| Dow, S&P 500 inch up with retailers but Apple drags again Posted: 15 Jan 2013 01:37 PM PST  NEW YORK (Reuters) - The Dow and S&P 500 edged higher on Tuesday after stronger-than-expected retail data, though tech heavyweight Apple dragged on the market for a third day. Apple was the biggest weight on both the S&P 500 and Nasdaq 100 after reports on Monday of cuts to orders for iPhone parts. Shares declined 3.2 percent to $485.92 and closed below $500 for the first time since February. Retail stocks advanced after a government report showing retail sales rose more than expected in December was seen as a favorable sign for fourth-quarter growth. ...
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| Analysis: Once reliable technology sector drags down earnings Posted: 15 Jan 2013 02:00 PM PST  NEW YORK (Reuters) - This earnings season, the U.S. technology industry is in an unusual position - dragging corporate America down, rather than lifting it up. Wall Street expects the tech sector's fourth-quarter earnings to be down 1.1 percent from a year ago, the first drop since the third quarter of 2009, even though overall S&P 500 profits are still forecast to show growth, according to Thomson Reuters data. Chip companies are expected to be among the worst performers because of softer-than-expected personal computer sales. Weak overseas demand and worries about the U.S. ...
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| AMR pilot contract would cover US Air pilots in merger: memo Posted: 15 Jan 2013 11:19 AM PST  (Reuters) - If American Airlines and US Airways Group merge, pilots of the carriers would initially be governed by the contract currently in place with American's pilots, according to terms of a memorandum disclosed on Tuesday. The so-called memorandum of understanding has been approved by the leadership of the Allied Pilots Association, which represents American's pilots, and the US Airline Pilots Association, the union for US Airways pilots, as well as by the two carriers. ...
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| Bank of America capital markets co-head to lead commercial banking Posted: 15 Jan 2013 02:15 PM PST  (Reuters) - Bank of America Corp has named capital markets co-head Alastair Borthwick as its head of commercial banking, in a shuffling of veteran executives. Borthwick, a former Goldman Sachs Group Inc executive who joined the bank in 2005, replaces Laura Whitley, who will take a position in consumer banking, according to a memo sent to employees. Commercial banking has been a bright spot for Bank of America, whose profits have been dragged down by mortgage-related losses since the financial crisis. ...
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| Exclusive: Morgan Stanley to defer high-earners' bonuses - sources Posted: 15 Jan 2013 03:52 PM PST  NEW YORK (Reuters) - Morgan Stanley is taking three years to pay out 2012 bonuses to high-earning employees, three sources familiar with the situation said on Tuesday, a step that will better align incentives with shareholder interests and make it harder for employees to leave. Banks globally are rethinking compensation as trading volumes sag, tighter regulations cut into profit, and revenues grow slowly, if at all. Barclays and Deutsche Bank for example, is paying its employees bonuses all in cash. ...
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| Wal-Mart plans $50 billion "buy American" push Posted: 15 Jan 2013 01:20 PM PST  NEW YORK (Reuters) - Wal-Mart Stores Inc will buy an additional $50 billion in U.S.-made products over the next decade in areas like sporting goods and high-end appliances in what the world's largest retailer called a bid to help boost the U.S. economy. Wal-Mart, the largest private employer in the United States, also said on Tuesday it plans to hire 100,000 newly discharged veterans over the next five years, at a time when the U.S. unemployment rate is at 7.8 percent. Wal-Mart said the plan to buy more U.S.-made goods is an effort to create U.S. jobs and spur economic growth. ...
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| Japan's growth hurt by row with China: World Bank Posted: 15 Jan 2013 03:34 PM PST WASHINGTON (Reuters) - Japan's economy contracted in the second half of 2012 and is on track for lackluster growth of 0.8 percent this year, hurt in part by its bitter territorial row with China, the World Bank said in a report on Tuesday. Relations between China and Japan, the world's biggest economies after the United States, have deteriorated sharply since September, when the Japanese government purchased islands in the East China Sea that China claims. The value of Japanese exports to China fell by 17 percent between June and November of last year, contributing to a 3. ... |
| JPMorgan directors to release report on Whale loss: NY Times Posted: 15 Jan 2013 11:55 AM PST  NEW YORK (Reuters) - Directors of JPMorgan Chase & Co voted on Tuesday to publicly release an internal report on how the company lost $6.2 billion on "London Whale" derivatives trades last year, The New York Times said on its website. Chief Executive Jamie Dimon, who is also chairman of the board, argued that the report should be made public, the Times said, citing "several" people familiar with the matter. The report, which includes descriptions of mistakes by bank executives, is more than 50 pages long, according to the report. ...
