| Wall Street Week Ahead: Attention turns to financial earnings Posted: 11 Jan 2013 03:23 PM PST  NEW YORK (Reuters) - After over a month of watching Capitol Hill and Pennsylvania Avenue, Wall Street can get back to what it knows best: Wall Street. The first full week of earnings season is dominated by the financial sector - big investment banks and commercial banks - just as retail investors, free from the "fiscal cliff" worries, have started to get back into the markets. Equities have risen in the new year, rallying after the initial resolution of the fiscal cliff in Washington on January 2. ...
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| Exclusive: JPMorgan faces action on laundering controls Posted: 11 Jan 2013 10:14 AM PST  NEW YORK (Reuters) - U.S. regulators are expected to order JPMorgan Chase & Co to correct lapses in how it polices suspect money flows, two people familiar with the situation said, in the latest move by officials to force banks to tighten their anti money-laundering systems. The action against JPMorgan, which is expected as soon as Friday, would be in the form of a cease-and-desist order, which regulators use to force banks to improve compliance weaknesses, the sources said. JPMorgan will probably not have to pay a monetary penalty, one of the sources said. ...
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| U.S. launches safety review of 787 after recent issues Posted: 11 Jan 2013 03:15 PM PST  WASHINGTON/NEW YORK (Reuters) - The U.S. government ordered a wide-ranging review of Boeing's latest passenger jet, the 787 Dreamliner, citing concern over a fire and other recent problems but insisting the plane was still safe to fly. It was unclear how long the review will take or how much it will ultimately cost Boeing, but the company was concerned enough that it sent a top executive to a Washington press conference on the problem. Boeing shares fell 3 percent. ...
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| Wells Fargo profit jumps but mortgage lending slips Posted: 11 Jan 2013 03:22 PM PST  (Reuters) - Wells Fargo & Co on Friday said fourth-quarter profit rose 24 percent to a record high as the bank set aside less money to cover bad loans and made more fees from mortgages. But lending margins declined and the bank made fewer mortgage loans than in the third quarter, and its shares closed down 0.8 percent at $35.10. Wells is the first big U.S. bank to report fourth-quarter results, and its report reflects how banks are relying more on fees from mortgages and service charges to increase revenue, and less on interest income. ...
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| Luxury, performance drive buzz at Detroit auto show Posted: 11 Jan 2013 12:27 PM PST  DETROIT (Reuters) - This year's Detroit auto show, which opens next week, has a decidedly "green" theme. Green as in the color of money, that is. An aura of luxury pervades many of the show's new models as automakers from Europe, Asia and the Motor City itself strive to bring more affluent consumers in to showrooms. Whether one seeks a sedan, coupe or crossover, pricy new choices are not in short supply. A familiar companion to luxury is performance. Exuding both traits is a hometown show-stopper, the redesigned 2014 Chevrolet Corvette from General Motors Corp. ...
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| Wal-Mart's Solorzano leaves Latam CEO post Posted: 11 Jan 2013 02:28 PM PST  (Reuters) - Wal-Mart Stores Inc is replacing the chief of its Latin American unit, who had run the retailer's business in Mexico when the company reportedly began a probe into bribery allegations in the country. Eduardo Solorzano will step down as president and chief executive of the unit, and will be succeeded by Enrique Ostale. Solorzano will remain as chairman of the board of directors at Wal-Mart de Mexico , the Mexican unit of the world's largest retailer, Wal-Mart said on Friday. ...
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| Global car industry sharpens U.S. focus for 2013 Posted: 11 Jan 2013 02:34 PM PST  PARIS/DETROIT (Reuters) - The U.S. car market's rebound may be slowing - but it still looks like the best bet to many of the global industry's top brass as they converge on Detroit for the 2013 auto show. With Europe in a protracted meltdown and some emerging markets flagging, the United States will increase its share of world auto sales this year even as its economy cools, analysts and executives predicted ahead of Monday's media opening. American light vehicle sales are expected to rise 4 to 7 percent with prices remaining strong, according to most estimates. That would outpace the 2. ...
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| Best Buy U.S. holiday sales stabilize, shares jump Posted: 11 Jan 2013 10:17 AM PST  (Reuters) - Best Buy Co Inc on Friday showed the first concrete signs of a turnaround in its U.S. stores, with flat same-store sales during the key holiday season, helped by sales of tablets and mobile phones and improvement in its online business. The results surprised analysts, who had expected a decline, and Best Buy shares rose 11.9 percent to $13.66 in afternoon trading. Best Buy, which is restructuring and faces a looming buyout proposal by founder and former chairman Richard Schulze, saw total revenue slip 0.4 percent to $12.8 billion in the nine weeks ended January 5. ...
