FxRebateGurus.com

  • Full Screen
  • Wide Screen
  • Narrow Screen
  • Increase font size
  • Default font size
  • Decrease font size

Wall Street ends up for third straight weekly gain

Friday, 10 May 2013 22:08
futures rose 6 points.

* For the week, the Dow is up 0.7 percent, the S&P is up 0.8 percent and the Nasdaq is up 0.9 percent. It is the third week of gains for all three.

* Priceline.com Inc (PCLN.O) late Thursday reported first-quarter earnings that beat expectations, though its second-quarter outlook disappointed.

* Molycorp Inc (MCP.N) reported a first-quarter loss that widened from the prior year, though revenue rose sharply.

* With 89 percent of the S&P 500 having reported, 66.7 percent have topped profit expectations, above the average since 1994 of 63 percent. However, only 46.4 percent of companies have beaten revenue expectations, well under the historical average.

* On Thursday, an extended rally for U.S. stocks came to an end as equities dipped slightly in a volatile session and shares of Apple Inc (AAPL.O) declined.

(Editing by Chizu Nomiyama)

  • Tweet this
  • Link this
  • Share this
  • Digg this
  • Email

Comments (0)

Be the first to comment on reuters.com.

Add yours using the box above.



Read more... Add new comment

April budget surplus is biggest in five years

Friday, 10 May 2013 22:08
v>

WASHINGTON | Fri May 10, 2013 2:18pm EDT

WASHINGTON (Reuters) - The U.S. posted its biggest surplus in five years in April, with record-high tax receipts swelling government coffers during the month when most Americans pay their taxes, the U.S. Treasury Department said on Friday.

The April surplus was $113 billion, about $6 billion higher than economists' expectations, according to Treasury Department data. The surplus in April 2012 was $59 billion.

Treasury usually posts a surplus in April, though it has not had a surplus this big since April 2008. The better state of the government's finances will likely be a factor in budget battles in Congress over whether further belt-tightening is needed.

The government got $1.6 trillion in tax receipts so far this year, a record high for this time period and 16 percent above last year's level for April, due to an expiration of payroll tax cuts, higher taxes on richer Americans, and an improving economy.

Receipts for last month, at $407 billion, were 28 percent higher than receipts in April 2012.

The cumulative deficit for the fiscal year, which started in October, was $488 billion in April, down 32 percent from the first seven months of fiscal 2012. That puts the United States on track to have its first yearly deficit below $1 trillion in five years.

Government spending was $294 billion in April, in line with figures from last month and below the year-ago level of $260 billion. In the past seven months, government spending has fallen 1 percent to $2.1 trillion compared to the same period last year.

(Reporting by Anna Yukhananov; Editing by Andrea Ricci)

  • Link this
  • Share this
  • Digg this
  • Email


Read more... Add new comment

Peregrine Financial may have "viable" claims versus banks: trustee

Friday, 10 May 2013 22:08
million in a nearly 20-year-long fraud.

Wasendorf Sr. is now serving what is expected to be a lifelong sentence in a high-security prison.

His son, Russell Wasendorf Sr., says he had nothing to do with the scam and is on the verge of bankruptcy himself. <ID:L2N0DN1U4>

But the banks that held money for the brokerage and its customers are seen as having deeper pockets, and for months the trustee has had them in his sights.

JPMorgan has $18.2 million and U.S. Bank hold $6 million of Peregrine Financial's funds, according to the trustee's statement of cash dated April 15. The banks say that at least some of that money is theirs.

A JPMorgan spokeswoman and a U.S. Bancorp spokesman declined to comment on the allegations in the lawsuit.

"Although the Trustee's investigation remains ongoing, the facts reviewed to date suggest that the Estate possesses a number of viable claims against the Wasendorf Defendants as well as the Bank Defendants," the trustee said in Wednesday's filing.

The allegations in the lawsuit by clients "provide ample basis to conclude that the Wasendorf Defendants and the Bank Defendants breached a variety of duties owed to PFG and caused harm to all of PFG's creditors," the filing continued.

