| Apple blowout quarter stokes Wall Street Posted:  NEW YORK (Reuters) - Stocks advanced on Wednesday after a blowout quarter from Apple further lifted optimism in an earnings season that has far outstripped expectations. The Apple report overshadowed a bearish reading on durable goods orders. Earnings at Apple Inc almost doubled on a jump in iPhone sales, surging past expectations, while revenues also easily topped estimates. The stock jumped 9 percent to $610.55 and recorded its biggest 1-day gain since November 2008. Apple stock dominates markets because of its size and has recently sold off, partly on fears earnings could disappoint. ...
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| Fed unlikely to offer hints of easing Posted:  WASHINGTON (Reuters) - The Federal Reserve resumed a two-day meeting on Wednesday that is expected to yield upward revisions to its growth forecasts but not enough for officials to take off the table the option of a further easing of monetary policy. Policymakers at the central bank probably will reiterate their expectations that official borrowing costs will remain near zero until at least late 2014. "The meeting ... ...
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| GE annual meeting interrupted by 99 Percent protesters Posted:  DETROIT (Reuters) - Nearly 100 protesters affiliated with the "99 Percent" populist movement disrupted General Electric Co's annual shareholders' meeting on Wednesday in an attack on the largest U.S. conglomerate's low tax rate. The demonstrators, who began chanting "Pay Your Fair Share" when the meeting began, were quickly ushered out of the meeting -- held in the Detroit building that houses General Motors Co's headquarters -- but could still be heard chanting protests as the meeting got underway. ...
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| Plunge in durable goods orders clouds U.S. outlook Posted:  WASHINGTON (Reuters) - Demand for long-lasting manufactured goods tumbled by the most in three years in March and businesses cut back on spending plans, suggesting the economy slowed as the first quarter drew to a close. Durable goods orders dropped 4.2 percent, the largest decline since January 2009 when the economy was nose-diving, Commerce Department data showed on Wednesday. Economists had expected a drop of just 1.7 percent. February orders were revised to show only a 1.9 percent increase instead of the previously reported 2.4 percent rise. ...
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| Apple crushes Street targets, dispels iPhone fears Posted:  SAN FRANCISCO (Reuters) - Apple Inc's quarterly profit almost doubled after a jump in iPhone sales, particularly for the greater China region, blowing past Wall Street expectations and soothing fears the device was past its best days for sharp growth. Shares in Apple, the world's most valuable technology company, shot up 8 percent in after-hours trade, after falling as much as 13 percent from a record high of $644 in the past two weeks. The results prompted a slew of analysts to raise their target price for Apple. Apple sold 35. ...
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| Boeing profit up on stronger airliner sales Posted:  (Reuters) - Boeing Co turned in a stronger-than-expected quarterly profit on Wednesday, helped by increased commercial aircraft sales, while industry experts praised the company's effort to boost airplane production to meet rising demand. Shares of Boeing, which makes commercial airplanes and military products, gained more than 3 percent to $75.71 after the company raised its earnings forecast for the year. Boeing raked in orders while accelerating production on all its commercial airplane programs. ...
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| Wal-Mart reveals lawyers, accountants on FCPA issues Posted:  (Reuters) - Wal-Mart Stores Inc said on Wednesday that it named a former attorney earlier this year to oversee global compliance with a bribery law, as it deals with the fallout over alleged bribes in Mexico that recently came to light. The world's largest retailer also outlined the high-profile lawyers, law firms and accountants helping with its ongoing investigation into the matter and its worldwide review of compliance. ...
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| GSK says it the only obvious owner for Human Genome Posted:  LONDON (Reuters) - Drugmaker GlaxoSmithKline said on Wednesday its $2.6 billion bid for long-time partner Human Genome Sciences was "full and fair" and it was the only obvious owner for the biotechnology firm. After releasing disappointing first-quarter results, Britain's biggest drugmaker insisted its $13 a share offer was generous and Chief Executive Andrew Witty played down the possibility of increasing the price. "We absolutely believe that we are the compelling owner for this business," he told reporters in a conference call. ...
