World Business News Headlines for August 2, 2008

Porsche labor boss attacks ex-union head: report

FRANKFURT (Reuters) - Porsche SE senior labor leader Uwe Hueck attacked his former union boss at IG Metall for blocking a deal that could end a public spat between Porsche workers and their colleagues at Volkswagen .

Source: Reuters: Business News | 2 Aug 2008 | 3:04 pm

Yahoo shareholders give board qualified 'Yes' vote at meeting

Yahoo Inc.'s incumbent directors are re-elected by shareholders, although a sizeable number of votes are withheld for CEO Jerry Yang and Chairman Roy Bostock in a sign of investor discontent with the Web portal's board.

Source: MarketWatch.com - Top Stories | 2 Aug 2008 | 2:44 pm

Market Snapshot: U.S. stocks look to Fed for direction

Stocks will turn to the Federal Reserve for direction next week, after the market's roller-coaster ride over the past five sessions reflected continued uncertainty over the problems still gripping the financial system and the economy.

Source: MarketWatch.com - Top Stories | 2 Aug 2008 | 2:41 pm

NewsWatch: On anniversary of credit crisis, more pain expected

As the first anniversary of the crisis arrives this coming week, the Dow Jones Industrial Average is down 14%, U.S. economic growth has more than halved, financial institutions have suffered $350 billion in write-downs and fired chief executives and thousands of workers, while house prices have slumped as much as 40% in some areas.

Source: MarketWatch.com - Top Stories | 2 Aug 2008 | 1:00 pm

Auto Review: 2008 Nissan Sentra -- Perhaps overlooked?

Sometimes you can write some good things about a car and then hit them with the bad news at the end – THE PRICE! But not so with the Nissan Sentra which is a neat little gas sipper at a reasonable price. Ron Amadon reviews it.

Source: MarketWatch.com - Top Stories | 2 Aug 2008 | 1:00 pm

Solving the energy crisis: You decide

As Americans grapple with record oil and gas prices, politicians facing angry voters have offered up a variety of solutions. Tell us what you think.

Source: Business and financial news - CNNMoney.com | 2 Aug 2008 | 12:38 pm

Personal Finance Daily: The week's 10 best Personal Finance stories: July 28-Aug. 1

In case you missed them, here are the top 10 Personal Finance stories from MarketWatch for the week of July 28-Aug. 1:

Source: MarketWatch.com - Top Stories | 2 Aug 2008 | 12:01 pm

Could Sirius (SIRI) Become A Penny Stock?

At the end of 2005, shares in Sirius (SIRI) were $7.87. At the end of 2006, they had fallen to $3.90. They now trade at $1.46. Seeing the stock price being cut in half every year or so does not prove anything other than that investors have questioned the company's prospects more over time. That questioning could become more severe, and there is some reason to believe that Sirius could trade under $1 by the end of the year.

Source: 24/7 Wall St. | 2 Aug 2008 | 9:40 am

Breaking Tradition, Whole Foods (WFMI) Becomes A Discounter

For years, Whole Foods Market (WFMI) was a fast-growing company with an ever-increasing stock price, buoyed by increasing demand for all-natural and organic foods and consumers who were willing and able to shell out big bucks to eat healthy.

Source: 24/7 Wall St. | 2 Aug 2008 | 9:21 am

GM reports massive $15.5-billion loss in second quarter

The third largest loss in the American automaker's history exceeded Wall Street's forecasts by far. High gas prices and the weak economy have been taking their toll on GM's truck and SUV sales. ...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 2 Aug 2008 | 7:00 am

FCC chastises Comcast for blocking Internet users' file sharing

Supporters of net neutrality cheer the move, but the presidential election could change everything. Federal regulators...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 2 Aug 2008 | 7:00 am

L.A. ethics panel investigates ex-city department head's new job

Robert Aguallo Jr. has taken a job with Cardinal Americas. Earlier, the employee retirement system, which he then headed, decided to invest up to $10 million in the company. ...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 2 Aug 2008 | 7:00 am

New York attorney general may charge Citigroup over auction-rate securities

New York Atty. Gen. Andrew Cuomo on Friday said he was prepared to charge Citigroup Inc. with fraudulent sales of auction-rate securities and with the destruction of key documents.
Source: Infocious RSS raw feed - channel BNPaperBusiness | 2 Aug 2008 | 7:00 am

Departing Countrywide exec David Sambol said to be vacationing via company plane

The outgoing president of the loss-ridden mortgage lender is taking his family to Africa on a company-owned Gulfstream IV, a source close to Countrywide says. is said to be taking a family vacation...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 2 Aug 2008 | 7:00 am

Automakers still on road to grim year in sales

U.S. sales fall 13% in July. Companies blame pickup trucks, SUVs and tighter credit. GM reports a huge quarterly loss. ...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 2 Aug 2008 | 7:00 am

Homeowners rent out property as they wait for a better market

As would-be sellers become first-time landlords, experts warn of pitfalls and stress the need for preparation. ...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 2 Aug 2008 | 7:00 am

Departing Countrywide exec David Sambol said to be vacationing via company plane

The outgoing president of the loss-ridden mortgage lender is taking his family to Africa on a company-owned Gulfstream IV, a source close to Countrywide says. is said to be taking a family vacation to Africa on the company plane.

Is David Sambol, the departing president of Countrywide Financial Corp., taking one last joy ride on the company jet?

Source: L.A. Times - Business | 2 Aug 2008 | 7:00 am

IndyMac Bancorp files for bankruptcy after seizure

Parent of the mortgage lender taken over last month asks for protection while it liquidates its remaining assets. ...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 2 Aug 2008 | 7:00 am

Countrywide exec still part of jet set

David Sambol, outgoing president of the loss-ridden mortgage lender, is said to be taking a family vacation to Africa on the company plane. ...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 2 Aug 2008 | 7:00 am

GM, Toyota, Ford post sharp July auto sales declines

Weak truck sales, shortages of suddenly popular small cars and tight credit are depressing an already tough U.S. auto market. ...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 2 Aug 2008 | 7:00 am

U.S. unemployment at 5.7%, highest level since 2004

Joblessness climbs for the seventh straight month. Cutbacks appear to be spreading.

The country's employment picture darkened further last month as employers trimmed their payrolls for the seventh straight month and the unemployment rate climbed to 5.7%, its highest level in more than four years, according to government data released Friday.

Source: L.A. Times - Business | 2 Aug 2008 | 7:00 am

Homeowners rent out property as they wait for a better market

As would-be sellers become first-time landlords, experts warn of pitfalls and stress the need for preparation.

