVS/Caremark posts higher first-quarter profit
(Reuters) - CVS, based in Woonsocket, Rhode Island, said revenue jumped 32.1 percent to $13.18 billion. As previously reported, sales at stores open more than one year rose 7.5 percent.
CVS has been opening new stores, adding in-store clinics to some locations and beefing up its operations with two large acquisitions in the past year. It bought the Osco and Sav-on chains from Albertsons last year and bought Caremark in March.
Read more at Reuters.com Market News
CVS has been opening new stores, adding in-store clinics to some locations and beefing up its operations with two large acquisitions in the past year. It bought the Osco and Sav-on chains from Albertsons last year and bought Caremark in March.
Read more at Reuters.com Market News
Crude Oil Gains After Militant Attacks Shut Piplines, Terminal in Nigeria
(Bloomberg) -- Crude oil rose the most in more than a week after a militant group attacked pipelines in Nigeria, Africa's biggest crude producer.
Three pipelines operated by a unit of Eni SpA and an export terminal in the Nigeria state of Bayelsa were shut down after they were attacked by the Movement for the Emancipation of the Niger Delta.
Read more at Bloomberg Energy News
Three pipelines operated by a unit of Eni SpA and an export terminal in the Nigeria state of Bayelsa were shut down after they were attacked by the Movement for the Emancipation of the Niger Delta.
Read more at Bloomberg Energy News
Platinum Falls, Snapping a Five-Day Advance; Palladium Extends Its Gains
(Bloomberg) -- Platinum fell, snapping a five-day advance. Palladium rose in London.
Platinum for immediate delivery dropped $9.50 to $1,331.50 an ounce as of 7:39 a.m. London time, after gaining $55, or 4.3 percent, since April 30.
Read more at Bloomberg Commodities News
Platinum for immediate delivery dropped $9.50 to $1,331.50 an ounce as of 7:39 a.m. London time, after gaining $55, or 4.3 percent, since April 30.
Read more at Bloomberg Commodities News
Norway Leads Declines in Western Europe; Statoil, Norsk Hydro Pace Drop
(Bloomberg) -- Nordic stocks declined for the first time in three days, paced by Statoil ASA and Norsk Hydro ASA, the biggest energy producers in the region, as crude oil traded near a six-week low in New York.
Skanska AB, the world's fourth-largest builder, and UPM- Kymmene Oyi, the third-biggest papermaker, also retreated.
Read more at Bloomberg Stocks News
Skanska AB, the world's fourth-largest builder, and UPM- Kymmene Oyi, the third-biggest papermaker, also retreated.
Read more at Bloomberg Stocks News
Indonesian Rupiah Falls as Loss in Stocks, Bonds Erode Demand for Currency
(Bloomberg) -- Indonesia's rupiah fell for the first time in six days as stocks and bonds dropped, eroding demand for the currency among investors from outside the country.
The rupiah recouped losses and pushed higher at midday in Asia after the central bank cut interest rates, part of its efforts to spur the economy. It slid back in the afternoon, bringing a pause to a rally that pushed the currency to its highest in almost a year yesterday as investors piled into Indonesian assets.
Read more at Bloomberg Currencies News
The rupiah recouped losses and pushed higher at midday in Asia after the central bank cut interest rates, part of its efforts to spur the economy. It slid back in the afternoon, bringing a pause to a rally that pushed the currency to its highest in almost a year yesterday as investors piled into Indonesian assets.
Read more at Bloomberg Currencies News
Korea Won Falls as Chart Shows Weakness; Ringgit Gains After Zeti Comments
(Bloomberg) -- South Korea's won weakened from the highest in more than four months as a technical chart some traders use to predict future price movements indicated the currency's gains were too fast.
The dollar's relative strength index against the won fell to 31.235 yesterday, close to a level which suggests the U.S. currency's decline may stall. The won yesterday had its biggest advance since December on signs the economy will accelerate.
Read more at Bloomberg Currencies News
The dollar's relative strength index against the won fell to 31.235 yesterday, close to a level which suggests the U.S. currency's decline may stall. The won yesterday had its biggest advance since December on signs the economy will accelerate.
Read more at Bloomberg Currencies News
South African Stocks Decline; BHP Billiton, Anglo American Fall on Copper
(Bloomberg) -- South African shares fell from a record. BHP Billiton Ltd. and Anglo American Plc, the world's largest mining companies, dropped with copper and nickel prices.
The FTSE/JSE Africa All Share Index lost 243.96, or 0.9 percent, to 28,553.83 at 10:03 a.m. in Johannesburg, as 71 stocks declined, 37 gained and 53 were unchanged.
Read more at Bloomberg Stocks News
The FTSE/JSE Africa All Share Index lost 243.96, or 0.9 percent, to 28,553.83 at 10:03 a.m. in Johannesburg, as 71 stocks declined, 37 gained and 53 were unchanged.
Read more at Bloomberg Stocks News
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