STOCKS NEWS US-Investor Li Lu could be successor to Buffett: WSJ

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0741 ET 30July2010
Investor Li Lu could be successor to Buffett: WSJ

Li Lu, a Chinese-American investor and hedge fund manager, could be in line to take a top investment role at Warren Buffett's Berkshire Hathaway and even succeed the legendary U.S. investor, the Wall Street Journal reported on Thursday.

In an interview with the newspaper, Berkshire's Vice Chairman Charlie Munger said he felt it was 'a foregone conclusion' that Li, a hedge fund manager who largely invests in Asian technology stocks, would become one of Berkshire Hathaway's top investment officials.

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Class A shares of Berkshire closed Thursday at $116,866.

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0735 ET 30July2010-Merck posts better-than
expected Q2 profit

Merck & Co reported higher-than-expected second-quarter earnings on Friday, helped by strong sales of its treatments for diabetes, arthritis and HIV.

The pharmaceutical company sees full-year 2010 earnings of $3.29 to $3.39 per share, exluding special items, a slight adjustment from its earlier view of $3.27 to $3.41.

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Shares of Merck, a Dow component, slipped 0.7 percent to $34.80 in premarket trade.

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0731 ET 30July2010
Futures slip on caution ahead of Q2 GDP data

U.S. stock index futures fell on Friday as investors turned cautious ahead of a report expected to show slower growth of the U.S. economy in the second quarter.

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S&P 500 futures fell 5.1 points and below fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures fell 29 points and Nasdaq 100 futures lost 5.75 points.

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0724 ET 30July2010
Citi to join underwriters in AIA IPO: source

American International Group Inc is set to name Citigroup as the fourth joint global coordinator for the IPO of its Asian life insurance business, underscoring the seriousness with which AIG is pursuing the float.

The IPO of American International Assurance (AIA) could raise about $15 billion. The issue, expected to list in Hong Kong by the fourth quarter, is not only crucial for league table credits but some $500 million in fees is also at stake.

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Shares of AIG closed Thursday at $38.97 while Citigroup fell 4 cents to $4.08 in premarket trading.

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0721 ET 30July2010
Facebook may delay IPO until 2012: Bloomberg

Social networking website Facebook Inc may postpone its initial public offering until 2012, Bloomberg said, citing three people familiar with the matter.

The move may give Chief Executive Mark Zuckerberg more time to gain users and boost sales, but Zuckerberg could still push for a stock sale at any time, the agency said.

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0718 ET 30July2010
Crude oil edges lower on slow US growth forecast

September crude futures edged lower on Friday as investors focused on a slowing economy and rising inventories in top consumer the United States.

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The contract lost 0.8 percent to $77.74 per barrel.

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0713 ET 30July2010
Charles River ends merger deal with Wuxi

Charles River Laboratories International Inc and Wuxi PharmaTech on Thursday agreed to end their merger agreement following opposition from investors and proxy advisory firms.

Charles River said it will pay a $30 million breakup fee to Wuxi. It also announced a new $500 million share repurchase plan.

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Shares of Charles River were up 6.4 percent at $34 in premarket trading.

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