For the last five years, real estate agent Paul Sessum said his sellers' first two questions were usually: What's my home worth, and how long will it take to sell?

Source: L.A. Times - Business | 2 Aug 2008 | 7:00 am

L.A. ethics panel investigates ex-city department head's new job

Robert Aguallo Jr. has taken a job with Cardinal Americas. Earlier, the employee retirement system, which he then headed, decided to invest up to $10 million in the company.

The Los Angeles City Ethics Commission is investigating whether laws were violated by a former city department head who took a job with a Los Angeles-based investment company less than three months after his agency acted to benefit the firm, according to sources familiar with the probe.

Source: L.A. Times - Business | 2 Aug 2008 | 7:00 am

Consumers are raising cane over corn sweetener

The sugar stand-in has an identical calorie count, but some believe it's not a healthy choice.

You can spot Dawn Wynne at the grocery store. She's one of those conscientious label readers busy studying cans, bottles and jars in aisle after aisle.

Source: L.A. Times - Business | 2 Aug 2008 | 7:00 am

FCC chastises Comcast for blocking Internet users' file sharing

Supporters of net neutrality cheer the move, but the presidential election could change everything.

Federal regulators issued a warning to all Internet service providers Friday with a sharp rebuke of Comcast Corp. for blocking some customers from using file-sharing technology.

Source: L.A. Times - Business | 2 Aug 2008 | 7:00 am

GM, other automakers on road to grim year in sales

U.S. sales fall 13% in July. Companies blame pickup trucks, SUVs and tighter credit. GM reports a huge quarterly loss.

A 25% decline in sales of light trucks and sport utility vehicles in July dragged the auto industry to one of its weakest months on record, with results announced by carmakers Friday providing more evidence that 2008 could be among the worst years ever.

Source: L.A. Times - Business | 2 Aug 2008 | 7:00 am

Book publisher Alloy Entertainment takes its teen literature into TV and movies

The company is extending to the screen its successful formula: boyfriend drama with luxury consumerism.

'Sex Drive" the movie, which hits theaters in October, looks pretty familiar. Teenage male wants to lose his virginity, embarks on journey to do so. High jinks ensue.

Source: L.A. Times - Business | 2 Aug 2008 | 7:00 am

Shareholders reelect Yahoo's board

Despite the drama sparked by Microsoft's takeover bid, the annual gathering of investors is a sedate affair.

After six months of fireworks as a takeover battle for Yahoo Inc. raged, the Internet company's annual meeting Friday produced little spark and few questions about the board's controversial decision to spurn Microsoft Corp.'s advances.

Source: L.A. Times - Business | 2 Aug 2008 | 7:00 am

Countrywide insider stole mortgage applicants' data, FBI says

The former employee and a suspected accomplice are arrested. As many as 2 million customers' information was allegedly targeted.

The FBI on Friday arrested a former Countrywide Financial Corp. employee and another man in an alleged scheme to steal and sell sensitive personal information, including Social Security numbers, of as many as 2 million mortgage applicants.

Source: L.A. Times - Business | 2 Aug 2008 | 7:00 am

Lawmakers award gas line license to TransCanada

Alaska lawmakers approved a state license Friday for TransCanada Corp. to pursue construction of a natural gas pipeline, ending a decades-long battle to open up 4.5 billion cubic feet of...
Source: Infocious RSS raw feed - channel BNewsBusiness | 2 Aug 2008 | 4:46 am

Allstate expected to bid for RBS insurance unit: report

NEW YORK (Reuters) - U.S. insurer Allstate Corp is expected to submit a bid for Royal Bank of Scotland's insurance arm, but the offer could be below what the bank expects, the Financial Times website reported on Friday.

Source: Reuters: Business News | 2 Aug 2008 | 1:58 am

Allstate expected to bid for RBS insurance unit: report

Allstate expected to bid for RBS insurance unit: report (Reuters)

Reuters - U.S. insurer Allstate Corp is expected to submit a bid for Royal Bank of Scotland's insurance arm, but the offer could be below what the bank expects, the Financial Times website reported on Friday.

Source: Yahoo! News: Business | 2 Aug 2008 | 1:56 am

Small Florida bank is 8th U.S. failure this year (Reuters)

Reuters - Bank regulators closed a small Florida-based bank on Friday, the eighth U.S. bank to fail this year under pressure from a weak economy and a credit crisis precipitated by falling home prices.
Source: Yahoo! News: Business | 2 Aug 2008 | 1:51 am

Small Florida bank is 8th U.S. failure this year

WASHINGTON (Reuters) - Bank regulators closed a small Florida-based bank on Friday, the eighth U.S. bank to fail this year under pressure from a weak economy and a credit crisis precipitated by falling home prices.

Source: Reuters: Business News | 2 Aug 2008 | 1:51 am

Small Florida bank is 8th U.S. failure this year

WASHINGTON (Reuters) - Bank regulators closed a small Florida-based bank on Friday, the eighth U.S. bank to fail this year under pressure from a weak economy and a credit crisis...
Source: Infocious RSS raw feed - channel BNewsBusiness | 2 Aug 2008 | 1:51 am

Settlement will reduce carcinogens in potato chips

Four food manufacturers have agreed to reduce levels of a cancer-causing chemical in their potato chips and french fries in a settlement with the state of California. The California...
Source: Infocious RSS raw feed - channel BNewsBusiness | 2 Aug 2008 | 1:50 am

California AG says settles potato chip lawsuit

LOS ANGELES (Reuters) - California on Friday settled lawsuits against four potato chip and french fry makers after the companies agreed to reduce the levels of a cancer-causing chemical in their product, Attorney General Jerry Brown said.

Source: Reuters: Business News | 2 Aug 2008 | 1:49 am

California AG says settles potato chip lawsuit

Highland fund to repay redemptions in installments

NEW YORK (Reuters) - Highland Crusader Fund, a $2.3 billion hedge fund that invests in distressed assets and facing an increase in redemption requests, told investors seeking redemptions in
Source: Infocious RSS raw feed - channel BNewsBusiness | 2 Aug 2008 | 1:28 am

Berger & Montague, P.C. Files Class Action Lawsuit Against Certain Officers and a Director of IndyMac Bancorp Inc., Enlarging the Class Period to Begin on April 26, 2007

PHILADELPHIA, Aug. 1 /PRNewswire-USNewswire/ -- The law firm of Berger & Montague, P.C. announces it has filed a class action lawsuit, Daniels v. Perry and Keys, No....
Source: Infocious RSS raw feed - channel BNewsBusiness | 2 Aug 2008 | 12:53 am

Time Warner: Former exec can't join Yahoo

Source: Business and financial news - CNNMoney.com | 2 Aug 2008 | 12:49 am

Yahoo board wins solid shareholder backing in vote

SAN JOSE, California (Reuters) - Yahoo Inc's board of directors won strong backing from shareholders at its annual meeting on Friday, with Jerry Yang, the company's embattled CEO, receiving 85 percent of the vote in his favor.

