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Stock News For 18 May: BP, Vodafone, Citigroup, American Express, Goldman Sachs

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Britain’s manufacturers are finally starting to feel the benefit of the weak pound, with a significant pick up in export orders for the first time in more than two years, the CBI said. (Telegraph)

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BP (NYSE:BP) – Co.’s compensation payouts to people affected by the ongoing oil spill in the Gulf of Mexico won’t be limited by the USD 75mln legal cap on such liabilities, the co. said on Monday. Meanwhile, co.’s work on the first relief well, which began on May 2, continues. (Sources/RTRS)

Vodafone (NYSE:VOD) – Co. reports FY Net GBP 8.65 bln, vs. Exp. GBP 8.28 bln. FY Revenue GBP 44.5 bln, vs. Exp. GBP 44.3 bln. Co. sees final dividend of GBP 8.31, up 9% and is positioned to return to revenue growth during the 2011 financial year. (RTRS)

Astrazeneca (NYSE:AZN) – Co. reaches US agreement with Teva Pharmaceuticals (NASDAQ:TEVA) regarding Entocort EC capsules. (RTRS)

British Airways (BAY) – Co’s striking cabin crew are planning to appeal the court order which stops them from striking today. (Sources/RTRS)

British Land – Co.’s underlying profit before tax down 7% to GBP 249mln, and dividend per share of GBP 0.26 for the year. Co.’s NAV per share up 27% to GBP 5.04 benefiting from leverage. (RTRS)

Smiths Group – Co. says it is on track to meet full year expectations. (Sources)

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Equities finished higher in what turned out to be a volatile session as a combination of lingering Eurozone debt concerns and weaker economic data weighed. The basic materials and oil & gas sectors were the worst performing in the S&P 500 after WTI crude futures dipped below USD 70/barrel. The financials also came under pressure after weekend reports said that the Greek PM is considering taking action against US banks. Stocks seemed to form a relationship with the price action in the EUR and trended higher after EUR/USD bounced off its four year low. Into the close equities found some upside momentum and the S&P 500 closed up 0.11% at 1136.97, the DJIA closed up 0.06% at 10626.88 and the NASDAQ 100 closed up 0.44% at 1915.45.

IBM (NYSE:IBM) – Co. to hire 800 people for new service delivery centre in Missouri. (RTRS)

Johnson & Johnson (NYSE:JNJ) – FDA investigating drug manufacturing at co.’s McNeill unit. (Sources)

Intel (NASDAQ:INTC) – Infineon Technologies (NYSE:IFX) is not negotiating with co. on a sale of its wireless unit, a person familiar with the matter said on Monday. (Sources)

American Express (NYSE:AXP) – US card services April net write off rate 6.7% and US card services April 30 days past due loans as a percentage of total -3.1%. (RTRS)

Citigroup (NYSE:C) – April credit card write-offs down to 11.23% vs. 11.55% in March and card delinquencies down to 5.85% vs. 6.06% in March. (CNBC)

Goldman Sachs (NYSE:GS) – Co.’s lawyers are stepping up their efforts to settle the fraud charges levelled by the SEC against the investment bank. Meanwhile, the SEC has decided not to officially serve co. with the complaint in the case, a decision that could indicate that the SEC is open to negotiating a settlement with co., some experts say. (Fox Business) Also, an informant for US regulators probing fraud claims against Co. has urged Australia’s market watchdog to also investigate the bank. (RTRS)

Whole Foods (WMFI) – Moody’s changes co.’s outlook to positive and affirms BA3 rating. (RTRS)

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Bayer – Co. plans to establish an US innovation centre in Frisco to expand its global research network. (EMS)

Adidas – Co.’s CEO says April sales are going in the right direction, in line with 2010 outlook. Says is not afraid of Nike, says competition gap will not grow and expects sales rise in 2011 vs. 2010 in follow-up demand from World Cup. (RTRS)

Infineon Technologies – Co. is not negotiating with Intel on a sale of its wireless unit, a person familiar with the matter said on Monday. (Sources)

AXA – Co. 54% owned unit AXA Asia Pacific has held talks with Australia’s competition regulator, hoping to sway its decision to block an agreed USD 13 bln takeover deal by National Australia Bank. (Sources/RTRS)

ArcelorMittal (NYSE:MT) – Co. is in talks to acquire Bellary Steels & Alloys, the Indian steel company which had control of it assumed by its lenders. In other news, co is start a joint venture with Indonesian state owned Banten global Development to build a new steel mill in Banten, which will be the largest in Indonesia. (Business Standard/Kontan)

EADS – The discussions between governments and the Co. over contracts for the new A400M transport plane are stagnating. (La Tribune)

Veolia Environnement – Following Suez Environnement bid for the water supply contract for France’s Ile de France region was ruled out, Co. is now the sole candidate. (Les Echos)

Accor (AC.PA) – Co.’s services head says organic growth remains priority, and acquisitions are growth lever. Also, co. services to expand in 6-8 countries by 2016, says to target acquisitions in Latin America, Europe and Asia-Pacific – Document. (RTRS)

Carrefour – Co. signs an agreement to acquire a local Turkish supermarket chain. (RTRS)

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