HONG KONG (MarketWatch) -- David Webb, an independent director of Hong Kong Exchanges & Clearing Ltd. , resigned Thursday, saying the board had been undermined in its role of overseeing the operator of Hong Kong's stock and derivative exchanges. Webb spelled out the reasons for his resignation in a six-point letter that was published on the Hong Kong Exchange's website Thursday. Hong Kong Exchanges said it did not agree with the criticisms listed in the letter.

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HONG KONG (MarketWatch) -- Japan's economy expanded at a faster-than-expected 0.8% in the January to March quarter, or 3.3% annualized, marking its third straight quarterly expansion amid strong exports and a rebound in private residential investment, the Cabinet Office said Friday. Economists had expected the economy to grow 0.7% for the quarter, according to a poll conducted by Dow Jones Newswires.

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HONG KONG (MarketWatch) -- Asian markets rallied early Friday after a higher finish on Wall Street, with exporters such as Nintendo Co. and Honda Motor Co. leading gains in Tokyo. The Nikkei 225 Average rose 0.9% to 14,380.74, taking gains into a fifth straight session, while the broader Topix index climbed 1.1% to 1,407.71. Australia's S&P/ASX 200 gained 0.6% to 5,927.70 and South Korea's Kospi advanced 0.5% to 1,895.82, while New Zealand's NZX 50 index added 0.4% to 3,629.31.

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SAN FRANCISCO (MarketWatch) -- Berkshire Hathaway sold its stake in Ameriprise Financial earlier this year, according to a regulatory filing on Thursday. Berkshire, run by Warren Buffett, disclosed some of its holdings as of the end of March on Thursday and Ameriprise wasn't listed. At the end of 2007, Berkshire owned more than 600,000 shares of Ameriprise, according to another regulatory filing earlier this year.

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SAN FRANCISCO (MarketWatch) -- Yahoo Inc. late Thursday said Carl Icahn significantly misunderstands the facts on Microsoft's and stressed that the current Yahoo board is "the best and most qualified group to maximize value for all Yahoo! stockholders." The internet company also made it clear that it will not allow Icahn and his nominees to control the board, particularly if it entails the sale of the company, according to the text of a letter from Yahoo's Chairman Roy Bostock to Icahn. However, Bostock noted that the company is willing to consider a proposal from any party, including Microsoft, if it properly reflects Yahoo's full value.

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SAN FRANCISCO (MarketWatch) -- Radian Group Inc. said late Thursday it has met all the closing conditions of the first amendment to its revolving credit facility. The amendment eliminates the ratings covenant included in the original facility and will provide Radian with greater flexibility in regard to the minimum net worth that it must maintain, said the mortgage insurer. In return, Radian agreed to certain conditions, including securing the facility and reducing the commitment size to $250 million from $400 million, with further reductions to $150 million to take place if certain repayment events occur.

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SAN FRANCISCO (MarketWatch) -- Pan Am Railways and Norfolk Southern Railway, a subsidiary of Norfolk Southern Corp. , said Thursday they will set up a joint venture to invest in a rail route between Albany, N.Y. and the greater Boston, Mass., area. Each company will hold a 50% interest in the newly formed railroad company called "Pan Am Southern." As a part of the agreement, Pan Am Railways will transfer to the joint venture its 155-mile main line track that runs between Mechanicville, N.Y., and Ayer, Mass., while Norfolk Southern agreed to transfer cash and other property valued at $140 million.

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SAN FRANCISCO (MarketWatch) -- Moody's Investors Service on Thursday cut MeadWestvaco Corp.'s senior unsecured debt ratings to Ba1 from Baa3. "The downgrade reflects the company's low margins and free cash flow generation with the expectation that the company's financial performance will not improve significantly as the company enters a more challenging business environment," said Moody's in a statement. The rating outlook is stable.

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SAN FRANCISCO (MarketWatch) -- Human error and computer glitches at the Internal Revenue Service were responsible for up to 350,000 households not receiving a $300 per child economic-stimulus payment, the Associated Press reported late Thursday. About 130 million taxpayers were meant to benefit from the $168 billion economic-stimulus package, according to the AP. An IRS spokesman told the AP that those who did not receive the payments have been identified, and that the IRS will send the checks out in July.

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SAN FRANCISCO (MarketWatch) -- Beazer Homes USA Inc. losses widened in the fiscal first- and second-quarters, the homebuilder said late Thursday in its delayed financial results. The homebuilder reported a wider first-quarter loss of $138.2 million, or $3.59 a share, compared with $79.9 million, or $2.09 a share, a year ago. Revenue dropped to $503.1 million from $802.5 million for the quarter. Beazer also reported a wider loss for the second quarter of $229.9 million, or $5.96 a share, from $57.2 million, or $1.49 a share, in the year-ago period. Second-quarter revenue fell to $405.4 million, compared with $823.6 million last year.

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SAN FRANCISCO (MarketWatch) -- Compuware Corp. on Thursday reported a fourth-quarter profit of $61.2 million, or 23 cents a share, on revenue of $338.9 million. During the same period a year ago, the business software company earned $67.5 million, or 21 cents a share, on $313 million in sales. Analysts surveyed by Thomson Financial had forecast Compuware to earn 21 cents a share on $331.5 million in sales.

