- 12Nov
(Reuters) - Pulling out of the global financial crisis may at times clash with the goal of making sure that it does not happen again, making the whole process more difficult, the International Monetary Fund's No. 2 official said in a speech in London. Ending the crisis means boosting demand and restoring jobs and growth. But creating a stronger global economy requires reducing debt in many advanced economies, which can crimp demand, IMF First Deputy Managing Director David Lipton said in a speech at London's Chatham House think tank.
- 01Nov
(Reuters) - The S&P 500 scored its best day in seven weeks on Thursday as bullish consumer confidence and private-sector jobs data gave investors reason to cheer following superstorm Sandy's devastating sweep through the U.S. Northeast. Technology and materials sector shares led the advance in a day of mostly average volume. About 6.7 billion shares changed hands on the New York Stock Exchange, Nasdaq and NYSE MKT, compared with the average daily closing volume of 6.5 billion for the year to date. The S&P 500 technology index .GSPT rose 1.8 percent, while the PHLX semiconductor index .SOX surged 3.3 percent. The S&P materials index .GSPM shot up 2 percent.
- 01Nov
(Reuters) - Chesapeake Energy Corp (CHK.N) reported a net loss on Thursday compared with a year-ago profit, as low natural gas prices prompted the U.S. oil and gas company to write down the value of some assets. Chesapeake, which has large exposure to low natural gas prices, has pledged to sell about $14 billion in assets this year to cut its debt and improve liquidity. Chesapeake is also drilling for more pricey crude oil and natural gas liquids.
- 01Nov
(Reuters) - Nearly 1,200 retailers said on Thursday they will urge a federal judge to reject a proposed $7.2 billion settlement between merchants and Visa Inc (V.N) and Mastercard Inc (MA.N) over credit card fees, calling it an "unacceptable" proposal that would strip away stores' legal rights. The proposed settlement was submitted in October for preliminary approval by the court. If it receives first preliminary and then final approval, it would be the largest federal antitrust settlement in U.S. history, offering nearly 8 million merchants $7.2 billion in cash and temporary reductions in the interchange, or swipe fees, that stores pay to process credit and debit transactions.
- 01Nov
(Reuters) - Starbucks Corp (SBUX.O) reported higher quarterly profit on Thursday, as overall sales at its established coffee shops topped analysts' estimates, and it raised its forecast for fiscal 2013. Shares of the world's biggest coffee chain jumped 6.3 percent to $49.55 in extended trading.
- 01Nov
(Reuters) - American International Group Inc (AIG.N) earned a bigger-than-expected profit during the third quarter, as higher prices in the insurer's property-casualty division and gains on investments in its life and retirement division led to a sharp rise in operating income. AIG reported earnings of $1.9 billion, or $1.13 per share, for the period, compared with a loss of nearly $3 billion, or $2.10 per share, in the year-ago quarter.
- 31Oct
(Reuters) - The stock market slowly returned to life on Wednesday after two days in the dark, in the wake of the massive storm Sandy that caused the market's first weather-related two-day closure since Grover Cleveland was president. The major stock indexes' early gains were short-lived as buying receded quickly. The S&P 500 was modestly lower in a session that is on track to be busier than the average day in U.S. markets, in part because of pent-up demand after the two-day closure.
- 31Oct
(Reuters) - Knight Capital (KCG.N) told clients on Wednesday to route all stock orders away from the brokerage due to power issues as a result of the massive storm that slammed into the U.S. East Coast. The Jersey City, New Jersey-based brokerage said its backup generator went down, making it unable to buy and sell stocks on behalf of clients. The company was operating on generators after the massive storm Sandy devastated the New York metro area, knocking out power for millions.
- 31Oct
(Reuters) - General Motors Co reported a surprisingly strong quarterly profit on Wednesday on higher sales, mainly in the United States, and said it was targeting a return to break-even levels in its European operations by mid-decade. Shares of the automaker rose nearly 9 percent in afternoon trading even as it said it expected to lose as much as $1.8 billion in Europe this year. "We still have a lot of work to do, especially in Europe," GM Chief Financial Officer Dan Ammann said.
- 31Oct
(Reuters) - JPMorgan Chase & Co (JPM.N), Morgan Stanley (MS.N) and Wells Fargo & Co (WFC.N) said on Wednesday they have reopened more than half of the branches and brokerage offices that were closed as Hurricane Sandy battered the U.S. East Coast early this week. At least 134 of the 183 Morgan Stanley brokerage offices that were closed had reopened by mid-morning, the company said. The offices that remained closed either lacked electricity or were inaccessible due to flooding or other damage. Most of the closed offices were in New Jersey and New York, with some in Connecticut.