Source: Reuters: Business News | 2 Aug 2008 | 12:49 am

Company asks pharmacists, hospitals to return drug

A New Jersey company is asking pharmacists and hospitals to return all prescription drug products made at one of its facilities because it did not pass health authorities' standards. A...
Source: Infocious RSS raw feed - channel BNewsBusiness | 2 Aug 2008 | 12:47 am

Florida bank closed by FDIC

Federal regulators in Florida closed First Priority Bank Friday, marking the eighth bank failure of the year.

Source: Business and financial news - CNNMoney.com | 2 Aug 2008 | 12:45 am

Maker Of Fuel Kits Rides High On Interest In Alternative Fuels

As motorists grimace at high gasoline prices, some are turning toward alternative fuel vehicles.

Source: Investor's Business Daily: BUSINESS | 2 Aug 2008 | 12:44 am

Trends & Innovations - Friday

Boomers get retirement options

Source: Investor's Business Daily: BUSINESS | 2 Aug 2008 | 12:44 am

Investors Go Back To Schools

The for-profit education market is getting a quick lesson in macroeconomics. The mortgage lending crisis that has shaken the housing market is...

Source: Investor's Business Daily: BUSINESS | 2 Aug 2008 | 12:44 am

Business Briefs - Friday

Chevron EPS up, but below views. The oil giant said Q2 EPS rose 28% EPS to $2.90, missing views by 13 cents. Revenue grew 48% to $83 bil, below...

Source: Investor's Business Daily: BUSINESS | 2 Aug 2008 | 12:44 am

Lesson In Consistency: Strayer Sticks To Plan

Strayer Education's mission has been the same since the for-profit school was founded more than 100 years ago: deliver a quality education to...

Source: Investor's Business Daily: BUSINESS | 2 Aug 2008 | 12:44 am

In Brief - Friday

Gilead Sciences said it will broaden the sale of its HIV drug Atripla. Merck MRK sells the drug in 94 countries and Bristol-Myers BMY sells it in...

Source: Investor's Business Daily: BUSINESS | 2 Aug 2008 | 12:44 am

Yahoo board wins solid shareholder backing in vote (Reuters)

Reuters - Yahoo Inc's board of directors won strong backing from shareholders at its annual meeting on Friday, with Jerry Yang, the company's embattled CEO, receiving 85 percent of the vote in his favor.

Source: Yahoo! News: Business | 2 Aug 2008 | 12:40 am

Law Offices of Howard G. Smith Announces Class Action Lawsuit Against SemGroup Energy Partners, L.P.

BENSALEM, Pa., Aug. 1 /PRNewswire/ -- Law Offices of Howard G. Smith announces that a securities class action lawsuit has been filed on behalf of all purchasers of the...
Source: Infocious RSS raw feed - channel BNewsBusiness | 2 Aug 2008 | 12:30 am

Citigroup to be charged by Cuomo, faces SEC probe

NEW YORK (Reuters) - New York Attorney General Andrew Cuomo plans to imminently charge Citigroup Inc , accusing it of fraudulently marketing and selling auction-rate securities, and destroying documents that had been subpoenaed.

Source: Reuters: Business News | 2 Aug 2008 | 12:27 am

Citigroup to be charged by Cuomo, faces SEC probe

Citigroup to be charged by Cuomo, faces SEC probe (Reuters)

Reuters - New York Attorney General Andrew Cuomo plans to imminently charge Citigroup Inc , accusing it of fraudulently marketing and selling auction-rate securities, and destroying documents that had been subpoenaed.

Source: Yahoo! News: Business | 2 Aug 2008 | 12:27 am

Pressure grows for action on US economy

Pressure for action to revive the economy grew as a new report showed the unemployment rate rose in July to 5.7 per cent – its highest for four years – and the number of jobs fell for a seventh straight month
Source: FT.com - US homepage | 2 Aug 2008 | 12:11 am

UBS defectors claim clients were concerned

UBS wealth management bankers who quit for start-up rival Vestra Wealth have said they left because their clients believed investments with UBS were put at risk by the bank's huge sub-prime losses.
Source: Telegraph Business | 2 Aug 2008 | 12:01 am

Currencies

Currencies
Source: Telegraph Business | 2 Aug 2008 | 12:01 am

The naked ambition of Equitable's Vanni Treves

As the Government deliberates on Equitable Life, its chairman fights on, writes Yvette Essen
Source: Telegraph Business | 2 Aug 2008 | 12:01 am

Green taxes on air travel exceed carbon costs

Airline passengers now pay more in green taxes than is needed to cover the cost of environmental damage they cause, the Government has admitted.
Source: Telegraph Business | 2 Aug 2008 | 12:01 am

Not such a smooth ride for Innocent

Innocent, the ethically minded, soft and fluffy fruit juice maker, is at war.
Source: Telegraph Business | 2 Aug 2008 | 12:01 am

Buoyant BAE trains its sights on Asian opportunities

Arms manufacturer BAE Systems said its joint venture agreement with an Indian manufacturer is the first step towards exploiting demand for military equipment in south-east Asia, as the company posted a 20pc rise in first-half profits.
Source: Telegraph Business | 2 Aug 2008 | 12:01 am

IndyMac Bancorp files for Chapter 7 bankruptcy

NEW YORK (Reuters) - IndyMac Bancorp Inc , once one of the largest U.S. mortgage lenders, has filed for bankruptcy protection, less than three weeks after being seized by federal regulators following a bank run by depositors.

Source: Reuters: Business News | 1 Aug 2008 | 11:58 pm

Auto sales plunge again

The nation's top automakers reported sharp drops in July sales that were much worse than expected, as high gas prices and a weak economy continue to bite the battered auto industry.

