18 Jul
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Breaking News- HP profit down 32 percent, shares up as results beat estimatesSAN FRANCISCO (Reuters) - Hewlett-Packard Co's quarterly profit slid 32 percent but the world's largest personal computer maker raised the lower end of its full-year outlook after earnings per share beat forecasts, sending its stock 10 percent higher. Net income fell to $1.08 billion, or 55 cents a share, from $1.59 billion, or 80 cents a share, a year earlier. The company earned 87 cents per share on an operating basis during the second quarter on revenue of $27.6 billion. ...
- Wall Street falters in volatile session on Fed worriesBy Angela Moon NEW YORK (Reuters) - Stocks fell on Wednesday with the S&P 500 posting its biggest decline in three weeks, after minutes from the latest Federal Reserve meeting showed some officials were open to tapering large-scale asset purchases as early as at the June meeting. Trading was volatile - the Dow and the S&P indexes both rose more than 1 percent during the morning, but fell more than 1 percent in the afternoon. ...
- Bernanke says more progress needed before stimulus pullbackBy Pedro da Costa and Alister Bull WASHINGTON (Reuters) - The Federal Reserve's monetary stimulus is helping the economy recover but the central bank needs to see further signs of traction before taking its foot off the gas, Fed Chairman Ben Bernanke said on Wednesday. A decision to scale back the $85 billion in bonds the Fed is buying each month could come at one of the central bank's "next few meetings" if the economy looked set to maintain momentum, Bernanke told Congress. But minutes from the Fed's most recent meeting released on Wednesday showed the bar was still relatively high. ...
- Home sales close in on three-and-a-half year highBy Lucia Mutikani WASHINGTON (Reuters) - Home resales rose in April to the highest level in nearly 3-1/2 years and prices surged, offering the economy a buffer from the stiff headwinds posed by belt-tightening by Washington. The National Association of Realtors said on Wednesday existing home sales advanced 0.6 percent to an annual rate of 4.97 million units, the highest level since November 2009. The data underscored the housing market's improving fortunes as it starts to regain its lost glory. Resales were 9.7 percent higher than the same period last year. ...
- Electric carmaker Tesla pays off U.S. loanDETROIT (Reuters) - Electric carmaker Tesla Motors Inc on Wednesday said it has paid off its U.S. Department of Energy loan, using money raised last week in a stock and notes offering. The automaker said it wired $451.8 million to repay the full loan with interest. "I would like to thank the Department of Energy and the members of Congress and their staffs that worked hard to create the (Advanced Technology Vehicle Manufacturing) program, and particularly the American taxpayer from whom these funds originate," Tesla Chief Executive Elon Musk said in a statement. "I hope we did you proud. ...
- PepsiCo rethinks U.S. pricing to attract more everyday buyers(Reuters) - PepsiCo Inc said it is tweaking its drink-pricing strategy in some parts of the United States, as it aims to wean consumers off the habit of buying soda only when it is on sale. The strategy, which PepsiCo refers to as "hybrid everyday value," involves narrowing the gap between soda prices on holidays and regular days. It aims to lessen the discounts on holidays, when a 12-pack of 12-ounce cans can cost as little as $2.50 to $3, and lower prices throughout the rest of the year, when the same package can cost as much as $5.99. ...
- Bob Lutz, Chinese parts maker offer $20 million for Fisker: sourcesDETROIT (Reuters) - China's largest auto parts maker and a boutique car company led by former General Motors Co executive Bob Lutz have offered $20 million to buy "green" carmaker Fisker Automotive, people familiar with the matter said on Wednesday. Wanxiang and VL Automotive are looking to buy Fisker, which has not built a car since July, through a prepackaged bankruptcy deal. A separate team of investors is looking to buy out the U.S. Department of Energy's position in Fisker. A spokesman for VL Automotive declined to comment. Pin Ni, president of Wanxiang's U.S. ...
- Europe targets Switzerland in fight against bank secrecyBy John O'Donnell and Martin Santa BRUSSELS (Reuters) - Europe edged closer to lifting banking secrecy on Wednesday after Austria said it was ready to share data on foreign depositors but Vienna's support could fade should efforts to strike a similar deal with Switzerland fail. Austria's dropping of objections allowed EU leaders to commit to an exchange of bank information between countries by the end of the year, as cash-strapped states seek to stop tax evasion and close loopholes highlighted by Apple Inc's use of a base in Ireland. ...
- Delta Airlines wants to stop Ex-Im help on big jetsBy Alwyn Scott (Reuters) - Delta Air Lines Inc wants the U.S. Export-Import Bank to stop helping state-owned foreign airlines buy wide-body jets from Boeing Co , and would be willing to forgo such support for its own purchases if all such subsidies were eliminated, its chief executive said on Wednesday. "We would be perfectly willing, if we had a total moratorium on narrow-body and wide-body financing, to forego" export credit help on narrow-body jet purchases from Bombardier , Delta CEO Richard Anderson said in an interview with Reuters. ...
- Delta will wait for new planes to prove themselves: CEOBy Karen Jacobs (Reuters) - U.S. carrier Delta Air Lines will watch the wave of orders for the latest Airbus and Boeing planes roll on by and wait for the jets to prove themselves before ordering any, its chief executive told Reuters on Wednesday. The two airplane makers have orders for more than 3,000 of their narrow-bodied models, the Boeing 737 MAX and the Airbus A320neo, which boast fuel savings of about 15 percent. The new models are to be in service from the second half of the decade. ...
- HP profit down 32 percent, shares up as results beat estimates
