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Congress finance chair under investigation: report

Fri, 10 Feb 2012 03:09:09 GMT

LOS ANGELES (MarketWatch) -- House Financial Services Committee chief Rep. Spencer Bachus is the subject of an insider-trading probe by a congressional watchdog group, the Washington Post reported late Thursday. The Alabama Republican was among those highlighted in a CBS News report on "60 Minutes" about members of Congress allegedly profiting from insider information, a practice that is set to become illegal under a bill recently passed by both houses. The probe into Bachus's trading was opened last year and focuses on "numerous suspicious trades on Bachus's annual financial disclosure forms," the report said, citing unnamed sources. It quoted a Bachus statement as saying: "The Office of Congressional Ethics has requested information and I welcome this opportunity to present the facts and set the record straight."

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Alibaba.com may go private in Yahoo deal: report

Fri, 10 Feb 2012 02:43:52 GMT

HONG KONG (MarketWatch) -- Chinese e-commerce major Alibaba Group plans to take Hong Kong-listed unit Alibaba.com private as part of a broader deal aimed at buying back most of Yahoo Inc.'s 40% stake in the group, Reuters reported Friday, citing two unnamed sources familiar with the deal. Under a transaction yet to be finalized, Alibaba would borrow money, use internal cash and conduct an asset swap to buy back 25 percentage points of Yahoo's 40% stake. Alibaba plans to pay two-thirds of the consideration in cash. The remainder would be paid in the form of an asset swap, by offering Yahoo a stake in one of Alibaba Group's operating assets, most likely Alibaba.com, the Reuters report said. Trading in Alibaba.com remained suspended Friday, pending an announcement; the company currently has a market capitalization of $5.9 billion. Alibaba Group plans to borrow $3 billion from six banks as buy back shares held by Yahoo, Dow Jones Newswires reported separately Thursday.

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Hong Kong stocks start weaker with financials down

Fri, 10 Feb 2012 01:51:17 GMT

LOS ANGELES (MarketWatch) -- Hong Kong stocks gave up some ground in early Friday trading, as Bank of Communications Co. helped lead most financials lower on reports of a possible capital-raising move. The Hang Seng Index fell 0.1% to 20,990.46 in early action, while the Hang Seng China Enterprises Index lost 0.4%, although over on the Chinese mainland, the Shanghai Composite advanced 0.3% after a lower open. Bank of Communications said reports of the alleged private-stock-issue plan weren't based on information from the bank itself and that it would announce any capital raising if it decides to go that route. Shares in the lender dropped 2.2%, with many other banks and insurers also moving lower. Agricultural Bank of China Ltd. dropped 1.6%, China Citic Bank Corp. was down 0.8%, and Ping An Insurance Group Co. surrendered 1.2%. Some major resource shares rose, however, with Aluminum Corp. of China Ltd. gaining 2.1%, and Jiangxi Copper Co. up 1.4% after copper prices hit a multi-month high Thursday in London. Stock in Alibaba.com Ltd. remained suspended Friday, with reports saying the company's parent firm planned to take it private.

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Euro-zone ministers see Greek deal next week

Fri, 10 Feb 2012 01:23:34 GMT

SYDNEY (MarketWatch) -- Euro-zone finance ministers held off on approving the country's second tranche of aid, saying late Thursday that the Greek parliament needs first to ratify an agreement on new austerity measures. "The future of Greece is, first and foremost, in the hands of those who have the political responsibility in the government," said Europe Group president Jean-Claude Junker and European Economic Commissioner Olli Rehn in a joint press conference held after a meeting in Brussels. The ministers said "it is now up to the Greek government" to take action. A draft agreement on private-sector involvement that will reduce Greek debt to 120% of gross domestic product is "practically finalized" and is expected to be approved as part of the wider funding package next week, the ministers said. Frank Vogl, representative of the Institute of International Finance lobby group, said after the meeting: "We welcome the progress that has been achieved on the overall Greek program. We look forward to the finalization of the entire package, including the PSI....when the Eurogroup meets next Wednesday."