Source: Business and financial news - CNNMoney.com | 1 Aug 2008 | 11:44 pm

Easy ride

Yahoo shareholders fail to put up a fight at annual meeting
Source: BBC News | Business | World Edition | 1 Aug 2008 | 11:41 pm

Citi destroyed tapes, says NY investigator

Citigroup was accused of destroying records subpoeaned by Andrew Cuomo, the New York attorney-general, who has threatened to imminently sue the investment bank for its role in the collapsed market for auction-rate securities
Source: FT.com - US homepage | 1 Aug 2008 | 11:39 pm

On anniversary of credit crisis, more pain expected

Source: MarketWatch.com - Top Stories | 1 Aug 2008 | 11:37 pm

Car industry gloom descends on GM, BMW, Nissan

FRANKFURT/DETROIT (Reuters) - The meltdown in the global car industry claimed more victims on Friday as General Motors lost another $15.5 billion, BMW warned on profits and Nissan earnings missed expectations by a wide margin.

Source: Reuters: Business News | 1 Aug 2008 | 11:30 pm

Stocks to Watch: Stocks in focus for Monday

Among the companies whose shares are expected to see active trade in Monday's session are Anadarko Petroleum Corp., Humana Inc., and Principal Financial Group Inc.

Source: MarketWatch.com - Top Stories | 1 Aug 2008 | 11:18 pm

Symantec tax arrangement to remain a mystery

Crucial details in one of the most high-profile cases of a U.S. company running afoul of regulators while placing assets overseas to trim its tax bill will remain a mystery, thanks to a judge's order.

Source: MarketWatch.com - Top Stories | 1 Aug 2008 | 11:17 pm

Florida's First Priority becomes eighth US bank to fail this year

SAN FRANCISCO (MarketWatch) - First Priority Bank was shut down by regulators on Friday, making the small Florida lender the eighth bank failure in the U.S. so far this year.

Source: MarketWatch.com - Top Stories | 1 Aug 2008 | 11:09 pm

'I would never know who's in the Priory', says Philip Scott

Mention the Priory, and the first thing that comes to mind is drug-addled celebrities, Philip Scott acknowledges with a wince.
Source: Latest Business News from Times Online | 1 Aug 2008 | 11:00 pm

Time and tide waits for no energy policy

In a beach hut in Southwold, a phone rings.
Source: Latest Business News from Times Online | 1 Aug 2008 | 11:00 pm

US unemployment jumps to four-year high

America’s unemployment rate jumped to a four-year high in July, its seventh consecutive monthly increase, providing further evidence that the economy is heading towards recession in the second half of the year.
Source: Latest Business News from Times Online | 1 Aug 2008 | 11:00 pm

General Motors announces a $15bn quarterly loss$

The gloom surrounding the global car industry deepened yesterday when General Motors (GM) reported a $15.5 billion ($£7.85 billion) quarterly loss, BMW issued its first profits warning in years and Nissan's earnings fell short of expectations.
Source: Latest Business News from Times Online | 1 Aug 2008 | 11:00 pm

Alliance & Leicester profits obliterated

Profits at Alliance & Leicester have been virtually wiped out after the mortgage lender took a £209 million hit on credit-related investments.
Source: Latest Business News from Times Online | 1 Aug 2008 | 11:00 pm

Slowdown claims leisure and property companies

The number of businesses going bust in England and Wales rose by 15 per cent to a five-year high in the three months to June as the economic downturn forced increasing numbers of bars, clubs and property companies to the wall.
Source: Latest Business News from Times Online | 1 Aug 2008 | 11:00 pm

Former manager made 'smash and grab' raid on UBS

UBS, the embattled Swiss bank, yesterday accused a group of former and departing executives backed by Goldman Sachs of orchestrating a “smash and grab raid” that devastated the bank’s UK wealth management arm.
Source: Latest Business News from Times Online | 1 Aug 2008 | 11:00 pm

Financial Services Authority opens investigation into HBOS slide

The City watchdog opened a review yesterday of how investors deal with rumours rocking financial markets, after admitting that it had failed to find the culprits who destabilised HBOS's share price with false speculation in March.
Source: Latest Business News from Times Online | 1 Aug 2008 | 11:00 pm

Jet contract fuels BAE Systems's expansion in India

BAE Systems, Europe's largest defence company, is in “detailed discussions” with Hindustan Aerospace over expanding its presence in India.
Source: Latest Business News from Times Online | 1 Aug 2008 | 11:00 pm

Students who cheated their way into business school will be expelled

Thousands of business-school students in Britain and abroad are being investigated for cheating. In the latest scandal to hit the worldwide entry test for business schools, the GMAT, up to 6,000 prospective students may have their scores cancelled after buying questions from a rogue website run by a Chinese criminal gang.
Source: Latest Business News from Times Online | 1 Aug 2008 | 11:00 pm

Volatility looms as eyes on profits, Fed, oil

NEW YORK (Reuters) - Wall Street could be in for more volatility next week as investors brace for a new batch of key earnings reports and the U.S. Federal Reserve's assessment of the economy.

Source: Reuters: Business News | 1 Aug 2008 | 10:57 pm

Economy - Friday (Investor's Business Daily)

Investor's Business Daily - ECRI's future inflation gauge hit a 6-year low in July, falling to 112.4 from June's 114.9. The data show that the inflation outlook is cooling, consistent with a shallow recession, ECRI says. The group says this will allow the Fed to hold rates and let the economy heal. Construction spending falls 0.4%
Source: Yahoo! News: Business | 1 Aug 2008 | 10:48 pm

FDIC warns four US banks over liquidity

The Federal Deposit Insurance Corporation revealed that it had issued warnings to four small US banks that lacked sufficient reserves to cover potential loan losses
Source: FT.com - US homepage | 1 Aug 2008 | 10:42 pm

Al-Yousuf Says Gulf States May Revalue Their Currencies

Source: Bloomberg - All Podcasts | 1 Aug 2008 | 10:36 pm

US economy slams brakes on carmakers

The faltering US economy is taking its toll on leading carmakers with General Motors, Nissan and BMW blaming falling sales in the world's biggest car market for plunging second-quarter earnings
Source: FT.com - US homepage | 1 Aug 2008 | 10:36 pm

Washington Calendar: Washington events for Aug. 4-8

Events in and around Washington, DC in the coming week.

