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> Finance & Stock Exchange > Markets > FOTB

STOCKS NEWS US-Finance, Energy, Tech insiders most active buyers

Reuters: [2008-05-09 22:39:00]

    Stocks on the move [HOT-RTRS] Real-time Equity news [U E] 
    U.S. stock market report [.N] 
 
1620 ET 09May2008-Finance, Energy, Tech insiders most active buyers this week 
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   Finance, Energy, and Tech company insiders were the most active sector 
buyers this past week, accounting for 76 percent of $20 million in purchases, 
according to Thomson Reuters data. 
    Insiders conducted the most buying activity, by market value, in oil & gas 
refining, regional banks, insurance, semiconductors, and equity specialty 
REITS, according to the data. Finance sector insiders purchased $8.4 million. 
    The top five buying insiders were Dan Duncan, chairman of Enterprise 
Products Partners <EPD.N>, Carl Berg a director at Mosys Systems Inc <MOSY.O> , 
Wayne Nordberg a director at Annaly Capital Management <NLY.N>, Earl Steinert 
Jr a director at Great Southern Bancorp Inc <GSBC.O>, and Antonio De Castro of 
Reynolds, a director at American Inc <RAI.N>. Shares purchased by the top five 
cost $4.3 million. 
    Reuters Messaging: rm://kristina.cooke.reuters.com@reuters.net 
    
1616 ET 09May08-FedEx shares fall after the bell 
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  Shares of FedEx Corp <FDX.N> fell 2.6 percent to $88.00 in extended trade on 
Friday after the delivery company lowered its fourth-quarter earnings per share 
guidance. For details see [ID:nWNAS3390] 
   Reuters Messaging: rm://kristina.cooke.reuters.com@reuters.net 
    
1612 ET 09May08-US STOCKS-AIG's loss and record oil sour Wall St mood 
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    U.S. stocks fell on Friday as the price of oil set another record and 
concerns about the financial sector flared up again after American 
International Group Inc <AIG.N> reported a massive loss. 
    For more, please click on [.N] 
    Reuters Messaging: rm://kristina.cooke.reuters.com@reuters.net 
    
1535 ET 09May2008-First-quarter results seen falling 17.4 pct 
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     As of Friday, first-quarter earnings were expected to decline 17.4 
percent, according to the latest Thomson Reuters earnings report. 
     Financial sector results are seen down 78.9 percent while consumer 
discretionary companies are seen down 23 percent. 
    Reuters Messaging rm://caroline.valetkevitch.reuters.com@reuters.net 
 
1529 ET 09May2008-HEADLINE STOCKS - U.S. stocks on the move on May 9 
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    Some U.S. stocks on the move on Friday: 
    AMERICAN INTERNATIONAL GROUP INC <AIG.N> 
    CITIGROUP INC <C.N> 
    MYLAN INC <MYL.N> 
    PRICELINE.COM INC <PCLN.O> 
    For more please double click [ID:nN09198237] 
    Reuters Messaging rm://caroline.valetkevitch.reuters.com@reuters.net 
 
1424 ET 09May2008-US STOCKS-Market drops on AIG's loss, higher oil 
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    U.S. stocks fell on Friday as concerns about the financial sector flared up 
again after American International Group Inc <AIG.N> reported a record loss and 
as the price of oil set another record. 
    For more please double click [ID:nN09504112] 
    Reuters Messaging rm://caroline.valetkevitch.reuters.com@reuters.net 
 
1442 ET 09May2008-"Crunch" gets too much credit--Barclays Capital 
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    "Many believe that a credit crunch will prevent the economy from growing in 
the coming quarters. While we think that tighter credit is an important force 
in the residential and commercial real estate markets, we do not believe it 
will prevent a pickup in growth in second half of 2008," Barclays Capital 
Research said in a note. 
    "Non-mortgage credit continues to flow at a robust pace to both consumers 
and corporations. Further, we think that corporate sector fundamentals will 
remain healthy, which makes it unlikely that the bond market, a far more 
important source of funds to the corporate sector than banks, will shut down in 
the coming months." 
    Reuters Messaging rm://ellis.mnyandu.reuters.com@reuters.net 
    
