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Business News News Archive - Political Yard

Sears' 2Q profit drops 62 percent

Posted on Aug 28, 2008 - 5:58 am
AP - Sears Holdings Corp. said second-quarter profit fell 62 percent drop as the retailer continues to struggle to attract customers to its stores despite a high-stakes restructuring. The company also said that it expects that its sales and gross profit margins will continue to be pressured as it sees no near-term improvement in the economy.

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Starbucks top brass to receive no raise next year
Posted on Aug 27, 2008 - 11:57 pm - Reuters
Reuters - Top executives at Starbucks Corp including Chairman and Chief Executive Howard Schultz will not be getting raises anytime soon, after the coffee chain's first-ever quarterly loss as a public company.

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Strong data, financials drive stocks higher
Posted on Aug 27, 2008 - 3:55 pm - Reuters
Reuters - Stocks rose on Wednesday as surprisingly strong data on durable goods orders soothed some concern about the sluggish economy while Fannie Mae and Freddie Mac led a rally in financial shares.

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Southwest to cut 200 flights early 2009
Posted on Aug 26, 2008 - 8:51 pm - Reuters
Reuters - Southwest Airlines Co said on Tuesday it plans to cut about 200 flights in the first quarter of 2009 as it tries to focus on more profitable flights to combat high fuel costs and a slow economy.

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Stocks rise on energy shares, offsets bank fears
Posted on Aug 26, 2008 - 3:50 pm - Reuters
Reuters - The Dow and S&P 500 rose on Tuesday as hurricane fears lifted oil prices and boosted energy shares, blunting the effect of a report that showed a growing number of problem U.S. banks.

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Stocks fall on higher oil, banking concerns
Posted on Aug 26, 2008 - 2:50 pm - Reuters
Reuters - U.S. stocks fell on Tuesday as oil prices rose on hurricane fears in the U.S. Gulf, while a list showing more troubled U.S. banks added to concerns about the health of the financial sector and broader economy.

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Singapore's Temasek doubles profit, fears contagion
Posted on Aug 26, 2008 - 4:48 am - Reuters
Reuters - Singapore wealth fund Temasek warned of further contagion from the global credit crisis after it doubled its full-year profit by selling billions of dollars of assets.

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SEC may back international accounting standards
Posted on Aug 24, 2008 - 1:39 pm - Reuters
Reuters - U.S. companies would be able to file financial results using international accounting standards according to a timetable U.S. securities regulators will propose next week.

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Stocks brace for another whipsaw week
Posted on Aug 24, 2008 - 12:39 pm - Reuters
Reuters - What should be a holiday lull of a week looks set to be anything but, with Wall Street on high alert for the latest twists and turns in the credit crisis, more volatility in commodity prices and key developments in the race for the White House.

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Stocks end near session high
Posted on Aug 23, 2008 - 6:35 pm - AFP
AFP - The FTSE 100 index finished near its session high Friday as investors took heart from signs of more merger and acquisition activity in the banking sector.

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S.Korea banks held talks on Lehman stake buy: report
Posted on Aug 22, 2008 - 1:38 am - Reuters
Reuters - South Korean banks, led by state-owned Korea Development Bank, were in talks to buy a stake and management rights in Lehman Brothers but failed to reach a deal on concerns about the U.S. bank's financial health, a newspaper said on Friday.

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Steve & Barry's may live on under new ownership
Posted on Aug 21, 2008 - 2:36 pm - AP
AP - Popular but troubled retailer Steve & Barry's may live on under new ownership.

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Stock futures point to weaker Wall Street open
Posted on Aug 21, 2008 - 6:35 am - Reuters
Reuters - Stock futures pointed to a weaker Wall Street open on Thursday with growing concerns over the fate of U.S. mortgage firms and the health of the financial sector. By 5:40 a.m. EDT, S&P 500 futures and Nasdaq 100 futures lost half a percent, and Dow Jones futures fell 0.3 percent.

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Stocks flat as techs gain, Fannie, Freddie slump
Posted on Aug 20, 2008 - 2:33 pm - Reuters
Reuters - U.S. stocks were little changed on Wednesday as investors' fear of a government bailout for Fannie Mae and Freddie Mac pushed their shares lower, offsetting gains by tech companies on strong results from Hewlett-Packard Co .

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Stocks end lower on credit, high inflation
Posted on Aug 19, 2008 - 3:28 pm - Reuters
Reuters - U.S. stocks fell for a second day on Tuesday, as credit worries hit bank shares and a report showing inflation remains a threat despite slower growth escalated investor anxiety.

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Saks reports wider 2Q loss
Posted on Aug 19, 2008 - 8:27 am - AP
AP - Luxury goods retailer Saks Inc. reported a wider-than-expected loss for the second quarter on Tuesday as its affluent customers cut back on apparel amid a slowing economy.

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Saks loss wider, sees weakness in rest of year
Posted on Aug 19, 2008 - 8:27 am - Reuters
Reuters - Upscale retailer Saks Inc. posted a wider-than-expected quarterly loss on Tuesday, as even its well-to-do shoppers curbed spending as the economy weakens, and forecast a drop in its 2008 operating margin.

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Stocks tumble on Fannie, Freddie worries
Posted on Aug 18, 2008 - 4:24 pm - Reuters
Reuters - U.S. stocks sank on Monday as the prospect of more losses from the mortgage crisis hurt the shares of banks and the two biggest home finance providers, pushing all three major indexes down about 1.5 percent.

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Stocks fall on mortgage market fears
Posted on Aug 18, 2008 - 3:23 pm - Reuters
Reuters - U.S. stocks tumbled on Monday on the prospect of more losses from the mortgage crisis, with shares of banks and the two biggest home finance providers sending the major indexes down about 1.5 percent.

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Stocks end higher on oil's drop, financials
Posted on Aug 14, 2008 - 4:05 pm - Reuters
Reuters - Stocks rose in thin trade on Thursday as another decline in the price of oil buoyed hopes that consumer spending will recover and financial shares bounced back from a sharp two-day sell-off.

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SEC short selling rule made little impact: studies
Posted on Aug 13, 2008 - 7:00 pm - Reuters
Reuters - U.S. regulators' emergency rule to restrict "naked" short selling in 19 major financial stocks had little impact and may have even backfired, two studies of the rule's effects showed on Wednesday.

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SEC short-selling ban on Fannie, Freddie to end
Posted on Aug 13, 2008 - 2:59 pm - AP
AP - A government order expires Tuesday that temporarily banned a certain kind of short-selling of the stocks of mortgage finance companies Fannie Mae and Freddie Mac and 17 large investment banks.

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