Equities fluctuated throughout Monday’s trade on lighter volumes. The Telecoms sector outperformed in the S&P 500 as President Obama signed a memorandum to nearly double the amount of federal and commercial spectrum available for smartphone and wireless Internet devices. Sprint Nextel (S: 4.46 0.00 0.00%)(+6.19%) shares were notable outperformers within the sector. Elsewhere, the NASDAQ 100 advanced led by Apple (AAPL: 268.30 0.00 0.00%) (+0.60%) shares after the tech giant revealed it sold 1.7mln iPhone 4 units in the first three days since the launch. In terms of other notable news, the cigarette makers moved higher after the US Supreme court rejected a US bid for tobacco damage, with both Altria (MO: 20.34 0.00 0.00%) (+3.2%) and Philip Morris (PM: 46.29 0.00 0.00%) (+0.80%) benefiting from the news. Nonetheless, equities came under selling pressure in the closing stages of cash trade and thus finished the day with marginal losses. At the close the S&P 500 finished down 0.2% at 1074.57, the DJIA finished down 0.05% at 10138.52 and the NASDAQ 100 finished down 0.14% at 1836.
UKBP (BP: 27.05 0.00 0.00%) - US Coast Guard’s Allen says doesn’t expect co. to complete relief well before August. (Sources)
HSBC (HBC: 48.02 0.00 0.00%)- Co. is in final price talks with Morgan Staley, 3I and Star Capital on sale of its train unit (RTRS)
Rio Tinto (RTP: 48.40 0.00 0.00%) - Co. CEO says have ‘under-invested in Africa’, says will look at 10-15 countries for investment opportunities. (Sources)
Astrazeneca - Co.’s Crestor drug that prevents heart disease trial may have been biased because of the co.’s role in the research, says an article in the Archives of Internal Medicine. (Sources)
British Airways (BAY: 79.44 0.00 0.00%) - Unite Union agrees to postpone co. cabin crew strike ballot in order to consider new pay offer. Co. has told cabin crews they risk legal action or job termination if they hold a strike vote leading to further walkouts this summer. Co. also disclosed that it has received interest from 4,500 people in a recruitment drive for 1,250 additional staff at reduced pay at its main airport base. (RTRS/FT)
BT - The pension fund of co. reduced its deficit from GBP 9bln to an estimated GBP 7.6bln last year, because of gains from credit holdings and short-term investments, according to the fund’s annual report. (WSJ)
Serco - Co. says it remains on track to deliver on FY guidance for continued strong organic revenue growth, and further progress towards 2012 margin guidance. Co. says revenue visibility is high and order book is substantial. (Sources)
USUS Banks - NY Fed finds no wide-ranging risk to financial system from BP exposure - Sources. (RTRS) In other news, Goldman Sachs (GS: 136.66 0.00 0.00%) and Citigroup (C: 4.00 0.00 0.00%) are among US banks that may have as long as a dozen years to cut stakes in in-house hedge funds and private-equity units under a regulatory revamp agreed to last week. The Volcker rule may give Goldman and Citigroup until 2022 to comply. (Sources)
Micron Tech (MU: 10.02 0.00 0.00%) - Q3 EPS USD 0.92 (may not compare with estimates because of USD 488mln in purchase accounting gains) vs. Exp. USD 0.43, Q3 revenue USD 2.29bln vs. Exp. USD 2.11bln. (RTRS)
3M (MMM: 78.98 0.00 0.00%) - Co. sees Q2 sales at USD 6.60-6.75bln vs. Exp. USD 6.55bln and says total USD sales are expected to rise between 4-6% vs. Q1 (RTRS)
Chevron (CVX: 69.96 0.00 0.00%) - Co. said an expansion of the Gorgon gas venture and development of the Wheatstone project are supported by demand for the fuel and availability of workers. (Australian Financial Review)
Eli Lilly (LLY: 34.02 0.00 0.00%) - Co.’s blood-thinning drug Effient liked to cancer rate increase of 1.4% (Sources)
Abbott (ABT: 47.18 0.00 0.00%) - Co. puts Solvay vaccine business up for sale, sources say ex-Solvay vaccine business could fetch EUR 500mln. (Sources)
General Mills (NYSE:GIS) - Co. declares a quarterly dividend increase to USD 0.28/share and says to buy back up to 100mln shares. (RTRS)
EuropeSiemens (NYSE:SI) - Co. says Q3 sector profit to approach EUR 2.1bln reported in Q2, adding that short cycle business and emerging markets led gain. (Sources)
Commerzbank - S&P sees co.’s outlook negative. (Sources)
Infineon - Co. and the Russian diversified group Sistema may form a Russian joint venture. (Sueddeutsche Zeitung)
Fresenius - Co.’s APP Pharmaceuticals unit will start the sale of Ansatrozole breast cancer pills in the US immediately after winning approval from regulators for its version of Astrazeneca’s Arimidex. (Sources)
France’s biggest companies have emerged from the financial crisis with stronger sheets as a result of government measures to support the economy and capital increases, according to a study by Ricol Lasteyrie. (Les Echos)
GDF Suez - Co. was named the preferred bidder to build two power plants in South Africa for an estimated USD 658mln, according to a spokesman for the department of energy. (Sake24)
Axa - AMP, the Australian financial services company, is voicing more criticism of National Australia Bank’s proposal to by the Australian and New Zealand operations of Axa Asia Pacific Holdings, according to sources. (Australian Financial Review)
Danone - Co. is targeting customers in poor countries who spend a dollar a day on food, according to the CEO. (WSJ)
EADS - Co.’s subsidiary Airbus called yesterday for talks between the US and the EU to end the fight over subsidies to aircraft producers. The call came as the WTO prepares to announce its ruling over the American complaint that EU governments illegally provided billions in loan to co. to develop aircrafts, such as A380. (Sources)
Technip - Co. to pay USD 338mln to settle US charges that it bribed Nigerian officials to win LNG contracts worth around USD 6bln, said the US Department of Justice. (Sources)
Dexia - Co. has met its asset-sale goal for 2010, having concluded sales worth around EUR 17bln, according to the CEO. (Les Echos)
Saint Gobain - Co. sells its ‘advanced ceramics’ business to Coorstek for USD 245mln. (RTRS)
Suez Environnement - Co. launches a public offer for Aigues De Sabadell at EUR 71 per share, says offer targets 68% stake of Aigues De Sabadell. (RTRS)
Telefonica (NYSE:TEF) - Co. still controls 10% of Portugal Telecom’s voting rights even after it used equity swaps to reduce its stake in the Portuguese company to 2%, according to the Portugal’s securities market regulator. (Sources)
Unicredit - The appointment of an Aabar Investment representative to co.’s board of directors is not being discussed, according to co.’s CEO. Dubai’s Aabar announced last week it has bought a 4.991% stake in the co. (Sources)
ABB - Co. issues corrigendum to open offer for ABB India. (Sources)
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