29 Jun
House passes student loan-rate extension
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Breaking News- HP profit down 32 percent, shares up as results beat estimatesBy Poornima Gupta SAN FRANCISCO (Reuters) - Hewlett-Packard Co raised its 2013 earnings outlook after beating low expectations, as CEO Meg Whitman's turnaround plan helped to shore up profits and offset shrinking personal computer sales with enterprise computing services. While fiscal second-quarter profit plummeted 32 percent, Wall Street had braced for worse. HP shares gained 14 percent after the company projected full-year earnings per share of $3.50 to $3.60, raising the lower end by 10 cents. ...
- 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 U.S. 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 pedal, 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 footing. Resales were 9.7 percent higher than in the same period last year. ...
- Electric carmaker Tesla pays off U.S. loanBy Ben Klayman DETROIT (Reuters) - Electric carmaker Tesla Motors Inc on Wednesday paid off its U.S. Department of Energy loan nine years earlier than required, using money raised last week in a stock and debt offering. The automaker said on Wednesday that it wired $451.8 million to repay the full loan with interest. ...
- Starbucks veteran Michelle Gass leaving for Kohl's(Reuters) - Starbucks Corp executive Michelle Gass, who was instrumental in the world's biggest coffee chain's post-recession U.S. turnaround, is leaving after more than 16 years to become chief customer officer at retailer Kohl's Corp . Gass, known for having led many big initiatives at Starbucks, including the development of Frappuccino blended drinks, will join Kohl's in the newly created position on June 17, the low-price department store said on Wednesday. ...
- PepsiCo rethinks U.S. pricing to attract more daily 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. ...
- Fisker fields $20 million offer from Bob Lutz, Wanxiang: sourcesBy Deepa Seetharaman and Norihiko Shirouzu DETROIT/TOKYO (Reuters) - A team including former General Motors Co executive Bob Lutz and China's largest parts maker is looking to buy Fisker Automotive for $20 million, a fraction of the "green" car company's estimated worth almost a year and a half ago. People familiar with the matter said on Wednesday that VL Automotive, a venture between Lutz and industrialist Gilbert Villarreal, and China's Wanxiang Group submitted the bid earlier this month to buy Fisker through a prepackaged bankruptcy deal. ...
- 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. ...
- HP profit down 32 percent, shares up as results beat estimates
