Today Stock Market News

HONG KONG (MarketWatch) — Bangladesh on Tuesday said it would raise the price of gasoline and othe fuels, becoming the latest Asian nation seeking to offset soaring crude-oil prices by passing along higher costs to consumers. Newswire reports cited government officials as saying the government would lift prices for diesel and kerosene by 37.5%, gasoline by 34%, liquefied petroleum by 67% and furnace oil by 50%.

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NEW YORK (MarketWatch) — Wall Street has never seen a six months quite like the first half of 2008. It hasn’t even seen entire years with the kind of upheaval and game-changing events that we’ve witnessed.

I trade markets, not economies.

There is a debate on Wall Street and in Washington over inflation. Is it here or not? Almost any American citizen will answer with a resounding “yes!”

It seems as if every time I go to the grocery store or gas pump lately the prices have moved higher, exponentially higher.

These days, investors and consumers alike are caught between crude realities and Mother Nature’s vindictive then vindicating furies.

SAN FRANCISCO (MarketWatch) — The active, diverse and often loud community of eBay sellers now ought to be able to agree on at least one thing : Monday’s ruling from a French court regarding the sale of certain luxury perfumes on eBay stinks.

We’re mid-way through 2008, and in may respects, the U.S. markets are better positioned than they were six months ago.

So let’s say you believe, along with most of the investment newsletters I monitor, that inflation is going to become even more of a problem in the future. How do you profit from that belief?

PORT WASHINGTON, NY. (MarketWatch) — Considering how energy efficient we’ve become over the past 38 years, it is nothing short of amazing how much havoc the jump in oil prices is wreaking on the financial markets and the economy.

HONG KONG (MarketWatch) — Asian shares traded on a mostly upbeat note Tuesday, although earlier gains were pared in some markets, while Japan’s Nikkei was on track for its first positive close in nine sessions after the Bank of Japan’s quarterly tankan survey of business sentiment came in slightly stronger than expected.

Mexican and Brazilian markets move higher, gaining back ground from last week’s losses as investors prepared their books for the end of the quarter and the first half of the year.

HONG KONG (MarketWatch) - South Korea posted a trade deficit in June, down from a large surplus a year earlier, as imports expanded almost twice as fast as exports. The trade deficit hit $284 million in June, compared to a $3.49 billion surplus a year earlier, according to a preliminary estimate released by the Ministry of Knowledge Economy released Tuesday. Economists had expected a deficit of $545 million, according to a poll by Dow Jones Newswires. The ministry said exports climbed 17% to $37.43 billion while imports climbed 32.3% to $37.72 billion. The June figures bring South Korea’s trade deficit for the first half to $5.71 billion, compared to a $7.46 billion surplus in the same period a year earlier.

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HONG KONG (MarketWatch) — Asian shares traded on an mostly upbeat note Tuesday morning, with Japan’s Nikkei marking its first gain in nine sessions with banking shares among standouts after the Bank of Japan’s quarterly tankan survey of business sentiment came in slightly stronger than expected. Australian shares edged lower, with oil companies such as Santos Ltd falling back after crude oil prices closed lower in U.S. trading after setting a new record of $143.57 a barrel. Shares of Rio Tinto were among gainers in Sydney after Japanese steel maker Nippon Steel Corp. [s; jp:5401] confirmed Tuesday it has agreed to a 96.5% price increase for high-grade iron ore this fiscal year, in line with a benchmark that had been set by China’s Baosteel earlier this year. The Nikkei 225 climbed 0.6% to 13,564.12, Australia’s S&P/ASX 200 fell 0.4% to 5,192.90, South Korea’s Kospi index was up 0.2% to 1,677.10, and New Zealand’s NZX-50 was up 0.1% at 3,195.84.

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TOKYO (MarketWatch) — The Bank of Japan’s quarterly tankan survey of business sentiment released Tuesday showed corporate Japan’s mood is indeed growing gloomier amid soaring global prices of materials, but the figures were slightly better than consensus expectations.

