Fulton Financial Approves Share Repurchase Program - msnbc.com Fulton Financial Approves Share Repurchase Program - msnbc.com

Tuesday, June 19, 2012

Fulton Financial Approves Share Repurchase Program - msnbc.com

Fulton Financial Approves Share Repurchase Program - msnbc.com

Fulton Financial Corporation (NASDAQ: FULT), a $16.5 billion Lancaster, PA-based financial holding company, announced that, under a program approved today by its board of directors, it is authorized to repurchase up to five million shares, or approximately 2.5 percent of the company's outstanding shares, through December 31, 2012.

As of June 19, 2012, the Corporation had approximately 201 million shares of common stock outstanding.

As permitted by securities laws and other legal requirements and subject to market conditions and other factors, purchases may be made from time to time in open market purchases at prevailing prices. The program may be discontinued at any time.

Fulton Financial Corporation employs more than 3,800 employees and operates more than 270 banking offices in Pennsylvania, Maryland, Delaware, New Jersey and Virginia through the following affiliates: Fulton Bank, N.A., Lancaster, PA; Swineford National Bank, Middleburg, PA; Lafayette Ambassador Bank, Easton, PA; FNB Bank, N.A., Danville, PA; Fulton Bank of New Jersey, Mt. Laurel, NJ; and The Columbia Bank, Columbia, MD.

Additional information on Fulton Financial Corporation is available on the Internet at www.fult.com.

Safe Harbor Statement
This news release may contain forward-looking statements with respect to the Corporation's financial condition, results of operations and business. Do not unduly rely on forward-looking statements. Forward-looking statements can be identified by the use of words such as "may," "should," "will," "could," "estimates," "predicts," "potential," "continue," "anticipates," "believes," "plans," "expects," "future," "intends" and similar expressions which are intended to identify forward-looking statements.

These forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, some of which are beyond the Corporation's control and ability to predict, that could cause actual results to differ materially from those expressed in the forward-looking statements. The Corporation undertakes no obligation, other than as required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Many factors could affect future financial results including, without limitation: the impact of adverse changes in the economy and real estate markets; increases in non-performing assets which may reduce the level of earning assets and require the Corporation to increase the allowance for credit losses, charge-off loans and incur elevated collection and carrying costs related to such non-performing assets; acquisition and growth strategies; market risk; changes or adverse developments in political or regulatory conditions; a disruption in, or abnormal functioning of, credit and other markets, including the lack of or reduced access to markets for mortgages and other asset-backed securities and for commercial paper and other short-term borrowings; changes in the levels of, or methodology for determining, FDIC deposit insurance premiums and assessments; the effect of competition and interest rates on net interest margin and net interest income; investment strategy and other income growth; investment securities gains and losses; declines in the value of securities which may result in charges to earnings; changes in rates of deposit and loan growth or a decline in loans originated; relative balances of rate-sensitive assets to rate-sensitive liabilities; salaries and employee benefits and other expenses; amortization of intangible assets; goodwill impairment; capital and liquidity strategies, and other financial and business matters for future periods.

For a more complete discussion of certain risks and uncertainties affecting the Corporation, please see the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" set forth in the Corporation's filings with the Securities and Exchange Commission.

© Marketwire 2012

US STOCKS-Wall St gains on hopes for central bank moves - Reuters UK

Tue Jun 19, 2012 8:12pm BST

* Germany did not discuss EU bond-buying plan at G20

* FOMC begins two-day policy meeting

* Oracle climbs after results

* Dow up 0.9 pct, S&P up 1.1 pct, Nasdaq up 1.2 pct (Updates to late afternoon trade)

By Angela Moon

NEW YORK, June 19 (Reuters) - U.S. stocks rose on Tuesday on hopes that the Federal Reserve's policymakers will agree on extending stimulus measures as the economy struggles to recover.

A sharp decline in German business sentiment, alongside stubbornly high Spanish bond yields, raised expectations for market-friendly stimulus from European policymakers as well.

"We went to the highs of the day on that, and we have the Fed tomorrow. This is a bailout, central bank largesse bounce, and we'll see what follow-through (occurs) after the Fed tomorrow and whatever becomes of the ESM," said Peter Boockvar, equity strategist at Miller Tabak & Co in New York.

British media reports earlier had said German Chancellor Angela Merkel was poised to use Europe's dual bailout funds, known as the European Financial Stability Facility or the EFSF and the European Stability Mechinism or the ESM, to buy up the debt of countries like Italy and Spain and had discussed the plans at the summit. But a German government official told Reuters there was no discussion at a G20 summit in Mexico this week about using Europe's rescue funds to buy up the bonds of stricken members of the euro zone.

