Share News: BP Faces Legal Challenge to Rosneft Deal by TNK-BP

UK Shares News

US Shares News

European Shares News

Share Trading - 28 Jan 2011

UK Share Trading News

• UK Banks - Banks need to hold far more equity capital than even the levels envisaged under the tougher new Basel III regime, according to senior BoE official Miles. (Times) Senior BoE official Miles dismissed the claims of many bankers that tougher capital rules would lead to much higher borrowing costs in a discussion paper published yesterday. He said the benefits to society of fewer banking crises - and therefore fewer recessions - massively outweighed the disadvantages.
  
  
• BP – Co.’s USD 10bn Arctic exploration deal with Russia's Rosneft faces a legal challenge from the billionaires behind the oil giant's Russian joint venture, TNK-BP. TNK-BP filed a suit in London's High Court claiming the Kremlin-backed Rosneft deal announced two weeks ago rides roughshod over a shareholder agreement between BP and TNK-BP because the Russian joint venture was not given the opportunity to participate. (Independent)
  
  
• BG Group – Co. hit a record high on Thursday on speculation that the oil group is a potential target for BHP Billiton. (FT More)
  
  
• WPP – Co. is in talks with one or two Russian firms as it wants to expand into new markets. (Moscow Times)
  
  
• Sainsbury – Co.’s share price gained on renewed speculation of a possible bid from the sovereign wealth fund of Qatar. (FT More)
  
  

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US Share Trading News

• Equities finished the session higher, with S&P 500 testing 1300 but failing to settle above the key resistance level. The move higher came in spite of disappointing economic data in form of weekly jobless and durables, which was blamed on the adverse weather conditions.
  
  Gains in the S&P 500 were led by financials and technology sectors, with Qualcomm (+5.8%) posting solid gains following earnings release. Finally, at the closing bell DJIA closed up 0.04% at 11989.83, S&P 500 closed up 0.22% at 1299.54 and NASDAQ 100 closed up 0.69% at 2330.07.
  
  
• Microsoft - Q2 EPS USD 0.77 vs. Exp. USD 0.68 and Q2 revenue USD 19.95bn vs. Exp. USD 19.15bn. Says Q2 net USD 6.63bn and says Q2 operating income USD 8.17bn. Co. reaffirms operating expense guidance of USD 26.9-27.3bn for the full year ending June 30, 2011 and says bought back USD 5bn in stock and declared USD 1.3bn in dividends in quarter.
  
  Co. announced it has now sold over 300m Windows 7 licenses, says Bing completed the integration of Yahoo! search in the US and Canada and continues to gain share. In addition, says without deferred recognition in prior year, Q2 growth rates for revenue and EPS were 15% and 28% respectively and says Microsoft business division revenue grew 24% Y/Y in Q2. (RTRS)
  
  
• Amazon - Q4 EPS USD 0.91 vs. Exp. USD 0.88 and Q4 net sales USD 12.95bn vs. Exp. USD 13.03bn (+36%). Co. sees Q1 net sales of USD 9.1-9.9bn vs. Exp. USD 9.36bn and sees Q1 operating income USD 260-385m vs. Exp. USD 474.4m. Co. says now selling more Kindle books than paperback books. (Sources)
  
  
• SanDisk - Q4 adjusted EPS USD 1.27 vs. Exp. USD 1.09 and Q4 revenue USD 1.33bn vs. Exp. USD 1.3bn. Co. says Q4 product sales USD 1.24bn. (Sources)
  
  

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European Share Trading News

• BMW/Daimler – German car markers are running extra shifts to keep up with high demand. (Bild Zeitung)
  
  
• Volkswagen – Co.’s Audi division is very please with overall unit sales in January, and may reach sales of 280,000 in China in 2011. (RTRS)
  
  
• Sanofi-Aventis – Co. has suffered a setback in a study of BSI-201. The experimental breast cancer treatment failed to extend life or slow disease progression in late-stage clinical trial. (Sources)
  
  
• Vinci - 2010 sales EUR 34.8bn, Q4 revenue EUR 9.6bn vs. Exp. EUR 8.88bn. Says order book at end December EUR 27.3bn. (Sources)
  
  

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