14 May
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Breaking News- HP raises 2013 outlook as Whitman's plan takes holdBy Poornima Gupta SAN FRANCISCO (Reuters) - Hewlett-Packard Co raised its 2013 earnings outlook after quarterly results beat low expectations, as CEO Meg Whitman's turnaround plan helped 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, and fiscal third-quarter profit that topped analyst estimates. ...
- 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. ...
- China HSBC flash PMI hits 7-mth low, fans growth fearsBy Aileen Wang and Koh Gui Qing BEIJING (Reuters) - China's factory activity shrank for the first time in seven months in May as new orders fell, a preliminary survey of purchasing managers showed, adding to concerns that a recovery in the world's second-largest economy is sputtering. The flash HSBC Purchasing Managers' Index (PMI) for May fell to 49.6, slipping under the 50-point level demarcating expansion from contraction for the first since October. The final HSBC PMI stood at 50.4 in April. A sub-index measuring overall new orders dropped to 49. ...
- 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. ...
- Investment firms sue exchanges in dispute on improper fee chargesBy Nate Raymond (Reuters) - A group of investment firms including Citadel Securities LLC sued the Chicago Board Options Exchange Inc and four other exchanges on Wednesday for improper charges on millions of options trades over a seven-year period. The lawsuit, filed in a state court in Illinois, said the exchanges had discovered last year that a prominent firm had been mismarking orders as originating from public customers when they were not. ...
- Apple, former Washington wallflower, now at center of tax fightBy Andy Sullivan, Gabriel Debenedetti and Poornima Gupta WASHINGTON (Reuters) - For years, Apple Inc kept a low profile in Washington as it grew into one of the most valuable companies in the world. Now the iPad maker has taken the lead, perhaps inadvertently, on a top priority for U.S. business: simplifying America's tax code. Chief Executive Tim Cook, who was called before the Senate Permanent Subcommittee on Investigations on Tuesday to answer questions about Apple's alleged tax avoidance, used his appearance to plead for an overhaul of corporate taxes. ...
- Delta will wait for new planes to mature: CEOBy Karen Jacobs (Reuters) - Delta Air Lines is letting a wave of orders for the newest planes on the market roll by, giving the jets time to prove themselves before buying, its chief executive told Reuters on Wednesday. While other airlines have ordered more than 3,000 of the next generation narrow-body models, the Boeing 737 MAX and the Airbus A320neo, Delta says it is playing it safe. ...
- GM recalls more than 27,000 Cadillac crossovers with wheel issue(Reuters) - General Motors Co is recalling worldwide more than 27,000 Cadillac crossover vehicles whose wheels could fall off due to potentially loose wheel nuts. GM said on Wednesday it knows of no crashes or injuries due to the issue and that no wheels have separated from the sport utility vehicles built on car-based platforms. The recall by the largest U.S. automaker affects certain 2013 Cadillac SRX models equipped with 18-inch wheels. About 18,871 of the affected vehicles are in the United States, 913 are in Canada, and 7,397 have been exported beyond North America, a GM spokesman said. ...
- U.S. House votes to force approval of Keystone pipelineBy Ros Krasny WASHINGTON (Reuters) - The House of Representatives approved a bill as expected on Wednesday declaring that a presidential permit was not needed to approve the Canada-to-Nebraska leg of the Keystone XL oil pipeline, a move that would take a decision on the project away from the Obama administration. The Republican-controlled House voted 241-175 with support from some Democrats. The bill faces an uphill battle because it would have to pass the Senate with enough votes to overcome a promised veto from President Barack Obama. ...
- HP raises 2013 outlook as Whitman's plan takes hold