If that lawsuit is not stayed, the trustee argued, the banks could use it as a defense against the trustee's claims.

Wasendorf Sr. stole over $215 million from clients over the years, using faked bank statements to fool regulators, U.S. prosecutors said. Most customers have gotten less than a third of their money back.

(Reporting by Ann Saphir; editing by Andrew Hay)

  • Link this
  • Share this
  • Digg this
  • Email


Read more... Add new comment

Amplats scales back South African mining job cuts plan

Friday, 10 May 2013 22:08
v>
Trucks leave an Anglo American Platinum (AMPLATS) processing plant near Rustenburg in this October 12, 2012 file photo. REUTERS/Mike Hutchings/Files

Trucks leave an Anglo American Platinum (AMPLATS) processing plant near Rustenburg in this October 12, 2012 file photo.

Credit: Reuters/Mike Hutchings/Files

By Helen Nyambura-Mwaura and Tiisetso Motsoeneng

RUSTENBURG, South Africa | Fri May 10, 2013 4:31am EDT

RUSTENBURG, South Africa (Reuters) - South African labor activists promised on Friday to fight any job cuts by Anglo American Platinum (AMSJ.J), which is expected to unveil a new plan on restoring profits later in the day after the original provoked a backlash from the government and unions.

Amplats, a unit of London-based Anglo American (AAL.L) and the world's top platinum producer, had initially envisaged slashing 14,000 jobs and mothballing two mines. Industry sources have told Reuters the final plan, produced after months of tough talks with the government, would demand as few as 5,000 redundancies.

In the restive platinum belt city of Rustenburg which will bear the brunt of the lay-offs, activists with the militant Association of Mineworkers and Construction Union (AMCU) said they would not tolerate any job losses.

"Even if it's 5,000 or 6,000 jobs, they must not be lost. Where will 6,000 people in this economy go? They will engage in criminality," Simon Hlongwane, a winch operator and AMCU branch secretary at Amplats Thembelani mine, told Reuters. "We as AMCU stand ready to fight," the 42-year-old said.

Social tensions are running high after violence rooted in a labor turf war between AMCU and the dominant National Union of Mineworkers (NUM) killed more than 50 people last year and provoked illegal strikes that hit production. This was a major reason why Amplats suffered its first loss last year.

With unemployment over 25 percent and elections due next year, the government has taken a strong line in the negotiations with Amplats, which has promised an announcement this week.

The average South African mineworker has eight dependants, so the social and political consequences even of reduced lay-offs will be far reaching.

AMCU has made good on strike promises in the past, including in January when it briefly closed several mines in protest when the initial Amplats plan was unveiled, though is leaders said in Johannesburg on Thursday they would not back such action.

For Amplats, reining in costs and cutting production to such an extent that it lifts the price of platinum - used for emissions-capping catalytic converters in motor vehicles - is crucial to getting back to profit.

AMCU emerged as the dominant union in the platinum shafts last year after it poached tens of thousands of disgruntled members from the NUM, a political ally of the ruling African National Congress.

(Writing by Ed Stoddard; Editing by David Stamp)

  • Link this
  • Share this
  • Digg this
  • Email


Read more... Add new comment

JPMorgan board unanimously backs Dimon as chairman, CEO: letter

Friday, 10 May 2013 22:08
v id="captionContent">

JPMorgan Chase & Co CEO Jamie Dimon speaks about the state of the global economy at a forum hosted by the Council on Foreign Relations (CFR) in Washington October 10, 2012.

Credit: Reuters/Yuri Gripas


Read more... Add new comment

U.S. judge orders Hewlett-Packard to face shareholder lawsuit

Friday, 10 May 2013 22:08
v>
A Hewlett-Packard logo is seen at the company's Executive Briefing Center in Palo Alto, California January 16, 2013. REUTERS/Stephen Lam

A Hewlett-Packard logo is seen at the company's Executive Briefing Center in Palo Alto, California January 16, 2013.

