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• Nasdaq, S&P 500 fall on data, Apple; Dow up on earnings
• New home sales post biggest drop in over one year
• Nasdaq stands behind Facebook payback plan, profits up
• Barclays looking far afield in hunt for bosses
• Delta, US Airways top estimates on strong demand
• Spain feels debt heat, Greece way off bailout terms
• Ford sees smaller 2012 profit; eyes $1 billion loss in Europe
• Universal seeks EMI solution to please regulators, investors
• Peugeot presses job cuts as government weighs in
• Caterpillar boosts outlook, remains cautious on growth
• Aeromexico places historic $11 billion Boeing order
• Apple share price drop seen as buying chance as iPhone 5 looms
• Britain sinks far deeper into recession than forecast
• Premium European cars are U.S. new-buyer favorites: survey
• EU Commission pushes for clampdown on Libor-style rigging
• Euro crisis weighs on German business morale
• Boeing beats second-quarter profit estimates, raises forecast
• Swords to ploughshares, abandoned Soviet tanks to steel bars
• Shell ups China presence with CNOOC tie-up
• Coty CEO Beetz retires ahead of IPO
• PepsiCo earnings top Wall Street view
• Italy swaps bonds to keep investors onside
• Barclays pay chief Carnwath steps down from board
• Russia GDP growth slows to 3.8 percent in June: Economy minister
• ECB's Nowotny sees merits to leveraging ESM bailout fund
• Lilly beats second quarter profit view
• Banks' credit clampdown seen tightening: ECB
• China slowdown to weigh on results, outlook of Nissan, rivals
• Peugeot defends job cut plan after slumping to H1 loss
• Italy holds bond swap to ease pressure on linkers
• American CEO bashes US Airways; calls it desperate
• Stocks mostly higher; Boeing, Caterpillar lift Dow
• France plans to save car industry by going green
• Senate ready for symbolic showdown on tax cuts
• GOP: Geithner failed to tell Congress about LIBOR
• Coty CEO Bernd Beetz retiring
• Fear prompts gun sales, panic after Colo. massacre
• Toyota takes first-half global sales lead from GM
• Peugeot Citroen in H1 loss as Europe hits business
• France, Spain: Bank rescue needs to come fast

Nasdaq, S&P 500 fall on data, Apple; Dow up on earnings Posted: 25 Jul 2012 07:16 AM PDT NEW YORK (Reuters) - The S&P 500 and the Nasdaq fell on Wednesday after new U.S. single-family home sales dropped by the most in more than a year and revenues from Apple disappointed, while the Dow rose after stronger-than-expected earnings from Caterpillar and Boeing. The Dow Jones industrial average gained 52.11 points, or 0.41 percent, to 12,669.43. The Standard & Poor's 500 Index dropped 0.99 point, or 0.07 percent, to 1,337.32. The Nasdaq Composite Index dropped 7.93 points, or 0.28 percent, to 2,855.06. (Reporting By Edward Krudy, editing by Dave Zimmerman)

New home sales post biggest drop in over one year Posted: 25 Jul 2012 07:50 AM PDT WASHINGTON (Reuters) - New single-family home sales in June fell by the most in more than a year and prices resumed their downward trend, suggesting a setback for the budding housing market recovery. The Commerce Department said on Wednesday sales tumbled 8.4 percent to a seasonally adjusted 350,000-unit annual rate, the lowest rate in five months. The percent decline was the largest since February 2011. May's sales pace was revised up to 382,000 units from the previously reported 369,000 units, taking some of the sting from the report. ...

Nasdaq stands behind Facebook payback plan, profits up Posted: 25 Jul 2012 08:24 AM PDT (Reuters) - Nasdaq OMX Group Chief Executive Robert Greifeld was optimistic on Wednesday that the exchange operator's $62 million plan to compensate customers for its part in Facebook's glitch-ridden market debut would pass muster with firms that were harmed by the IPO. Greifeld was speaking during a call with analysts after Nasdaq posted better-than-expected second quarter profits. The earnings release made no mention of the botched IPO, and when asked for details about the plan on the call, Greifeld referred to the 73-page filing Nasdaq made with regulators on Friday. ...