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SAN FRANCISCO (MarketWatch) -- Paulson & Co., a $33 billion hedge fund firm run by John Paulson, said on Thursday that it will support Carl Icahn's proxy fight with Yahoo Inc. . The firm revealed in a filing on Thursday that it owns 50 million shares of the Internet company. Paulson said it was "disappointed" that Yahoo failed to reach an agreement to be acquired by software giant Microsoft Corp. earlier this year. A combination of the two companies would create a stronger competitor to Google Inc. , the firm explained. "We intend to support the Icahn slate but sincerely hope that Yahoo will negotiate an agreement with Microsoft thereby making a proxy fight unnecessary," Paulson said in a statement.

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SAN FRANCISCO (MarketWatch) -- Mentor Corp. late Thursday reported its fiscal fourth-quarter net income fell to $19.8 million, or 53 cents a share, from $25.9 million, or 54 cents a share, a year earlier. Earnings from continuing operations were 30 cents a share, the Santa Barbara, Calif.-based medical products company said. Revenue increased $99.4 million from $80.3 million the year before. On average, analysts surveyed by FactSet Research had forecast earnings of 29 cents a share on revenue of $94.1 million.

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SAN FRANCISCO (MarketWatch) -- BMC Software said Thursday afternoon that earnings jumped nearly 55% for its fourth fiscal quarter. For the quarter ended March 31, the company said net income was $97 million, or 50 cents per share, compared to earnings of $62.8 million, or 30 cents a share, for the same period last year. Excluding certain charges, the company said it would have earned $123 million, or 63 cents a share, for the recent period. Revenue grew 11% to $466.9 million. Analysts were expecting earnings of 51 cents a share on revenue of $460.9 million, according to FactSet Research.

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SAN FRANCISCO (MarketWatch) - Autodesk Inc. said Thursday its first-quarter profit rose compared to the same period a year earlier, as sales grew 18%. San Rafael, Calif.-based Autodesk said net income for the period ended in April rose to $94.6 million, or 41 cents a share, compared to $83.3 million, or 34 cents a share in the same period a year earlier. Meanwhile revenue rose to $598.8 million from $508.6 million. Excluding special items, the maker of design software said earnings for the period were 50 cents a share. Analysts on average estimated Autodesk would post earnings excluding special items of 48 cents a share, and $589.11 million in revenue, according to FactSet Research.

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SAN FRANCISCO (MarketWatch) -- Nordstrom, Inc. on Thursday reported a first-quarter profit of $119 million, or 54 cents a share, down from $157 million, or 60 cents a share, a year earlier. Analysts polled by FactSet Research were looking for a profit, on average, of 50 cents a share. Sales dipped 3.8% to $1.88 billion. The high-end retail chain also warned that it expects 2008 earnings of $2.65 to $2.80 a share, down from a prior targeted range of $2.75 to $2.90 a share, citing a difficult business climate. Wall Street previously forecast a full-year profit of $2.82 a share. Nordstrom also pegged second-quarter earnings at 65 cents to 70 cents a share. Analysts are looking for a profit of 69 cents a share.

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SAN FRANCISCO (MarketWatch) -- Kohl's Corp. reported late Thursday fiscal first-quarter net income of $153 million, or 49 cents a share, down from $209 million, or 64 cents a share, in the year-ago period. Overall revenue for the three months ended May 3 rose 1.5% to $3.6 billion from a year ago but comparable same-store sales fell 6.7%, the department store owner said. Analysts polled by FactSet had predicted the company would earn 45 cents a share on $3.62 billion in sales. The company said it expects to earn 70 cents to 74 cents a share in the second quarter and full-year earnings of $2.95 to $3.15 a share, below analysts' estimates of $3.20. Kohl's shares closed ahead of the report with a 1.8% gain at $50.49.

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NEW YORK (MarketWatch) -- U.S. stocks on Thursday climbed for a second day as deal-making in the online media space bolstered hopes of more merger activity and oil prices turned lower, helping investors shrug off a slew of mostly weak, but anticipated, economic reports. The Dow Jones Industrial Average rose 94.28 points, or 0.7%, to end at 12,992.66. The S&P 500 gained 14.91 points, or 1.1%, to 1,423.57, while the Nasdaq Composite climbed 37.03 points, or 1.5%, to 2,533.73.

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WASHINGTON (MarketWatch) - The Bush administration refused again Thursday to identify China's currency practice as manipulative. In a semi-annual report, the Treasury Department said that China's current account surplus of $111 billion current account surplus and $1.68 trillion in foreign exchange reserves were not enough to qualify as signs of manipulation under the language of the statute passed by Congress. But the report said China's foreign exchange policy remains a threat to global economic stability and urged the Chinese government to loosen its tight control over the yuan to allow "rapid" appreciation.

