Google to bid for U.S. airwaves if condition added

(Reuters) - The prospect of Google's participation in the auction escalates the debate over how the valuable airwaves should be used.




Ten days after Federal Communications Commission Chairman Kevin Martin floated a proposed set of rules for the auction, Google said it wants the FCC to require the winning bidder to offer to resell access to some of the airwaves to competitors on a wholesale basis.


Read more at Reuters.com Business News

Citigroup, Lennar, State Street, Tessera Technologies: U.S. Equity Preview

(Bloomberg) -- The following is a list of companies
whose shares may have unusual price changes in U.S. exchanges on
July 23. This preview includes news that broke after exchanges
closed. Stock symbols are in parentheses after company names.

Amgen Inc. (AMGN US): The company's anemia drugs will be
restricted at high doses for patients on kidney dialysis
treatment, according to a statement from the U.S. health program
for the elderly and disabled. The policy will provide greater
restrictions on dosages when a patient's level of hemoglobin
exceeds 13 grams per deciliter of blood, the Medicare agency
said. The stock rose 61 cents to $56.18 in regular trading.


Read more at Bloomberg Stocks News

U.S. home builder woes reach into other industries

(Reuters) - Still, several investors remain positive about the long-
term outlook for U.S. home builders, although a rebound may be
years away.




"It won't really be until 2010 before we start seeing
normal levels of activity in most parts of the country," said
Mark Zandi, chief economist of Moody's Economy.com.


Read more at Reuters.com Bonds News

Texas agency okays 8 zones for new wind projects

(Reuters) - "It's a really good day for wind industry in Texas - for
economic development and for air quality," said Susan Williams
Sloan of the American Wind Energy Association, a trade group
for the wind industry.




Once finalized, the commission ruling will allow the
state's electric grid operator to begin studies of specific
transmission routes for power lines to serve proposed wind
farms to be built by other firms, Hadley said.


Read more at Reuters.com Bonds News

Global growth helps U.S. profits, big-cap stocks

(Reuters) - Appliance maker Whirlpool Corp. and Citigroup Inc.
were among companies on Friday that cited strong
international results as bolstering their quarterly earnings,
helping to offset weakness in U.S. results.




Also benefiting corporate bottom lines is the weakening
U.S. dollar, which has been trading near lows against major
currencies, including the euro. The currency rates mean that
when companies' overseas profits are converted into dollars
they are worth more.


Read more at Reuters.com Market News

UPDATE 1-Cameco finds uranium in soil at Ontario plant

(Reuters) - The company, the world's largest uranium producer, said
"the chemicals are in a contained area so public health and
worker safety are not affected." It added all regulatory
authorities have been notified.




The company has suspended work at the conversion plant in
Port Hope, Ontario, and is conducting an investigation to
determine the source of the chemicals. It said full production
of uranium hexafluoride will likely be suspended for "a
minimum" of two months. It said a cost estimate was not
immediately available.


Read more at Reuters.com Government Filings News

DEALTALK: Hedge funds opt to be lenders of last resort

(Reuters) - NEW YORK, July 20 - Future residents of the
Cottage Gate development in Middletown, New Jersey, may be
surprised to learn their granite countertops and two-car
garages were paid for by a hedge fund.




But after Kara Homes Inc. declared bankruptcy in October,
hedge fund Plainfield Specialty Holdings provided financing to
help the troubled homebuilder keep operating, assuming loans to
pay for the construction of individual houses at Cottage Gate
and elsewhere.


Read more at Reuters.com Bonds News

Petrodollars to flow into US Treasuries despite Iran

(Reuters) - Analysts said although Iran held a small fraction of
government bonds, its initiative to ditch the falling dollar
was further confirmation of diversification away from the
currency and related assets.




"It's negative for Treasuries overall because it does fit
with the idea that there is a diversification away from the use
of the dollar by various means," said Tony Crescenzi, chief
bond market strategist at Miller, Tabak & Co. in New York.


Read more at Reuters.com Bonds News

UPDATE 1-College Loan Corp. settles with New York State

(Reuters) - The state said CLC offered various perks to school
financial aid offices and their personnel. In exchange, the
lender would win a coveted spot on the school's preferred
lender list.




