Stock News For 16 June: BP, BHP Billiton, Rio Tinto, Wal-Mart, Teva, Bayer, Bristol-Myers Squibb

Equities finished higher and the S&P 500 moved above its 200-day moving average as risk appetite increased after some encouraging demand for a selection of Eurozone government bond auctions. Stocks were on an upward trend for much of the session and largely ignored weaker economic data from both sides of the Atlantic. The technology and industrials sectors were the best performers in the S&P 500 and in terms of individual companies; there were some remarkable gains for News Corp. (+9.53%) after the media giant bid for full control of the UK’s BSkyB (+16.57%) whilst Best Buy (-6.07%) shares came under pressure after the company reported disappointing earnings. At the close; the S&P 500 closed up 2.35% at 1115.23, the DJIA closed up 2.10% at 10404.77 and the NASDAQ 100 closed up 2.82% at 1897.48.

UK Chancellor George Osborne will use the UK chancellor’s annual Mansion House speech to send a tough message to big banks. Osborne will confirm his plans to impose a bank levy, amid pressure from his Liberal Democrat coalition partners to raise a substantial amount from the tax in next week’s budget. (FT)
UK Miners - BHP Billiton (BBL: 57.46 0.00 0.00%), Rio Tinto (RTP: 49.95 0.00 0.00%) and Xstrata met with the Australian government in Canberra to discuss a proposed 40% tax on resource sector “super profits” but appear no closer to any compromise deal. (Sources)
BP (BP: 31.40 0.00 0.00%) - Obama is to tell co. to “set aside whatever resources” required and says co. “will pay for the impact this spill has had”. Co. America President says hopefully will have Helix 4000 vessel on location and burning oil Tuesday, says it will soon have up to 6 ships to remove production from well. In other news, the US government and independent scientists estimate that the most likely flow rate of oil from the leaking co.’s well is between 35,000 and 60,000 BPD. Also, Co.’s USD 7bln deal with Devon Energy (DVN: 70.13 0.00 0.00%) is under review by the Brazilian regulator. Elsewhere, Indonesia BP says Tangguh LNG project in Papua not affected by latest earthquake. (RTRS/Sources)
Anglo American (AAL.L: 2689.625 +7.625 +0.28%) - Co. says bids close today for five coal assets for sale in New South Wales and Queensland states. (Sources)
Sainsbury - Co.’s CEO says another good performance ahead of market, and has seen good start to financial year in line with expectations. Co.’s Q1 comp. sales ex-fuel, including VAT up 1.1% vs. Exp. 1%, and Q1 total sales up 7.6%. (Sources)
BSkyB (BSY-GBX.L: 606.50 0.00 0.00%)- News Corp investors indicate support for co.’s bid. There is also talk of News Corp buyout of Sky Deutschland. However, co.’s shareholders Odey and Aegon urge against GBP 12bln bid from News Corp. (Sources/Telegraph/Daily Mail)
Cairn Energy - Co. said Greenland government cabinet approved its bid for two wells in the Disko West area. (Sources)
Companies paying Dividend: Centrica (GBP 0.0914), Eurasian Natural Resources Corporation (USD 0.0600), Unilever (GBP 0.1830)
Companies going Ex-Dividend: 3i Group (GBP 0.0200), Severn Trent (GBP 0.4561), United Utilities (GBP 0.2313)

Credit rating agencies like Moody’s and Standard & Poor’s dodged a bullet as lawmakers decided to strip out a provision in the Wall Street reform bill that would have upended their business model. (RTRS) Negotiators from the House of Representatives and Senate tasked with hammering out a final version of the sweeping reforms agreed to remove a measure that would have set up new clearinghouse to eliminate perceived conflicts of interest in the ratings industry.
United Technologies (UTX: 68.60 0.00 0.00%) - Co. repeats 2010 forecast for revenue of USD 54-55bln and says sees USD 350mln in restructuring this year. (Sources)
Wal-Mart (WMT: 51.64 0.00 0.00%) - Co. sees FY 2011 sales growth at the 4-6% range. (Sources)
Teva (TEVA: 53.68 0.00 0.00%) - Co. has been sued by Bayer for false advertising and patent infringement in connection with co.’s generic oral contraceptive Gianvi. (RTRS)
Bristol-Myers Squibb (BMY: 25.63 0.00 0.00%) - Co. says recent trial data on Apixaban blood clot preventer, which compared it to aspirin, was found to be adequate to seek US regulatory approval. Says Apixaban’s higher efficacy than aspirin would be advantage to the 30-40% of patients that cannot tolerate Warfarin. (RTRS)
Philip Morris (PM: 45.56 0.00 0.00%) - Co. says continues to pursue acquisition of Protabaco. Says it will seek reconsideration of the initial decision and expressed disappointment with the initial decision of SIC of not approving the application of the Protabaco buy. (RTRS)

Bayer - Co. sues Teva and Barr for false advertising and patent infringement in connection with Teva’s generic oral contraceptive Gianvi. Says intends to seek a temporary restraining order. (RTRS)
Allianz - Co.’s CEO says unlikely to bid for AIG’s (AIA: 38.524 0.00 0.00%) AIA unit. (WSJ)
RWE (RWE.DE: 57.07 -0.22 -0.38%) - Co. hasn’t ruled out cutting its dividend if the German government approves a plan to tax nuclear fuel elements. (WAZ)
Societe Generale (GLE: 0.18 0.00 0.00%) - Co. CEO says sovereign debt exposure is moderate, says ‘not an issue for us’. CEO ruled out offer for Allied Irish Bank’s Bank Zachodni. He is also confident of retaining co.’s independence. (Sources/FT)
GDF Suez - Co. may increase its 10% stake in Acea SpA. (Il Sore 24 Ore)
Axa - Co.’s real estate unit is mulling a possible bid for ING’s real estate unit as part of an aggressive plan to grow its business at the expense of ailing rivals, a senior co. executive said. Says targets EUR 3-4bln property fundraising. (RTRS)
Air France - According to sources, co. may exceed expectations. (Sources)
EDF - French Assembly approves electricity market reform, the text, which reflects a European Union directive, calls for co. to sell up to a quarter of its nuclear-powered electricity production to its rivals, notably GDF Suez, Poweo and Direct Energie. The legislation must also be approved in the French Senate or upper house. (Sources)
Spanish savings banks have requested between EUR 11bln and EUR 11.5bln from the state bank restructuring fund, known as FROB, to carry out their merger plans. (EFE) Also in the news, Spanish banks borrowed EUR 85.6bln from the ECB last month. This was double the amount lent to them before the collapse of Lehman Brothers in September 2008 and 16.5% of net Euro zone loans offered by the central bank. (FT)
ING (ING: 8.44 0.00 0.00%) - Axa’s real estate unit is mulling a possible bid for co.’s real estate unit as part of an aggressive plan to grow its business at the expense of ailing rivals, a senior Axa executive said. (RTRS)
Novartis (NYSE:NVS) - Talecris Biotherapeutics says it has agreed to a co-promotion arrangement with co.’s vaccines to jointly market and sell their respective post-exposure rabies products. (Sources)
Roche - Co. says Roactemra shows early improvement in inflammation and may prove useful in helping treat bone erosion. (Sources)

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