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| Wall Street ends flat as rally slows, earnings eyed Posted: 11 Jan 2013 03:10 PM PST  NEW YORK (Reuters) - Stocks ended little changed on Friday as investors took a step back from buying ahead of next week's busy corporate earnings calendar. Overall earnings are expected to grow by just 1.9 percent in this season, according to Thomson Reuters data. Analysts say that, with the bar low, there's room for companies to beat expectations, and that may have contributed to the rise in stocks so far in 2013. That rally has slowed in the last few days. ...
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| Merck begins overseas recall of HDL cholesterol drug Posted: 11 Jan 2013 09:42 AM PST  (Reuters) - Merck & Co said it is recalling Tredaptive, its medicine to raise "good" HDL cholesterol levels, in overseas markets where it is sold, after it failed to prevent heart problems in a large study and raised safety concerns. The medicine is not approved in the United States but the U.S. drugmaker sells it in about 40 countries. Merck said it would recall stocks of Tredaptive now held by wholesalers, but that pharmacies can continue to dispense their remaining supplies. ...
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| FAA to review of Boeing 787, but calls plane safe Posted: 11 Jan 2013 02:32 PM PST  WASHINGTON (AP) — The government stepped in Friday to assure the public that Boeing's new 787 "Dreamliner" is safe to fly, even as it launched a comprehensive review to find out what caused a fire, a fuel leak and other worrisome incidents this week.
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| Stocks gain for second week, keeping S&P near high Posted: 11 Jan 2013 01:50 PM PST  NEW YORK (AP) — Stocks gained for a second straight week as company earnings reports started to come in, keeping the Standard and Poor's 500 index within a fraction of its highest level in five years.
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| Flu season puts businesses and employees in a bind Posted: 11 Jan 2013 03:16 PM PST  WASHINGTON (AP) — Nearly half the 70 employees at a Ford dealership in Clarksville, Ind., have been out sick at some point in the past month. It didn't have to be that way, the boss says.
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| Microsoft may have exited gadget show prematurely Posted: 11 Jan 2013 01:38 PM PST  LAS VEGAS (AP) — Microsoft may have relinquished its starring role in America's gaudiest gadget show a year too early.
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| Gadget Watch: Long-battery watch talks to iPhone Posted: 11 Jan 2013 06:25 AM PST  LAS VEGAS (AP) — "Smart" watches that talk to cellphones have been around for some time, but they've been hampered by their high battery drain — usually needing recharging every few days. At this week's International CES electronics trade show in Las Vegas, a startup launched a smart watch, the Cookoo, that runs for a year on a standard button cell.
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| US trade gap grows to $48.7B, as imports surge Posted: 11 Jan 2013 09:58 AM PST  WASHINGTON (AP) — The U.S. trade deficit expanded in November to its widest point in seven months, driven by a surge in imports that outpaced only modest growth in exports.
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| US budget deficit grows by $260M in December Posted: 11 Jan 2013 11:12 AM PST WASHINGTON (AP) — The U.S. annual budget deficit is on track to reach $1 trillion for a fifth straight year, though government revenue jumped last month as people paid some taxes early to avoid higher rates in 2013. |
| USDA: Drought cut corn crop by about one-fourth Posted: 11 Jan 2013 03:03 PM PST  DES MOINES, Iowa (AP) — For farmers like Earl Williams, last year couldn't have started out better or ended much worse as a warm, sunny spring that let him plant early gave way to record heat and drought that devastated his corn.
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| Wells Fargo nets record profit, but mortgages slow Posted: 11 Jan 2013 11:38 AM PST  NEW YORK (AP) — Wells Fargo, the country's biggest mortgage lender, reported record earnings for the fourth quarter on Friday, beating analysts' expectations for both profit and revenue. The bank made more loans, gained deposits and enjoyed above-average returns from the investments made by its private equity business.
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| Facebook tests $100 charge to message Zuckerberg Posted: 11 Jan 2013 10:29 AM PST NEW YORK (AP) — Would you pay $100 to message Mark Zuckerberg? Facebook says it's testing some "extreme price points" to let users pay to have their messages seen by people who are not their friends. |
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