Barclays looking far afield in hunt for bosses Posted: 25 Jul 2012 08:26 AM PDT LONDON (Reuters) - The likelihood of intense political and regulatory scrutiny on the new chairman and chief executive of Barclays means both must be untainted by its reputational collapse and are likely to be recruited externally, possibly from Canada or Australia. The bank has told investors it is looking to have either one external and one internal appointment, or two external appointments, a top 10 shareholder in the bank said. Another industry source said shareholders want both to be external. That has left former J.P. ...

Delta, US Airways top estimates on strong demand Posted: 25 Jul 2012 08:16 AM PDT (Reuters) - Delta Air Lines and US Airways Group topped Wall Street's second-quarter profit estimates on Wednesday on strong passenger revenue, sending the major U.S. carriers' shares higher. Delta reported a net loss after it took charges for fuel hedge contracts and staff buyouts, but said it expected a profit for the third quarter. Maxim Group aerospace specialist Ray Neidl said higher passenger revenue had aided profitability for both companies in the second quarter, which is traditionally a solid one for airlines as travel picks up during warmer months. ...

Spain feels debt heat, Greece way off bailout terms Posted: 25 Jul 2012 03:38 AM PDT MADRID/BRUSSELS (Reuters) - Spain paid the second highest yield on short-term debt since the birth of the euro at an auction on Tuesday, and EU officials said Greece had little hope of meeting the terms of its bailout, casting fresh doubt on its future in the euro zone. Spain's increasingly desperate struggle to put its finances right has seen its borrowing costs soar to levels that are not manageable indefinitely, reflecting a growing belief that it will need a sovereign bailout the euro zone can barely afford. ...

Ford sees smaller 2012 profit; eyes $1 billion loss in Europe Posted: 25 Jul 2012 07:42 AM PDT (Reuters) - Ford Motor Co forecast a smaller operating profit for 2012 compared with last year, due in part to wider losses in Europe, where the automaker expects to lose more than $1 billion as the deepening economic crisis hits auto sales. Ford, which also posted a better-than-expected second-quarter profit Wednesday, said profits in North America and at Ford's finance arm, Ford Motor Credit, would offset losses in Europe and Asia and reduce profits in South America this year. The No. 2 U.S. ...

Universal seeks EMI solution to please regulators, investors Posted: 25 Jul 2012 07:35 AM PDT NEW YORK/BRUSSELS (Reuters) - Universal Music Group has a week to come up with concessions to persuade European regulators to accept a $1.9 billion acquisition of EMI Music labels and is searching for asset sales that will not ruin the deal's appeal for investors. A combined Universal-EMI would sell a huge library of current top-selling and legendary artists like Jay-Z, Kanye West, U2, and Katy Perry and the Beatles and control more than one-third of the global market. ...

Peugeot presses job cuts as government weighs in Posted: 25 Jul 2012 07:43 AM PDT PARIS (Reuters) - PSA Peugeot Citroen insisted it will press ahead with restructuring plans and job cuts, as France unveiled industry support measures and called for EU action to curb South Korean imports. Reporting a first-half loss as executives discussed 8,000 planned job cuts with unions, Peugeot said the layoffs would help to generate 1.5 billion euros ($1.8 billion) in savings and halt the mounting losses that threaten its future. ...

Caterpillar boosts outlook, remains cautious on growth Posted: 25 Jul 2012 07:23 AM PDT (Reuters) - Caterpillar Inc , the world's largest maker of construction equipment, raised its 2012 profit forecast on Wednesday and said the global economy was slowly improving amid pockets of weakness. The outlook came after Caterpillar posted a quarterly profit that easily beat Wall Street's expectations due to higher sales of bulldozers, marine engines and mining trucks. Its shares rose more than 2 percent. Sales rose 31 percent in North America, helped in part by the company's 2011 acquisition of Wisconsin-based mining equipment provider Bucyrus. ...

Aeromexico places historic $11 billion Boeing order Posted: 25 Jul 2012 07:18 AM PDT MEXICO CITY (Reuters) - Mexico's largest airline Aeromexico on Wednesday placed an $11 billion order with Boeing , in what the company said was the biggest aircraft investment by a Mexican airline in the country's history. The order is for 90 737-8 planes and 10 Dreamliners, Aeromexico said in a statement. Aeromexico, which went public last year, said the Dreamliners will begin arriving in the summer of 2013 and the 737-8 aircraft will be delivered starting in 2018. Delta Air Lines in June bought a 4 percent stake in Aeromexico for $65 million. ...