1354 ET 09May2008-AIG on track for historic weekly slide 
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    Shares of American International Group Inc <AIG.N> were on track for their 
biggest ever weekly slide, down more than 17 percent, according to Thomson 
Reuters charts. 
    The S&P insurance index <.GSPINSC> headed for its biggest weekly drop since 
mid-January, down more than 7 percent. 
    For more please double click [ID:nN09565485] 
    Reuters Messaging rm://ellis.mnyandu.reuters.com@reuters.net 
    
1131 ET 09May2008-Players flock to Blue Coat calls 
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    Options flow has been notably bullish in Internet monitoring equipment 
maker Blue Coat Systems Inc <BCSI.O> as its shares rose 1.75 percent to $25.54 
in morning trade. 
    There has been no stock specific news to explain the action. Option volume 
was running four times the normal level with 8,576 calls and only 786 puts 
traded, according to Trade Alert. "Today the activity is gaining and 
approaching extreme in the call options, particularly in the May call options 
that will expire in 5 trading days," said optionmonster co-founder Pete 
Najarian. The May $25 call strike traded more than 4,000 contracts vs. open 
interest of 4,532 and fetched $1.35. The higher May $30 call strike was also 
busy with 3,134 contracts vs. open interest of 778, suggesting positions were 
initiated. 
    Reuters Messaging rm://doris.frankel.reuters.com@reuters.net 
 
Keywords: MARKETS STOCKSNEWS

US cattle set contract highs on cash, fund buying

Reuters: [2008-05-09 21:43:00]

By Jerry Bieszk

CHICAGO, May 9 (Reuters) - Cattle futures set contract highs in most months for a second day on Friday amid fund buying sparked by higher prices in the cash market, which reversed early losses from profit taking.

Expectations had been for both cash cattle and wholesale beef to be under pressure this week. Instead cash cattle gained $2 per cwt on Friday and the wholesale choice beef price reached its highest level in nearly a year.

"Seasonal weakness in the cattle market means nothing with the bullish incentives the market is sending producers," said Dan Vaught, livestock analyst with Wachovia Securities.

June live cattle <2LCM8> closed up 0.875 cent at 94.525 cents per lb and August <2LCQ8> was up 0.900 at 100.200. All but June set contract highs and June set a 10-week high.

Vaught noted that consumers have cut back on other items during the recession and eat in more which tends to lead to more purchases of steaks.

"The old theory is that red meat demand holds up under recessionary times. People will tend to avoid major durable purchases and tend to eat better by rewarding themselves for their frugality," said Vaught.

"Another idea is instead of going to restaurants and spending big bucks on a single steak, they will go to the grocery store instead and maybe spend the same amount of money and actually buy more product," he said.

USDA early on Friday put choice beef up 90 cents at $156.90 per cwt, the highest since May 25, 2007. Select was off 63 cents at $151.47.

Adding to support in the product is the possibility beef shipments to South Korea will be starting next week.

South Korea last month relaxed import restrictions on U.S. beef that were imposed after the first case of mad cow disease in the United States in 2003.

"I think that has certainly changed the psychology in the wholesale beef market," Dennis Smith, broker with Archer Financial, said of the upcoming South Korea business. While there have been protests in South Korea in opposition to U.S. beef, Smith believes it is a small faction.

"I am sure when our beef becomes widely available, at a reasonable price it will be gobbled up," he said.

The run-up in futures following higher cash also brought in fund buying as futures moved up to contract highs. Funds were buyers much of the week, traders said.

"I'd say most of the strength this week is from the funds having a renewed interest in the commodities," said Jim Robb, economist with Livestock Marketing Information Center.

Feeder cattle followed, erasing early profit taking and pressure from record higher CBOT corn futures overnight.

May feeder cattle <2FCK8> ended up 0.575 cent at 107.350 cents per lb and August <2FCQ8> was up 0.450 at 109.925.

Profit taking also pressured lean hog futures at times, but prices ended mostly up on support from continued strong cash markets and apparent active exports. All but July advanced as buying June and August and selling July kept the latter contract lower, traders said.