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Japan stocks waver, with weak yen helping shares

Fri, 10 Feb 2012 00:27:11 GMT

LOS ANGELES (MarketWatch) -- Tokyo-listed stocks seesawed between gains and losses in early Friday trading, with a weaker Japanese yen helping support exporters. About 20 minutes into the session, the Nikkei Stock Average was down 0.1% at 8,994.14, with the Topix also off 0.1%. With the euro back above the Y103 level, some exporter shares rose, with Hitachi Ltd. rising 0.5%, Mazda Motor Corp. up 2%, and Advantest Fujitsu Ltd. gaining 0.5%. Shares of Toshiba Corp. rose 1.8% on news the U.S. has approved construction of its first new nuclear plant in some three decades, with Toshiba taking part in the project. Banks weakened, however, as Mitsubishi UFJ Financial Group Inc. dropped 1%, Sumitomo Mitsui Financial Group Inc. fell 0.9%, and Daiwa Securities Group Inc. lost 1.4%, as the sector awaited resolution of the Greek debt crisis.

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Australian stocks flat in early trading

Thu, 09 Feb 2012 23:22:34 GMT

SYDNEY(MarketWatch)-- Australian shares were little changed early Friday, following modest rise for U.S. stocks after Greece agreed to an austerity deal and U.S. jobless claims eased. The benchmark S&P/ASX 200 traded at 4,282.60. Major miners lost ground, with BHP Billiton Ltd. [s:au:bhp] down 0.9% and Rio Tinto Ltd. off by 1.4%. Newcrest Mining Ltd. added 2.2%, after the gold miner reported a 50% jump in first-half profit due to stronger gold prices.

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Republic Services posts 29% higher profit

Thu, 09 Feb 2012 21:57:09 GMT

SAN FRANCISCO (MarketWatch) -- Waste removal company Republic Services Inc. reported late Thursday fourth-quarter profit rose to $191 million, or 51 cents a share, from $147.6 million, or 38 cents, a year ago. Revenue for the quarter ended Dec. 31 rose to $2.03 billion from $2.02 billion. Analysts polled by FactSet Research had expected the Phoenix-based company to earn 44 cents a share on $2.02 billion in revenue. The company said it expects to earn $1.98 to $2.02 a share in 2012, in line with analysts' expectations. Republic Services shares were up 7 cents at $30.01 in after-hours trade.

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Intel, NY Attorney General end antitrust suit

Thu, 09 Feb 2012 21:48:17 GMT

SAN FRANCISCO (MarketWatch) - Intel Corp. and the New York Attorney General have agreed to end a lawsuit in which the tech company was accused of violating U.S. and state antitrust laws, the chip maker said Thursday. The agreement comes two months after a federal court in Delaware dismissed some of the claims in the New York Attorney General's 2009 suit accusing Intel of abusing its dominant position in the chip market against rival Advanced Micro Devices . Under the agreement, Intel will pay the $6.5 million in costs incurred by the New York Attorney General in the litigation. However, the company "does not admit either any violation of law or that the allegations in the complaint are true, and it calls for no changes to the way Intel does business."

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Pitney Bowes sales slip on order delays

Thu, 09 Feb 2012 21:47:11 GMT

SAN FRANCISCO (MarketWatch) -- Pitney Bowes , the mail and document-servicing company, reported Thursday a tax benefit helped boost fourth-quarter profit to $257.5 million, or $1.28 a share, from $63 million, or 31 cents a share, in the same 2010 period. Excluding that benefit and other items, Pitney Bowes said it made 61 cents a share. Revenue declined 6.5% to $1.3 billion. The company said some customers delayed equipment orders. For 2012, Pitney Bowes said it would earn between $2.05 to $2.25 a share. Pitney Bowes shares closed at $19.54. The stock is down 22% over the 12 months.

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Expedia profit slips 4%, shares fall

Thu, 09 Feb 2012 21:33:29 GMT

SAN FRANCISCO (MarketWatch) -- Expedia Inc. reported late Thursday fourth-quarter profit fell to $162.1 million, or 44 cents a share, from $169.2 million, or 45 cents, a year ago. Adjusted to exclude one-time items, the company had a profit of 58 cents a share. Revenue for the quarter ended Dec. 31 rose to $787.1 million from $737.6 million. Analysts polled by FactSet Research had expected the Bellevue, Wash.-based online travel service to earn 54 cents a share on $838 million in revenue. Expedia shares were down 7% at $31.64 in after-hours trade.