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| Loophole used by MF Global targeted by U.S. accounting body Posted: 15 Jan 2013 02:02 PM PST  NEW YORK (Reuters) - The group that sets U.S. accounting standards proposed tightening an accounting rule that brokerage MF Global used to obscure its exposure to risky European sovereign debt ahead of its bankruptcy filing in 2011. The change, proposed on Tuesday by the Financial Accounting Standards Board, would make it harder for a company to use a particular kind of repurchase agreement - a form of short-term borrowing - to move debt off its balance sheet. ...
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| Holiday sales rose 3 percent, below forecast: NRF Posted: 15 Jan 2013 03:18 PM PST  NEW YORK (Reuters) - Shoppers spent only 3 percent more during the 2012 holiday season than they did a year earlier, the National Retail Federation said on Tuesday, citing economic uncertainty for tempering consumers' enthusiasm. The NRF's data, based on U.S. government figures, fell short of the trade group's own forecast, which called for a 4.1 percent jump. In 2011, such sales rose a stronger 5.6 percent. The NRF looks at U.S. sales from November and December excluding automobiles, gasoline stations and restaurants. ...
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| Facebook unveils social search feature Posted: 15 Jan 2013 02:43 PM PST  MENLO PARK, Calif. (AP) — Facebook CEO Mark Zuckerberg unveiled a new search feature that's designed to entice people to spend more time on its website and will put the social networking company more squarely in competition with Google and other rivals such as Yelp and LinkedIn.
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| Wal-Mart to hire vets, buy more American products Posted: 15 Jan 2013 03:51 PM PST  NEW YORK (AP) — Why wait on Washington when there's Wal-Mart?
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| Stocks edge higher as retailers rally Posted: 15 Jan 2013 01:26 PM PST  NEW YORK (AP) — Stocks edged higher on Wall Street after a rally in retail stocks offset concerns about flaring tensions in Washington over increasing the country's borrowing limit.
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| US retail sales rose 0.5 percent in December Posted: 15 Jan 2013 09:30 AM PST  WASHINGTON (AP) — U.S. consumers increased their spending at retail businesses in December, buying more autos, furniture and clothing. Steady job growth and lower gas prices kept consumers shopping for the holidays, despite worries about potentially tax increases.
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| Banks say new agency's oversight is slow, costly Posted: 15 Jan 2013 02:26 PM PST WASHINGTON (AP) — Bankers and financial industry leaders are criticizing the early efforts of the government's new consumer finance watchdog, saying a slow and inefficient oversight process has slowed lending and made it more difficult for them to do business. |
| Year-over year US home prices up sharply in Nov. Posted: 15 Jan 2013 08:42 AM PST WASHINGTON (AP) — U.S. home prices in November extended their steady recovery from the housing bust, rising 7.4 percent compared with a year ago. It was the biggest year-over-year increase in 6½ years. |
| US businesses increased stockpiles 0.3 percent Posted: 15 Jan 2013 09:31 AM PST  WASHINGTON (AP) — U.S. companies increased their stockpiles a steady pace in November from October, responding to a solid increase in sales.
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| House nears delayed vote on Superstorm Sandy aid Posted: 15 Jan 2013 02:52 PM PST  WASHINGTON (AP) — Supporters of $50.7 billion in relief to victims of Superstorm Sandy easily won an early test in the House and pushed for passage Tuesday night as Republican leaders struggled to close out an episode that exposed painful party divisions inside Congress and out.
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| Lentz: Toyota winning back buyers with new models Posted: 15 Jan 2013 03:47 PM PST  DETROIT (AP) — Toyota is on a roll after two difficult years, when it was hit by a string of safety recalls and then by the earthquake in Japan.
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| Browning: VW expects more US growth in 2013 Posted: 15 Jan 2013 03:04 PM PST  DETROIT (AP) — New vehicles and lower prices helped Volkswagen AG to its best U.S. sales year ever in 2012. But it has even bigger plans.
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