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U.S. stock market report
0714 ET 07July2009
Deutsche Bank to sell building for $600 mln: WSJ
Deutsche Bank AG on Tuesday agreed to sell a 1.8 million square-foot skyscraper in New York City for $600 million, according to a report in the Wall Street Journal.
The building is being sold to developer George Comfort & Sons and partner RCG Longview.
The sale price works out to roughly $330 a square foot and includes roughly $130 million in equity from the buyers and a $470 million mortgage from Deutsche Bank, the paper wrote. According to the daily, the deal was struck on Friday and is set to close in late July.
For details, see
Shares of Deutsche Bank rose 3.2 percent to $60.25 in premarket trading on the New York Stock Exchange.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0707 ET 07July2009
Discover Financial to offer $500 mln of stock
Discover Financial Services late Monday said it would offer $500 million of common stock and use the proceeds to help repay $1.2 billion the credit card issuer received in government bailout funds.
The credit card company also reiterated its expectations that net charge-offs will increase to between 8.5 percent and 9 percent in the third quarter. Discover reported charge-offs of 7.79 percent in the second quarter.
In an interview with Reuters in June, Discover Chief Executive David Nelms had said charge-offs -- the percentage of debt the company does not expect to be repaid -- could peak by the end of 2009 or 2010.
For details, see
Shares of Discover sank 7.2 percent to $9.74 in premarket trading on light volume.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0703 ET 07July2009
Economic indicators for July 7
Economic indicators on tap for Tuesday include weekly data for ICSC chain stores, Redbook and the ABC consumer confidence index.
For details, see
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0655 ET 07July2009
Earnings diary for July 7
Companies scheduled to report quarterly results on Tuesday include: Kayne Anderson Energy and Ruby Tuesday.
International Speedway reported its second-quarter results and Greenbrier Companies reported its third-quarter results earlier on Tuesday.
For details, see
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net Keywords: MARKETS STOCKSNEWS
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