Worldwide Business News

Fed might pause on rates: Bernanke (Reuters)

Reuters - Federal Reserve Chairman Ben Bernanke on Thursday said for the first time the central bank could at some point pause its 22-month interest-rate rising campaign to allow time to divine the economy's path.

Host’s Earnings Not So Inviting (The Motley Fool)
The Motley Fool - In the Wall Street world of “bigger is better,” Host Hotels & Resorts (NYSE: HST - News) is a brokerage-house favorite. With a nearly $8 billion market cap, the company formerly known as Host Marriott is by far the largest hotel real estate investment trust (REIT), and seventeen out of its 18 stock analysts recommend its shares. But after reviewing the company’s first-quarter earnings report, investors pursuing the hotel REIT space may be better served looking elsewhere.

Judge questions EU’s Microsoft case (Reuters)

Reuters - A European Union judge on Thursday challenged a landmark European Commission antitrust decision that software giant Microsoft abused its dominance by illegally muscling out rivals.

China raises lending rate to slow booming economy (Reuters)

Reuters - China took global markets by surprise on Thursday by raising interest rates for the first time in 18 months to slow a boom in credit and investment that risks destabilizing the world's fastest-growing major economy.

OfficeMax Sees $25 Million Quarterly Loss (AP)
AP - Office supplies retailer OfficeMax Inc. on Thursday posted a sharply wider first-quarter loss as costs from closing more than 100 stores weighed on its results.

Exxon posts another huge quarterly profit (Reuters)

Reuters - Exxon Mobil Corp. , the world's largest publicly traded oil company, posted its biggest first-quarter profit ever on Thursday, but higher taxes dragged the results below Wall Street forecasts.

Jobless claims rise 11,000 last week (Reuters)

Reuters - New claims for U.S. jobless aid rose by a larger-than-expected 11,000 last week, Labor Department data showed on Thursday, but remained at levels suggesting a healthy job market.

Stocks rise as Bernanke says Fed may pause (Reuters)

Reuters - U.S. stocks rose on Thursday as banks, utilities and other interest-rate sensitive shares advanced after Federal Reserve Chairman Ben Bernanke said the Fed may pause in its 22-month campaign of raising borrowing costs.

Stocks rise on earnings; rate worry eases (Reuters)

Reuters - U.S. stocks rose on Wednesday as higher quarterly profits from toothpaste maker Colgate-Palmolive Co. and other companies overshadowed fears of interest rate rises stirred by surprisingly strong economic data.

New Home Sales Rebound Strongly in March (AP)

AP - Sales of new homes soared in March by the largest amount in 13 years, reflecting a rebound from bad weather in February. But the median price of the homes sold last month actually declined, providing evidence that the nation's five-year housing boom is slowing.

Kimco’s Consistent Growth (The Motley Fool)
The Motley Fool - Certain companies can lull you to sleep with their predictability. After another strong quarter, Kimco Realty (NYSE: KIM - News) is heading into that territory. Let’s peek under the hood at what the company reported and discussed on its conference call, to see if the outlook for this well-managed REIT still looks solid.

March new home sales leap, but prices fall (Reuters)

Reuters - Sales of new U.S. homes rose a much larger-than-expected 13.8 percent in March, the biggest one-month gain since April 1993, but prices fell sharply, a government report showed on Wednesday.

Boeing profit rises on plane sales (Reuters)

Reuters - Boeing Co. said on Wednesday that first-quarter profit rose a greater-than-expected 29 percent, as sales of its commercial planes offset a drop in revenue at its defense unit.

March durables orders, new home sales surge (Reuters)

Reuters - New orders for U.S.-made durable goods and sales of new homes surged more than expected in March, reports showed on Wednesday, boosting anticipation the Federal Reserve will continue to raise interest rates.

Office Depot Shares Up on 1Q Profit Jump (AP)
AP - Shares of Office Depot Inc. rose Wednesday, a day after the nation’s second-biggest office-supplies retailer posted a 12 percent jump in first-quarter earnings as upbeat North American sales lifted results.

ConocoPhillips profit soars as oil prices surge (Reuters)

Reuters - ConocoPhillips , the No. 3 U.S. oil company, on Wednesday reported quarterly profit surged, as oil prices continued their march upward.

Stocks fall on rate worry, Amazon rises late (Reuters)

Reuters - U.S. stocks ended lower on Tuesday, buffeted by fears of rising interest rates, a sell-off in the energy sector, including Exxon Mobil Corp. , and a drop in the shares of heavy equipment maker Caterpillar Inc. .

