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Stocks recover from an early swoon as investors reassess fears that Fed will slow stimulus
NEW YORK - Investors recovered their poise after a shaky start to trading on Wall Street that sent stocks sharply lower. U.S. markets plummeted immediately after the opening bell Thursday following a global slump prompted partly by an unexpected slowdown in Chinese manufacturing. Concern that the Federal Reserve might ease back on its economic stimulus program sooner than expected had also ...
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Merck ends development of Parkinsons disease drug preladenant based on study results
WHITEHOUSE STATION, N.J. - Merck & Co. says it is ending development of an experimental Parkinson's disease drug because the drug wasn't working. Merck says it reviewed initial data from three late-stage clinical trials and did not find evidence preladenant was more effective than a placebo. The company says it doesn't plan to file for marketing approval of the drug. It ...
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Inside View Chris Garcia of CGC Commercial
Garcia left a stable, eight-year gig as an industrial broker at Bloomington-based Cushman & Wakefield /NorthMarq, one of the Twin Cities' largest commercial real estate brokerage firms. Despite the unsettled economic climate, he was ready to strike out on his ...
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Long-term unemployed ready to work
All but one in the group was over 50 and had been unemployed 27 weeks or longer. They represent the part of unemployment that hasn't fallen with the rest of it -- long term joblessness. While the U.S. jobless rate has declined from a high of 10 percent in 2009 to 7.5 percent in the last four years, the percentage of people who are unemployed for six months or longer has hovered around 40 ...
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Microsofts Interactive Xbox One Debuts
Microsoft thinks it has the one. The company unveiled the Xbox One, an entertainment console that promises to be the one system households will need for games, television, movies and other entertainment. It will go on sale later this year, for an undisclosed price. For the past two years, Microsoft has led the gaming industry in console sales with the Xbox 360. But it's been eight ...
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Shakeup at Embroiled IRS Unit
Lois Lerner, the IRS official whose unit is at the center of the investigation into alleged Tea Party targeting, has been placed on administrative leave and a replacement has been named. Ken Corbin was named acting director of exempt organizations during Lerner's leave. He is currently deputy director of submission processing in the wage and investment division. Lerner invoked her Fifth ...
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Cramer 2 Laggards Worry Bernanke
Fed Chairman would never admit to it, but Cramer is convinced he's worried about these two laggards. And they lie at the very heart of the biggest issue facing the recovery in US economy."We still don't have any real growth ...
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House Votes for Market-Based Rates
The Republican-dominated House of Representatives on Thursday voted to switch federal student loan interest rates to a market-based system. Republicans said their plan is a long-term solution that will take politicians out of the business of setting student loan rates and using them as a bargaining chip. It is unclear, however, how much support the bill will get in the Democratic-led Senate, ...
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UPDATE 1-ITC says Microsoft did not violate Google patent
Thu May 23, 2013 6:37pm EDT WASHINGTON May 23 (Reuters) - Microsoft Corp won a round in a complex patent war on Thursday when the International Trade Commission said the company's popular Xbox entertainment system did not violate a patent owned by Google subsidiary Motorola Mobility. If the ITC had found that Microsoft infringed, it could have barred the Xbox from being imported into the ...
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Tesco rules out automatic big bonuses
Source: Tesco Tesco executives will not receive a bonus in the current financial year unless they can reverse a decline in profits at Britain's biggest supermarket operator, the company said in its annual report. The report rounds off a torrid year for the company, which announced a withdrawal from the United States and wrote down the value of its global operations by $3.5 billion due to ...
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Wet spring weak construction drag Titan Machinery to loss
TITN.O ) said it expects to report a quarterly loss as demand was hit by a wet spring weather in the United States that delayed corn plantations, sending its shares down 12 percent in extended ...
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Denner added as nominee to Vivus board by activist investor
Vivus shares rose as much as 11 percent after First Manhattan, which has nearly a 10 percent stake in Vivus, expanded its slate of proposed directors from six to nine, including ...
