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RTT - Top StoryGlobal financial news, market analysis, economics and forex news
SpaceX's Dragon Becomes First Commercial Capsule To Dock With Space StationFri, 25 May 2012 19:10:30 GMT
"It looks like we've got us a dragon by the tail," NASA astronaut Don Pettit said as he captured SpaceX's Dragon cargo freighter with the International Space Station's (ISS) robotic arm. The Dragon capsule, carrying supplies for the ISS astronauts, is the first ever commercial freighter to reach the ISS.
U.S. consumer sentiment in the month of May improved by more than previously estimated, according to a report released by Reuters and the University of Michigan on Friday, with the consumer sentiment index upwardly revised to a new multi-year high.
The report showed that the consumer sentiment index for May was upwardly revised to 79.3 from the mid-month reading of 77.8. The upward revision surprised economists, who had expected the index to come in unchanged.
Talbots Inc. said Friday it will continue to explore strategic alternatives after private equity firm Sycamore Partners informed that it is not prepared to execute a transaction to acquire the women's apparel retailer for $3.05 per share. Following the news, shares of Talbots are down 33 percent in the regular trading. Separately, Talbots reported a 48 percent surge in profit for the first quarter from last year.
Toyota Motor Corp (TM, TYT.L) plans to introduce eight compact car models for the emerging markets by 2015, hoping to compete with General Motors Corp. and Volkswagen AG. The company wants to turn its attention to growth markets like China, Brazil and India so that it can reduce its reliance on North America and Europe as well as its domestic market. Toyota said today that it would increase vehicle production capacity from the current 210,000 units a year to 310,000 units a year in 2013
Wall Street is mustering optimism despite the intensifying uncertainty, as reflected by the U.S. index futures, which point to a modestly higher open on Friday. The European markets are firmer for a second straight day, propelled by financial stocks. Crude oil is extending its gain and gold is also firmer. Risk currencies, including the euro, are also seeing a modest bounce. In the absence of any other market moving catalysts, traders may closely track the results of a U.S. consumer sentiment report.
Confidence among German consumers is set to remain stable in June, as the country's vibrant labor market and export gains shielded the economy from the turbulent economic conditions in the rest of Eurozone.
The consumer confidence index for June was at 5.7, unchanged from the revised reading of May. The May score was revised from 5.6 reported previously. Consumers are considerably more optimistic in May than in the previous month and the willingness to buy also improved slightly.
InterContinental Hotels Group Plc on Friday announced that Patrick Cescau will become Chairman of the company when David Webster retires on December 31, 2012. Cescau, who was Chief Executive of Anglo-Dutch consumer products maker Unilever from 2005 to 2008, will join IHG Board as Chairman on January 1, 2013. Webster has been Chairman since January 2004 and was a member of the Board since April 2003. He is also Chairman of the Company's Nomination Committee.
Just a little after a year of getting marketing approval for restless leg syndrome in the United States, Horizant, co-developed by Xenoport Inc. (XNPT) and GlaxoSmithKline plc (GSK), now awaits the regulatory decision for yet another indication, which is scheduled to be announced in two weeks.
VeriFone Systems Inc. said Thursday after the markets closed that its second quarter profit fell 43% from last year as higher costs and expenses more than offset a 61% increase in revenue. However, the company's quarterly earnings per share, excluding items, came in above analysts' expectations as did its quarterly revenue. At the same time, the company gave a weak forecast for the third quarter, and maintained its outlook for the full fiscal year.
Stocks showed a lack of direction over the course of the trading day on Thursday, as traders seemed reluctant to make any significant moves. The choppy trading came after the markets saw considerable volatility over the course of the two previous sessions. The major averages bounced back and forth across the unchanged line, eventually ending the session mixed.
Dow Chemical Co. said Thursday that an arbitrator has ruled that Petrochemical Industries of Kuwait must pay the company $2.16 billion in damages for pulling out of the planned $17.4 billion 'K-Dow' joint venture in 2008. Petrochemical Industries of Kuwait is a subsidiary of state-owned Kuwait Petroleum Corp. The $2.16 billion in damages do not include interest and costs, and the award is final and binding, Dow Chemical noted.
President Barack Obama leads Republican presumptive nominee Mitt Romney in three key states - Florida, Virginia and Ohio - a new NBC poll released Thursday shows. Obama holds at least a four point lead in the three swing states, with the Florida and Ohio gaps representing the widest margin.
Speaking at the Special Operations Command Gala Dinner Wednesday night, Secretary of State Hillary Clinton detailed the efforts behind combining U.S. military and diplomatic defenses to fight American enemies abroad. Most startlingly, Clinton detailed a recent U.S. mission to hack into al-Qaida websites in Yemen.
Ketchup king H.J. Heinz Co. reported Thursday a profit for the fourth quarter that declined from last year, hurt by charges related to productivity initiatives and lower margins. However, adjusted earnings per share grew 17.4 percent year-over-year, boosted by strong performance in emerging markets and global ketchup sales, and topped analysts' expectations. Quarterly revenues missed their estimates by a whisker, but the company provided earnings guidance for the full-year 2013.
After reporting a sharp drop in durable goods orders in the month of March, the Commerce Department released a report on Thursday showing a modest increase in durable goods orders in April.
