STOCKS NEWS US-Synnex climbs on earnings, outlook

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1134 ET 01July2009-Synnex climbs on earnings, outlook
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Synnex Corp (SNX.N) shares rose on Wednesday after the company reported
second-quarter results and forecast third-quarter results above Wall Street
estimates. [ID:nBNG507931]

The technology distributor reported net income of 57 cents a share, aided
by a 20 percent gain in its global business services revenue, topping the
average estimate of analysts surveyed by Thomson Reuters of 48 cents per share.

For the third-quarter, the company sees earnings of 58 cents to 61 cents a
share on revenue of $1.8 to $1.9 billion versus Wall Street expectations of 50
cents per share and $1.75 billion in revenue.

Synnex shares jumped 10 percent to $27.50. Rivals Ingram Micro (IM.N) added
2.7 percent to $17.97 and Tech Data (TECD.O) gained 2.4 percent to $33.49.

Reuters Messaging:rm://Charles.mikolajczak.reuters.com@reuters.net
1120 ET 01July2009-ISM's Ore: growth in manufacturing 3 months away
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The U.S. manufacturing sector is improving but it will probably take
another three months to get it back into growth territory, Norbert Ore,
chairman of the Institute for Supply Management's manufacturing business survey
committee, said on Wednesday.

Ore also told a teleconference of journalists that deflationary pressures
in the manufacturing sector appeared to be abating, though the rise in oil
prices had helped to stop the decline in companies' pricing power.

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1110 ET 01July2009-Goldman: Sell Alcoa covered calls to enhance return on long
stock positions
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Alcoa Inc (AA.N) is due to report quarterly earnings on July 8. Goldman
Sachs' volatility compass shows Alcoa as very sensitive to equity growth
appetite and commodity prices while options screen eight points higher than
expected based on those factor sensitivities, said Goldman Sachs derivative
strategists in a weekly Options Watch. The stock's implied volatility level is
nearly double its long-term average. They recommend buying stock and selling
October $12.50 covered calls for 58 cents to retain 27 percent upside current
levels if shares are called away at $12.50 at expiration. "Our analysis of
materials returns and volatility through the business cycle suggests that
aluminum stocks should continue to outperform as the ISM moves to and above
50," the note said. GS steel, metals and mining analyst rates Alcoa buy as
rising aluminum spot prices are nearing cash costs and past instances of a
widening in the spot price less cash cost spread have been positive for
shares.

Reuters Messaging: doris.frankel.reuters.com@reuters.net
1058 ET 01July2009-Automakers may post best sales of '09 in June
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Major automakers are expected to report the highest sales rate of 2009 when
they post results for June, as deep discounts limit industrywide results to a
30 percent decline.

For the U.S. auto industry, where sales have been slumping for four years,
that would constitute good news and support the view sales are near bottom
after a punishing decline to nearly 30-year lows, analysts and executives
said.

All of the largest automakers are expected to post deep U.S. light vehicle
sales declines for June to round out what has been the weakest market since the
early 1980s.

"We continue to believe that U.S. auto sales have bottomed this cycle and
are heartened by seemingly strengthening retail sales even ahead of any impact
from 'cash for clunkers' ... " J.P. Morgan analyst Himanshu Patel said in a
note to clients.

For details, see [ID:nN30434120]

Shares of Ford Motor Co (F.N) rose 0.8 percent to $6.12 on Wednesday while
the Dow Jones U.S. Automobile index .DJUSAU rose 1 percent to 69.87.

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net; Editing by
Kenneth Barry
1053 ET 01July2009-General Mills results lift stock, Kellogg
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Shares of General Mills (GIS.N) rallied on Wednesday, after the company
reported fourth-quarter earnings that beat expectations and gave an outlook
that was above consensus.

For details, see [ID:nBNG512328]

The stock gained 3 percent to $57.69 while peer company Kellogg (K.N) was
up 2.4 percent to $47.70.

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1042 ET 01July2009-Lindsay Corp jumps after earnings
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Lindsay Corp (LNN.N) shares jumped on Wednesday after the company reported
a third-quarter profit that topped Wall Street estimates.

The irrigation equipment maker posted third-quarter earnings of 42 cents
per share, above the average estimate of analysts surveyed by Thomson Reuters
of 25 cents per share.

Shares jumped 10.4 percent to $36.54 while fellow irrigation equipment
maker Valmont Industries Inc (VMI.N) added 3.3 percent to $74.43.

Reuters Messaging:rm://Charles.mikolajczak.reuters.com@reuters.net