Amazon.com 1Q Earnings Slide 35 Percent (AP)

AP - Amazon.com Inc. said Tuesday that earnings fell nearly 35 percent in the first quarter, compared to a period last year in which the online retailer had a big one-time gain.

Lay claims “witch hunt” brought Enron down (Reuters)

Reuters - Enron Corp. was a victim of a "witch hunt" that unfairly criticized the giant energy company's business and drove it toward bankruptcy, former Chairman and Chief Executive Kenneth Lay testified at his criminal trial on Tuesday.

Hasbro posts 1st-qtr loss, revenue rises (Reuters)

Reuters - Hasbro Inc. , the No. 2 U.S. toy company, on Monday said its quarterly loss narrowed as strong sales of its board games and products like Playskool, Littlest Pet Shop, Nerf and Transformers offset falling "Star Wars" toy sales.

Restructuring charges hit Kimberly-Clark profit (Reuters)

Reuters - Kimberly-Clark Corp. , which makes Kleenex tissues and Huggies diapers, on Monday said first-quarter net income fell nearly 39 percent due to restructuring charges and higher raw material and energy costs.

Interest rates kindle worry (USATODAY.com)
USATODAY.com - Automotive executives are worried that as interest rates climb, customers facing higher auto loan payments might consider putting off purchases. “Interest rates are something that people think about a lot,” Nissan’s Jed Connelly said during USA TODAY’s 2006 Automaker Roundtable.

IMF wins new powers to police global economy (Reuters)

Reuters - The International Monetary Fund won new powers to police the world economy after its 184 member countries endorsed a new framework to monitor how the economic policies of one country affects others.

Xerox quarterly profit dips (Reuters)

Reuters - Xerox Corp., one of the world's biggest makers of copiers and printers, on Monday said its quarterly profit missed Wall Street estimates, hurt by increased costs and a decline in sales of its most expensive black-and-white equipment.

Stocks slip as oil dip hurts energy sector (Reuters)
Reuters - U.S. stocks slipped on Monday as oil prices fell below $75 a barrel, hurting shares of energy companies, including Exxon Mobil Corp. and ConocoPhillips .

Caterpillar reports higher profit; raises forecast (Reuters)

Reuters - Heavy equipment maker Caterpillar Inc. on Monday said first-quarter earnings rose 48 percent, thanks in part to strong sales to mining and energy companies, and it raised its full-year earnings forecast.

Gasoline prices surge to $2.91/gallon (Reuters)

Reuters - The average U.S. retail price of gasoline surged about 9 percent over the past two weeks, pumped up by higher crude oil costs as well as regulatory ethanol-blending requirements, an industry analyst said.

Home loan demand down as rates hit new highs (Reuters)

Reuters - Mortgage applications fell for a second consecutive week, led by a decline in demand for home purchase loans, as interest rates reached new multiyear highs, an industry trade group said on Wednesday.

Wal-Mart turns to “Sandra” for sales growth (Reuters)

Reuters - Wal-Mart Stores Inc. hopes a fictional cast of characters will help it boost lackluster sales — which are occurring even with store traffic near full capacity — and catch up with faster-growing rival Target Corp.

Stock futures solidly higher on strong earnings (Reuters)

Reuters - U.S. stock futures rose sharply on Wednesday, extending gains after Tuesday's rally, as market bellwethers Yahoo! Inc. and IBM raised investors' expectations for strong quarterly profits.

JPMorgan Chase 1st-quarter profit surges 36 pct (Reuters)

Reuters - JPMorgan Chase & Co. on Wednesday said first-quarter profit surged 36 percent, beating expectations, on growth in investment and consumer banking as well as lower credit card losses.

Coke quarterly profit rises, sales flat (Reuters)

Reuters - Coca-Cola Co. , the world's biggest soft-drink maker, on Wednesday posted 10 percent rise in quarterly profit boosted by its PowerAde sports drink and Dasani bottled water brands and strong growth in countries such as China, Russia and Turkey.

Cingular posts quarterly profit, revenue up (Reuters)

Reuters - Cingular Wireless, the No. 1 U.S. mobile service provider, on Wednesday posted a first-quarter profit versus a year-earlier loss, and revenue rose as it added new wireless subscribers.

Consumer prices rise in March, core up 0.3 pct (Reuters)

Reuters - Soaring energy costs helped push U.S. consumer prices up a steep 0.4 percent last month, while rising apparel prices spurred core inflation more than expected, a government report showed on Wednesday.

Pfizer profit jumps on lower costs (Reuters)

Reuters - Pfizer Inc. , the world's largest drugmaker, on Wednesday said its first-quarter earnings rose, helped by lower costs, favorable taxes and the absence of big charges recorded last year for the repatriation of overseas profits.