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Activision swings to profit, beating targets

Thu, 09 Feb 2012 21:19:26 GMT

SAN FRANCISCO (MarketWatch) - Activision Blizzard Inc. solidly beat Wall Street's forecast for earnings and sales in the fourth quarter thanks to strong sales of its videogame titles. For the quarter ended Dec. 31, Activision reported net income of $99 million, or 8 cents a share, compared to a net loss of $233 million, or 20 cents a share, for the same period the previous year. Adjusted earnings came in at $725 million, or 63 cents a share, for the recent period. Net sales, excluding deferred revenue from certain game sales, came in at $2.4 billion, compared to $2.17 billion in the same period last year. Analysts were expecting net sales of $2.2 billion and adjusted earnings of 56 cents a share, according to consensus forecasts from FactSet Research.

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LinkedIn posts sharp profit jump

Thu, 09 Feb 2012 21:17:53 GMT

SAN FRANCISCO (MarketWatch) - LinkedIn on Thursday reported a fiscal fourth-quarter profit of $6.9 million, or 6 cents a share, compared with a profit of $5.3 million, or 3 cents a share, for the year-earlier period. Revenue was $167.7 million, up from $81.7 million. Adjusted profit was 12 cents a share. Analysts had expected the professional social networking company to report earnings of 7 cents a share, on revenue of $160 million, according to a consensus survey by Thomson Reuters. For the current quarter, the company said it expects revenue in the range of $170 million to $175 million. Analysts were expecting revenue of $171 million.

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U.S. stocks extend gains on Greece, jobless claims

Thu, 09 Feb 2012 21:12:19 GMT

SAN FRANCISCO (MarketWatch) -- U.S. stocks gained for a third day Thursday, keeping the indexes at multi-year highs, after U.S. jobless claims dipped and Greece reached an austerity deal that should lead to a new round of international aid. The Dow Jones Industrial Average gained 6.51 points, or 0.1%, to 12,890.46, its highest close since May 2008. The S&P 500 rose 1.99 points, or 0.2%, to 1,351.95, its highest since July 2011. And the Nasdaq Composite gained 11.37 points, or 0.4%, to 2,927.23, its highest since December 2000.

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Oil ends higher on hopes of more demand

Thu, 09 Feb 2012 20:06:42 GMT

SAN FRANCISCO (MarketWatch) -- Crude futures ended hgher Thursday, extending gains for a third straight session, as an austerity agreement in Greece and a dip in U.S. jobless claims led to hopes of more oil demand. Crude for March delivery added $1.13, or 1.1%, to settle at $99.84 a barrel on the New York Mercantile Exchange. That was the best settlement for a most-active oil contract since Jan. 19. A lower dollar also contributed to oil's run.

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Gold ends higher on dollar, monetary policy

Thu, 09 Feb 2012 19:18:31 GMT

SAN FRANCISCO (MarketWatch) -- Gold futures ended higher Thursday, as investors focused on the lower dollar and continued loose monetary policies from the Bank of England and the European Central Bank. Gold for April delivery advanced $9.90, or 0.6%, to end at $1,741.20 an ounce on the Comex division of the New York Mercantile Exchange.

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Gildean Activewear up 8.2% on results

Thu, 09 Feb 2012 18:30:38 GMT

CHICAGO (MarketWatch) -- Gildean Activewear Inc. shares were up 8.2% Thursday after its report of better-than-expected fiscal second-quarter revenue and the reiteration of its fiscal 2012 outlook. The Canada-based apparel manufacturer reported revenue of $303.8 million, compared with the $302 million average estimate of analysts polled by Thomson Reuters. Gildean reaffirmed its fiscal 2012 forecast of $1.30 a share on revenue of $1.9 billion.

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Wells Fargo's cost in foreclosure deal is $5.3 bln

Thu, 09 Feb 2012 18:29:38 GMT

WASHINGTON (MarketWatch) - Wells Fargo & Co.'s commitment is $5.3 billion under a sweeping $26 billion settlement between states, federal regulators and five big banks, according to the company Thursday. Wells Fargo said in a release that it is contributing $3.4 billion for its own consumer relief programs that include efforts to cut the amount owed by borrowers. An additional $1 billion is to be paid directly to the states and federal government for foreclosure programs and $900 million will be put into a broader refinance program for borrowers who have little or no equity in their homes.

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Italian rates may fall more if Greece resolved

Thu, 09 Feb 2012 18:23:03 GMT

WASHINGTON (MarketWatch) -- Italian interest rates may fall more if the "Greek potential explosive" gets out of the way, Prime Minister Mario Monti said Thursday. He added that short-term Italian rates have fallen more than medium-term rates, but markets should be reassured by recent comments from ex-Prime Minister Silvio Berlusconi, who backed the budget cuts made by the current Italian government. Monti was speaking at the Peterson Institute for International Economics.