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SAN FRANCISCO (MarketWatch) -- The House of Representatives rejected a measure to fund military operations in Iraq and Afghanistan for $163 billion into 2009, according to media reports Thursday. The Democrat-controlled House voted 149-141 to kill the funding, helped in part by 132 Republicans who abstained from a "yes" or "no" vote by voting "present," according to reports. The war funding issue will be taken up next week in the Senate. The House also voted 266-166 to pass a measure boosting education benefits for veterans of Iraq and Afghanistan, a tally short of the two-thirds needed to overcome a promised veto by President Bush, according to reports.

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SAN FRANCISCO (MarketWatch) -- June crude closed at a one-week low of $124.12 an ounce Thursday, down 10 cents for the session, after dropping to a low of $120.90. Analysts said the expiration of options on June crude played a key role in oil's volatile moves. June natural gas fell 20 cents to end at $11.40 per million British thermal units on a bigger-than-expected rise in U.S. natural gas supply.

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SAN FRANCISCO (MarketWatch) -- Standard & Poor's Ratings Services said Thursday it lowered Tesco's long-term corporate credit and senior unsecured debt ratings to A from A+ and affirmed its short-term corporate credit rating of A-1. "The downgrade reflects the deterioration of Tesco's financial profile below the minimum levels needed to sustain 'A+' ratings as well as the May 14, 2008, announcement that it will acquire a store portfolio in South Korea for 958 million pounds," said Marketa Horkova, a credit analyst at S&P. The ratings agency also lowered its outlook on the U.K.-based retailer to negative from stable.

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SAN FRANCISCO (MarketWatch) -- Standard & Poor's said Thursday it raised the outlook on Beckman Coulter Inc. to stable from negative because of the company's successful transition on how it leases medical equipment. S&P has a BBB rating on the company. "During the transition, sales growth and free operating cash flow contracted dramatically," S&P said in a statement. "During the past year, sales growth has re-accelerated and reported free operating cash flow is back into the $100 million area."

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SAN FRANCISCO (MarketWatch) -- Research In Motion Ltd. plans to launch a touch-screen version of its BlackBerry device in the third quarter in a response to the runaway popularity of the iPhone, the Wall Street Journal reported Thursday in its online edition, citing people familiar with the matter. The device, known as the Thunder, will be sold exclusively through Verizon Wireless in the U.S. and Vodafone abroad, and is designed to run on wireless networks in the U.S. as well as overseas, the newspaper reported.

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SAN FRANCISCO (MarketWatch) -- June gold climbed $13.50, or 1.6%, to close at $880 an ounce Thursday in New York. Prices held tight to earlier strength even as the U.S. dollar moved higher against its currency rivals and crude futures turned lower.

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SAN FRANCISCO (MarketWatch) -- The Department of Defense said two H-47 Chinook helicopters at a Philadelphia Boeing Co. factory were vandalized, The Associated Press reported Thursday. Officials were handing out fliers at the plant Thursday offering a $5,000 reward for information, according to the AP. On Tuesday, Boeing shut down production at the plant as Army officials conducted a probe. Boeing resumed production today.

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WASHINGTON (MarketWatch) -- Most agricultural-related stocks traded higher in the wake of the Senate's passage of the farm bill by a veto-proof majority. Ethanol-related shares stood out from the pack, with Aventine Renewable Energy up more than 9% and VeraSun Energy ahead more than 4%. Away from biofuels, shares of Deere & Co. were a standout, rising nearly 3% following earnings-induced selling pressure on Wednesday. Navistar Internatonal also gained, up more than 1%. Similar gains also were scored by Bunge Ltd. , Potash Corp. of Saskatchewan , Agrium Inc. and CF Industries Holdings . Shares of Mosaic Corp. , a supplier of crop nutrients, traded 2% higher.

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WASHINGTON (MarketWatch) - U.S. home builders see no signs of improvement in the housing market after a disappointing start to the spring selling season, the National Association of Home Builders reported Thursday. After stabilizing at 20 the past three months, the NAHB/Wells Fargo home builders' sentiment index fell back in May to 19, only one point above the record low of 18 set in December. Builders' assessment of current sales have never been gloomier in the 23-year history of the survey, with the sales index falling to 17 in May from the previous record low of 18 in April. The sales climate is so bad that the builders say that only a federal subsidy for home buyers will turn the market around.

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SAN FRANCISCO (MarketWatch) -- Moody's Investors Service on Thursday cut Macy's senior unsecured debt rating to Baa3 from Baa2 and its short-term rating to Prime-3 from Prime-2. "The downgrade reflects the recent deterioration in Macy's credit metrics resulting from a combination of weaker operating performance as well as higher debt levels due to aggressive share repurchases during fiscal 2007," said Moody's in a statement. The move also reflects Moody's view that the retailer's operating performance will not recover to the appropriate Baa2 investment rating levels over the next twelve months. The outlook is stable.

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WASHINGTON (MarketWatch) -- On the heels of a strong vote for passage in the House, senators on Thursday approved a $289 billion, five-year farm bill that is under a presidential veto threat. Senators voted 81-to-15, easily attaining the two-thirds majority needed to override a veto. On Wednesday, House lawmakers voted 318-to-106 to pass the bill, also securing the two-thirds majority needed for an override. The farm bill would increase funds for nutrition programs and authorize subsidies for farmers, among other moves.

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