PMI, provider and promoter of homeownership and mortgage transactions, said 2Q net income totaled $1.04 per share, up vs. 93 cents per share in the year-earlier comparable period on revenue growth, beating analysts’ expectations of $1.01 per share.

CORPORATE NEWS

Three major automobile manufacturers – Honda Motor Co., General Motors Corp. and BMW AG - are developing cooperative technologies for hydrogen fuel-cell vehicles, according to reports. The companies hope the collaboration will cut development costs and plan to standardize fuel nozzles and other parts so they can sell fuel-cell-powered vehicles around the world.

Infosys Technologies Company Ltd. (INFY: chart), the China subsidiary of Infosys Technologies Ltd., announced that it has signed letters of intent with Shanghai Zhangjiang Company Ltd. and Administrative Commission of Hanghzhou Hi-Tech Development Industry Zone-Hangzhou, to set up software development centers in China. Infosys currently has 250 employees in China. The new centers, to be located in Shanghai and Hangzhou, would see total investment of $65 million in the next five years and would contain 6000 engineers. The Shanghai centre would get an initial investment of $10 million in the next two years. On the Hangzhou project, Infosys plans to invest $15 million in the next two years.

Private-equity firm Bain Capital and MacGregor Golf, one of the oldest names in golf equipment, are making a bid for Callaway Golf Co., lifting the chances that the world's largest golf-club maker will be taken private. The all-cash offer values Callaway at as much as $1.24 billion, or $16.25 a share, slightly more than an unsolicited all-cash offer of $16 a share made in late May by buyout company Thomas H. Lee Partners and insurance giant Fidelity National Financial.