Credit: Reuters/Stephen Lam

By Jonathan Stempel and Nate Raymond

Fri May 10, 2013 4:27pm EDT

(Reuters) - Hewlett-Packard Co (HPQ.N) must defend against a lawsuit accusing former management at the world's largest personal computer maker of defrauding shareholders by abandoning a business model it had long touted, causing more than $16 billion of market value to be wiped out.

District Judge Andrew Guilford in Santa Ana, California said shareholders had raised a "strong inference" that officials including former Chief Executive Leo Apotheker in June and July 2011 misled them about HP's commitment to the WebOS operating system and related products, including the TouchPad tablet PC.

"It is far from implausible that a corporate executive who had spent months building excitement and momentum around important, new technology products might recklessly misrepresent the inability to deliver on those promises," the judge wrote in a decision dated May 8 and made public the next day.

The lawsuit was filed after Apotheker shocked investors on August 18, 2011 by announcing plans to refocus the company on business services and products.

He also announced plans to scrap WebOS, whose rights HP had obtained when it bought Palm Inc in 2010; pay $11.1 billion for British software company Autonomy Plc; and possibly spin off HP's personal computer business. The company also halted sales of the TouchPad, after just seven weeks on the market.

The news sparked a two-day selloff in which HP's share price fell 24.8 percent, causing the company's market value to drop by about $16.2 billion. Apotheker was fired the next month. The shares still trade below where they had fallen to at the time.

Michael Thacker, an HP spokesman, said the Palo Alto, California-based company does not discuss pending litigation.

Guilford dismissed part of the lawsuit, including claims related to statements that HP had made in early 2011.

Other challenged statements that remain in the case were made by Todd Bradley, executive vice president of HP's printing and personal systems group, its largest business unit.

"We're extremely satisfied and happy with the court's decision, and will be moving the case into discovery," Jonathan Gardner, a partner at Labaton Sucharow representing the plaintiffs, said in a phone interview.

Lawyers for Apotheker and Bradley did not immediately respond to requests for comment.

The lead plaintiffs include the Arkansas Teacher Retirement System; the Labourers' Pension Fund of Central and Eastern Canada in Oakville, Ontario; the LIUNA National Pension Fund and LIUNA Staff & Affiliates Pension Fund in Washington, D.C.; and Union Asset Management Holding AG in Frankfurt, Germany.

Guilford had last August dismissed the entire lawsuit, but given the plaintiffs a chance to amend their complaint.

Now run by Meg Whitman, HP is cutting costs and expanding in areas such as enterprise computing services as part of a multi-year plan to stimulate growth.

The company revamped its board, kept its PC business, and in November announced an $8.8 billion charge for Autonomy, accusing officials there including former Chief Executive Mike Lynch of accounting fraud. Lynch has denied the allegations.

In February, HP reentered the consumer tablet market with a $169 tablet powered by the Android operating system.

The case is Gammel et al v. Hewlett-Packard Co et al, U.S. District Court, Central District of California, No. 11-01404.

(Reporting by Jonathan Stempel and Nate Raymond in New York; Editing by Richard Chang)

  • Link this
  • Share this
  • Digg this
  • Email


Read more... Add new comment

U.S. Business Inventories Rise Less Than Expected In February

Friday, 12 April 2013 16:47
iv id="divBody">

Business inventories in the U.S. increased by less than expected in the month of February, according to a report released by the Commerce Department on Friday, although the report also showed a sharp increase in business sales.

The report showed that business inventories inched up by 0.1 percent in February following a revised 0.9 percent increase in January. Economists had expected inventories to increase by 0.4 percent compared to the 1.0 percent growth originally reported for the previous month.

While inventories at retailers and manufacturers rose by 0.3 percent and 0.2 percent, a 0.3 percent drop in inventories at merchant wholesalers helped to limit the upside.

At the same time, the Commerce Department said business sales surged up by 1.2 percent in February after edging down by 0.1 percent in January.

Sales by merchant wholesalers shot up by 1.7 percent, while sales by retailers jumped by 1.2 percent and sales by manufacturers advanced by 0.9 percent.