Apple share price drop seen as buying chance as iPhone 5 looms Posted: 25 Jul 2012 07:10 AM PDT (Reuters) - A rare quarterly earnings miss at Apple Inc prompted several price target cuts on the stock, but with the next iPhone looming, most analysts see the selloff as a buying opportunity. Shares of Apple, the world's most valuable technology company, were down 4 percent at $575.80 in Wednesday morning trade after the company's third-quarter results missed market expectations owing to a weak European economy and delayed customer purchases ahead of a new iPhone launch. ...

Britain sinks far deeper into recession than forecast Posted: 25 Jul 2012 07:11 AM PDT LONDON (Reuters) - Britain's economy shrank far more than expected in the second quarter, battered by everything from an extra public holiday to government spending cuts and the neighboring euro zone crisis. Finance minister George Osborne said figures released on Wednesday showed Britain had "deep-rooted economic problems," adding that the slump in the second quarter was disappointing even when taking into account one-off factors that hurt. Britain's gross domestic product fell 0. ...

Premium European cars are U.S. new-buyer favorites: survey Posted: 25 Jul 2012 07:21 AM PDT (Reuters) - New U.S. buyers found premium European cars the most pleasing to both own and drive, according to an annual J.D. Power and Associates' survey. Porsche , a unit of Germany's Volkswagen AG , led the rankings, according to Power's 2012 U.S. Automotive Performance, Execution and Layout study (APEAL), the findings of which were released on Wednesday. It was followed by Jaguar , BMW , Audi , Mercedes-Benz and Land Rover. The highest-ranking domestic brand was General Motors Co's Cadillac, which placed eighth, behind Toyota's Lexus. It was the only U.S. ...

EU Commission pushes for clampdown on Libor-style rigging Posted: 25 Jul 2012 06:14 AM PDT BRUSSELS (Reuters) - The European Commission warned on Wednesday that the EU could take over supervision of benchmarks such as Libor as one of its most senior officials unleashed a broadside at the Bank of England for its failure to stamp out rigging. Manipulation of Libor, which is used to set prices for trillions of dollars of financial products around the globe, has landed Barclays with a penalty of $453 million, claimed the scalp of its chief executive and threatens to drag in several other banks into the rate-fixing scandal. ...

Euro crisis weighs on German business morale Posted: 25 Jul 2012 04:28 AM PDT BERLIN (Reuters) - German business sentiment dropped in July to its lowest level in more than two years, adding to signs that Europe's largest economy is losing momentum along with its immunity to fallout from the region's deepening debt crisis. The Munich-based Ifo think tank said on Wednesday its business climate index, based on a monthly survey of some 7,000 companies, fell for the third month running to 103.3, its lowest since March 2010, when the economy was recovering from financial crisis. A Reuters poll of 45 economists had forecast a fall to 104. ...

Boeing beats second-quarter profit estimates, raises forecast Posted: 25 Jul 2012 06:27 AM PDT SEATTLE (Reuters) - Boeing Co reported a greater-than-expected 3 percent increase in second-quarter profit and raised its full-year earnings forecast on Wednesday as rising airplane deliveries and defense sales offset higher pension costs. The planemaker and defense contractor is rapidly ramping up production to meet rising demand for new, fuel-efficient planes and is set to overtake rival Airbus in plane deliveries this year. At the same time, it is weathering cuts in U.S. defense spending. "This was a good quarter from Boeing," said RBC Capital Markets analyst Robert Stallard. ...

Swords to ploughshares, abandoned Soviet tanks to steel bars Posted: 25 Jul 2012 06:55 AM PDT HERAT, Afghanistan (Reuters) - In an updated version of swords being beaten into ploughshares, caterpillar tracks belonging to abandoned Soviet-era tanks are being melted down into steel bars and used in west Afghanistan's construction industry. The tanks from Moscow's decade-long war in Afghanistan wait under baking sunshine to be smelted at one of its few steel mills, a stark reminder of the humiliating end met by the Soviet forces more than 20 years ago. ...

Shell ups China presence with CNOOC tie-up Posted: 25 Jul 2012 05:47 AM PDT LONDON (Reuters) - Oil major Shell sealed an exploration tie-up with China's state-run oil firm CNOOC on Wednesday in a move which will help secure longer term growth from projects in the world's energy-hungry second largest economy. Shell said it agreed two partnership deals with CNOOC, one to explore for oil and gas in the Yinggehai basin in the South China Sea, and one to look for hydrocarbons off the coast of Gabon. ...

