Vodafone (VOD) UK has reportedly launched a converged fixed-mobile service (called "Vodafone One Net") yesterday for small and medium enterprises (SMEs) across the UK, helping them to more effectively manage their corporate communications. This follows the company’s successful launch of Vodafone One in June 2009 that offers bundled voice, data and fixed-line services for large businesses. Vodafone One Net, which was previously launched in Italy and Czech Republic, marks Vodafone UK’s entry in the lucrative communications market for SMEs in the UK, representing an approximate £8 billion market opportunity. The new combined service offers a single number for mobile and landline services, one voicemail number for all messages and one contract through a single service provider. Users can seamlessly switch between landline phones and their mobiles while in a call and will have the flexibility of paying a flat call rate per subscription for all calls. ...

We have a neutral rating on Ciena Corp. (CIEN), as the company's FlexSelect platform has been gaining momentum. It allows carriers to transition networks to carrier grade Ethernet. We believe the acquisition of World Wide Packets will further strengthen its base.

The provider of optical networking equipment, software and services diversified beyond emerging carriers, and now counts the world's largest telecom service providers as its customers, including Verizon (VZ), AT&T (T), BT Group (BT) and Qwest Communications (Q).

Ciena's cost cutting efforts will trim operating expenses, helping it achieve breakeven results in the coming quarters.

Moreover, the company has a healthy balance sheet with improving cash metrics. The company exited the current quarter with $922.6 million in cash and short-term investments, compared to $917.0 million in the previous quarter. Long-term debt (convertible notes payable) at the end of the quarter remained at $798.0 million.

However, the company's sales

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GLOBAL MARKETS-Stocks, crude surge as profits, data spur rally

Wall Street rallies on solid profits, recovery hopes

Oil jumps as economic data raises economic recovery hope

* Dollar slips as risk sentiment improves

By Herbert Lash

NEW YORK, July 30 - Global stocks rallied and oil surged more than 5 percent on Thursday as solid corporate results worldwide and encouraging economic data boosted sentiment that had turned skittish earlier in the week.

Commodity prices jumped, with the Reuters-Jefferies CRB index <.CRB> of 19 commodities rising 3.9 percent, its biggest daily gain since March, after a two-day sell-off.

And Long-dated U.S. Treasury bonds rebounded as fears about the appetite for U.S. government debt eased after robust demand for $28 billion in new seven-year notes. ID:[nN30286312]

U.S. equity gains were broad-based, with the Standard & Poor’s 500 Index <.SPX> hitting an almost nine-month intraday high that was less than 4 points below the key 1,000 mark. The S&P closed up

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Vodafone (VOD), the largest revenue generating international wireless carrier, has reportedly entered an agreement with BT Group (BT), to develop and upgrade broadband infrastructure and build advance networks in the Republic of Ireland. This represents the latest deal in the long-term strategic alliance between the two companies.  Under the seven-year deal, which is subjected to approvals by the Irish regulators, BT will transfer its consumer and small business broadband and voice customer base and will provide access to its fixed-line network to Vodafone. The aggregate value of the business to be transferred by BT is approximately €4.8 billion ($6.8 billion), covering roughly 84,000 residential customers and 3,000 small business clients.  Currently, Vodafone has 4.6 million fixed broadband subscribers across Europe with Germany being the most significant with 3.1 million customers. With the acquisition of Perlico (a leading fixed-line carrier in Ireland) in November ...

* Wal-Mart (NYSE:WMT) reported first quarter earnings of 77 cents a share, inline with estimates, and up from 76 cents a share a year ago.  The firm said it expects second quarter earnings of 83 cents to 88 cents a share, versus Street estimates of 85 cents per share

* Kohl's (NYSE:KSS) reported first quarter results of 45 cents per share, 2 cents better than expected, on inline revenues of $3.64 billion, up 0.4% year-over-year.  The firm's second quarter estimate of 56 cents to 64 cents per share is also inline with consensus estimates. For the full year the company expects earnings of $2.19 to $2.42 per share, versus its prior view of $2.00 to $2.30 a share, missing estimates of $2.53

* Sony (NYSE:SNE) reported a $1.7 billion fourth quarter loss, its first annual loss in fourteen years. The firm said it expects a wider net loss and smaller operating loss

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FTSEurofirst 300 falls 1.5 percent… Banks under pressure on poor economic outlook… Miners, oils slip…

European shares hit a one-week trough on Thursday, led lower by banks, as poor corporate results and fresh signs of deteriorating global economic outlook overshadowed a compromise deal on a massive U.S. stimulus plan.

By 0949 GMT, the FTSEurofirst 300 index of top European shares was down 1.5 percent to 791.78 points after falling as low as 787.14. The index is down 4.8 percent this year after plunging 45 percent in 2008.

Banks were among the top fallers on the index, with Commerzbank falling 5.4 percent, Credit Agricole down 3.5 percent and Societe Generale declining 3.4 percent.

Energy shares were also under pressure as crude prices eased to trade below $36 a barrel — down 75 percent from a record high near $150 just seven months ago. BP

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