TOKYO (MarketWatch) — The Bank of Japan’s quarterly tankan survey of business sentiment released Tuesday showed corporate Japan’s mood is indeed growing gloomier amid soaring global prices of materials, but the figures were slightly better than consensus expectations. The diffusion index for large manufacturers fell to 5 from 11 in the March survey, but was still above market expectations for a reading of 3. The index for large non-manufacturers fell to 10 from 12 in March, but still beat forecasts for a reading of 9.

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Paying back need-based federal student loans will get easier starting Tuesday as interest rates take their first dip in a series of declines that will eventually cut rates in half.

Anyone in danger of losing a home to foreclosure would do well to seek help early, be proactive and get balanced advice.

SEATTLE (MarketWatch) — You never told your adviser to invest so that you didn’t earn a penny over eight and one half years, did you? Well, the bellwether Standard & Poor’s 500 Index has done just that.

If you have ever incurred cell-phone fees, you know that they can sting. Depending on your plan, the penalty for going over your minutes can range from 5 cents a minute to 45 cents. One busy month, and those minutes can add up to big dollars.

Lehman Brothers climbs more than 3% late after Morgan Stanley recommended that investors purchase shares of the embattled investment bank, and shares of Fortune Brands fall after the company issued a warning about second-quarter results.

Here’s a new “Mega-Meltdown Poll,” expanded to include the “Top 25” issues defining America for this crucial election, for the next century. But we cannot deal with them separately, anymore than the colonies could win separately. They must be solved collectively: All 25 are a loud call to arms.

SAN FRANCISCO (MarketWatch) — Legg Mason said late Monday that it will provide up to $240 million to support money-market funds that have been hit by the credit crunch.

SAN FRANCISCO (MarketWatch) — Manitowoc Co. said late Monday that Enodis PLC will recommend its bid for the company following an auction with Illinois Tool Works Inc. . Manitowoc said its successful bid for Enodis was 328 pence a share, resulting in a transaction worth around $2.7 billion. Manitowoc affirmed its outlook for 2008 of $3.20 to $3.40 a share without Enodis and said that it expects Enodis to add to 2009 earnings.

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SAN FRANCISCO (MarketWatch) — BCE Inc. is deferring payment of $294 million in second-quarter dividend and will instead use the funds to complete its deal with an investor group led by Teachers’ Private Capital, the Canadian communication company said late Monday. The group is slated to buy out BCE in deal valued at around $35 billion, making it one of the largest leveraged buyout on record.

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SAN FRANCISCO (MarketWatch) — The Justice Department said late Monday it is seeking a federal court order authorizing the Internal Revenue Service to request information from Switzerland-based UBS AG about U.S. taxpayers who may be using Swiss bank accounts to evade federal income taxes. The Justice Department is seeking permission to allow the IRS to serve “John Doe” summons, which are used to obtain information about possible tax fraud by people whose identities are unknown. The move was prompted by a statement from former UBS banker Bradley Birkenfeld, who claimed that UBS employees assisted wealthy U.S. clients in concealing their ownership of assets held offshore. Birkenfeld estimated that UBS had about $20 billion of assets under management in “undeclared” accounts for U.S. taxpayers. Birkenfeld pleaded guilty in June to conspiring to defraud the IRS by assisting UBS clients avoid U.S. reporting requirements on income in Swiss bank accounts, according to the Justice Department.

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Wachovia Corp. says Monday that it won’t offer mortgages with negative amortization features anymore, one of the main types of home loans offered by Golden West, the mortgage giant the bank acquired for $24 billion roughly two years ago.

SAN FRANCISCO (MarketWatch) — Florida Attorney General Bill McCollum on Monday filed a lawsuit against Countrywide Financial Corp. and Chief Executive Angelo Mozilo, alleging that the company engaged in deceptive and unfair trade practices, The Wall Street Journal reported in its online edition. The lawsuit alleges that the company signed up clients with mortgages they couldn’t afford or loans with rates that were misleading, the newspaper said. The move follows similar lawsuits filed against Countrywide in California and Illinois. Bank of America is scheduled to complete its buyout of Countrywide on Tuesday.

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Wall Street’s bearish drumbeat goes on, with brokerage research about Merrill Lynch and Morgan Stanley being the latest signs of trouble.