Coty CEO Beetz retires ahead of IPO Posted: 25 Jul 2012 06:09 AM PDT (Reuters) - Fragrance maker Coty Inc said on Wednesday its Chief Executive Bernd Beetz, 61, will retire by the end of July, just weeks after the company filed for an initial public offering. Michele Scannavini, 53, who has run the Coty Prestige unit for the past 10 years, will succeed Beetz at the company, which sells perfumes under brands that include Calvin Klein, Davidoff and Chloe. Scannavini will take on the reins as CEO beginning Aug 1, the company said. Earlier this year, Coty attempted a $10. ...

PepsiCo earnings top Wall Street view Posted: 25 Jul 2012 05:42 AM PDT (Reuters) - PepsiCo Inc reported a higher-than-expected quarterly profit on Wednesday, helped by price increases, and stood by its full-year outlook. That the maker of Diet Pepsi, Frito-Lay snacks and Tropicana orange juice did not cut its outlook was viewed as a sign of strength at a time when many consumer products companies are suffering from a weak global economy. "In a consumer group seeing negative second-half revisions, we consider this positive," said Stifel Nicolaus analyst Mark Swartzberg. PepsiCo said second-quarter net income had fallen to $1. ...

Italy swaps bonds to keep investors onside Posted: 25 Jul 2012 05:31 AM PDT MILAN (Reuters) - Italy bought back on Wednesday more than 1 billion euros of bonds whose value had tumbled after a sovereign downgrade forced some holders to sell, easing pressure on investors whose support it needs to stay afloat in the worsening euro zone debt crisis. A two-notch cut in Italy's sovereign rating by Moody's this month will force Italian inflation-linked bonds out of the flagship Barclays investment indices at the end of July, leading some funds to sell their holdings. ...

Barclays pay chief Carnwath steps down from board Posted: 25 Jul 2012 05:20 AM PDT LONDON (Reuters) - The Barclays non-executive director responsible for former chief executive Bob Diamond's controversial 17 million pound ($26.40 million) pay package resigned for personal reasons on Wednesday. The departure of City veteran Alison Carnwath, who headed the bank's remuneration committee, is a further blow to Barclays, which has already lost Diamond and Chief Operating Officer Jerry Del Missier in the fallout from the Libor interest-rate rigging scandal. ...

Russia GDP growth slows to 3.8 percent in June: Economy minister Posted: 25 Jul 2012 03:43 AM PDT MOSCOW (Reuters) - Russian Gross Domestic Product (GDP) was up 3.8 percent, year-on-year, in June against a 4.2 percent rise in May, the Economy Ministry said on its web site on Wednesday. The ministry earlier estimated that economic growth slowed to 4.0 percent in the second quarter from 4.9 percent in the January through March period. (Reporting by Maya Dyakina; Writing by Maria Kiselyova; Editing by Douglas Busvine; Editing by Douglas Busvine)

ECB's Nowotny sees merits to leveraging ESM bailout fund Posted: 25 Jul 2012 03:35 AM PDT FRANKFURT (Reuters) - European Central Bank Governing Council member Ewald Nowotny has broken ranks with ECB colleagues, saying that giving Europe's permanent rescue fund a banking license to increase its capacity had merits. Granting the fund, the European Stability Mechanism (ESM), a banking license would allow it to exchange bonds it buys to support highly indebted countries for fresh cash from the ECB, increasing its firepower without additional government funds. ...

Lilly beats second quarter profit view Posted: 25 Jul 2012 04:12 AM PDT (Reuters) - Eli Lilly and Co's quarterly earnings beat Wall Street expectations, helped by surging growth of its Cymbalta depression treatment, and the company raised its 2012 profit outlook, due to the favorable impact of a stronger dollar. Other drugmakers, by contrast, have been badly hurt by the stronger dollar in the second quarter -- including rival Johnson & Johnson, which cut its full-year profit view because of its drag on overseas sales. Lilly, which faces one of the industry's biggest patent cliffs, on Wednesday it earned $924 million, or 83 cents per share, in the second quarter. ...

