13 May
Yahoo CEO Thompson steps down, effective immediately
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Breaking News- Wall St. extends rise, investors see no change in Fed policyBy Ryan Vlastelica NEW YORK (Reuters) - Stocks advanced for a second straight day on Tuesday as investors bet the Federal Reserve would temper statements which were interpreted to mean a sooner-than-expected winding down of stimulus efforts. Strong market breadth showed an increased appetite for equities, but trading volume was light, a sign that many market participants were taking a wait-and-see attitude. The Fed's two-day policy meeting started Tuesday, and traders are trying to guess its timeline for scaling back purchases of $85 billion per month of bonds. ...
- Adobe profit beats as Creative Cloud subscriptions soarBy Sruthi Ramakrishnan (Reuters) - Adobe Systems Inc, which makes the Photoshop and Acrobat software, reported a higher-than-expected adjusted quarterly profit as demand rose for Creative Cloud, the subscription-based version of its flagship software package. Shares of the company rose 4.4 percent in after-market trading. They closed at $43.36 on the Nasdaq on Tuesday. Adobe has been shifting to web-based subscription service Creative Cloud from a licensing model since last year. ...
- Google challenges surveillance court on First Amendment groundsSEATTLE (Reuters) - Google Inc asked the U.S. Foreign Intelligence Surveillance Court on Tuesday to allow it to publish aggregate numbers of national security requests it receives separately from criminal requests, on First Amendment grounds. In its filing, Google requested the court to allow it to publish the aggregate number of national security requests it receives, including disclosures under the Foreign Intelligence Surveillance Act (FISA), claiming it as part of its First Amendment right to free speech. ...
- Icahn seeks Dell share buyback, buys Southeastern stock(Reuters) - Billionaire investor Carl Icahn on Tuesday laid out a new proposal for Dell Inc, calling on the No. 3 PC maker to buy back 1.1 billion shares and allowing the activist to become a larger stakeholder. Icahn said in an open letter to Dell shareholders that he and Southeastern Asset Management would still seek to stop founder Michael Dell's buyout offer for the company, and if successful, elect new directors to the board at a shareholder meeting scheduled for July 18. Those directors in turn would implement a $14 per share tender offer, he said in the letter. ...
- Chrysler relents, to recall 2.7 million Jeeps over fuel tanksBy Bernie Woodall DETROIT (Reuters) - Chrysler Group LLC said it would recall 2.7 million older Jeep models after initially fighting a recall request from U.S. regulators in a dispute over crash protection for their fuel tanks. The recall will affect Jeep Grand Cherokee SUVs from model years 1993 to 2004 and Jeep Liberty SUVs from 2002 to 2007. While Chrysler stood by its assertion that the vehicles are not defective, the automaker acknowledged consumer concerns and said it may upgrade the rear structure of the vehicles, which have their fuel tanks situated behind the rear axle. ...
- Exclusive: Facebook reaches 1 million active advertisersBy Jennifer Saba (Reuters) - Facebook Inc said on Tuesday it now has 1 million active advertisers globally who used the platform in the last 28 days, a milestone for the company that is seeking to revive its revenue growth. A vast majority of those advertisers are small business owners who have flocked to the world's No. 1 social network. Facebook executives are hoping to net even more small advertisers since 16 million local businesses, ranging from jewelry sellers to clothing stores, set up free pages on the network. ...
- Huawei says has no plans to buy NokiaNEW YORK (Reuters) - Chinese network equipment and cellphone maker Huawei Technologies Co said it "has no plans to acquire Nokia", responding to a Financial Times report that it would consider buying the Finish phone maker. The denial came from Huawei's vice president for external affairs, Bill Plummer. The story on the FT website on Tuesday had quoted the head of Huawei's consumer business, Richard Yu, as saying: "We are considering these sorts of acquisitions; maybe the combination has some synergies but depends on the willingness of Nokia. We are open-minded." Nokia declined comment. ...
- From the ashes of Webvan, Amazon builds a grocery businessBy Alistair Barr SAN FRANCISCO (Reuters) - The online grocery start-up Webvan may have been the single most expensive flame-out of the dot-com era, blowing through more than $800 million in venture capital and IPO proceeds in just over three years before shutting its doors in 2001. Twelve years later, though, Webvan is rising from the dead - in the form of an online grocery business called AmazonFresh. Four key Amazon. ...
- Duke Energy turns to insider to succeed CEO RogersBy Eileen O'Grady and Anna Driver (Reuters) - Duke Energy Corp has turned to an insider, Chief Financial Officer Lynn Good, to take over as chief executive when Jim Rogers steps down as part of a regulatory settlement linked to its $18 billion takeover of Progress Energy. Good, 54, a veteran of the U.S. utility industry who is well known on Wall Street, was viewed by analysts as a leading contender for the job. Having served as CFO since July 2009, she is considered a strong manager with the experience to lead the large, complex company like Duke, the No.1 U.S. power producer. ...
- G8 pledges action on tax evasion, few concrete measuresBy William Schomberg and Jeff Mason ENNISKILLEN, Northern Ireland (Reuters) - The world's rich economies said they would take a tougher stance on fighting money laundering and tax evasion but promised little in the way of specific new action at the end of a two-day summit on Tuesday. The Group of Eight leaders signed up for a string of aims including improved transparency about who owns shell companies and more information-sharing between tax authorities. ...
- Wall St. extends rise, investors see no change in Fed policy