SAN FRANCISCO (MarketWatch) — MGIC Investment Corp. said late Monday it has no plans to offer additional shares after shareholders voted to increase the number of authorized company shares allowed. On Friday, MGIC sharesholders voted to increase the number of authorized shares allowed to 460 million from 300 million. MGIC has about 125.1 million shares outstanding. MGIC said the increased share cap was to allow for shares awarded under its stock incentive plan and noted that it has outstanding junior subordinated convertible debentures that are convertible into common stock.

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SAN FRANCISCO (MarketWatch) — Fortune Brands Inc. late Monday lowered its second-quarter earnings outlook due to weaker consumer
sentiment in the U.S. The spirits company now expects earnings per share before charges and gains to fall by high 10% to mid-20% range from $1.51 a share in the year-earlier period. Fortune had earlier projected earnings per share to fall at a high single digit to mid-10% rate. For 2008, the company is forecasting earnings before charges and gains will be down by a high single-digit to high-10% range from $5.06 a share in 2007. Its previous target was flat to single-digit percentage drop. Wall Street is projecting the company will report earnings of $1.37 a share in the second quarter and $4.84 a share in 2008.

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NEW YORK (MarketWatch) — After a mixed session on Monday, U.S. stocks were left with sharp losses for June and the second quarter, as surging crude oil prices and ailing financial firms continued to fuel broad concerns about the economy and profits. The Dow Jones Industrial Average finished up 3.5 points at 11,350 on Monday, leaving the blue-chip index on a loss of 10.2% for June and of 7.4% for the second quarter. Year to date, the Dow has fallen 14.4% and it is off 19.8% from its October 2007 high, within just a hair of official bear-market territory. The S&P 500 index rose 1.6 points to 1,280 Monday. It fell 8.6% in June, 3.3% in the quarter, and 12.9% year to date. The Nasdaq Composite dipped 22 points to 2,292 Monday. The tech-heavy index fell 9.1% in June. It still rose 0.6% in the second quarter, but is down 13.6% year to date. (Corrects percentage changes for the S&P 500 index’s quarterly and year-to-date performance).

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SAN FRANCISCO (MarketWatch) — FMC Technologies Inc. said late Monday it signed a five-year deal with ConocoPhillips Scandinavia, valued at about $120 million, to supply subsea equipment and services for a water injection development in Norway’s Ekofisk field. The contract includes project management, engineering, procurement, manufacture and delivery of subsea equipment and offshore support services for eight subsea trees. The contract also has an option for an additional seven subsea trees and future provisions for up to 50 subsea trees. Ekofisk is an oil and gas field located in the southern part of the North Sea.

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SAN FRANCISCO (MarketWatch) — Tempur-Pedic International Inc. said late Monday it named Mark Sarvary as chief executive and president effective Aug. 4. In February, Chief Executive H. Thomas Bryant announced he would retire.

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PIPERSVILLE, Pa. (MarketWatch) — The U.S. is in an “energy crisis,” Sen. John McCain said Monday, speaking to residents of a small Pennsylvania community and outlining his plans to boost nuclear, solar and other forms of alternative energy. McCain, reaching out to swing voters in Pennsylvania, also said the U.S. is winning the war in Iraq but can’t bring troops home according to a set date. McCain is holding a town hall meeting at a mechanical contractor in Pipersville.

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SAN FRANCISCO (MarketWatch) — Moody’s Investors Service on Monday downgraded Genworth Mortgage Insurance Corp., a unit of Genworth Financial Inc. , to Aa3 from Aa2 because of a weakened credit profile as a result of historically high mortgage defaults. The outlook is negative.

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SAN FRANCISCO (MarketWatch) — Chrysler LLC is taking steps to cut truck and SUV production, including shuttering its Jefferson North plant in Detroit for 1 month starting July 11, the Detroit News reported on its website Monday. Jefferson North produces the Jeep Grand Cherokee and Jeep Commander models. At the same time, Chrysler is boosting production at two plants which make its smaller, fuel-efficient cars, the newspaper said.