The Dow Jones industrial average was up 112.20 points, or 0.87 percent, at 12,854.02. The Standard & Poor's 500 Index was up 14.27 points, or 1.06 percent, at 1,359.05. The Nasdaq Composite Index was up 35.10 points, or 1.21 percent, at 2,930.43.

The S&P 500 has gained more than 7 percent from a five-month low hit earlier in June, and is on track to close above its 50-day moving average for the first time in seven weeks. But the sharp gains also leave the market vulnerable if the outcome of Wednesday's Fed meeting doesn't meet market expectations.

Growth-related stocks led the rally, with the S&P materials sector index up 2 percent and the financial sector index up 1.7 percent. U.S. Steel Corp jumped 7.6 percent to $19.80 and Bank of America added 4.6 percent to $8.12.

On Tuesday, the Federal Open Market Committee began the first day of a two-day meeting on interest-rate policy. The meeting got under way with expectations increasing that the U.S. central bank may extend its "Operation Twist" program, its effort to drive down long-term borrowing costs.

"People are anticipating some type of response from the Fed tomorrow and are buying or covering shorts in anticipation of that," said Paul Zemsky, head of asset allocation at ING Investment Management in New York. "There's a risk the market gets disappointed."

Spain's government bond yields eased slightly after it raised 3 billion euros at a short-term debt sale, with the higher yields enticing investors. However, with its 10-year bond yield above 7 percent, investors worried over how long the euro zone's fourth-largest economy can survive without foreign help.

In Greece, parties promised to form a coalition government soon and seek concessions from the country's EU and IMF lenders on an austerity program that is both keeping the country away from bankruptcy and mired in a very long recession.

Oracle Corp rose 3.3 percent to $28.01 a day after it reported stronger-than-expected quarterly profit, releasing the results three days ahead of schedule after news of the pending departure of a senior sales executive fueled concerns that business was stagnating.

Walgreen Co tumbled 5.6 percent to $30.17 after the pharmacy chain reported quarterly earnings and said it would buy a 45 percent stake in Alliance Boots for $6.7 billion in a cash-and-stock deal.

FedEx Corp rose 3 percent to $91.17 after the package delivery company reported fourth-quarter earnings and provided an outlook for the first quarter and 2013.

Shares of J.C. Penney dropped 8.3 percent to $22.30 a day after its president abruptly left the department store operator following a botched advertising campaign.

Economic data showed U.S. housing starts fell in May from a 3-1/2 year high, but permits to build new homes rose sharply, suggesting the housing recovery remains on track. (Reporting By Angela Moon; Additional reporting by Edward Krudy; Editing by Jan Paschal)

'Money' Mayweather tops the rich list – despite being in jail - The Independent

It is a remarkable accumulation for a man known as "Money" – who is currently serving a 90-day sentence in Las Vegas for domestic violence against a former partner. Mayweather's prison term, following a guilty plea in December, was even put on hold to allow him to take part in the second fight, against Miguel Cotto last month. Those 12 rounds in Las Vegas earned him $45m – the delay was approved because the fight was estimated to be worth up to $15m for the city.

Boxers claimed the top two spots, with Manny Pacquiao – one of only two men (with Mayweather) to defeat Ricky Hatton – $23m behind, but it is American football that dominates the 100 with 30 entries. Eleven sports are represented and the combined income of all 100 is $2.6bn. There are just two women in the top 100, both tennis players; Maria Sharapova, at 20, and Li Na, 81. The highest Briton, and footballer, is David Beckham in eighth. Mahendra Singh Dhoni is the highest-paid cricketer at 31. His total of $26.5m is some $2m more than Wayne Rooney and comes off the back of captaining India to World Cup glory on home soil.

Boxers hit jackpot: The Forbes Rich List

1. Floyd Mayweather
Boxing (Annual earnings $85m/£54.2m)

The 35-year-old earned nothing from endorsements, compared to Tiger Woods's $55m and the $45m collected by Roger Federer. Mayweather's immense income comes in large part because he promotes his own fights. That sees him retain all TV money and ticket sales income.

2. Manny Pacquiao
Boxing ($62m/£39.58m)

The Filipino gathered a relatively meagre sum of $6m from endorsements and collected his income from only two fights – one of which he lost, to Tim Bradley. A rematch with Bradley later this year will provide another huge pay day

3. Tiger Woods
Golf ($59.4m/£37.8m)

The former world No 1 has seen his earnings fall by $16m over the past year. His 30-month winless streak meant his on-course earnings dropped to $4.4m – less than a third of Luke Donald, the highest ranked British golfer in the list, at 48.