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Indian tribe suing brewers for $500 million

Thu, 09 Feb 2012 18:21:01 GMT

CHICAGO (MarketWatch) -- The Oglala Sioux Tribe of South Dakota is suing some big brewers for $500 million in damages that their products have allegedly caused to its members, the Associated Press reports. Targeted in the suit are Anheuser-Busch InBev , SAB Miller , Molson Coors and Pabst Brewing. The tribe is also going after stores in nearby Whiteclay, Nebraska - a town with about a dozen residents -- that it claims sold 5 million cans of beer in 2010, the vast bulk of them to residents of the reservation where alcohol is banned. The damages are being sought to cover the costs of health care, social services and child rehabilitation, the wire service noted.

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Media CEOs anticipate strategic changes: PwC

Thu, 09 Feb 2012 18:14:12 GMT

CHICAGO (MarketWatch) -- Media and entertainment company chief executives are scrambling to adapt to changing consumer habits, according to a new report released Thursday by accounting and business advisory firm PwC. Some 74% of those surveyed said they were either "somewhat" or "extremely" concerned about such changes, compared to just 50% across all business sectors, PwC said. Further, 78% of media CEOs said they intend to change their company's strategy over the next 12 months, with about one in five saying those changes will be "fundamental." PwC also found that 43% of those top executives said they anticipate "a major change" to their technology investments over the next year. Among other findings, the report said that the pressure to cut jobs has eased off, with 25% of the CEOs saying their headcount has "stayed the same" over the past year. They also indicated a degree of worry about finding personnel with certain vital skills, with 65% saying they are either "somewhat" or "extremely" concerned there is a lack of workers with key abilities. Some 35% of media CEOs said they had to cancel or delay a major initiative because they couldn't find the talent to make the move work.

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Southern Co. gets license to build nuclear plants

Thu, 09 Feb 2012 18:11:24 GMT

NEW YORK (MarketWatch) -- Southern Co. won approval from the Nuclear Regulatory Commission to begin full construction of two new reactors, each with 1,100 megawatts of capacity, at its Plant Vogle site in Georgia, the power company said Thursday. It's the first new nuclear power facility to be built in the U.S. in 30 years. The NRC voted to approve a combined construction and operating license for Plant Vogtle units 3 and 4. Georgia Power projects Unit 3 to begin operating in 2016 and Unit 4 in 2017. "This is a monumental accomplishment," said Southern Co. Chairman and Chief Executive Thomas Fanning.

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U.S. sells long bonds at highest yield since Sept.

Thu, 09 Feb 2012 18:10:05 GMT

NEW YORK (MarketWatch) -- The Treasury Department sold $16 billion in 30-year bonds on Thursday at a yield of 3.24%, the highest level since September. Bidders offered to buy 2.47 times the amount of debt sold, compared to an average of 2.36 times at the last four sales of new 30-year bonds, according to CRT Capital Group. Indirect bidders, a group which includes foreign central banks, bought 29.2%, in-line with the recent average. Direct bidders - a class which includes domestic money managers -- purchased another 14.7%, above the average of 13%. After the last auction of the week, the broader bond market came off its lows of the session. Yields on 10-year notes , which move inversely to prices, rose 3 basis points to 2.06%.

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Italy's Monti calls for structural reforms

Thu, 09 Feb 2012 18:08:35 GMT

WASHINGTON (MarketWatch) -- Italian Prime Minister Mario Monti on Thursday said Europe needs to break down structural barriers and not just focus on austerity. Speaking at the Peterson Institute for International Economics, he said Europe needs to focus on growth initiatives. "Structural reforms are as important as fiscal discipline," the former European Commission competition commissioner said. The euro was meant to be the cherry on the cake, Monti said, "and now we have to work on the cake." He said it was too early to judge the International Monetary Fund and European Commission response to the Greek measures reached earlier on Thursday.

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Coffee makers recalled over burn hazards

Thu, 09 Feb 2012 17:36:20 GMT

CHICAGO (MarketWatch) -- The U.S. Consumer Product Safety Commission on Thursday recalled more than 800,000 Tassimo single-cup coffee makers due to the burn hazards they pose. The products, made in China and Slovenia, are prone to spew hot liquids, coffee grounds and tea leaves onto consumers and have left at least 37 people, including a Minnesota 10-year-old, with second degree burns. They carry the Bosch brand name and were sold through department, mass merchandise and home improvement stores, as well as online, from June 2008 through February 2012 for $100 to $250.