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NEW YORK (MarketWatch) - Shares of Lehman Bros. Holdings fell more than 9% in late trading Monday, as a market nervous about credit-related issues at banks took aim at the embattled firm. Lehman has been a popular target for short-sellers in the last few weeks after reporting $3 billion in write-downs for the second quarter, its first quarterly loss since going public in 1994. A report in The Wall Street Journal Monday also speculated investors may be selling off Lehman stock on the last day of the second quarter in order to avoid listing it among company holdings. “Some are calling this reverse window-dressing, as the bears mark down their winners (shorts), but the trend and mood in Lehman is coyote ugly!” market analyst Jon Najarian wrote in a note at Optionsmonster.com

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SAN FRANCISCO (MarketWatch) — Avnet Inc. said Monday it bought Source Electronics Corp., a Hollis, N.H.-based provider of outsourced custom programming services for integrated circuits. Source Electronics will be integrated into the services operations of Avnet Logistics, a division of Avnet. The company did not release financial details of the transaction but said the deal is expected to be accretive to its earnings.

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SAN FRANCISCO (MarketWatch) — Ford Motor Co. has had exploratory talks with French automaker Renault SA [s : fr:013190] to sell its Volvo unit but the talks broke down because of differences on price, Reuters reported Monday, citing sources familiar with the matter. Ford has recently maintained it seeks to improve Volvo’s results and operate it on a more standalone basis. Ford has also had talks with China’s Dongfeng Motor Group on a potential Volvo partnership, Reuters reported.

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SAN FRANCISCO (MarketWatch) — August crude closed at $140 a barrel on the New York Mercantile Exchange, down 21 cents for Monday. But concerns over global production and supplies helped front-month crude futures log a gain of 45.9% for the first half of the year. Prices are also up 37.8% for the second quarter and up 9.9% from a month ago.

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NEW YORK (MarketWatch) — The Turkish lira strengthens against the euro and the U.S. dollar after data shows Turkey’s economy grew by a faster-than-expected 6.6% year-on-year in the first quarter of 2008.

SAN FRANCISCO (MarketWatch) — Fitch Ratings said Monday it may downgrade the ratings of XL Capital Ltd. and its subsidiaries because of exposure to Security Capital Assurance . Fitch has an A issuer default rating and a A+ insurer financial strength rating on XL Capital. “XL is actively working to resolve its exposure to SCA and while Fitch views successful resolution of this exposure as a positive, the size of any charges, and the manner in which XL funds any charges, could have an impact on the ratings,” Fitch said in a statement.

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Yahoo Inc. says Microsoft, its former suitor, was really not serious about doing a deal at all, an observation that actually was floated by at least one Wall Street analyst at the time the talks came to light earlier this year.

Stocks seeing active trade on Monday include Anheuser-Busch, Antisense Therapeutics, H&R Block, Del Monte, MBIA, Mesa Air, Myriad Genetics, NDS and TeliaSonera.

SAN FRANCISCO (MarketWatch) — August gold closed at $928.30 an ounce Monday, down $3 for the session as some strength in the U.S. dollar dulled investment demand for the precious metal. But front-month gold futures have scored a gain of 10.8% year to date and they’re up 0.7% for the second quarter and up 4.1% for the month.

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NEW YORK (MarketWatch) — General Electric Co. appoints David Joyce president and chief executive of its fast-growing aviation business, which rang up about $16.8 billion in sales last year.

SAN FRANCISCO (MarketWatch) — Wachovia Corp. decided to waive all prepayment fees associated with its Pick-A-Pay mortgage to allow more flexibility in home financing, the bank said Monday. For new loan originations, Wachovia will also discontinue products that include payment options resulting in negative amortization. The move is aimed at assisting customers amid a sustained weakness in the real estate sector.

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SAN FRANCISCO (MarketWatch) — Mortgage insurers slump again as an industry report confirms that defaults remain high in the business.

SAN FRANCISCO (MarketWatch) — Chrysler LLC plans to idle production at its St. Louis minivan plant as early as December and will announce other production cuts, The Wall Street Journal reported Monday on its Web site, citing people familiar with the matter. Chrysler will make an announcement of its production cut plans sometime later today, according to the Journal.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.