Mobilcom, German telecom operator, posted 2Q net profit increase to 25.3 million euros, followed by strong growth in its wireless services unit and soaring sales, matching market estimate.

LabOne, laboratory services provider, announced that its 2Q net profit increased to 44 cents a share, up from 36 cents a share in the year-ago period on revenue growth.

El Paso, Houston energy provider, reversed to a 2Q loss of 38 cents a share, vs. net income of 1 cent, in the year-ago period on revenue decline, missing analyst estimate of 13 cents a share.

SciClone, life-threatening diseases therapeutics developer, reported a 2Q net loss of 4 cents a share, up from 6 cents a share in the same period last year on revenue growth.
WCI, luxury homes and mid- and high-rise residential towers builder, posted 2Q net income increased to $1.61 from 42 cents for the same period last year on strong revenue growth, beating analyst estimate of 75 cents per share.

Alcan, aluminum producer, posted 2Q income from continuing operations of 56 cents per common share, down from 77 cents per common share a year ago on decline in revenue, missing analysts’ expectation of 61cents per share.

Ventiv, commercial and clinical services provider, posted 2Q earnings of 32 cents per share, up from 19 cents per share for the year- earlier quarter on revenue growth, beating analyst estimate of 25 cents per share.

Tecumseh, compressors, small engines and power-train products producer, reported a second quarter loss of $6.63 per share, down from a profit of 22 cents per share in the same period last year on revenue decline, missing analysts’ forecasts of a loss of 19 cents per share.

Isis, drug producer, posted a 2Q net loss of 34 cents per share, up from a net loss of 47 cents per share for the same period last year on revenue growth, missing analysts’ expectations of 31 cents per share.

Amerco, trucks and trailers rental services provider, posted 1Q earnings of $1.53 a share, down vs. $1.98 a share for the same period last year despite revenue growth, due to pre-tax charge, missing analyst estimate of $1.67 a share.
Central European Distribution, beer, spirits, and wines distributor, posted earnings of 33 cents a share, up vs. 28 cents a share in the same period last year on sales growth, missing analyst estimate by a penny.


CORPORATE NEWS

Citigroup (C: chart) plans an expansion program of bank acquisitions in growth markets such as Latin America, Asia and Eastern Europe once a regulatory ban stopping such big purchases is lifted next year. Management hopes to make more acquisitions such as that of KorAm Bank in South Korea, which Citigroup bought last year for $2.7 billion.

Yahoo Inc. (YHOO: chart), online media company, is in advanced talks to acquire about 35% of Alibaba.com, China's biggest homegrown e-commerce company, for almost $1 billion. The deal would be the biggest investment by a foreign company in China's Internet industry.

Four Chinese airlines and Boeing Co. (BA: chart) signed agreements for the sale of 42 Boeing 787 jets at a total price of $5.04 billion. Air China Ltd. and China Eastern Airlines Corp. will each buy 15 planes, Shanghai Airlines Co. will buy 9 planes, and Xiamen Airline Co. will buy 3 planes, according to reports.

Kerr-McGee (KMG: chart) has reached deals to sell its North Sea operations for about $3.5 billion in cash. The transactions consist of the sale of interests in 4 non-operated fields and related exploratory acreage and facilities to Centrica plc for $566 million and the sale of all remaining North Sea assets to Maersk Olie og Gas AS for $2.95 billion. Kerr-McGee stated that the agreements also call for the acquirers to assume $182 million in carrying value of abandonment obligations and $175 million in derivative liabilities.

Hovnanian Enterprises (HOV: chart) revealed that it has acquired the assets of privately-held homebuilder First Home Builders of Florida for an undisclosed cash amount. The company said the acquisition target is ranked first in the greater Fort Myers-Cape Coral market and had revenues of $308 million in 2004.

Nokia (NOK: chart) could be the target of a Cisco (CSCO: chart) bid, according to reports over the weekend. A Nokia spokeswoman said the company wouldn't comment on market rumors.

The Nasdaq Stock Market plans to withdraw from a system that links the nation's major stock markets, as part of a program to improve its technology and compete more directly against the New York Stock Exchange. The Nasdaq plans could be announced today and then sent to the SEC for approval. They already have been approved by Nasdaq's board.

RadioShack Corp. (RSH: chart) said that it has executed an overnight share repurchase transaction of 20 million shares of the company's stock for about $500 million. The transaction was financed with about $300 million in short-term borrowing and $200 million in cash. About $200 million of the short-term borrowing is expected to be paid back through a sale-leaseback of the company's new corporate headquarters. The sale-leaseback transaction is scheduled to close this fall.

Italian dairy concern Parmalat SpA is suing JPMorgan Chase & Co. and UniCredito Italiano SpA for $5.4 billion in damages for the banks' role as co-lead managers of Parmalat bonds issued from 1994 through 2001.

OTHER NEWS

Saudi Prince Alwaleed sold a 40.1% stake of his holding in London’s Canary Wharf office complex. Trusts for the prince and his family had sold $28 million shares in Songbird’s Estates and based on this, the stake is valued at $71.2 million.

Japan's upper house of Parliament rejected a postal-system reform proposal that included creation of one of the world's largest banks, sending the government into a crisis. After the 125-108 defeat of his legislative package, Prime Minister Junichiro Koizumi called an emergency Cabinet meeting to dissolve Parliament and schedule a national election for Sept. 11.