4. LeBron James
Basketball ($53m/£33.82m)

The 27-year-old Miami Heat star has a share in Liverpool FC as part of his wealth. He saw his salary cut because of the NBA lockout but two promotion deals in Asia helped take his endorsements to $40m.

5. Roger Federer
Tennis ($52.7m/£33.62m)

He has slipped behind Rafa Nadal and Novak Djokovic on the court, but off it the Swiss (left) still reigns as tennis's biggest earner. Endorsements make up $45m of his total.

6. Kobe Bryant
Basketball ($52.3m/£33.37m)

Lost $5m from his annual salary because of the lockout, but still took home $20.3m for his year's work.

7. Phil Mickelson
Golf ($47.8m/£30.5m)

He may just have shot his worst round in a US Open but the dollars keep rolling in. Mickelson, now 42, gathered $43m in endorsements compared to $4.8m in winnings.

8. David Beckham
Football ($46m/£29.3m)

His $9m annual salary is under half that of Cristiano Ronaldo but, with a high-profile Olympic role looming, his global profile is in no danger of dropping any time soon.

9. Cristiano Ronaldo
Football ($42.5m/£27.1m)

The Real Madrid winger has had a season to savour on the pitch and can expect to climb the list next year, especially if international success follows his club triumphs. His salary of $20.5m is the highest of any footballer in the world.

10. Peyton Manning
American Football ($42.4m/£27m)

Highest earner of the 10 NFL players on the list thanks to his $10m worth of annual endorsements.

Selected others

11. Lionel Messi, Football ($39m); 24. Lewis Hamilton, F1($28m); 26. Maria Sharapova, Tennis ($27.9m); 37. Wayne Rooney, Football ($24.3m); 63. Usain Bolt, Athletics ($20.3m)

Japan Stocks Rise on Optimism Fed, China to Add Stimulus - Bloomberg

Japanese stocks rose, with the Topix Index heading for its highest in more than a month, as investors speculated central banks in the U.S. and China may announce more stimulus to boost growth in the world’s largest economies.

Sony Corp., a consumer electronics company that gets almost a fifth of its revenue in the U.S., gained 3.1 percent. Mitsubishi Corp. (8058), Japan’s top commodities trader by revenue, climbed 1.4 percent after prices of oil and metals increased. Daio Paper Corp. led the sector higher on a Nikkei newspaper report that Hokuetsu Kishu Paper Co. will buy a 20 percent stake.

The Topix advanced 1.2 percent to 743.21 as of 9:23 a.m. in Tokyo, set for the highest close since May 17. All 33 industry groups in the index climbed. The Nikkei 225 Stock Average (NKY) rose 0.7 percent to 8,712.82, with volume 9.7 percent lower than the 30-day average.

“There will be more measures taken by central banks to stimulate the economy,” said Daphne Roth, Singapore-based head of Asian equity research at ABN Amro Private Banking, where she helps oversee about $207 billion. “China also has more flexibility to ease monetary and fiscal policy.”

Futures on the Standard & Poor’s 500 Index fell 0.1 percent today. The gauge advanced 1 percent yesterday and closed at its highest level in more than a month as analysts at JPMorgan Chase & Co., Jefferies & Co. and Goldman Sachs Group Inc. speculated the Federal Reserve will move to spur growth.

Operation Twist

Signs of slowing growth amid Europe’s debt crisis could mean the Fed, which began a two-day meeting yesterday, will extend its so-called Operation Twist, according to JPMorgan and Jefferies. The program involves selling short-term debt and buying longer-term bonds.

The Topix has fallen 15 percent from this year’s peak on March 27 as China’s growth slowed and on concern Europe’s debt crisis is spreading. Shares on the index are valued at 0.88 times book value, near levels seen after the 2008 collapse of Lehman Brothers Holdings Inc. A number below one means a company can be bought for less than the value of its assets.

The London Metal Exchange Index of prices for six industrial metals including copper and aluminum yesterday climbed 1 percent to the highest close since May 29. Crude oil for July delivery gained 0.9 percent to $84.03 a barrel in New York yesterday.

To contact the reporters on this story: Norie Kuboyama in Tokyo at nkuboyama@bloomberg.net. Adam Haigh in Sydney at ahaigh1@bloomberg.net

To contact the editor responsible for this story: Nick Gentle at ngentle2@bloomberg.net

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