iPhone sellers open doors, greeted by cheers

(Reuters) - Apple stores became magnets for technology enthusiasts who waited for the phones to go on sale at 6 p.m. local time in each U.S. time zone.




More than 600 people were lined up at two Apple stores in New York, and the crowd cheered at one of them as the doors opened. Smaller groups of several dozen customers waited outside AT&T stores. AT&T Inc. is the phone's exclusive wireless carrier for the next two years.


Read more at Reuters.com Business News

UPDATE 2-AT&T says to buy Dobson for $2.8 billion

(Reuters) - NEW YORK, June 29 - U.S. telecommunications
company AT&T Inc. said on Friday it will buy rural
wireless carrier Dobson Communications Corp. for $2.8
billion in cash to expand its reach in rural and suburban
markets.




The deal comes a month after the top U.S. rural wireless
provider, Alltel Corp. accepted a $25 billion takeover
offer from TPG Capital and the buyout arm of Goldman Sachs, the
largest private equity deal for the telecommunications
industry.


Read more at Reuters.com Mergers News

Hayes Lemmerz says sells unit to privately held ECF-Group

(Reuters) - The company said it does not expect the deal to have a
material impact on its prior full fiscal year 2007 outlook.





Read more at Reuters.com Mergers News

Aeroflex to divest radar business

(Reuters) - Aeroflex, which makes electronics for the communications,
aerospace and defense industries, had agreed to be bought by
private equity group Veritas Capital in a $1.1 billion deal.





Read more at Reuters.com Mergers News

No picnic for Treasuries in Q2,rate cut hopes fade

(Reuters) - The yield on the benchmark 10-year Treasury note
began April near 4.65 percent and ended at 5.04
percent on the second quarter's last trading day on Friday,
marking the biggest setback for bonds since the first quarter
of 2006. Bond yields move inversely to prices.




"We have had some stronger economic numbers, and the market
realized that the Fed is not going to be easing any time soon,"
said Joseph Shatz, government bond strategist at Merrill Lynch
Government Securities in New York.


Read more at Reuters.com Bonds News

Shire seeks Vyvanse approval for adult ADHD

(Reuters) - A supplemental NDA is used to obtain an add-on approval for a therapy already approved for another use. Vyvanse is already approved to treat ADHD in children.






Read more at Reuters.com Government Filings News

North Carolina legislators OK temporary budget plan

(Reuters) - The stopgap spending plan was adopted earlier by the House
after the two bodies failed to reach an agreement on taxes.
Gov. Michael Easley has received the continuing resolution,
according to Deputy Press Secretary Seth Effron.




Easley in late February proposed a 12.6 percent increase in
state spending over the next two years to be funded in part by
$1.62 billion of new debt, projecting total fiscal 2008
spending of $40.7 billion. Spending in fiscal 2007 ending on
Saturday was budgeted at $36.8 billion.


Read more at Reuters.com Bonds News

UPDATE 1-New York takes precautions after London bomb defused

(Reuters) - New York Police Commissioner Ray Kelly said critical
response teams reinforced crowded areas like Times Square, the
bustling theater district and a square near the Empire State
Building that is a magnet for tourists.




"We are increasing our coverage in the transit system,
certainly for this rush hour this afternoon," Kelly told
reporters. "We have vehicle checkpoints that we have instituted
on bridges. We're checking parking garages, asking the owners
and doing it ourselves, to look for suspicious vehicles."


Read more at Reuters.com Bonds News

Lazard shares sag as deal closings lag

(Reuters) - As a result, Lazard stock has been marked down just as revenue from announced deals is expected to jump.




Wall Street is on pace to enjoy its busiest year ever in mergers and acquisitions, with announced M&A worldwide up 51 percent to a record $2.8 trillion during the first half, according to Dealogic. That should be good news for Lazard, which earns most of its money by advising on takeovers.


Read more at Reuters.com Hot Stocks News

UPDATE 1-Citigroup, Merrill top underwriters amid strains

(Reuters) - NEW YORK, June 29 - Wall Street underwriters kept
busy in the second quarter, yet ebbing investor appetite for
lower-rated debt and riskier assets may dampen their summer.




In the last couple of weeks, investors have grown more wary
of risk, amid struggles at two Bear Stearns Cos. hedge
funds loaded with illiquid mortgage debt. Several companies
restructured junk bond offerings. Corporate raider Carl Icahn
said the private equity boom has "peaked." And while Blackstone
Group LP conducted a $4 billion initial public offering,
its shares fell below the IPO price less than a week later.