Source: MarketWatch.com - Top Stories | 1 Aug 2008 | 10:31 pm

Renewed criticism at Yahoo's annual meeting

Yahoo's top executives sought to draw a line under the six months of upheaval triggered by Microsoft's takeover bid, as the internet company faced renewed criticism at its annual shareholder meeting for failing to secure a deal
Source: FT.com - US homepage | 1 Aug 2008 | 10:09 pm

Carrefour launches search for new chief

Headhunters have been asked to find a replacement for José-Luis Durán, chief executive of the world's second largest retailer, whose share price has fallen 37 per cent this year
Source: FT.com - US homepage | 1 Aug 2008 | 9:57 pm

Charge it to my retirement account

It's easier than every to borrow against your nest egg with 401(k) debit cards, but everyone from the SEC to Congress is railing against the cards, with one senator even proposing a ban. Jeremy Hobson reports.
Source: Marketplace Money | 1 Aug 2008 | 9:43 pm

Summer School: Credits & deductions

We're taking you back to the basics with our summer refresher course on finance terms. Today, the difference between a tax credit and a tax deduction and what it means for you come tax time.
Source: Marketplace Money | 1 Aug 2008 | 9:42 pm

How consumers stay bound to brands

It's just an extra label or logo, but we're willing to pay big for it. Host Tess Vigeland asks journalist Rob Walker how marketers keep us so obsessed with name brands.
Source: Marketplace Money | 1 Aug 2008 | 9:42 pm

Day in the Work Life: Window washer

On this week's "A Day in the Work Life," we get a clearer view with a professional window cleaner.
Source: Marketplace Money | 1 Aug 2008 | 9:42 pm

Getting Personal

In this edition of Getting Personal, Chris and Tess talk about lazy investing styles, lending to family, consolidating retirement accounts and foolproof investments.
Source: Marketplace Money | 1 Aug 2008 | 9:42 pm

Powering up students' job prospects

Students are facing a tough job market at the same time as public utilities are bracing for a wave of retirements. In Los Angeles, schools and industry are working to make a match. Amanda Becker reports.
Source: Marketplace Money | 1 Aug 2008 | 9:42 pm

Is a reverse mortgage right for you?

Another change from the new housing bill: Easier and safer reverse mortgages for America's seniors. Still, it's a better option for some homeowners more than others. Lenora Chu reports.
Source: Marketplace Money | 1 Aug 2008 | 9:42 pm

Straight Story: How do we pay for it?

As Americans are struggling to balance their budgets, the government announced it's going to be short by $490 billion. Economics editor Chris Farrell sets the story straight on the meaning of the shortfall.
Source: Marketplace Money | 1 Aug 2008 | 9:42 pm

Housing bill 101

The long-fought-over housing bill has become law. Host Tess Vigeland asks Chris Mayer at Columbia University to explain what the bill does, then helps listeners get answers to their questions.
Source: Marketplace Money | 1 Aug 2008 | 9:42 pm

Yahoo shareholders still angry

Carl Icahn may have skipped Yahoo's sparsely attended annual meeting, but other shareholders were fuming about how the board handled the Microsoft deal.

Source: Business and financial news - CNNMoney.com | 1 Aug 2008 | 9:39 pm

Wall Street wobbles into weekend

Stocks slipped Friday, completing a topsy-turvy week, as investors mulled a seventh straight month of job losses, a dismal quarterly report from General Motors and slumping U.S. auto sales reports.

Source: Business and financial news - CNNMoney.com | 1 Aug 2008 | 9:32 pm

Yahoo board wins investor vote

Yahoo executives win re-election at its annual meeting after defending their handling of negotiations with Microsoft.
Source: BBC News | Business | World Edition | 1 Aug 2008 | 9:31 pm

DeQuadros Says Rate Hike for Fed Not Likely In 2008

Source: Bloomberg - All Podcasts | 1 Aug 2008 | 9:29 pm

Van Eck Discusses Regional ETF for the Middle East

Source: Bloomberg - All Podcasts | 1 Aug 2008 | 9:27 pm

Volatility looms as eyes on profits, Fed, oil (Reuters)

Reuters - Wall Street could be in for more volatility next week as investors brace for a new batch of key earnings reports and the U.S. Federal Reserve's assessment of the economy.

Source: Yahoo! News: Business | 1 Aug 2008 | 9:21 pm

Stocks dip on GM loss, oil, jobs data

NEW YORK (Reuters) - U.S. stocks fell on Friday as a $15.5 billion quarterly loss from General Motors and a rise in oil prices added to fears the economy could slip into recession and concerns about corporate earnings.

Source: Reuters: Business News | 1 Aug 2008 | 9:12 pm

More Americans feel gas price pain - poll

The high price of gas is taking a financial toll on an increasing number of American households, according to a poll released Friday.

Source: Business and financial news - CNNMoney.com | 1 Aug 2008 | 9:11 pm

Mining ETFs Buried, India Funds Rise (Daily ETF Wrap-Up)

Metal mining and utility ETFs faded along with hopes for decent global growth.

Source: SmartMoney.com | 1 Aug 2008 | 9:06 pm

2nd-Quarter Earnings, July Jobs, Car Leases, Beijing Games

Source: Bloomberg - All Podcasts | 1 Aug 2008 | 9:01 pm

NY to file fraud charges against Citigroup

New York State Attorney General Andrew Cuomo said Friday his office intends to file charges against Citigroup for the alleged fraudulent marketing and sale of troubled auction-rate securities to everyday investors.

Source: Business and financial news - CNNMoney.com | 1 Aug 2008 | 9:00 pm

Author Wallace Says Gates Surrounds Himself With Smart People

Source: Bloomberg - All Podcasts | 1 Aug 2008 | 8:27 pm

Wild Week Ends Lower

The Dow Jones Industrial Average slipped but finished a volatile week just 44 points off last Friday's close.

Source: SmartMoney.com | 1 Aug 2008 | 8:21 pm

Economic Diary on Fed, ECB, BOE Interest-Rate Decisions

Source: Bloomberg - All Podcasts | 1 Aug 2008 | 8:19 pm

CNN: Energy deadlock in Congress, voters fume

Source: Business and financial news - CNNMoney.com | 1 Aug 2008 | 8:17 pm

Cars GM needs now

General Motors' product pipeline contains some interesting products that could help bolster swooning sales.