Among other favors, CLC sponsored advisory boards that
provided meals, entertainment and travel for school personnel,
the state said. CLC also provided personnel to work in
financial aid offices during busy periods, printed materials at
no charge and staffed financial aid call centers.


Read more at Reuters.com Government Filings News

InterGen Delays Proposed $1.975 Billion Bond Sale Until July 23, KDP Says

(Bloomberg) -- InterGen, the Burlington,
Massachusetts-based power producer, delayed its proposed sale of
$1.975 billion of 10-year notes until Monday, according to KDP
Investment Advisors Inc.

InterGen planned to sell high-yield, high-risk bonds, which
were scheduled to be priced today, in dollars, euros and pounds,
KDP said.


Read more at Bloomberg Bonds News

ABN works councils support merger with Barclays

(Reuters) - In many Dutch merger deals, employers are considered
stakeholders with a say in the process.




ABN said it welcomed the backing its Dutch and European
works councils, adding that it had earlier reached an agreement
with trade unions about the planned deal with Barclays.


Read more at Reuters.com Mergers News

Canada Dollar Drops on Concern Subprime Slowdown Will Hurt Export Demand

(Bloomberg) -- The Canadian dollar fell the most in
more than two weeks on concern subprime losses in the U.S. will
slow down the world's largest economy, reducing demand for
Canadian exports.

The currency had reached a three-decade high on July 18.
Canada sends more than 80 percent of its exports to the U.S.


Read more at Bloomberg Currencies News

Crude Oil Falls From 11-Month High in New York as U.S. Refinery Units Open

(Bloomberg) -- Crude oil fell from an 11-month high
in New York on speculation that U.S. fuel stockpiles will
increase because refineries are opening units.

Exxon Mobil Corp., BP Plc and Valero Energy Corp. started
units at refineries in Texas over the past week. Prices rose
this week after the Energy Department reported that U.S. fuel
stockpiles declined last week as gasoline demand rose. Total SA
said it restored normal output from an oil field in Angola after
cutting production to make repairs.


Read more at Bloomberg Energy News

UPADTE 1-IUE-CWA union plans to terminate Delphi contracts

(Reuters) - The International Union of Electronics Workers -
Communications Workers of America said it notified Delphi of
its plans in a letter earlier this week. The two parties were
in talks over wages, benefits and job security.




"Delphi has not delivered proposals that meet our members'
needs," the union's president, Jim Clark, said. "We are tired
of spinning our wheels in negotiations, while Delphi falls
short of these basic demands."


Read more at Reuters.com Bonds News

MTN, Sasol, AngloGold, banks lift S.African shares

(Reuters) - Mobile operator MTN led South African stocks higher on Friday on expectations of solid subscriber numbers, while Sasol hit a new all-time high on the back of a red-hot oil price.

The Top-40 blue chip index added 0.26 percent to 26,911.52 points, while the broader All-Share index rose 0.24 percent to 29,692.04 points.


Read more at Reuters Africa

UPDATE 1-Benchmark ABX index falls to record intraday lows

(Reuters) - The ABX "BBB-minus" 07-1 index, which is tied to loans made
in last year's second half, fell to 42.5 after closing at a
record low of 44.86 on Thursday. The ABX 06-2, which references
loans made in last year's first half, slid to 46.5 following
its close of 50 on Thursday. The new ABX 07-2 index was not
trading significantly.




"It's all fear, and just a rumor mill," that's driving the
index lower, said Mike Kagawa, portfolio manager at Paydel &
Rygel in Los Angeles.


Read more at Reuters.com Bonds News

UAW says Dana healthcare deal not Big 3 precedent

(Reuters) - Gettelfinger said Chrysler and the other automakers could take steps to improve competitiveness outside of cutting labor costs and said the union was heading into the talks determined to "look after the best interests" of workers and retirees.




Gettelfinger also said he expects the U.S. automakers to emerge from the contract talks as "strong, viable companies."


