Worldwide Business News

Euronext mulls options as D.Boerse merger opposed (Reuters)

Reuters - Euronext shareholders gave the pan-European exchange operator freedom to seek a better offer from suitors The New York Stock Exchange and Deutsche Boerse, after rejecting for now the latest proposal from the Frankfurt-based exchange.

Marks and Spencer says pre-tax profit up by half (AFP)

AFP - Marks and Spencer, the British clothing-to-food retailer, has confirmed its recovery under chief executive Stuart Rose with a 47.6-percent rise in annual pre-tax profits.

Leading index falls in April (Reuters)

Reuters - A key forecasting gauge for the U.S. economy fell an unexpected 0.1 percent in April, a report from a private research group showed on Thursday.

GameStop profit rises after acquisition (Reuters)

Reuters - GameStop Corp. , the No. 1 U.S. video game retailer, said on Thursday that quarterly profit rose 13 percent, beating forecasts, as sales of Xbox 360 consoles and games buoyed results after its purchase of rival Electronics Boutique.

Sears first-quarter profit beats estimates (Reuters)

Reuters - Sears Holdings Corp. on Thursday reported a much bigger-than-expected quarterly profit as it cut costs and eliminated clearance sales at Sears stores, sparking a 12 percent jump in the stock.

Burger King shares rise in market debut (Reuters)

Reuters - Shares of Burger King Holdings Inc. , the world's second-largest hamburger chain, rose as much as 6 percent on Thursday in their market debut, a sign of strength for IPOs despite a slump in the stock market.

Jobless claims jump (Reuters)

Reuters - New claims for U.S. jobless aid unexpectedly surged last week after a partial government shutdown in Puerto Rico led tens of thousands of workers to apply for benefits, a government report showed on Thursday.

Watch out: Your mutual fund could report you (USATODAY.com)
USATODAY.com - Under little-noticed rules that kick in this year, the Treasury Department is requiring mutual fund firms and insurers to report you to Uncle Sam if they note a “suspicious” transaction that might relate to money laundering or terrorism.

Lacker says must not stifle bank innovation (Reuters)

Reuters - Regulators need to take care not to stifle innovation as they seek to ensure new loan practices, such as "exotic" mortgages, do not put institutions or consumers at undue risk, a top Federal Reserve official said on Thursday.

Stocks little changed after rebound fizzles (Reuters)

Reuters - U.S. stocks were little changed on Thursday after a short-lived rebound from Wednesday's heavy sell-off as concerns about inflation kept investors on edge.

Dell to triple size of new Canadian facility (Reuters)

Reuters - Dell Inc. , the world's top maker of personal computers, said on Friday it will triple the number of workers at a new customer center in Ottawa by adding 1,000 jobs.

Pepco Holdings 1st-qtr earnings rise (Reuters)

Reuters - Utility holding company Pepco Holdings Inc. on Friday reported higher quarterly earnings on strong performance at its merchant generation unit, Conectiv Energy.

Body Shop like-for-like sales up (Reuters)

Reuters - British beauty products chain Body Shop International Plc, which is being taken over by France's L'Oreal, said on Friday like-for-like sales were up 5 percent in the eight weeks starting February 26.

Stocks jump as mild jobs growth calms rate fears (Reuters)

Reuters - Stocks rallied on Friday after slower-than-expected job growth in April hinted at a possible pause in interest-rate increases.

Americans Borrow Less Freely in March (AP)

AP - Americans increased their borrowing in March at the slowest pace in four months as people cut back on their credit card charges.

Warner Music posts surprisingly narrow loss (Reuters)

Reuters - Warner Music Group Corp. , which earlier this week rejected a $4.2 billion takeover bid by EMI Group Plc. , on Friday posted a narrower-than-expected loss, helped by rising U.S. CD sales and digital music revenues.

US home loan demand rises despite higher rates (Reuters)

Reuters - U.S. mortgage applications rose for the first time in four weeks, led by a rebound in home purchase loans despite interest rates hitting their highest this year, an industry trade group said on Wednesday.

Time Warner profit rises on cable; AOL disappoints (Reuters)

Reuters - Time Warner Inc. on Wednesday said quarterly profit rose, helped by strong cable subscriber growth, but revenues missed Wall Street expectations as its AOL Internet service lost customers.

Consumer spending, income top expectations (Reuters)

Reuters - U.S. consumer spending and income rose more than expected in March, while an influential measure of inflation — the core price index — topped economists' expectations, the government reported on Monday.

Comverse founder, top execs resign amid options probe (Reuters)
Reuters - The founder and top management at software maker Comverse Technology Inc. resigned on Monday amid a probe into stock-option practices, the latest executives to be felled by greater scrutiny over the timing of options grants.

Stocks rise on factory data, Wal-Mart sales (Reuters)
Reuters - U.S. stocks rose on Monday, boosted by a robust April sales estimate from Wal-Mart Stores Inc. and a report showing stronger-than-expected manufacturing activity.

Microsoft profit rises, outlook disappoints (Reuters)

Reuters - Microsoft Corp. posted a 16 percent rise in quarterly profit on Thursday but missed Wall Street expectations and set a disappointing profit target due to increased costs on products from Windows to the new Xbox 360 game console.

Bank of Japan Keeps 0 Percent Rate Policy (AP)
AP - Japan’s central bank decided kept its easy money policy in place Friday, cooling jitters about a possible interest rate hike in the face of fresh economic figures that show Japanese inflation is picking up.

Constellation Energy quarterly earnings fall (Reuters)

Reuters - Constellation Energy Group Inc. , which is being bought by rival FPL Group Inc. , on Friday posted lower first-quarter earnings as the effect of mild weather drove down results at its regulated utility.

Nasdaq falls 1 percent at open on Microsoft (Reuters)

Reuters - The Nasdaq Composite stock index fell 1 percent at the market opening on Friday after disappointing Microsoft Corp. results.

Coventry Health earnings rise (Reuters)
Reuters - Health insurer Coventry Health Care Inc. on Friday posted a rise in quarterly earnings as revenue from premiums increased.

Avon quarterly profit plunges due to restructuring (Reuters)

Reuters - Avon Products Inc. , the world's largest direct seller of cosmetics, on Friday said first-quarter profit fell 67 percent, weighed down by restructuring charges and stock option expensing.

S.Korea Retailer to Buy Carrefour Unit (AP)
AP - The South Korean retailer E.Land Group has agreed to buy the South Korean unit of French retailer Carrefour SA for 1.75 trillion won ($1.9 billion), the companies said Friday.

March Fund Inflow Jumps To $34 Bil (Investor’s Business Daily)
Investor’s Business Daily - Investors poured $34.04 billion into mutual funds in March, the biggest month for the industry since January 2004, when $42.981 billion in new money went into funds.

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.