Source: Business and financial news - CNNMoney.com | 1 Aug 2008 | 8:16 pm

British Energy blame game begins as EDF deal collapses

Recriminations over who was to blame for the collapse of the £12bn British Energy takeover deal have begun in earnest with questions raised over the credibility of the nuclear generator's board and the Government's entire energy policy.
Source: Telegraph Business | 1 Aug 2008 | 8:15 pm

Yahoo! board defends Microsoft takeover rejection in face of Carl Icahn

The board of Yahoo! defended its actions in rejecting Microsoft's $43bn takeover offer as it attempted to heal the company after six months of turmoil at the hands of the software giant and corporate raider Carl Icahn.
Source: Telegraph Business | 1 Aug 2008 | 8:01 pm

AIDS money is flowing, but unevenly

The United Nations says fewer people are dying of AIDS, and more are getting medication to treat HIV. But it says more money is needed for treatment and prevention. Kai Ryssdal talks with Jon Cohen, who's been covering the issue for Science magazine.
Source: Marketplace | 1 Aug 2008 | 8:00 pm

Hot Jobs: A man who battles the blazes

Northern California has been hit hard this summer by wildfires. So we traveled to Chico to meet Gene Dunning, who battles blazes for the Butte County Fire Department. Another in our Hot Jobs series.
Source: Marketplace | 1 Aug 2008 | 8:00 pm

Powwow pros keep eyes on prizes

Powwows used to be local get-togethers. But as Native Americans' casino businesses have grown, prizes for the best powwow dancers have grown, too. The money has created a class of powwow professionals. Sonya Geis reports.
Source: Marketplace | 1 Aug 2008 | 8:00 pm

Week on Wall Street

Stockbroker and business analyst David Johnson chats with host Kai Ryssdal about what happened on Wall Street this week and what may lie ahead.
Source: Marketplace | 1 Aug 2008 | 8:00 pm

Beach Reads: 'Snoop'

Are there people in your office who plaster their cubicles with stuff like kitten calendars and motivational sayings? Commentator and economist Tyler Cowen introduces us to a book that wonders what all that stuff tells us about those people.
Source: Marketplace | 1 Aug 2008 | 8:00 pm

US Airways' drink policy may be fluid

US Airways wants its passengers to pay for in-flight beverages -- $2 for soft drinks, $1 for coffee. But there's a loophole. Bob Moon reports.
Source: Marketplace | 1 Aug 2008 | 8:00 pm

Business leery of employee-rights bill

At a time when companies are struggling with high fuel costs and a slow economy, they're now also worried that pending legislation and other forces may be helping labor get organized. Steve Henn reports.
Source: Marketplace | 1 Aug 2008 | 8:00 pm

A recession? Let's try our new checklist

Kai Ryssdal goes through a handy list of things to look for as you try to figure out whether the American economy is in a recession.
Source: Marketplace | 1 Aug 2008 | 7:59 pm

4 Ways to Cut Cruising Hassles (SmartMoney Magazine)

It's the busiest time of year for cruise lines. Here's how to be hassle-free on the high seas.

Source: SmartMoney.com | 1 Aug 2008 | 7:52 pm

The 52-Week Low Club (ELN)(GHS)(GFI)(CBS)(TOMO)(BIIB)

Elan Corporation (ELN) Problems with one of the company's major drugs. Falls to $9.55 from 52-week high of $37.45. Gatehouse (GHS) More poor newspaper earnings raise issue of whether company is viable. Falls to $.48 from 52-week high of $17.43. Gold Fields (GFI) Tough earnings and COO out. Off to $9.98 from 52-week high of $19.92

Source: 24/7 Wall St. | 1 Aug 2008 | 7:43 pm

Row erupts over failed EDF bid

Setback for French group's international ambitions after British Energy rejects utility's offer at the last minute due to shareholder unhappiness over bid price
Source: FT.com - US homepage | 1 Aug 2008 | 7:42 pm

CRASH!

As is if a $15.5 billion loss wasn't enough bad news for a Summer Friday, General Motors has announced that sales were down a staggering 26 percent for the month of July.

Ford and Toyota didn't fare much better, with sales falling 15 percent and 12 percent, respectively.

High oil prices, tight credit, and a sluggish consumer spending have created a perfect storm for automakers, which are on track for an abysmal 2008. Analysts are now predicting that the auto industry won't begin a rebound until 2010.

Not surprisingly, truck and S.U.V. sales led July's declines, with G.M.'s sales in that category down 35 percent and Ford's slumping 22 percent.

In addition to the economic factors plaguing Detroit in recent months, financing issues have created an additional wrinkle. All three U.S. automakers have recently moved to reduce auto leasing activity and tightened consumer credit terms at their financing arms, with Chrysler completely exiting the leasing business altogether.

Mercedes and Nissan were the only survivors of July's bloodbath. Mercedes said its U.S. sales rose 11.6 percent in the month; Nissan posted an 8.5 percent increase.

Honda reported a mere 1.6 percent drop. But that was small enough to qualify as good news on a day with little to cheer about in the auto industry.

Source: Portfolio.com: Top 5 | 1 Aug 2008 | 7:30 pm

Why Carl Icahn Is Good For Investors

In an editorial in The Wall Street Journal, UCLA law professor Lynn A. Stout argues that activist investors like Carl Icahn "rob average investors of better returns." She writes that "They push for strategies that raise the stock price of the few companies they own but may lower the stocks of other companies, or that raise prices in the short term while harming companies' long-term prospects."

Source: 24/7 Wall St. | 1 Aug 2008 | 7:19 pm

Democrats anxious for Obama to widen lead

A number of Democrats, including advisers to the Obama presidential campaign, are worried that the Democratic party's overall electoral advantage this year has not yet translated into comfortable leads for Barack Obama
Source: FT.com - US homepage | 1 Aug 2008 | 7:08 pm

Our Robin Hood Government (Tradecraft)

Bailing out homeowners in the name of the 'common good' doesn't do much good at all.

Source: SmartMoney.com | 1 Aug 2008 | 6:26 pm

UK nuclear energy deal collapses

A deal that would involve the sale of most UK nuclear power stations to a French energy firm now appears uncertain.
Source: BBC News | Business | World Edition | 1 Aug 2008 | 6:21 pm

July Car Sales Better Than Expected, Except At GM (GM)

GM's (GM) poor earnings were matched by its July sales. US light vehicle deliveries dropped 26.1% to 233,340 units from a year ago. Total truck deliveries declining 35.4% to 129,849 units. The company is still rapidly losing its most profitable business--SUVs and pick-ups. Ford (F) announced a 14.9% drop in US vehicle sales to 161,530 cars and trucks from 189,920 a year ago. Truck sales fell 22.1% to 99,229 vehicles. The flagship F-Series pick-up continued its steady decline, with sales off 20.6% to 44,829. Even Toyota did poorly, a sign that the trouble in the domestic market is no longer...

Source: 24/7 Wall St. | 1 Aug 2008 | 6:18 pm

Wal-Mart denies that it told employees how to vote (AP)

AP - Wal-Mart Stores Inc., the world's largest retailer, denied a report Friday that it had pressured employees to vote against Democrats in November because of worries that a bill the party supports would make it easier for workers to unionize.

