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| Wall Street Week Ahead: Investors face earnings blitz with dread Friday, Oct 19, 2012 07:49 PM PDT  NEW YORK (Reuters) - U.S. earnings started the quarter on the wrong foot, and things have only gotten worse. Expectations for the third quarter were dismal, with forecasts for a decline in profits from a year ago. But a recent flurry of high-profile reports has investors scowling at the weak revenue numbers, adding to worries about the state of the U.S. economy and the outlook for corporate America. "The earnings season is not looking very bright," said Larry Peruzzi, senior equity trader at Cabrera Capital Markets Inc., in Boston. ... Full Story | Top |
| McDonald's sales growth cools, chilled by competition Friday, Oct 19, 2012 07:45 PM PDT  (Reuters) - McDonald's Corp posted its worst quarterly restaurant sales growth performance in nine years on Friday, lifting the curtain on the fast-food industry's ruthless fight for customers in a weak economy. The world's biggest fast-food chain is battling more than the bleak global economy that is curbing appetites for purchases of its hamburgers, salads and smoothies. Resurgent chains like Burger King Worldwide Inc and Yum Brand Inc's Taco Bell now are challenging McDonald's in the United States with revamped menus, celebrity endorsers and a renewed focus on low-priced food. ... Full Story | Top |
| Firm dollar, weak Europe crimp U.S. industrials' sales Friday, Oct 19, 2012 07:40 PM PDT  NEW YORK (Reuters) - Four top U.S. manufacturers, including General Electric Co and Honeywell International Corp , reported weaker-than-expected sales on Friday, in a fresh warning to investors that demand around the world remains sluggish. The ream of recent results sets the stage for an even heavier week of earnings reports next week, including those of global heavyweights such as Caterpillar Inc , Dupont Co , 3M Co , Boeing Inc , Eli Lilly & Co and Procter & Gamble . GE, Honeywell, Ingersoll Rand Plc and Parker Hannifin Corp all took in less revenue than analysts had expected. ... Full Story | Top |
| Goldman's bank unit to open branch office in London Friday, Oct 19, 2012 06:21 PM PDT  (Reuters) - Goldman Sachs Group Inc's commercial bank unit plans to open a branch office in London. Goldman filed an application, dated October 8, for a new office of Goldman Sachs Bank USA, to its local regulator, New York's Department of Financial Services (DFS). This would be the first branch outside of the United States for the unit since becoming a commercial bank in 2008, according to the Financial Times, which first reported the news. Goldman Sachs was not immediately available for comment. (Reporting by Ritika Rai in Bangalore; Editing by Bernard Orr) Full Story | Top |
| GE, McDonald's give Wall Street a black eye on '87 crash date Friday, Oct 19, 2012 05:47 PM PDT  NEW YORK (Reuters) - Stocks ended the week on Friday with their worst day since late June after Dow components General Electric and McDonald's, both barometers of the overall economy's health, added to a disappointing earnings season. Technology shares kept up a pattern of recent weakness, hurt by anemic results from Microsoft and another losing day for Google . The Nasdaq closed down 2.2 percent. For the Dow, Friday's slide marked its biggest loss since June 21 - with the sell-off coming on the 25th anniversary of Black Monday, when the Dow plunged 22. ... Full Story | Top |
| Nationstar, Ocwen and Walter fight over ResCap: sources Friday, Oct 19, 2012 04:50 PM PDT (Reuters) - Ocwen Financial Corp and Walter Investment Management Corp have teamed up to top Nationstar Mortgage Holdings Inc's starting bid for Residential Capital LLC's mortgage business , ensuring a bankruptcy auction goes ahead next week, two sources familiar with the matter said on Friday. The consortium offered to buy the mortgage business for $40 million more than Nationstar's $2.45 billion opening bid, one source said. Nationstar was expected to make an updated bid, another source said. ... Full Story | Top |
| Thiel could invest $150 million in AirBnb: report Friday, Oct 19, 2012 04:39 PM PDT SAN FRANCISCO (Reuters) - Peter Thiel, the PayPal co-founder and Facebook Inc's first outside investor, is in talks to invest $150 million in Airbnb as part of a fresh investment round that would value the lodging rental start-up at $2.5 billion, the Wall Street Journal reported Friday, citing unnamed sources. The investment, if completed under the reported terms, would make Airbnb one of the Silicon Valley's most highly-valued private companies just four years after the company was founded by a trio of graduates from the Rhode Island School of Design. ... Full Story | Top |