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| Corrected: In austere times, EU to discuss 6.8 percent budget rise Posted: BRUSSELS (Reuters) - The European Commission will risk accusations of double standards on Wednesday when it proposes a 6.8 percent increase in the European Union's budget next year despite calls for fiscal discipline across the bloc. An EU document shows the executive will seek an increase of 9 billion euros to 138 billion euros ($181 billion). ... |
| Porsche braced for smaller sales gain in China Posted:  BEIJING (Reuters) - German sportscar maker Porsche is bracing for slower sales growth in China this year as the country's premium auto segment loses momentum amid a slowdown in economic growth. China's economy grew at its slowest pace in the first quarter -- 8.1 percent against 8.9 percent in the previous three months -- in three years. Chinese auto sales climbed 4.5 percent in March to 1.4 million, but slid 1.3 percent over the quarter. "Economic development in China is normalizing and the long-term outlook remains stable," sales chief Bernhard Maier told Reuters at the Beijing auto show. ...
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| Global food prices on the rise again: World Bank Posted:  WASHINGTON (Reuters) - Global food prices are rising again, pushed higher by costlier oil, strong demand from Asia and bad weather in parts of Europe, South America and the United States, the World Bank said on Wednesday. The latest World Bank food price index showed the cost of food rose 8 percent between December and March. In the previous four months, prices had declined. Even after the latest rise, food prices remain 1 percent below a year ago and 6 percent below the February 2011 historical peak, the World Bank said. ...
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| Coca-Cola recommends two-for-one stock split Posted:  (Reuters) - Coca-Cola Co's board of directors recommended a two-for-one stock split on Wednesday, the first split in 16 years. The split reflects the board's confidence in the long-term growth and financial performance of the company, according to Chief Executive Muhtar Kent. "A stock split reflects our desire to share value with an ever-growing number of people and organizations around the world," Kent said in a statement. The split, which would double the number of outstanding shares to 11.2 billion, is subject to approval by shareholders. ...
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| Britain in recession means more woe for government Posted:  LONDON (Reuters) - Britain's economy has fallen into its second recession since the financial crisis after a shock contraction at the start of 2012, heaping pressure on Prime Minister David Cameron's government as it reels from a series of political missteps. Britain's Conservative-Liberal Democrat coalition has seen its support crumble after weeks of criticism over unpopular tax measures in last month's budget, and is under further pressure from revelations about its close links with media tycoon Rupert Murdoch. ...
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| Caterpillar profit up; outlook seen as modest Posted:  (Reuters) - Caterpillar Inc reported a 29 percent rise in first-quarter profit on Wednesday and beat analyst expectations as the company relied on its growing mining business and sales to buyers looking to replace aging equipment. The world's largest maker of construction machinery also increased its profit guidance for the year, but the new forecast may not be strong enough to comfort investor concern over the state of the global economy. Shares of Caterpillar slipped about 1.1 percent in premarket trading. ...
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| Motorola Solutions profit beats estimates Posted:  (Reuters) - Communications equipment maker Motorola Solutions Inc reported a better-than-expected quarterly profit, helped by an 11 percent jump in sales to government customers, and forecast second-quarter results in line with estimates. The maker of equipment such as two-way radios used by the police and handheld computing devices used in retail stores expects second-quarter revenue to grow about 6 percent, implying revenue of $2.10 billion. ...
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| S&P cuts India outlook; investment rating in peril Posted:  MUMBAI (Reuters) - Standard & Poor's cut India's credit rating outlook on Wednesday to negative from stable, reflecting the toll that hefty fiscal and current account deficits and political paralysis are exacting on Asia's third-largest economy. The negative outlook jeopardizes India's long-term rating of BBB-, the lowest investment grade rating, and sent Indian bonds, stocks and the rupee lower. ...
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| ECB's Draghi throws crisis ball back to governments Posted:  BRUSSELS (Reuters) - European Central Bank President Mario Draghi gave no indication on Wednesday that the ECB was poised to provide more support for banks or governments but also said the time was not right to consider rolling back its crisis-fighting measures. There are growing expectations in financial markets that the ECB will have to ride to the rescue again with Spain under intense pressure, the Dutch government having collapsed over budget plans and latest data showing the euro zone is being driven back into recession. ...