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Ally settlement may be a boon for ResCap bondholders
GKM.N ) $2.1 billion contribution to the debts of mortgage lender Residential Capital LLC, hedge funds like Paulson & Co may have obtained a better ...
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NYSE says AEP NextEra trades stand after crash at open
NEE.N ) in a crash that happened in the first minute of trading on Thursday will stand, the New York Stock Exchange said, following the latest in a flurry of unexplained sharp drops in the ...
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Earnings Results Pandora gets lift on strong sales outlook
SAN FRANCISCO (MarketWatch) -- Shares of Pandora Media Inc. surged in after-hours trading Thursday after the online-radio company reported better-than-expected sales for the first quarter, with big gains in revenue from mobile ...
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Hewlett-Packard shares soar 17 after earnings
Marathon Patent Group's Wholly Owned Subsidiary, Sampo IP, Files Patent Infringement Lawsuit Against Starbucks Corporation, E*Trade Financial, Hewlett-Packard Company, and ...
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Direct Access Shuts Down After Traders Implicated in Bribery Probe
New York-based broker-dealer Direct Access Partners has closed its doors, said a person familiar with the matter, after allegations surfaced earlier this month of a multimillion dollar Venezuelan bribery scheme involving two of its traders.Goldman Sachs Execution & Clearing, the firm's clearing agent, stopped accepting trades after that probe came to light on May 8, effectively shutting ...
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Money-Market Fund Inflows $19.53 Billion in Latest Week -ICI
Assets in money-market funds increased by $19.53 billion in the week ended Wednesday as investors added money across fund categories, led by gains in institutional government and non-government funds, according to the Investment Company Institute.Money-market funds are widely owned by retail investors, companies and others looking for a safe place to put their cash. However, ICI has reported ...
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Chinas Steel Overcapacity Seen Continuing
Serious overcapacity in China's steel industry is unlikely to ease in 2013, which could hamper steel prices and jeopardize Chinese steelmakers' performance, a China-based analyst said Thursday.China is set to produce about 750 million metric tons of crude steel in 2013, while capacity will rise to 950 million tons a year as some 50 million tons new capacity is being built, said Jing ...
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Gold and Silver Climb Higher Stocks Remind Investors That Down Days Are Still Possible
NYSEARCA:SLV ) futures for July edged 4 cents higher to finish at $22.51.Both precious metals found a bid as equity markets took a hit. In Japan, the Nikkei plunged 7.3 percent, its worst single-day decline since the March 2011 earthquake and tsunami disaster. Stocks in the U.S. opened the day lower as well, but recovered most of the losses to finish the day only slightly in the ...
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Proxy advisory firm settles SEC charges over data breach
WASHINGTON (Reuters) - Institutional Shareholder Services has settled civil charges by U.S. regulators that an employee of the prominent proxy advisory firm shared nonpublic voting data in exchange for meals and concert ...
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Analysis Markets face rough summer ride as Fed pullback feared
NEW YORK (Reuters) - For the past few months, the U.S. Federal Reserve has been squarely in the financial markets' corner, thanks to its massive dollops of monetary stimulus. But signs that the central bank is discussing reducing that support by purchasing fewer bonds mean that trading is likely to get bumpier in coming ...
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Biotech industry faces funding crunch report says
Despite an aging population and a growing demand for medication, the biotech industry is facing a funding crunch as investors turn to ';sexier'; industries with quicker product turnarounds and better chances of payoff, a new report suggests. Capital raised in the biotech industry in North America and Europe fell about 15% in 2012, to US$28.1-billion, the first drop since 2008, Ernst ...
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Gaps first-quarter profits rise 43 percent
GPS ), which owns the Gap, Old Navy and Banana Republic clothing chains, reported on Thursday a 43 percent increase in its fiscal first-quarter net income as the company continues to reap benefits from the turnaround plan that it began early last year. The company, based in San Francisco, also reiterated its full-year earnings outlook. The latest results are welcome news for customers and ...
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Wall Street ends down but off session lows
US stocks slipped on Thursday but finished sharply off their session lows as a rally in Hewlett-Packard's shares offset worries about weak Chinese manufacturing data and the prospects of ...
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