STOCKS NEWS US-World's rich lost 20 pct of value in 2008: survey

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1152 ET 24June2009-World's rich lost 20 pct of value in 2008: survey
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The world's rich lost nearly 20 percent of their total wealth in 2008, as
volatile markets wiped out two years of growth, a Merrill Lynch study showed on
Wednesday.

The total value of the wealth of people with net assets of more than $1
million, excluding their main home and consumables, dropped to $32.8 trillion
-- below 2005 levels, the 13th annual Merrill Lynch World Wealth Report
showed.

For details, see [ID:nN24175116]

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1134 ET 24June2009-H.B. Fuller climbs after earnings
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H.B. Fuller Co (FUL.N) shares rose on Wednesday after the chemical maker
reported second-quarter profit that topped Wall Street estimates, citing
improved margins from lower raw material costs and lower expenses.

The company earnings of 36 cents per share, above the average estimate of
analysts surveyed by Thomson Reuters of 25 cents per share.

While the company also maintained its prior full-year guidance of a 10 to
12 percent revenue decline, it said it expects to further reduce its debt in
the second half of 2009.

Shares rose nearly 10 percent to $18.35, while the Dow Jones U.S. Chemical
index .DJUSCH added 2.2 percent.

Reuters Messaging:rm://Charles.mikolajczak.reuters.com@reuters.net
1125 ET 24June2009-Option bulls line up for ITT calls
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Shares of for-profit education provider ITT Educational Services Inc
(ESI.N) rose 98 cents to $92.92. This year the stock has garnered support
consistently at $90, and found a trading range of $90-$100 in recent months,
said Pete Najarian, a founder of OptionMonster.com in comments on the firm's
Web site. Unemployment hurts plenty of businesses, but not for-profit schools,
which find themselves with a rush of applicants as the rate is projected to
rise. "The enrollment increased 37 percent in the first quarter and in 2009,
management plans to open six to eight new locations," he said. According to
optionMonster's computer model, ESI July calls attracted some upside buying,
notably the July $105 and $110 strikes. The $105 calls were bought quickly for
premiums of 75 to 80 cents while the $110 calls traded at 42 cents. This
industry leader is trading at the cheapest valuation and the buyers may be
expecting the range to hold and move to the upper end, he said.

Reuters Messaging: doris.frankel.reuters.com@reuters.net
1117 ET 24June2009-MEMC Electronic shares fall after downgrade
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Shares of MEMC Electronic Materials (WFR.N) fell on Wednesday, after J.P.
Morgan Securities downgraded the stock two notches, to underweight from
overweight. The firm cited a faster-than-expected decline in the average
selling prices in all of the silicon maker's product lines.

"We also believe the overall supply of polysilicon will far exceed that of
demand for the remainder of 2009 and well into 2010 driving down spot
polysilicon as well as semiconductor and solar wafer pricing," the firm wrote
to clients.

For details, see [ID:nBNG494360]

Shares fell 1.3 percent to $17.63.

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1112 ET 24June2009-Orexigen option volume heavy as shares jump
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Orexigen Therapeutics (OREX.O) option volume of 4,375 contracts spiked up
and was 15 times the norm after a trader apparently employed a so-called
strangle, hoping to catch a large swing in the stock. Shares gapped up this
morning and rose 5.81 percent to $4.64 on no news. The biotech company's
Contrave for obesity is in phase III trials with top line results expected in
the third quarter, said WhatsTrading.com option strategist Frederic Ruffy. One
options player seems to expect share price volatility over the next few weeks
and bought 2,000 July $5 calls/August $2.50 puts for a premium of 90 cents, he
said. It looked like an opening trade.

Reuters Messaging: doris.frankel.reuters.com@reuters.net