Source: Yahoo! News: Business | 1 Aug 2008 | 6:11 pm

Carmaker GM loses another $15.5bn

General Motors reports a three month loss of $15.5bn (£7.8bn) as sales plunge in its home market.
Source: BBC News | Business | World Edition | 1 Aug 2008 | 6:02 pm

F.C.C.: Feds Censure Comcast

In a ruling that could have far-reaching implications for how broadband providers manage their networks, federal regulators ordered Comcast to change the way it manages internet traffic and be more transparent about its practices.

The Federal Communications Commission ordered the change on a 3-2 vote today.

See Portfolio.com's timeline of the Comcast investigation.

"Subscribers should be able to go where they want, when they want, and generally use the Internet in any legal means," F.C.C. Chairman Kevin Martin said in a statement.

The commission did not vote to levy a fine against the company. It did say that Comcast must disclose details of how it slowed or blocked websites, explain how it will stop those practices by the end of the year, and tell customers explicitly about any similar practices it adopts in the future.

In response, Comcast said: "We are disappointed in the Commission's divided conclusion because we believe that our network management choices were reasonable."

"We also believe that the Commission's order raises significant due process concerns and a variety of substantive legal questions," the company said, adding, "We are considering all our legal options."

Comcast has argued that the F.C.C. lacks the authority to enforce its 2005 Internet Policy Statement, which established four principles intended to guarantee consumers open access to all legal internet content.

Advocates of "network neutrality"—the principle that all Web traffic should be treated equally—hailed the ruling as "landmark decision." Last year, a coalition of consumer-rights groups led by Free Press filed a complaint with the F.C.C. after Comcast was discovered to be interfering with peer-to-peer Web traffic.

Digital-rights advocates and telecommunications companies both watched the case closely, seeing it as a bellwether for how the F.C.C. would regulate the companies whose networks carry the Web.

"The F.C.C.'s bipartisan decision to punish Comcast is a major victory," said Josh Silver, executive director of Free Press, which filed the original complaint against the cable giant. "Defying every ounce of conventional wisdom in Washington, everyday people have taken on a major corporation and won an historic precedent for an open Internet."

Related Links
Comcast's Compromise
Piling On
The Comcast Mystery Deepens

Source: Portfolio.com: Top 5 | 1 Aug 2008 | 6:00 pm

Stocks Anticipate News Rather Than React to It (Tradecraft)

Stocks anticipate news rather than react to it. Plus: The carry trade is back.

Source: SmartMoney.com | 1 Aug 2008 | 5:58 pm

Citigroup faces securities probe

Citigroup reveals it is the subject of an investigation by the financial regulator into whether it broke securities law.
Source: BBC News | Business | World Edition | 1 Aug 2008 | 5:45 pm

Next Week's Top Six Earnings Previews (CSCO, PG, FRE, S, TWC, SIRI)

Next week we may have the FOMC meeting, but analysts and economists are looking for no change in rates with the language growing more hawkish on inflation and more cautious on the economy. But what will rule the roost for potentially many sectors is earnings out of key companies like Cisco Systems Inc. (NASDAQ: CSCO), Procter & Gamble Co. (NYSE: PG), Freddie Mac (NYSE: FRE), Sprint Nextel Corp. (NYSE: S), Time Warner Inc. (NYSE: TWX), and Sirius XM Radio (NASDAQ: SIRI). These may not all spill over into macro-economic events but these are some of the most important earnings announcements...

Source: 24/7 Wall St. | 1 Aug 2008 | 5:40 pm

3 Brand-New Tax Changes You Need to Know About (The Tax Guy)

New legislation has changes that will affect many homeowners.

Source: SmartMoney.com | 1 Aug 2008 | 5:25 pm

Production resumes at Longbridge

Full-scale car production restarts at the famous Longbridge plant in Birmingham.
Source: BBC News | Business | World Edition | 1 Aug 2008 | 5:23 pm

Yukos figure 'guilty of murders'

A former top figure in the Russian oil company Yukos is found guilty by a Russian court of masterminding several murders.
Source: BBC News | Business | World Edition | 1 Aug 2008 | 5:21 pm

Spoils of justice in good times and bad

A young solicitor who had taken over his father's practice rushed home elated one night. "Dad, listen," he shouted, "I've finally settled that old McKinney suit." "Settled it!" cried his astonished father. "Why, I gave that...
Source: New Zealand Herald - Business | 1 Aug 2008 | 5:00 pm

Liam Dann : Panic over AMP fund won't help

This thing we call the credit crunch is wreaking havoc with investor confidence. AMP Capital's move yesterday to freeze the $420 million NZ Property Fund is worrying more for what it tells us about investor sentiment than because...
Source: New Zealand Herald - Business | 1 Aug 2008 | 5:00 pm

Brian Gaynor : Hanover choice comes down to cash

Many finance company investors, particularly those who entrusted their savings with Mark Hotchin and Eric Watson, face a major decision. They must resolve whether a moratorium or a receivership is the best option when their finance...
Source: New Zealand Herald - Business | 1 Aug 2008 | 5:00 pm

A serial director who has seen it all

There are few men in New Zealand who have been on as many boards of companies as Sir Colin Maiden. From Farmers to Fisher & Paykel, to Tower, ANZ, and DB Breweries, his career has spanned the industries of retail, manufacturing,...
Source: New Zealand Herald - Business | 1 Aug 2008 | 5:00 pm

Product has stake in top properties

The AMP fund which suspended payments yesterday owns a big stake in some of the best New Zealand investment properties. Murray Gribben, managing director of AMP Capital NZ, said 75 per cent of the assets in the frozen AMP Capital...
Source: New Zealand Herald - Business | 1 Aug 2008 | 5:00 pm

Barfoot's deal is out of this world

Barfoot & Thompson has become the exclusive real estate partner in New Zealand for global real estate giant Savills International, headquartered in London. Following the signing of a formal agreement on Thursday, Barfoot & Thompson...
Source: New Zealand Herald - Business | 1 Aug 2008 | 5:00 pm

Cashed up Vector to buy back shares

Vector, New Zealand's biggest electricity and gas distributor, plans to buy back as many as 25 million of the company's shares to increase investor returns. Vector's shares are undervalued and represent an attractive "risk-return...
Source: New Zealand Herald - Business | 1 Aug 2008 | 5:00 pm

Self-employed facing loan troubles

Australia's peak consumer body fears the major banks will consolidate their hold on the lending market as the credit crunch forces their non-bank competitors to offer fewer products. As competition among lenders dries up, the small...
Source: New Zealand Herald - Business | 1 Aug 2008 | 5:00 pm

