News Summary

The International Air Transport Association (IATA) reported that it now projects member airlines to make a net profit of $4 billion this year, lower than its earlier March forecast of $8.6 billion. IATA also expects lower passenger and cargo demand. Profits in Asia are expected to drop by 80% from last year's level. IATA raised its projections for 2011 global GDP growth to 3.2% from 3.1%. Passenger numbers are projected to grow by 4.4%, versus its March forecast of 5.6%. The outlook for cargo expansion has been lowered from 6.1% to 5.5%.

Shares of Statoil ASA (NYSE: STO) rose about 0.4% after the company agreed to sell a 24.1% stake in a key European natural gas transport venture for 17.35 billion crown ($3.25 billion). The buyer of the stake is Solveig Gas Norway AS, which is 45% owned by Canada Pension Plan Investment Board and 30% by Allianz Capital Partners.

Shares of Forest City Enterprises Inc (NYSE:FCE-A) dropped about 0.3% after the company reported its first-quarter EBDT (earnings before depreciation, amortization and deferred taxes) increased to $127.4 million, from $70.5 million, in the year-ago period. On a fully diluted, per-share basis, the company's quarterly EBDT surged 70.3% to $0.63, from $0.37. Forest City reported its net earnings at $47.6 million, or $0.25 per share, versus a net loss of $15.6 million, or $0.10 per share, in the year-ago quarter. After preferred dividends, net earnings attributable to Forest City common shareholders came in at $43.7 million, or $0.24 per share. Forest City's quarterly consolidated revenue increased to $316.9 million, from $271.5 million last year. Analysts were expecting a loss of $0.21 per share on revenue of $329.55 million.

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