CORRECTED - STOCKS NEWS US-Flagstone makes competing bid for IPC Re

(Corrects name of company in Flagstone headline)

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0754 ET 02July2009-Flagstone makes competing bid for IPC Re
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Flagstone Reinsurance Limited (FSR.N) late Wednesday made a $1.88 billion
competing offer for IPC Re (IPCR.O), a reinsurance company fending off an
unsolicited bid from Validus Holdings Ltd. (VR.N)

Flagstone offered 2.638 common shares plus $5.50 in cash for a bid of
$33.62 for each IPC share. That represents a 21 percent premium over IPC's
closing price of $27.77.

Validus' bid of 1.1234 of its shares plus $3.75 in cash would amount to an
offer of $28.86 per share, or $1.61 billion, based on Wednesday's closing
price.

IPC sought other suitors last month after saying it opposes the Validus bid
as too low.

For details, see [ID:nN01530558]

Shares of Flagstone closed Wednesday at $10.66 while IPC closed at $27.77
and Validus closed at $22.35.

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net; Editing by
Kenneth Barry
0750 ET 02July2009-Lear to file for Chapter 11, gets financing
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Lear Corp (LEA.N) late Wednesday said it would file for Chapter 11 in a
reorganization supported by key secured lenders and bondholders. It also said
it had obtained $500 million in bankruptcy financing.

The auto seating supplier, which had been in talks with its lenders over
the past month, said its board had approved a bankruptcy filing as the "fastest
and most effective way" to reduce debt in the face of slumping global auto
production.

For details, see [ID:nN01525902]

The stock sank 31.3 percent to 33 cents in premarket trading.

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0746 ET 02July2009-Crude oil down after US gasoline stockpiles data
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August crude futures fell on Thursday, dropping after a U.S. gasoline
stockpiles rose by more than expected, and as a fresh focus on global financial
weakness pushed oil markets down.

For details, see [ID:nSYD481718]

The contract fell 1.7 percent to $68.11 per barrel.

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0742 ET 02July2009-Swedish Match to sell unit to Philip Morris
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Swedish Match (SWMA.ST) on Thursday agreed to sell its South African
operations to Philip Morris International (PM.N) for $224.7 million.

The deal is expected to be completed in the second half of 2009 and is
subject to approval by South Africa's competition authority.

For details, see [ID:nL2546432]

Shares of Philip Morris closed Wednesday at $44.09.

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0737 ET 02July2009-KBW sees strong Q2 for Wells Fargo
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KBW on Thursday wrote that Wells Fargo & Co (WFC.N) could post strong
results in its second quarter, lifted by high mortgage revenue.

The firm raised its second-quarter and full-year earnings outlook on the
bank.

For details, see [ID:nBNG475608]

Shares of Wells Fargo closed Wednesday at $24.14.

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0718 ET 02July2009-Futures down ahead of June jobs data
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U.S. index futures fell on Thursday, ahead of the release of important jobs
data for the month of June.

For June, the unemployment rate is expected to rise to 9.6 percent from 9.4
percent in May, according to a Reuters poll of estimates.

For details, see [ID:nN02542422]

Dow Jones industrial average futures DJc1 fell 56 points while S&P 500
futures SPc1 slid 5.9 points and Nasdaq 100 futures NDc1 were down 8.75
points.

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net