Banks' credit clampdown seen tightening: ECB Posted: 25 Jul 2012 02:51 AM PDT FRANKFURT (Reuters) - Banks expect to toughen their lending rules further in coming months and see feeble demand for loans from firms and consumers, underscoring the dilemma European Central Bank policymakers face as they try to revitalize the euro zone's economy. In its latest quarterly Bank Lending Survey, the ECB said 11 percent of banks that took part made it harder for companies to borrow in the second quarter, whereas only one percent eased their requirements. The 10 percent net figure was slightly more than the 9 percent in the first quarter. ...

China slowdown to weigh on results, outlook of Nissan, rivals Posted: 25 Jul 2012 02:33 AM PDT TOKYO/SEOUL (Reuters) - Sputtering growth in China, the world's largest auto market, is clouding the outlook for Asian car brands and will weigh on results due for release in coming weeks. Auto sales in China grew just 2.9 percent in the first half of 2012 after posting anemic growth of 2.5 percent in 2011, setting the country up for its slowest back-to-back years of growth since the market took off in the late 1990s. In 2010, growth had been a blistering 32 percent. ...

Peugeot defends job cut plan after slumping to H1 loss Posted: 25 Jul 2012 12:20 AM PDT PARIS (Reuters) - PSA Peugeot Citroen vowed to press ahead with politically fraught restructuring plans as the troubled French automaker detailed mounting losses it has described as a threat to its future. Europe's second-largest car maker posted a 662 million euro ($800 million) first-half loss in its auto division, dragging its group bottom line into the red - as it had warned earlier this month when announcing 8,000 French job cuts and a plant closure. ...

Italy holds bond swap to ease pressure on linkers Posted: 25 Jul 2012 03:27 AM PDT MILAN (Reuters) - Italy bought back 1.33 billion euros of four inflation-linked bonds on Wednesday in a move aimed at easing pressure on these assets following a ratings downgrade that will force them out of some bond indexes. A two-notch downgrade of Italy's sovereign rating by Moody's this month means Italian linkers will drop out of the flagship Barclays inflation indexes, forcing some funds to sell their holdings at the end of the month. ...

American CEO bashes US Airways; calls it desperate Posted: 25 Jul 2012 08:45 AM PDT American Airlines CEO Tom Horton wants to set the record straight: It was he who approached US Airways CEO Doug Parker about the possibility of combining the two airlines, not the other way around.

Stocks mostly higher; Boeing, Caterpillar lift Dow Posted: 25 Jul 2012 08:42 AM PDT Stronger earnings from Boeing and Caterpillar sent the Dow Jones industrial average higher Wednesday, but the broader market was mixed following a sharp drop in new home sales and a rare earnings miss from Apple.

France plans to save car industry by going green Posted: 25 Jul 2012 08:39 AM PDT Green technology is the answer to the declining fortunes of France's auto industry, according to a new government plan to turn the sector around.

Senate ready for symbolic showdown on tax cuts Posted: 25 Jul 2012 08:35 AM PDT Senate leaders moved toward showdown votes Wednesday on rival Democratic and Republican plans for extending broad tax cuts that will otherwise expire in January.

GOP: Geithner failed to tell Congress about LIBOR Posted: 25 Jul 2012 08:33 AM PDT Republican lawmakers are criticizing Treasury Secretary Timothy Geithner for failing to alert Congress four years ago that banks could manipulating a key global interest rate.

Coty CEO Bernd Beetz retiring Posted: 25 Jul 2012 08:28 AM PDT Beauty products company Coty Inc., which is looking to go public, says that CEO Bernd Beetz is retiring.

Fear prompts gun sales, panic after Colo. massacre Posted: 25 Jul 2012 08:25 AM PDT Firearms sales are surging in the wake of the Colorado movie massacre as buyers express fears about both personal safety and lawmakers who are using the shooting to seek new weapons restrictions.

Toyota takes first-half global sales lead from GM Posted: 25 Jul 2012 08:22 AM PDT Toyota bounced back from safety recalls and natural disasters, selling 4.97 million vehicles globally in the first half of the year to retake its crown as the world's top automaker from General Motors Co.

Peugeot Citroen in H1 loss as Europe hits business Posted: 25 Jul 2012 08:22 AM PDT Europe's economic crisis pushed carmaker PSA Peugeot Citroen into a first-half loss of €819 million ($990 million), just as the company is set to clash with the French government over its restructuring plan.

France, Spain: Bank rescue needs to come fast Posted: 25 Jul 2012 08:16 AM PDT France and Spain called Wednesday for swift implementation of the rescue plan for Spanish banks to ease concern that the country may need a full-blown sovereign bailout.

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