Read more at Reuters.com Business News

JP Morgan sees rate reset, refi problems looming

(Reuters) - "We are really heading into the reset storm," said J.P.
Morgan analyst Chris Flanagan. "We are on the cusp of that."




Flanagan, J.P. Morgan's global head of asset-backed
securities and collateralized debt obligation research, spoke
during a conference call with clients on Friday.


Read more at Reuters.com Bonds News

Dollar Falls to Record Low Versus Euro on Concern Subprime Losses to Mount

(Bloomberg) -- The dollar fell to a record low
versus the euro and headed for a sixth straight weekly drop as
concern increased that losses in subprime mortgages will worsen
a slowdown in U.S. housing and curb economic growth.

The currency also tumbled versus the yen as investors
exited riskier bets. Federal Reserve Chairman Ben S. Bernanke
said yesterday there will be ``significant financial losses'' on
mortgages given to people with poor credit histories.


Read more at Bloomberg Currencies News

Whirlpool profit up but shares fall on sales miss

(Reuters) - Whirlpool backed its prior full-year profit forecast and said it expected performance in North America, its largest market, to improve in the second half as U.S. appliance demand rises.




Second-quarter net earnings rose to $161 million, or $2 a share, from $91 million, or $1.14 a share, a year earlier. Analysts on average expected $1.83 a share, according to Reuters Estimates.


Read more at Reuters.com Hot Stocks News

US indexes sink as Google, Caterpillar falter

(Reuters) - U.S. stocks fell on Friday, with the Dow knocked off its 14,000-point perch and the Nasdaq down more than 1 percent, after bellwether stocks Caterpillar Inc. and Google Inc posted disappointing earnings.

Caterpillar, the maker of heavy construction equipment, said quarterly earnings fell more than expected due to a sharp drop in sales of diesel truck engines and weakness in North American construction. For details, see ID:nL20191126.


Read more at Reuters Africa

Tribune Debt Has 50 Percent Default Risk, Higher Than Ford's, Swaps Show

(Bloomberg) -- Tribune Co. has a 50-50 chance of
missing interest payments on some of the $13 billion in debt it
will have after real estate investor Sam Zell buys the company,
trading in the company's credit-default swaps shows.

Prices of the swaps, financial contracts used to speculate
on a company's ability to repay debt, have jumped $331,000 since
the first step in the sale was completed in May. It costs
$770,000 to protect $10 million of Tribune bonds for five years,
according to CMA Datavision, indicating a more than 50 percent
risk of default. That's up from 32 percent on May 24, based on a
JPMorgan Chase & Co. pricing model.


Read more at Bloomberg Bonds News

Brazil's Real Declines From Seven-Year High as Risk Aversion Increases

(Bloomberg) -- Brazil's currency declined from a
seven-year high as an increase investor aversion to riskier
assets reduced the appeal of emerging market securities.

Stocks in the U.S. slumped and benchmark Treasuries gained
amid speculation rising subprime mortgage defaults will lead to
higher interest rates for private borrowers and curb economic
growth.


Read more at Bloomberg Currencies News

Canadian dollar flat, bonds rise on subprime fears

(Reuters) - At 9:30 a.m. , the Canadian dollar was at
C$1.0437 to the U.S. dollar, or 95.81 U.S. cents, unchanged
from Thursday's close.




The Canadian dollar spent the overnight session in a tight
range around C$1.0444, or 95.75 U.S. cents, and C$1.0430, or
95.88 U.S. cents, not far from a 30-year high hit on
Wednesday.


Read more at Reuters.com Bonds News

Gold hits new 10-week high as dollar near record low

(Reuters) - Gold climbed to a new 10-week high on Friday on follow-through buying, supported by a weaker dollar that hovered near a record low against the euro.

Other precious metals also advanced, with platinum hitting a two-month high, silver rising to its highest in six weeks and palladium increasing to a two-week high.


Read more at Reuters Africa

WesBanco to buy Oak Hill for $201 mln

(Reuters) - WesBanco expects the combination to be break-even to 2008
earnings per share and to add over 2 percent to 2009 earnings
per share.