| CEOs' rosy spin whitewashes weak results Friday, Oct 19, 2012 04:35 PM PDT  NEW YORK (Reuters) - Corporate America has been talking a good game this earnings season, but a closer look shows the results are not nearly as strong as CEO optimism might lead investors to believe. In fact, a number of companies are coming up short on either earnings or revenue as measured against Wall Street estimates, even as their leaders try to paint a picture of steady returns and solid prospects for 2013. Some investors say earnings expectations have been managed so low they are easy to beat, even if sales come up short. ... Full Story | Top |
| BMW to invest $395 million in new Brazil car plant: sources Friday, Oct 19, 2012 04:28 PM PDT  SAO PAULO (Reuters) - German automaker BMW plans to invest 800 million reais ($395 million) to build a new assembly plant in Brazil, sources with direct knowledge of the project told Reuters on Friday. BMW's finance chief Friedrich Eichiner told Reuters on Thursday that the company will submit an investment plan to the Brazilian government. He did not provide details on the size of the investment, pending the ongoing negotiations with the government. ... Full Story | Top |
| Goldman loses bid to end lawsuit by hedge fund over CDO Friday, Oct 19, 2012 03:55 PM PDT  (Note: Language in paragraph 14 may be offensive to some readers) NEW YORK (Reuters) - A judge refused to dismiss a $1.07 billion lawsuit against Goldman Sachs Group that accuses it of selling risky debt that it intended to lose value to an Australian hedge fund, causing the fund to become insolvent. New York state Supreme Court Justice Shirley Kornreich denied Goldman Sachs' bid to toss claims of fraud, unjust enrichment and negligence, among others, by the Basis Yield Alpha Fund. ... Full Story | Top |
| Home resales slip, housing recovery still eyed Friday, Oct 19, 2012 03:00 PM PDT  WASHINGTON (Reuters) - Home resales retreated in September from a two-year high, a reminder that America's housing sector is a long way from a full recovery despite recent signs of improvement. Existing home sales fell 1.7 percent last month to a seasonally adjusted annual rate of 4.75 million units, matching the median forecast in a Reuters poll, data from the National Association of Realtors showed on Friday. Housing has been a relative bright spot in the U.S. economy this year, and Friday's data did not point to a reversal in that trend. ... Full Story | Top |
| Canada mum on Petronas bid for Progress as deadline approaches Friday, Oct 19, 2012 02:54 PM PDT SAINT-HUBERT, Quebec (Reuters) - Canada declined to say on Friday whether it had approved Malaysian state oil company Petronas' C$5.2 billion ($5.3 billion) bid for gas producer Progress Energy Resources Corp , even as a midnight eastern (0400 GMT) deadline approached. Earlier this month, Industry Minister Christian Paradis extended the review period for the bid to Friday. Officials said he would not make an announcement while markets were open. "I won't comment on any specifics. When the decision is ... ... Full Story | Top |
| Petrobras to cut costs by up to $7.5 billion in 2013 Friday, Oct 19, 2012 02:54 PM PDT  RIO DE JANEIRO (Reuters) - Brazil's state-led oil company, Petrobras , said on Friday it plans to cut as much as 15 billion reais ($7.5 billion) from operational costs next year, in a move aimed at reinstilling investor confidence and ending years of missed output targets. The cuts are part of Petrobras' "Procop" cost-optimization program that will start in January. ... Full Story | Top |
| Credit-card fee settlement sent for U.S. judge's approval Friday, Oct 19, 2012 02:51 PM PDT  NEW YORK (Reuters) - A proposed $7.2 billion settlement between merchants and Visa Inc and Mastercard Inc over credit-card fees was submitted Friday for approval by a federal judge, setting in motion what will be a contentious and closely watched battle over the fate of the potentially historic pact. If it receives preliminary and then final approval from U.S. District Judge John Gleeson in Brooklyn, it would be the largest federal antitrust settlement in U.S. history, resolving seven years of price-fixing litigation brought on behalf of nearly 8 million merchants. ... Full Story | Top |
| Exclusive: Credit Suisse to sell European ETF business - sources Friday, Oct 19, 2012 02:28 PM PDT  NEW YORK (Reuters) - Credit Suisse Group AG has put its $17.2 billion European exchange-traded fund business up for sale, according to sources familiar with the matter. BlackRock Inc and State Street Global Advisors, the asset management arm of State Street Corp , are among the firms that have bid for the business, three of the sources said. The first round of bids was due in early October and the investment banking arm of Credit Suisse is representing its parent company on the deal, they said. With 58 ETFs, Credit Suisse is the fourth-largest ETF provider in Europe, with 5. ... Full Story | Top |
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