(Corrects headline and text to say Xerium shares fell, not rose; removes
paragraphs 2 and 4)
Real-time equity news
U.S. stock market report
1032 ET 26May2010
Xerium shares fell on bankruptcy exit
Shares of Xerium Technologies Inc fell about 21 percent on Wednesday, a day after the industrial textiles manufacturer exited bankruptcy without wiping out its stockholders.
Xerium filed for a pre-packaged bankruptcy in March to cut its debt by $150 million after the global economic crisis prompted a dramatic slowdown in print advertising as well as in packaging materials.
For details, see
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1028 ET 26May2010
BP ADRs rise on hope of positive news: traders
U.S-listed shares in BP Plc rose on Wednesday, with traders citing market talk that the oil major may deliver some positive news on its effort to contain an oil spill in the Gulf of Mexico.
The company, however, said it has not taken any decision on whether to try to plug the ruptured well with heavy fluids, the so-called 'top kill' procedure, and has no time scale on when a decision would be made.
For details, see
The stock rose 0.8 percent to $42.86 on the New York Stock Exchange.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1019 ET 26May2010
BofA's bullish spread calls for more gains
A large bullish call spread in Bank of America Corp was executed during the final hour of trading on Tuesday, said Patrick Mortimer, director of option trading at Pipeline Trading Systems. An investor purchased 60,000 June $16 calls and sold 70,000 June $17 calls, paying 32 cents on a 1-1 basis. 'This 20 delta spread accounted for 27 percent of the 487,000 contracts traded in BAC and profits if BAC's shares rise 9.7 percent over the next four weeks,' he said. Bank of America's stock has seen support over the last 10 months at the $14.50 price level and traded as low as $14.80 on Tuesday morning.
This call spread allows the investor to participate if shares hold this support level and rally without having to purchase the shares outright, Mortimer added. BofA shares rose 2.78 percent to $15.92 early on Wednesday.
Reuters Messaging: doris.frankel.reuters.com@reuters.net
1006 ET 26May2010-New home sales rise to nearly two
year high
Sales of newly built U.S. single-family homes rose in April to their highest level in nearly two years, the government said on Wednesday, as buyers signed contracts to benefit from a popular government tax credit.
The Commerce Department said sales jumped 14.8 percent to a 504,000 unit annual rate, the highest since May 2008. Analysts polled by Reuters expected new home sales to increase to a 430,000 unit annual pace.
For details, see
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0952 ET 26May2010
Morgan Keegan upgrades Zions to 'outperform'
Morgan Keegan upgraded Zions Bancorp to 'outperform,' saying the worst of credit and dilution issues are over and the bank offers above-average earnings growth potential.
'Above average demographic trends, coupled with M&A opportunities should boost longer term EPS growth outlook,' the firm wrote to clients.
For details, see
Shares of Zions rose 4.1 percent to $24.06.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0947 ET 26May2010
UnitedHealth rallies after lifting dividend
UnitedHealth Group Inc said on Wednesday it is increasing its dividend after calls by investors for the U.S. health insurer to return more cash back to shareholders.
The board of the largest U.S. health insurer by market value approved a quarterly dividend of 12.5 cents per share to be paid on June 21 to shareholders of record June 7. Most recently, the company paid an annual dividend of 3 cents per share in April.
For details, see
The stock rose 2.1 percent to $29.48.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net Keywords: MARKETS STOCKSNEWS
COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Real-time equity news
U.S. stock market report
1032 ET 26May2010
Xerium shares fell on bankruptcy exit
Shares of Xerium Technologies Inc fell about 21 percent on Wednesday, a day after the industrial textiles manufacturer exited bankruptcy without wiping out its stockholders.
Xerium filed for a pre-packaged bankruptcy in March to cut its debt by $150 million after the global economic crisis prompted a dramatic slowdown in print advertising as well as in packaging materials.
For details, see
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1028 ET 26May2010
BP ADRs rise on hope of positive news: traders
U.S-listed shares in BP Plc rose on Wednesday, with traders citing market talk that the oil major may deliver some positive news on its effort to contain an oil spill in the Gulf of Mexico.
The company, however, said it has not taken any decision on whether to try to plug the ruptured well with heavy fluids, the so-called 'top kill' procedure, and has no time scale on when a decision would be made.
For details, see
The stock rose 0.8 percent to $42.86 on the New York Stock Exchange.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1019 ET 26May2010
BofA's bullish spread calls for more gains
A large bullish call spread in Bank of America Corp was executed during the final hour of trading on Tuesday, said Patrick Mortimer, director of option trading at Pipeline Trading Systems. An investor purchased 60,000 June $16 calls and sold 70,000 June $17 calls, paying 32 cents on a 1-1 basis. 'This 20 delta spread accounted for 27 percent of the 487,000 contracts traded in BAC and profits if BAC's shares rise 9.7 percent over the next four weeks,' he said. Bank of America's stock has seen support over the last 10 months at the $14.50 price level and traded as low as $14.80 on Tuesday morning.
This call spread allows the investor to participate if shares hold this support level and rally without having to purchase the shares outright, Mortimer added. BofA shares rose 2.78 percent to $15.92 early on Wednesday.
Reuters Messaging: doris.frankel.reuters.com@reuters.net
1006 ET 26May2010-New home sales rise to nearly two
year high
Sales of newly built U.S. single-family homes rose in April to their highest level in nearly two years, the government said on Wednesday, as buyers signed contracts to benefit from a popular government tax credit.
The Commerce Department said sales jumped 14.8 percent to a 504,000 unit annual rate, the highest since May 2008. Analysts polled by Reuters expected new home sales to increase to a 430,000 unit annual pace.
For details, see
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0952 ET 26May2010
Morgan Keegan upgrades Zions to 'outperform'
Morgan Keegan upgraded Zions Bancorp to 'outperform,' saying the worst of credit and dilution issues are over and the bank offers above-average earnings growth potential.
'Above average demographic trends, coupled with M&A opportunities should boost longer term EPS growth outlook,' the firm wrote to clients.
For details, see
Shares of Zions rose 4.1 percent to $24.06.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0947 ET 26May2010
UnitedHealth rallies after lifting dividend
UnitedHealth Group Inc said on Wednesday it is increasing its dividend after calls by investors for the U.S. health insurer to return more cash back to shareholders.
The board of the largest U.S. health insurer by market value approved a quarterly dividend of 12.5 cents per share to be paid on June 21 to shareholders of record June 7. Most recently, the company paid an annual dividend of 3 cents per share in April.
For details, see
The stock rose 2.1 percent to $29.48.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net Keywords: MARKETS STOCKSNEWS
COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.