US stocks sank as poorer-than-expected home sales and a warning by AT&T Inc. on weaker customer spending sent the S&P 500 Index to its lowest level since 16 March. The S&P 500 retreated 25.99, or 1.84%, to 1,390.19. The DJIA declined 238.42, or 1.86%, to 12,589.07. The Nasdaq shed 58.95, or 2.36%, to 2,440.51.
From the media, some brief corporate news:
a) Pacific Internet and Hong Kong-based Asia Netcom will undergo an operational merger in Hong Kong. A strategic plan, which includes a possible listing, was unveiled for the joint entity, which will be called Pacnet. Pacnet is slated to become Asia's leading independent telecommunications service provider with the largest regional footprint and the region's most extensive sub-sea cable infrastructure.
b) Copper recycling group Advance SCT is prepared to fork out $11.05m for the remaining 20% stake it does not own in Malaysian copper smelter TTM Industries from Tembusu Growth Fund. The price for the 20% stake represents a price earnings ratio of about 4.6 times TTM Industries' FY07 unaudited net profit.
c) Woh Hup has been awarded the $1b main contract for Keppel Land's Reflections at Keppel Bay project. The 1,129-unit development is expected to be completed by 2013.
d) Electronics distributor SNF Corporation has proposed a reverse takeover deal that will see the business of Healthway Medical Services (HMS) being injected into the listed entity. SNF Corporation intends to buy the entire issued and paid-up capital of HMS from Universal Healthway for $525m - and pay for it by issuing 2.6b shares - after a two-into-one share consolidation - at $0.20 apiece.
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