With sales rising at a faster pace than inventories, the total business inventories/sales ratio dipped to 1.28 in February from 1.29 in January. The ratio came in at 1.26 in February of 2012.

The report also said inventories in February were up by 4.9 percent compared to the same month a year ago, while sales were up by 3.7 percent year-over-year.

by RTT Staff Writer

For comments and feedback: This e-mail address is being protected from spambots. You need JavaScript enabled to view it

Forex News


Read more... Add new comment

U.S. Consumer Sentiment Unexpectedly Shows Sharp Deterioration In April

Friday, 12 April 2013 16:34
iv id="divBody">

Consumer sentiment in the U.S. unexpectedly showed a significant deterioration in the month of April, according to a report released by Reuters and the University of Michigan on Friday.

The report showed that the preliminary reading on the consumer sentiment index for April came in at 72.3 compared to the final March reading of 78.6.

Economists had expected the index to come in roughly unchanged compared to the final March reading, which was upwardly revised sharply from its mid-month reading of 71.8.

With the unexpected decrease compared to the previous month's final reading, the consumer sentiment index was at its lowest level since July of 2012.

The sharp drop by the headline index was partly due to a notable decrease by the gauge of consumer expectations, which fell to 64.2 in April from 70.8 in March.

The barometer of current economic conditions also fell to 84.8 in April from 90.7 in March, hitting its lowest level since last July.

While the data has added to worries about consumer spending following this morning's disappointing retail sales report, Jennifer Lee, senior economist at BMO Capital, noted that the readings are preliminary and pointed to the sharp upward revision to the March numbers.

"Of course, this time is different, given the softer-than-expected payroll report that was released last Friday," Lee said. "But I feel compelled to rant a bit because we must remember that these survey results can change significantly."

"It doesn't happen often in this particular survey but it has happened before," she added. "However, in light of the slower growth numbers of late, it probably will not be the case in April."

The report also showed that one-year inflation expectations dipped to 3.0 percent in April from 3.2 percent in March, while five-to-ten-year inflation outlook was unchanged at 2.8 percent.

by RTT Staff Writer

For comments and feedback: This e-mail address is being protected from spambots. You need JavaScript enabled to view it

Forex News


Read more... Add new comment

U.S. Producer Prices Fall 0.6% Amid Sharp Drop In Energy Prices

Friday, 12 April 2013 15:38
iv id="divBody">

Producer prices in the U.S. fell by more than expected in the month of March, according to a report released by the Labor Department on Friday, with the drop in prices largely due to a sharp decrease in energy prices.

The Labor Department said its producer price index fell by 0.6 percent in March after rising by 0.7 percent in February. Economists had expected the index to edge down by 0.2 percent.

The bigger than expected drop in producer prices was largely due to lower energy prices, which tumbled by 3.4 percent in March after jumping by 3.0 percent in February.

Energy prices fell at their fastest rate since February of 2010, with the steep pullback coming amid a 6.8 percent decrease in gasoline prices.

At the same time, the report showed that food prices rose by 0.8 percent in March after falling by 0.5 percent in the previous month. The rebound was largely due to a 21.5 percent jump in prices for fresh and dry vegetables.

Excluding the drop in energy prices and the increase in food prices, core producer prices inched up by 0.2 percent in March, matching the increases seen in each of the two previous months as well as economist estimates.

The Labor Department said the modest increase in core prices was primarily due to a 0.7 percent increase in prices for civilian aircraft.

The report also showed that producer prices increased at an annual rate of 1.1 percent in March, reflecting the smallest year-over-year advance since a 0.5 percent increase in July of 2012.

Core producer prices in March were up by 1.7 percent compared to the same month a year ago, unchanged from the annual rate of growth seen in February.

Next Tuesday, the Labor Department is scheduled to release a separate report on consumer price inflation in the month of March.

by RTT Staff Writer

For comments and feedback: This e-mail address is being protected from spambots. You need JavaScript enabled to view it

Forex News


Read more... Add new comment

More Articles...

Page 1 of 108

FxRebateGurus is on

Payment Methods

Follow us on Facebook
Follow us on Twitter
About us
Contact Us