Five Star's investors get 5c more

The receivers of Five Star Consumer Finance are paying a further 5c in the dollar to secured debenture investors on August 15. This is a second payment. Investors received 17.5c in the dollar on April 16. Five Star Consumer...
Source: New Zealand Herald - Business | 1 Aug 2008 | 5:00 pm

All stays quiet on the Kermadec front

The chairman of listed building owner Kermadec Property Fund Shareholders pleaded for questions at yesterday's annual meeting. But none came until after the close of general business, despite the company trading in an increasingly...
Source: New Zealand Herald - Business | 1 Aug 2008 | 5:00 pm

BMW to miss its targets for 2008

German carmaker BMW warns that deteriorating business conditions means it will miss its 2008 targets.
Source: BBC News | Business | World Edition | 1 Aug 2008 | 4:37 pm

Kraft Options Continue Volume Surge (KFT)

This has been a very unusual week over at Kraft Foods Inc. (NYSE: KFT). Interestingly enough, this may be irrelevant from the company's significant earnings win at the start of the week. We noticed highly unusual options trading at VSinvestor this week and you can see on yesterday's post just how much the interest has grown. This is also for the current expiration month rather than on farther outlying month expiration dates. If you look below, you'll see that the activity is continuing this week for the AUGUST contracts:

Source: 24/7 Wall St. | 1 Aug 2008 | 4:15 pm

More oil firms report big profits

Chevron and Total are the latest major oil companies to report strong results thanks to high oil prices.
Source: BBC News | Business | World Edition | 1 Aug 2008 | 3:57 pm

Banished at U.S. Border Without Hearing or Appeal: Commentary

Source: Bloomberg - All Podcasts | 1 Aug 2008 | 3:35 pm

Good Earnings Aren't Always Enough (CVX, EGO, EQT, TDW)

Pre-open earnings came out today for Chevron (NYSE:CVX), El Dorado Gold (NYSE:EGO), Equitable Resources, (NYSE:EQT), and Tidewater (NYSE:TDW). Two play in the oil and gas patch, one is an oilfield services company, and one is miner. All did well, but maybe not well enough.

Source: 24/7 Wall St. | 1 Aug 2008 | 3:30 pm

Horrible, or Just Grim?

Okay, news on the job market is out and everyone agrees it's not good. But how bad is it?

In its press release on the latest numbers, the Bureau of Labor Statistics notes that "over the past 12 months, the number of unemployed persons has increased by 1.6 million, and the unemployment rate has risen by 1 percentage point."

Lest you think the problem might be limited to new workers entering the market faster than the economy can create jobs for them, the B.L.S. has a little factoid to disabuse you: "The number of unemployed persons who had lost their last job...has risen by 778,000 over the year."

Felix Salmon of the Market Movers blog elsewhere on Portfolio.com sums up the jobs situation in one word: "ugly."

"Remember too that the official unemployment rate understates the severity of the downturn, as it doesn't count formerly full-time employees now working part-time," Salmon writes. "The number of people now who are either unemployed or underemployed is surely larger than it has been for many, many years."

Even Larry Kudlow on CNBC, a notorious economic Pollyanna, says the country is in a "mild recession." "There's no way around it," he said.

Maybe, maybe not, says John Challenger, chief executive of the recruitment firm Challenger Gray. "It probably feels like a recession for many Americans, particularly those looking for a job," he said, but he encourages people to keep today's number in "perspective."

He notes that the biggest reason for the jobless-rate spike is teenagers. More than 20 percent of them are without work, the B.L.S. says; Challenger attributes this to the unavailability of summer jobs.

Challenger adds that the unemployment rate for people at least 25 years old is 4.4 percent, "hardly a level indicative of widespread joblessness."

Fair enough. But it's not so much the absolute number that worries people as much as the trend: The overall unemployment rate jumped 0.2 percent in a month; for men, it's risen 0.4 percent in two months.

That compounds worries about $4-a-gallon gasoline, an economy in the doldrums, sclerotic credit markets, plummeting housing values, and well-publicized bank failures.

Even Challenger concedes that, to a large degree, all economics—like all politics—ultimately are local.

"This is not to say that people, regardless of age, are not struggling to keep and find jobs," he said. "The payroll survey confirms that employers are shedding more workers than they are adding.

"Of course, for the individual who is out of work," he added, "the unemployment rate is not 20.3 percent, 5.7 percent, or 4.4 percent. It is 100 percent."Related Links
Unemployment Spikes
Slouching Toward a Recession
The Slo-Mo Recession

Source: Portfolio.com: Top 5 | 1 Aug 2008 | 3:30 pm

China warns on 'politicising' Olympics

President Hu Jintao has warned against politicising the Beijing games and said they would help to accelerate the modernisation of the country
Source: FT.com - US homepage | 1 Aug 2008 | 3:28 pm

CardioNet Defies Prior Secondary Trends (BEAT)

CardioNet, Inc. (NASDAQ: BEAT) is holding up rather well considering the discount pricing of a secondary offering. The company sold 5 million shares at a price of $26.50 per share. All shares were being sold by selling shareholders and the company itself will realize no proceeds from the sale of these shares.

Source: 24/7 Wall St. | 1 Aug 2008 | 3:16 pm

JPMorgan Earnings Estimates Lowered at Merrill Lynch

Source: Bloomberg - All Podcasts | 1 Aug 2008 | 2:58 pm

Best Money-Market Mutual Funds (The Irritable Investor)

We tracked down the top-yielding taxable and nontaxable funds for your cash.

Source: SmartMoney.com | 1 Aug 2008 | 2:41 pm

Why Biogen & Elan TYSABRI News Should Have Been Expected (BIIB, ELN)

This morning's share price reaction seen in Biogen-Idec Inc. (NASDAQ: BIIB) and Elan Corp. plc (NYSE: ELN) is severe. We do not want to try to sound as though this TYSABRI news is something that isn't of consequence and don't want to make it sound like it is a non-event. Last night after the close the companies released the bad news that two more PML cases had been discovered in TYSABRI patients using the drug for the treatment of Multiple Sclerosis.

Source: 24/7 Wall St. | 1 Aug 2008 | 2:24 pm

MG Rover speeds back into action at Longbridge

Full-scale car manufacturing resumed today at the historic Longbridge factory, with the production of the two-seater MG TF LE500 sports car.
Source: Telegraph Business | 1 Aug 2008 | 1:56 pm

6 Globe-Trotting Funds (Fund Screen)

Global funds give investors instant access to hundreds of stocks around the world.

Source: SmartMoney.com | 1 Aug 2008 | 1:43 pm

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