The report showed that durable goods orders edged up by 0.2 percent in April after tumbling by 3.7 percent in March. The steep drop reported for March reflected a revision from the 4.2 percent decrease that had been reported previously.
Initial claims for U.S. unemployment insurance dipped in the week ended May 19th after revised figures showed a higher number of claims in the previous week.
According to the Labor Department, new unemployment claims came in at a seasonally adjusted level of 370,000, a slight decline from the previous week's revised level of 372,000.
The data for the previous week had initially shown new unemployment claims holding level at 370,000, so the revision reflects a slight increase.
Social networking giant Facebook Inc., which faced embarrassing technological glitches with its debut on the Nasdaq stock market on May 18, is considering a switch to list on the New York Stock Exchange, reports said. While reports have emerged that Facebook is planning to move to NYSE, NYSE Euronext, which runs the largest U.S. exchange, has reportedly denied the news.
Shares of Tiffany & Co. are down sharply Thursday morning after first quarter profits from the luxury-goods retailer missed analysts' expectations. Quarterly revenues topped Street view by a whisker, but Tiffany slashed its outlook for the full-year 2012. Sales growth was strong in Japan and other parts of Asia, but rose only modestly in the U.S. and Europe.
Canadian financial services provider Royal Bank of Canada (RY, RY.TO) reported Thursday a decline in second-quarter profit, reflecting mainly a loss related to the company's agreement to acquire remaining 50 percent in its joint venture RBC Dexia Investor Services Ltd.
Wall Street seems to have discounted all negative tidings and in the process, the U.S. index futures point to a modestly higher opening on Thursday. The firmer sentiment has come despite the release of some disappointing economic reading from across the Atlantic. The focus now shifts to Main Street, which boasts of two key first-tier economic readings, including the jobless claims and the durables goods orders data.
The Long And Short Of It: IUD, Implant Outperform Other Contraceptive MethodsThu, 24 May 2012 10:17:37 GMT
It is estimated that nearly half of all pregnancies in the U.S. are unintended. Contraceptive failure is believed to account for a substantial portion of unintended pregnancy. A new study has found that long-acting reversible methods like intrauterine device, or IUD, and implant are more effective than short-term contraceptive methods, such as birth-control pills, contraceptive patch or vaginal ring.
Confidence among German businesses fell more than expected in May to the lowest level in six months, as talks about a possible Greek exit from Eurozone weighed on firms' optimism, a key survey revealed Thursday.
Eurozone private sector activity downturn worsened to a three-year low in May after the economy narrowly escaped a recession in the first quarter, preliminary data from Markit Economics revealed Thursday. The growth-engine of the 17-nation bloc Germany also returned to a negative zone. Intensifying the downturn, France's private sector shrank at the fastest since April 2009.
Membership warehouses operator Costco Wholesale Corp. reported Thursday a higher profit for the third quarter as sales increased in both the U.S. and international regions. The results came a day after rating agency Fitch affirmed the company's rating, citing its strong competitive position, operating performance, low financial leverage and ample free cash flow and liquidity.
SABMiller Plc reported Thursday a sharp rise in profit for the twelve months to March 31, as strong demand in Latin America and Africa more than offset weakness in Europe. The British brewer also saw "good growth" in other developing markets such as India and China. The top line grew 7 percent on an organic, constant currency basis. SABMiller saw increases in both lager volumes and soft drinks volumes.
European leaders have voiced their strong desire for Greece to remain in the eurozone and honor its commitments under previously agreed bailout deals that require the implementation of reforms and unpopular austerity measures, European Council President Herman Van Rompuy said late Wednesday. Rompuy made the remarks during a press conference held after an informal summit of European leaders in Brussels to discuss ways for boosting growth in Europe.
China's manufacturing sector shrank for a seventh straight month in May, as weak demand owing to the deepening Eurozone crisis and fragile global growth curtailed new orders received by Chinese firms.
Preliminary findings of a survey by Markit Economics showed Thursday the headline HSBC purchasing managers' index that measures the performance of the factory sector fell to 48.7 in May from 49.3 in April. A PMI reading below 50 suggests contraction.
Hewlett-Packard Co. said Wednesday after the markets closed that its second quarter profit fell 31% from last year, hurt by lower sales and weaker margins. However, the company's quarterly earnings per share, excluding items, came in above analysts' expectations as did its quarterly revenue. Separately, HP said that it expects to eliminate about 27,000 employees by the end of fiscal year 2014 as part of a restructuring that is expected to generate annualized savings of $3.0 to $3.5 billion.
PVH Corp. (PVH) Wednesday reported a surge in first-quarter profit, driven mainly by "continued momentum" at its Calvin Klein and Tommy Hilfiger brands. PVH's earnings and revenues for the quarter came in well ahead of analysts' expectations.
Data storage solutions provider NetApp Inc. said Wednesday its fourth quarter earnings increased from last year, on a 19 percent growth in revenues and lower income tax, partly offset by higher research costs. Both quarterly earnings and revenues topped Street estimates. Moving forward, NetApp provided a weak outlook for the first quarter, citing economic uncertainties and seasonal weakness. The news dragged down NetApp shares about 22 percent to its lowest in a year...