Read more at Reuters.com Bonds News

U.S. ABS issuance falls in first half of 2007

(Reuters) - Analysts had predicted at least a 30 percent drop in
subprime loan originations for this year.




Citigroup was the top underwriter of asset-backed
securities in the first half, underwriting $66.1 billion worth
of ABS deals via 109 offerings, Thomson said.


Read more at Reuters.com Bonds News

Apple giving free iPhones to employees

(Reuters) - Chief Executive Steve Jobs announced the gift in a meeting with employees on Thursday. Employees will get the high-end model with 8 gigabytes of storage, worth $600.




"That's the good news. The bad news is that he wants the first wave to go to customers. Employees will probably get their phones at the end of July," said one Apple staffer who declined to be identified.


Read more at Reuters.com Business News

U.S. Stocks Advance After Inflation Gauge Slows; Research In Motion Surges

(Bloomberg) -- Most U.S. stocks gained after a
government report showed inflation cooled and telephone
companies rallied on demand for BlackBerrys and iPhones.

Research In Motion Ltd., the maker of the BlackBerry e-mail
phone, surged to a record after it reported earnings that topped
analysts' estimates. Apple Inc. climbed on the day its iPhone
goes on sale in the U.S. AT&T Inc., the iPhone's service
provider, rose for a fifth day.


Read more at Bloomberg Stocks News

Komag Call-Option Trading Surged Before Western Digital's $1 Billion Offer

(Bloomberg) -- Trading in options to buy shares of
Komag Inc. surged to a record June 25, three days before Western
Digital Corp. agreed to acquire the maker of computer disk-drive
components for about $1 billion.

Call-option volume jumped to 19,030 on June 25, a more than
sevenfold increase from the 20-day average, and remained above
10,000 yesterday and the day before. Call volume this week is
almost equal to the total number of contracts traded during the
entire month of May. Western Digital's agreement was announced
after the close of U.S. exchanges yesterday.


Read more at Bloomberg Stocks News

WRAPUP 2-US inflation gauge eases, Midwest activity grows

(Reuters) - In a separate report, a Reuters/University of Michigan
survey showed consumer sentiment improved slightly in June from
earlier in the month as gasoline prices ebbed. Even so, the
final June reading was the lowest since last August.




Taken together, the reports suggested the Federal Reserve
was succeeding in controlling price pressures while fostering
moderate economic growth. They came a day after Fed
policy-makers said they were leaving the benchmark interest
rate at 5.25 percent, where it has stood for the past year.


Read more at Reuters.com Bonds News

Apollo Group, BIW, Heelys, Macy's, PMI Group, Talbots: 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 11:40 a.m. New York time.

American Home Mortgage Investment Corp. (AHM US) fell $2.71,
or 13 percent, to $18.20. The lender specializing in adjustable-
rate mortgages withdrew its fiscal 2007 earnings guidance and
said it will likely have a second-quarter loss.


Read more at Bloomberg Stocks News

Corn Falls to 12-Week Low as U.S. Farmers Plant More Than March Forecast

(Bloomberg) -- Corn plunged to a 12-week low in
Chicago after the government said U.S. farmers planted more
acres than forecast in March and the most since 1944.

U.S. farmers, the world's largest corn growers, planted
92.888 million acres this year, 19 percent more than last year,
the Department of Agriculture said. The increase was sparked by
the highest prices in a decade, which made corn as much as $200
an acre more profitable than other crops. Prices have dropped 19
percent in the past four months as planting increased.


Read more at Bloomberg Commodities News

UPDATE 2-U.S. Midwest expansion roars along in June

(Reuters) - CHICAGO, June 29 - Business activity in the U.S.
Midwest continued to grow at a rapid pace in June as new orders
poured in, reports showed on Friday.




The National Association of Purchasing Management-Chicago
business barometer eased to 60.2 from 61.7 in May.


Read more at Reuters.com Economic News

Thomson gets 4.8 bln pounds loan for Reuters

(Reuters) - The loan is structured as a 364-day bridge financing and has been arranged by Barclays Capital, Royal Bank of Scotland and Toronto Dominion Bank. J.P. Morgan, Bank of America and Citigroup also participated in the financing.



Pricing is 20 basis points over Libor, with a 5 basis points facility fee.