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| BofA Merrill hires UBS banker Wilmot-Sitwell Posted: LONDON (Reuters) - Bank of America Merrill Lynch , which has suffered a wave of senior defections to rival UBS in recent weeks, hit back by hiring one of the Swiss bank's top executives, Alex Wilmot-Sitwell, on Wednesday. Wilmot-Sitwell's appointment as president of Europe and Emerging Markets, excluding Asia, at BofA Merrill came barely a month after the U.S. firm lost dealmaker Andrea Orcel to UBS, which he will be joining as co-head of the investment bank. ... |
| Exclusive: Eni and Rosneft to team up in Russian Arctic Posted: MOSCOW (Reuters) - Italy's Eni and Rosneft are expected to agree on Wednesday to search for oil and gas in the Russian Arctic, in Russia's second major offshore deal in two weeks after U.S. ExxonMobil joined forces with the state oil firm. Under the pact, to be signed in the presence of prime minister and president-elect, Vladimir Putin, Eni will also work with Rosneft to develop acreage in the Black Sea that U.S. Chevron Corp had abandoned. ... |
| Powerful but obscure Tax Court lags on access Posted: WASHINGTON (Reuters) - Unless you are a tax lawyer, the granite building with bronze-tinted windows that looms over Washington's I-395 freeway may be the most influential courthouse you've never heard of. The U.S. Tax Court is a powerful but obscure institution that has been opening itself up to the public, but only very slowly, and it still lags behind other courts on access. The court hears cases that range from warring spouses to high-stakes challenges by major corporations to the practices of the tax-collecting U.S. Internal Revenue Service. ... |
| Lilly quarterly sales, profit beats forecasts Posted: (Reuters) - Eli Lilly & Co's quarterly profit fell on plunging sales of its Zyprexa schizophrenia drug, but results handily topped Wall Street forecasts, helped by strong sales of anti-depressant Cymbalta and demand for the company's animal health products. The earnings beat, relative to investor expectations, was also due to cost controls, surging demand in China for its products and because Zyprexa's decline was not as steep as had been feared, said company spokesman Mark Taylor. The Indianapolis drugmaker said on Wednesday it earned $1.01 billion, or 91 cents per share in the first quarter. ... |
| German cabinet approves Swiss tax deal Posted:  BERLIN (Reuters) - German Chancellor Angela Merkel's cabinet passed a revised deal to tax secret deposits in Swiss bank accounts on Wednesday, betting that the opposition Social Democrats (SPD) will drop their objections and back the accord in parliament. Switzerland and Germany hammered out the new deal earlier this month after a diplomatic spat that lasted years. Germany's states stand to net billions of euros in revenues from wealthy individuals who have stashed cash in Switzerland to avoid tax. ...
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| OECD'S Gurria: funding measures are enough to contain Europe crisis Posted:  TOKYO (Reuters) - The doubling of the International Monetary Fund's firepower, an increase in Europe's bailout fund and liquidity injections should be enough to contain Europe's sovereign debt crisis, the head of the Organisation for Economic Cooperation and Development said on Wednesday. European officials need to boost economic growth with deregulation, education and environment-friendly technology, because there's little room to maneuver with fiscal policy and monetary policy, said OECD Secretary-General Angel Gurria. ...
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| Small banks in bailout pool under pressure Posted: WASHINGTON (Reuters) - More than 100 smaller banks were able to tap government programs to pay off bailout money they received during the financial crisis but those still owing face a perilous future, a federal watchdog said on Wednesday. In its latest quarterly report to Congress, the Special Inspector General for the Troubled Asset Relief Program, known as SIGTARP, noted that as of March 31 there were still 351 regional and community banks in the bailout program. ... |
| Global shares, euro firm on debt demand, earnings hopes Posted:  LONDON (Reuters) - The euro hovered near a three-week high and global shares rose on Wednesday ahead of the U.S. Federal Reserve's policy meeting, due mainly to signs of good demand for euro zone sovereign debt before a German bond sale, and some strong corporate earnings. The euro traded at $1.3197, which is within its recent range but off a two-week high of $1.3225 reached on Friday, while German bond yields edged up and gold and oil prices steadied. ...
