Deadlock, durables, dismal earnings hit Wall Street (Reuters)
Posted: 27 Jul 2011 02:38 PM PDT
Reuters - Wall Street suffered its worst day in eight weeks on Wednesday, hit by weak earnings, lackluster economic data and no movement in Washington talks as the deadline for a U.S. default looms.Posted: 27 Jul 2011 06:51 PM PDT
Reuters - Visa Inc's quarterly profit rose by 40 percent, and the world's largest payment processor said it would introduce a new fee structure for U.S. merchants.
Posted: 27 Jul 2011 05:33 PM PDT
Reuters - Upscale grocer Whole Foods Market Inc's quarterly profit rose a larger-than-expected 35 percent and it raised its full-year profit forecast, fueled by robust sales and snatching market share from other supermarkets.
Posted: 27 Jul 2011 03:21 PM PDT
Reuters - Top former executives of Lehman Brothers Holdings Inc lost their bid to throw out a securities fraud lawsuit seeking to hold them responsible for billions of dollars of investor losses tied to the Wall Street investment bank's 2008 collapse.Posted: 27 Jul 2011 01:58 PM PDT
Reuters - Moody's Corp , owner of one of the three major debt-rating agencies, reported a 56 percent rise in second-quarter profit, but cautioned that the second half of the year would be more difficult.
Posted: 27 Jul 2011 05:29 AM PDT
Reuters - For more than three years, U.S. securities regulators investigated allegations of accounting fraud at a small telecom firm called China Voice Holding Corp, but could not make a case.
Posted: 27 Jul 2011 04:26 PM PDT
AP - Crisis concerns rising, House Republican leaders shrugged off a White House veto threat and an outbreak of tensions within their own party Wednesday as they built support for legislation to stave off the government default threatened for next week. Worried Wall Street sent stocks plunging on fears that political gridlock would prevail.Posted: 27 Jul 2011 05:47 PM PDT
Reuters - Video game publisher THQ Inc slashed its annual earnings forecast as the company behind games such as "WWE SmackDown vs Raw" and "Saints Row" said it was facing a tough quarter ahead for sales and said its costs would rise as it spends more on marketing, sending its shares down more than 15 percent late Wednesday.
Posted: 27 Jul 2011 03:25 PM PDT
AP - Standard and Poor's on Wednesday relegated Greek government bonds to the deeper end of junk status, cutting the debt-crippled country's credit rating by two notches to CC and saying a new downgrade is likely.Posted: 27 Jul 2011 04:38 PM PDT
AP - The regulator of government-controlled mortgage buyers Fannie Mae and Freddie Mac is suing UBS AG in a bid to recoup more than $900 million in losses from mortgage-backed securities purchased from the banking giant during the housing boom.
Posted: 27 Jul 2011 08:18 AM PDT
AFP - France will probably need extra action to cut its public deficit in 2012 and 2013 as falling growth threatens to complicate economic recovery, the International Monetary Fund said on Wednesday.Posted: 27 Jul 2011 02:22 PM PDT
AFP - A US housing regulator filed a $900 million lawsuit against Swiss bank UBS on Wednesday over risky mortgage-backed securities it sold to mortgage giants Fannie Mae and Freddie Mac.Posted: 27 Jul 2011 06:32 PM PDT
AP - President Hugo Chavez announced that Venezuela's state oil company will boost its crude output by 30,000 barrels a day beginning Thursday in honor of his 57th birthday.
Posted: 27 Jul 2011 04:54 PM PDT
AP - The IRS is asking airlines to refund taxes to people who bought tickets before last weekend but are just now taking their trips.
Posted: 27 Jul 2011 04:18 PM PDT
AP - A jury in Ohio has ruled in favor of Ford Motor Co. in the lawsuit of a former patrol officer severely burned in a crash in one of the automaker's police cruisers.
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