STOCKS NEWS US-Visa adds $700 mln to litigation fund

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0837 ET 30June2009-Visa adds $700 mln to litigation fund
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Credit card company Visa Inc (V.N) on Tuesday said it set
aside $700 million to cover legal expenses.

Visa said the new addition to its litigation account had
the effect of a $700 million repurchase of the company's common
shares. Under the terms of its initial public offering, Visa's
U.S. bank shareholders agreed to have their stakes diluted to
fund litigation in order to save other shareholders from direct
losses from lawsuits in certain U.S. court cases.

For details, see [ID:nN30430306]

Shares edged 0.1 percent lower to $62.92 in premarket
trading.

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0824 ET 30June2009-Ford rises in premarket after comments
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Shares of Ford Motor (F.N) rose in premarket trading on
Tuesday, a day after the automaker said it expects to gain U.S.
market share in June. It also said its sales would hold up much
better than the rest of the industry's and raised production.

"The underlying economic indicators, meaning fewer jobless
claims, another month of somewhat higher levels of consumer
confidence, suggest to us that the worst is behind us in terms
of not only the economy ... but also that we may have seen the
low point of auto sales," Ford U.S. sales analyst George Pipas
told reporters in a discussion at Ford headquarters.

For details, see [ID:nN29399395]

Shares of Ford rose 2.9 percent to $5.95 in premarket
trading.

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0814 ET 30June2009-Rochdale's Bove cuts estimates on BofA
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Rochdale Securities analyst Richard Bove on Tuesday cut his
estimates on Bank of America Corp (BAC.N), forecasting 2009
earning of 65 cents a share for the bank. He previously
estimated earnings of 71 cents a share.

Bove wrote that the company was "likely to increase its net
charge-offs in the quarter due to the continued weakness in the
economy," though Bank of America could reduce its reserve build
as well.

Though he kept his buy rating and $19 price target on the
stock, Bove said that the bank's upcoming quarter "will be
filed with one-time events that may make it impossible to
discern what the company is actually earning."

"It may not be until the third quarter that investors can
get a clear reading of the company's earnings power," he
added.

Shares of Bank of America, a Dow component, rose 0.5
percent to $13.25 in premarket trading.

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0809 ET 30June2009-GFT: rise in crude prices may turn into
negative
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GFT on Tuesday wrote that a recent rise in crude oil prices
has been viewed as a positive, "as it suggests pricing traction
and increased economic activity."

However, it added, "this view of oil could quickly morph
into a negative: a speculative bubble and a drag on economic
recovery."

August crude futures are currently up 0.2 percent to $71.62
per barrel.

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0803 ET 30June2009-Bank of NY Mellon invests in Nasdaq unit
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Bank of New York Mellon Corp (BK.N) has made a minority
equity investment in a Nasdaq OMX Group Inc (NDAQ.O) unit that
clears and settles interest rate swaps and other fixed-income
derivatives contracts. Terms were not disclosed.

The companies said the partnership provides Bank of New
York Mellon clients with a platform to handle derivatives
trading, clearing and servicing, and lends support to U.S.
President Barack Obama's proposed reforms to the
over-the-counter derivatives market

For details, see [ID:nN30426694]

Shares of Bank of NY Mellon closed Monday at $29.71 while
Nasdaq OMX shares closed at $21.45.

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