Read more at Reuters.com Mergers News

Journal Register quarterly net falls

(Reuters) - Included in these second quarter results is an adverse net
New York state tax adjustment of about 3 cents a share. The
company said its second quarter profit was 17 cents a share
before that adjustment.




Analysts had expected a profit of 20 cents a share,
according to Reuters Estimates.


Read more at Reuters.com Market News

US STOCKS-Futures fall on Caterpillar, Google earnings

(Reuters) - NEW YORK, July 20 - U.S. stock index futures fell
on Friday, with the Dow poised to be knocked back below its
14,000 milestone, after bellwether stocks Caterpillar Inc.
and Google Inc posted disappointing earnings.




Caterpillar, the maker of heavy construction equipment,
said quarterly earnings fell more than expected due to a sharp
drop in sales of diesel truck engines and weakness in North
American construction. For details, see [ID:nL20191126].


Read more at Reuters.com Bonds News

Cardtronics, Union Pacific Sell Bonds as U.S. Debt Sales Slump 81 Percent

(Bloomberg) -- Cardtronics Inc., the largest
operator of automated-teller machines in the U.S., and railroad
Union Pacific Corp. led borrowers selling $2.8 billion of notes
this week, the second-slowest this year, as issuance fell 81
percent from a year ago.

Sales compare with a weekly average of $24.7 billion,
according to data compiled by Bloomberg. Houston-based Cardtronics
raised $100 million after cutting the offering from $125 million,
becoming the first U.S. borrower this month to issue high-yield
debt. Union Pacific, the largest U.S. railroad, sold $479 million
of pass-through certificates after reporting profit that beat
analysts' expectations.


Read more at Bloomberg Bonds News

Wachovia quarterly profit rises 24pct

(Reuters) - NEW YORK, July 20 - Wachovia Corp. , the fourth-largest U.S. bank, said on Friday its second-quarter profit rose 24 percent, helped by growth in lending and the purchase of Golden West Financial Corp.



Net income for the Charlotte, North Carolina-based company was $2.34 billion, or $1.22 per share, up from $1.88 billion, or $1.17 a share, a year earlier.


Read more at Reuters.com Market News

AstraZeneca seen frontrunner to buy Acadia drug

(Reuters) - LONDON, July 20 - AstraZeneca Plc is a frontrunner to buy rights to U.S-based Acadia Pharmaceuticals Inc.'s experimental schizophrenia drug pimavanserin, the Anglo-Swedish group's house broker said on Friday.



Mark Purcell, an analyst at Deutsche Bank, believes AstraZeneca is in a strong position to license the product, which is also known as ACP-103, in the second half of this year.


Read more at Reuters.com Mergers News

ImaRx Therapeutics sees IPO price to be lower at $5/shr

(Reuters) - The Tucson, Arizona-based company told the U.S. Securities
and Exchange Commission that Maxim Group LLC and I-Bankers
Securities Inc. were underwriting the IPO.




The company has applied for a Nasdaq listing under the
symbol "IMRX."



Read more at Reuters.com Government Filings News

Treasuries Advance on Speculation Subprime Losses to Damp Economic Growth

(Bloomberg) -- Treasuries climbed on speculation
rising subprime mortgage defaults will worsen a slowdown in the
housing market and curb economic growth.

U.S. 10-year notes headed for a second weekly gain as funds
including two at Bear Stearns Cos. incurred losses on securities
backed by home loans. Federal Reserve Chairman Ben S. Bernanke
said losses on investments linked to mortgages given to people
with poor credit histories may total $100 billion. The risk of
owning European corporate bonds rose to a two-year high today.


Read more at Bloomberg Bonds News

Whirlpool posts higher quarterly profit

(Reuters) - Pathmark, which operates stores in New Jersey, New York and Pennsylvania, posted a profit of $1.7 million, or 3 cents per share, compared with a loss of $14.6 million, or 28 cents per share, a year earlier. Sales stood at $1,078.5 million, compared with $993.3 million a year ago.



Analysts, on average, expected the Carteret, New Jersey-based grocer to post a loss of 3 cents per share, before special items, according to Reuters Estimates.


Read more at Reuters.com Market News