Read more at Reuters.com Bonds News

EU drug agency to finalise Acomplia review in July

(Reuters) - The EU watchdog had initially said it was likely to give a
view this month.




The close review of Acomplia's safety profile comes two
weeks after a U.S. advisory panel said the medicine should not
be approved in the world's biggest drugs market because it may
increase suicidal thinking and depression.


Read more at Reuters.com Government Filings News

Philips sells Ommic stake to Financiere Victoire

(Reuters) - "The sale of Ommic represents another step Philips is taking to focus on its healthcare, lifestyle and technology activities," the company said in a statement.



Philips is the world's biggest lighting maker, a top three hospital equipment maker and Europe's biggest consumer electronics producer.


Read more at Reuters.com Mergers News

Core inflation eases, consumers hold firm

(Reuters) - In a report released on Friday, the Commerce Department said it "core" personal consumption expenditures price index, which removes food and energy costs, rose 1.9 percent in May from a year ago, its smallest annual rise since March, 2004.




On a month-to-month basis, prices rose a stiff 0.5 percent in May but core prices edged up just 0.1 percent.


Read more at Reuters.com Business News

Degussa Reprieve in EU Cartel Case Shows Confessions Good for Bottom Line

(Bloomberg) -- Executives at Degussa AG, the world's
biggest specialty chemicals maker, in 2002 blew the lid off a
six-year-old conspiracy to fix the price of hydrogen peroxide by
handing over proof of its own involvement in the scheme.

That revelation allowed the German chemical maker, which had
already been penalized for other antitrust violations, to avoid
another 130 million-euro ($175 million) penalty for its
wrongdoing.


Read more at Bloomberg Exclusive News

Regulators set new subprime loan standards

(Reuters) - Lenders should only offer loans to borrowers with little proof of assets and income if there is other evidence that they can repay, the statement says.




Read more at Reuters.com Business News

Crude Oil Futures Rise to 10-Month High as U.S. Refineries Increase Output

(Bloomberg) -- Crude oil rose to a 10-month high in
New York on speculation that consumption will increase as
refineries bolster gasoline output.

Prices climbed above $70 for the first time since September
yesterday after an Energy Department report showed that U.S.
gasoline, diesel and heating oil inventories fell last week as
refineries increased operating rates. Crude-oil supplies at
Cushing, Oklahoma, where oil traded in New York is delivered,
plunged 5.7 percent, the June 27 report showed.


Read more at Bloomberg Energy News

Banco de Chile Controller Resumes Alliance Talks With Citigroup

(Bloomberg) -- Quinenco SA, the Santiago-based
controller of Chile's second-largest bank Banco de Chile, has
resumed strategic alliance talks with Citigroup Inc.

Negotiations cover a possible alliance between Citigroup and
Quinenco's financial and banking operations, which include Banco
de Chile, the Santiago-based holding company said in a filing to
securities regulators after the market closed yesterday.


Read more at Bloomberg Stocks News

Gold, Silver Rally as Dollar Decline Boosts Demand for Precious Metals

(Bloomberg) -- Gold and silver rose in New York
after a decline in the value of the dollar against the euro
boosted the appeal of precious metals as alternative
investments.

Gold generally moves in the opposite direction of the
dollar, which today dropped the most against the euro in a week.
The dollar was also lower against a basket of six major
currencies. Before today, gold and the euro have gained 1.9
percent this year.


Read more at Bloomberg Commodities News

Personal Spending in U.S. Rises 0.5 Percent; Core Prices Gain 0.1 Percent

(Bloomberg) -- Consumer spending in the U.S. rose
less than forecast in May and the Federal Reserve's preferred
inflation gauge cooled, a sign moderating growth is restraining
price pressures.

The 0.5 percent rise in spending matched the gain in April,
the Commerce Department said today in Washington. Core prices,
which exclude food and fuel costs, rose at the slowest pace since
March 2004 in the year ended May.


Read more at Bloomberg Currencies News

A. Schulman posts higher quarterly profit

(Reuters) - Analysts, on average, had forecast earnings of 25 cents a
share, according to Reuters Estimates.




The Akron, Ohio-based company posted sales of $467 million,
a 9.3 percent increase from a year earlier.



Read more at Reuters.com Market News

Pound Heads for Sixth Quarterly Gain on View Rates Have Further to Rise

(Bloomberg) -- The pound headed for a quarterly
gain, its sixth in a row, after a rise in consumer and mortgage
lending supported the view that the Bank of England will keep
raising interest rates to curb inflation.