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Chesapeake curtails natural gas output as promised

Thu, 09 Feb 2012 17:34:13 GMT

NEW YORK (MarketWatch) -- Chesapeake Energy Corp. said Thursday it has curtailed a little more than 500 million cubic feet equivalent a day of natural gas production in the U.S. under a plan that the company laid out on Dec. 23. Jeff Mobley, Chesapeake's senior vice president of investor relations, told analysts and fund managers at a Credit Suisse conference that the company will cut back as much as 1 billion cubic feet a day in total this year, if market conditions warrant it, according to a company spokesman. The production curtailment figures are in line with Chesapeake's estimates released last month, a spokesman said. Shares of Chesapeake Energy rose 0.7% in recent trades.

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Greece, troika reach staff-level deal: minister

Thu, 09 Feb 2012 17:11:19 GMT

FRANKFURT (MarketWatch) -- Greece and its troika of international creditors -- the European Union, International Monetary Fund and European Central Bank -- have reached a staff-level agreement on a second bailout program, Greek Finance Minister Evangelos Venizelos told reporters ahead of a meeting of euro-zone finance ministers, known as the Eurogroup, in Brussels Thursday. Greece also has a deal with private creditors "on the basic parameters" of an agreement to voluntarily write down the value of privately held Greek debt, he said. "We now need the political endorsement of the Eurogroup for the final step," Venizelos said.

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Two top Ford execs retire; Hunstman to board

Thu, 09 Feb 2012 16:59:50 GMT

CHICAGO (MarketWatch) -- Ford said Thursday that two top executives, Chief Financial Officer Lewis Booth and Derrick Kuzak, group vice president for global product development, will retire effective April 1. Booth, a 34-year veteran of the company, will be replaced by Bob Shanks, who is currently Ford's controller, while Raj Nair, now vice president of engineering, will take Kuzak's spot. Separately, Ford said that Jon Huntsman, the former Utah governor, ambassador to China and Republican presidential candidate, has been elected to its board of directors.

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Fed reaches $767 mln settlement with big banks

Thu, 09 Feb 2012 16:45:20 GMT

WASHINGTON (MarketWatch) -- The Federal Reserve Board on Thursday reached a settlement with five big banks for $767 million over "deficiencies" in foreclosure processing practices at the institutions. The five big banks agreeing to the deal are Bank of America Corp. , Citigroup Inc. , J.P. Morgan Chase & Co. , Wells Fargo & Co. and Ally Financial, formerly known as GMAC. These are the same banks that reached a separate record housing settlement -- more than $26 billion -- with state and and the federal government over foreclosure practices, a deal expected to help more than one million U.S. homeowners.

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Las Vegas Strip gambling revenue up 3.6%

Thu, 09 Feb 2012 16:24:36 GMT

CHICAGO (MarketWatch) -- In another sign of a continuing rebound in Las Vegas, the Nevada Gaming Control Board said Thursday that gambling revenue in December on the Strip rose 3.6% to $518.4 million. Statewide, revenue edged 2.1% higher to $855.7 million. Slot machine revenue on the Strip rose 6.4% while the table games win was 1.7% higher. "We believe this month's results on the Las Vegas Strip reflect the continued strengthening of trends with volume growth in tables without baccarat and slot," wrote Joe Greff of J.P. Morgan in a note to investors. "We believe these trends are positive for Wynn Resorts and Las Vegas Sands and, to a greater extent, MGM Resorts given its leverage to the Las Vegas Strip."

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Nat gas lower after below-consensus supply data

Thu, 09 Feb 2012 15:50:43 GMT

SAN FRANCISCO (MarketWatch) -- Natural-gas futures turned lower on Thursday after a weekly government supply report showed a smaller-than-expected decline. Natural gas for March delivery lost less than 1 cent, or 0.1%, to $2.45 per million British thermal units. The contract had gained 2 cents before the report. The Energy Information Administration reported a decline of 78 billion cubic feet in supplies in the week ended Feb. 3. That contrasts with expectations of a decline between 84 and 88 bcf, according to a Platts analyst survey, and a five-year average for the week of a decline of 191 bcf.

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