USDA on Thursday put pork cutout value up 39 cents $78.71 per cwt, highest since June 20, 2007. USDA also raised it 2008 pork export estimate to 4.310 billion lbs from 3.735 billion and lowered it production estimate to 23.502 billion lbs from 23.554 billion lbs.

June lean hogs <2LHM8> finished up 0.400 cent at 76.875 cents and July <2LHN8> was off 0.150 cent at 76.950 cents. June set a two-week high while May, and April 2009 through June 2009 set contract highs.

May pork bellies <2PBK8> closed up 1.750 cents at 80.450 cents per lb and July <2LHN8> was up 0.300 cent at 80.075. February and March 2009 set contract highs.

Gains in cash pork belly prices and forecasts for fewer hogs later this year supported pork bellies. (Reporting by Jerry Bieszk; Editing by Marguerita Choy) ((jerry.bieszk@thomsonreuters.com; 312-408-8725; Reuters Messaging: jerry.bieszk.reuters.com@reuters.net)) Keywords: MARKETS LIVESTOCK/

UPDATE 1-EU set to drop dumping measures vs Norway salmon

Reuters: [2008-05-09 14:56:00]

(Adds Norwegian fish industry comments, shares)

By William Schomberg

BRUSSELS, May 9 (Reuters) - The European Union is set to drop its anti-dumping measures against imports of farmed salmon from Norway, ending a long-running trade dispute between the bloc and Oslo, people familiar with the decision said on Friday.

The EU imposed minimum import prices on Norwegian salmon in 2006 after nearly a decade of wrangling, saying the fish was being sold at unfairly low prices and damaging fish farms in Scotland and Ireland.

Norway denied its exporters were breaking trade rules and took the case to the World Trade Organisation.

After an internal review of the measures, trade officials at the EU's executive European Commission have recommended to EU member states that the minimum prices be eliminated, the people familiar with the situation said.

"It looks like the case is going to be closed," one said.

Norwegian fish exporters said removing the trade barrier would be an important step and showed they had done no wrong.

"We are 100 percent certain that there was no dumping in 2006," said Trond Davidsen, a director of the Norwegian Seafood Export Council.

"Nor is there any danger of new dumping because there is strong demand for seafood and very good times ahead (for the business)," he said. "It seems like the Commission has taken this into account."

The dispute has been watched closely by investors in Norway's aquaculture companies, which include the world's biggest fish farmer, Marine Harvest <MHG.OL>.

Shares in Marine Harvest and other Norwegian fish companies rose against a weak Oslo bourse, though Cermaq <CEQ.OL> fell after the company posted losses for the first quarter.

The Commission's recommendation will be discussed by trade experts from EU governments this month and is almost certain to be approved, the people familiar with the case said.

The WTO found last year that the EU was at fault on several points in its handling of the salmon dumping case, although Brussels as well as Oslo claimed victory from the ruling.

The 27-nation EU is Norway's biggest export market for seafood, the country's third-biggest export earner.

A spokesman for the European Commission declined to comment when asked about the recommendation to end the measures.

The price of Norwegian salmon has been above the EU's minimum import price of 2.80 euros ($4.29) per kilogram.

Scottish and Irish farmers fear it could fall if Norway ramps up production.

The environment minister of Scotland's regional government, Michael Russell, said in April that if Brussels axed the measures, it ought to make sure they could be reimposed quickly if needed.

Irish fish farmers have said they will try to mobilise voters along the country's western coast to vote against a new EU treaty in a referendum in June, if the measures are repealed. (Additional reporting by Camilla Bergsli in Oslo) (Editing by Dale Hudson)

((william.schomberg@reuters.com; +32 2 287 6832; Reuters Messaging: william.schomberg.reuters.com@reuters.net)) ($1=.6523 euro)

Keywords: EU NORWAY/SALMON

EU set to drop dumping measures vs Norway salmon

Reuters: [2008-05-09 11:17:00]

By William Schomberg

Norway denied its exporters were breaking trade rules and took the case to the World Trade Organisation.

"It looks like the case is going to be closed," said one of the people.