Data showed consumer credit growth almost doubled in May and
mortgage approvals unexpectedly rose to a three-month high,
suggesting the BOE must do more to cool price growth. Policy
makers next decide on interest rates on July 5, and economists
surveyed by Bloomberg News expect them to lift the main benchmark
a quarter-point to 5.75 percent.


Read more at Bloomberg Currencies News

Bond prices edge up ahead of inflation data

(Reuters) - "People yesterday were a bit concerned about the PCE deflator that is coming out this morning," said Doug Roberts, chief investment strategist at Channel Capital Research in Shrewsbury, New Jersey.




"Now they are realizing the Fed probably wouldn't have moderated their statement if they thought the PCE was going to come in somewhat ... massively different from what they anticipated. Although it might not come out on target, probably it will come in pretty close."


Read more at Reuters.com Hot Stocks News

CCS Income Trust to go private in C$3.5 bln bid

(Reuters) - CCS units last traded at C$37.89 on the Toronto Stock
Exchange, representing a 21-percent premium.




The investor group, headed by Werklund, includes, CAI
Capital Partners, Goldman Sachs Capital Partners, Kelso & Co.,
Vestar Capital Partners, British Columbia Investment Management
Corporation and O.S.S. Capital Management L.P.


Read more at Reuters.com Mergers News

New Zealand Dollar Reaches New High Versus Dollar, Yen on Rate Speculation

(Bloomberg) -- The New Zealand dollar rose to a 22-
year high on speculation the central bank may raise interest
rates further to curb economic growth and inflation.

The central bank has boosted the official cash rate three
times this year in a bid to subdue consumer spending, which it
says is spurring inflation and unsustainable growth. The record 8
percent rate has helped the New Zealand dollar, known as the
kiwi, gain 29 percent in the past 12 months. The government
statistician said today the economy expanded 1 percent in the
first quarter, matching economists' expectations.


Read more at Bloomberg Currencies News

GLOBAL MARKETS-Yen, stocks fall, mkt eyes data, digests Fed

(Reuters) - European stocks gave back earlier post-Fed gains as markets
eyed U.S. inflation data for clues on the health of the world's
biggest economy in the absence of significant company news.




Oil held around $70 a barrel for a third session as the
market focused on falling gasoline inventories in the United
States and a decline in crude stocks in a key delivery point in
the world's top consumer.


Read more at Reuters.com Economic News

Philippine Peso Gains for Quarter on Overseas Funds; Won Boosted by Growth

(Bloomberg) -- The Philippine peso had a fourth
quarterly gain on speculation workers abroad sent back more
remittances and overseas funds bought the nation's stocks.

The peso was the second-best performer of 10 of the most-
traded Asia-Pacific currencies this quarter as the Philippine
Stock Exchange Index reached a record high. Money sent home by
Filipinos working abroad exceeded $1 billion for a 12th month in
April. The data are issued with a lag and may rise in May and
June as funds are remitted for the start of the school year.


Read more at Bloomberg Currencies News

Norges Bank to Buy Currency for 670 Million Kroner a Day Starting in July

(Bloomberg) -- Norway's central bank said it will -
increase purchases of foreign currency for the country's global
pension fund next month.

The Oslo-based central bank will buy 670 million kroner ($113
million) of foreign currency a day in July, up from 400 million a
day in June, it said in a statement on its Web site today.


Read more at Bloomberg Currencies News

Exxon Mobil Shuts Some Units at Its Refinery in Singapore for Maintenance

(Bloomberg) -- Exxon Mobil Corp., the world's
largest publicly traded oil company, shut ``several operating
units'' for planned maintenance at its 605,000 barrels-a-day
Singapore refinery.

Repairs to units at the Jurong site started today, and will
continue for about seven weeks, the company said in an e-mailed
statement. The shutdown will allow engineers to inspect
equipment normally in continuous operation, as well as to
install ``facility improvement projects,'' the company said.


Read more at Bloomberg Energy News

Pertamina to Shut Refinery Unit in Indonesia in October for Maintenance

(Bloomberg) -- PT Pertamina, Indonesia's state oil
company, will shut its Balongan refinery in West Java for
maintenance in October, a company official said.

The refinery, which can process 125,000 barrels of oil a day
at its crude distillation unit, will close for 30 days, Suroso
Atmomartoyo, the company's director of processing, told reporters
in Jakarta today.


Read more at Bloomberg Energy News