STOCKS NEWS US-OPEC oil output rises in July: survey

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0920 ET 03Aug2009
OPEC oil output rises in July: survey

OPEC oil supply rose in July as higher output from Saudi Arabia, Angola and Iraq offset cutbacks in Nigeria caused by militant attacks, a Reuters survey showed on Monday.

Supply from the 11 members of the Organization of the Petroleum Exporting Countries bound by output targets rose to 26.07 million barrels per day (bpd) from 26.02 million bpd in June, according to the survey of oil firms, OPEC officials and analysts.

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Crude oil was up 2.5 percent at $71.20 in early trading.

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0915 ET 03Aug2009
Regions Financial falls after Goldman downgrade

Goldman Sachs downgraded Regions Financial Corp to 'neutral' from 'buy' and removed the the stock from its Americas Buy List, citing the company's worsening credit.

The brokerage said Regions' credit quality was disappointing in the second quarter.

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Shares of Regions fell 1.8 percent to $4.34 in premarket trading.

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0845 ET 03Aug2009
MGIC to lower funding to MIC, delays contribution

Mortgage Guaranty Insurance Corp, the principal subsidiary of MGIC Investment Corp, said it expects to reduce the amount of capital to be contributed to an insurance unit it plans to spin off.

The largest U.S. mortgage insurer also said the main regulator in Wisconsin approved a delay in the date for the company to make its first contribution of capital to MGIC Indemnity Corp (MIC), the insurance subsidiary.

Last month, MGIC Investment Corp said it would invest up to $1 billion in a spinoff insurance unit that it hopes will help the mortgage finance company survive a deep housing downturn.

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Shares of MGIC Investment fell 10 cents to $6.50 in premarket trading on light volume.

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0838 ET 03Aug2009
Barclays upgrades Gap and Abercrombie

Barclays Capital raised its ratings and price targets on apparel retailers Gap Inc and Abercrombie & Fitch Co on Monday, citing lower product costs.

'Inventory seems in good shape to end the second quarter and solid merchandise margins should support our estimates. There appears to be more room to the cost initiatives as well, which should limit downside,' the firm wrote on Gap, which was raised to 'overweight' from 'equal weight.'

GAP shares closed Friday at $16.32.

Barclays raised Abercrombie & Fitch to 'overweight' from 'equal weight,' writing: 'Our more bullish stance is based on the revenue stream we expect from international flagship stores in the fourth quarter of 2009 coupled with lower cost of goods for 2010, which we expect to fund reductions in opening prices.'

Shares of the company were up 4.9 percent at $30 in premarket trading.

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0835 ET 03Aug2009
Hampton swings to Q2 loss, suspends dividend

Shares of Hampton Roads Bankshares Inc fell in premarket trading on Monday, after the company swung to a second-quarter loss and suspended its dividend.

It also started an offering of 32.5 million shares.

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The stock fell 4.9 percent to $4.90 premarket.

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0831 ET 03Aug2009
Repros shares plunge, halts dosing of lead drug

Shares of Repros Therapeutics Inc plummeted premarket after the company voluntarily suspended dosing patients in all clinical trials with its lead drug proellex and said it is considering various financing alternatives to address its immediate short-term liquidity needs.

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The stock shed 57 percent to $1.09 before the bell.

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