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| Analysis: Politics force growth back on to Europe's agenda Posted:  LONDON (Reuters) - It's early days, but powerful political currents could be sweeping Europe away from its hair-shirt obsession with reducing debt and deficits regardless of the economic cost. Any course correction will be a tug on the tiller rather than a U-turn. The euro zone will not suddenly abandon budget discipline and spend its way back to growth as Germany, Europe's paymaster, would not stand for it. Nor, in their current mood, would the bond markets. ...
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| Investment banker Rubinoff leaving Bank of America Posted: (Reuters) - Dealmaker Michael Rubinoff has left Bank of America Corp in the latest high-profile departure from the company's corporate and investment banking unit. Rubinoff provided merger advice to many of the largest financial institutions and assisted Bank of America Chief Executive Brian Moynihan in the sale of the company's own non-core assets, according to a memo sent to employees on Tuesday by Tom Montag, co-chief operating officer. Rubinoff has taken a job with the Safra family, a source familiar with the situation said. ... |
| Facebook deals may add a week to IPO timing: source Posted:  SAN FRANCISCO (Reuters) - A recent acquisition spurt by Facebook Inc may add about a week to the social network's journey to public markets, a source with knowledge of the situation said on Tuesday. Facebook recently agreed to buy photo-sharing start-up Instagram for about $1 billion and on Monday the company said it would pay $550 million for hundreds of patents from Microsoft Corp. The deals came weeks before Facebook was expected to enter the final stages of what will likely be the largest Silicon Valley initial public offering ever. ...
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| AIG says ex-air lease chief Hazy stole trade secrets Posted:  (Reuters) - American International Group Inc has sued the co-founder and former chief executive of its aircraft-leasing unit, Steven Udvar-Hazy, accusing him and other former employees of stealing several thousand electronic files containing trade secrets. The civil lawsuit by AIG, the insurer bailed out by the U.S. government in the 2008 financial crisis, was filed in the California Superior Court in Los Angeles on Tuesday. It says Air Lease Corp 's Hazy initiated the "theft of a business. ...
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| Dollar little changed ahead of Fed statement Posted: The dollar is little changed against the euro as traders awaited a Federal Reserve statement after a two-day policy meeting. |
| German gov't split over new benefit program Posted:  Germany's governing coalition is locked in a dispute over a new benefit program that would help young parents who stay at home rather than work send their children to a day-care center.
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| Rupert Murdoch's many high-placed friends Posted:  The phone hacking scandal roiling Britain has cast a fresh light on the cozy ties and outsized political clout of media mogul Rupert Murdoch, the executive chairman of the sprawling News Corp. empire, which includes extensive media properties in Britain, the United States and other countries.
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| Coca-Cola recommends first stock split since 1996 Posted: The Coca-Cola Co. is seeking its first stock split in 16 years. |
| France's Hollande to renegotiate European treaty Posted:  French presidential front-runner Francois Hollande says that if he's elected, he would immediately ask other European leaders to renegotiate the fiscal treaty aimed at reducing debts to include measures to encourage growth.
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| Summary Box: Wipro profit up 8 percent Posted: THE GOOD NEWS: Outsourcing company Wipro's quarterly net income was 14.8 billion rupees ($291 million). Sales rose 19 percent, as its global clients turned to the company to cut costs amid economic uncertainty. |
| Caterpillar 1Q profit jumps 29 pct, boosts outlook Posted:  Caterpillar's first-quarter profit jumped 29 percent and it boosted its outlook for the year as U.S. builders replaced old gear and global demand for mining equipment boomed.
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| Senate Dems ready bill freezing student loan costs Posted:  President Barack Obama is playing politics with his push to prevent interest rates on federal student loans from increasing in an election-year effort to embarrass Republicans, the Senate's GOP leader said Wednesday.
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| Apple's blowout quarter propels Nasdaq to big gain Posted:  The Nasdaq composite index shot 2 percent higher Wednesday, powered by a surge in Apple. The iPhone maker's stock climbed more than $50 after the company once again blew past Wall Street's profit forecasts.
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| Oil prices decline on growing supply Posted: Oil prices dropped slightly on Wednesday after the government reported an increase in U.S. supplies. |
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