Tuesday, January 8, 2013

Yahoo! News: Business

Yahoo! News: Business

Wall Street slips as earnings season gets under way

Posted: 08 Jan 2013 01:53 PM PST

Traders work on the floor of the New York Stock ExchangeNEW YORK (Reuters) - Stocks fell on Tuesday, retreating from last week's rally on the "fiscal cliff" deal in Washington, as companies started to report results for the fourth quarter. After a 4.3 percent jump in the two sessions around the close of the fiscal cliff negotiations, the S&P has declined a bit, with investors finding few catalysts to extend the rally that took the benchmark to five-year highs. ...

AIG may join bailout lawsuit against U.S. government

Posted: 08 Jan 2013 03:01 PM PST

File photograph of the AIG offices in New YorkNEW YORK/WASHINGTON (Reuters) - American International Group Inc, the insurer rescued by the U.S. government in 2008, drew angry condemnation from lawmakers on Tuesday after saying it may join a lawsuit that alleges the bailout terms were unfair. A leading congressional Democrat called criticism of the deal's terms "utterly ridiculous," and former New York Attorney General Eliot Spitzer - who probed AIG when he was in office - called the prospect of a suit "insulting to the public." The White House declined to comment on the potential for a lawsuit but defended the $182 billion bailout. ...

Alcoa sees brighter 2013, but remains cautious

Posted: 08 Jan 2013 03:05 PM PST

File of the Alcoa Business Services Center in Pittsburgh(Reuters) - Alcoa Inc , the largest aluminum producer in the U.S., expressed cautious optimism that demand for the metal will continue to grow in 2013, helped in part by global growth in the aerospace and construction markets. The company posted a fourth-quarter profit on Tuesday, in line with Wall Street expectations, and handily beat expectations on revenue, helping calm investors' nerves after a rocky 2012. "I'm more optimistic that 2013 is a year with upside potential compared to where we came from," Alcoa Chief Executive Klaus Kleinfeld told CNBC on Tuesday. Shares of Alcoa rose 1. ...

Analysis: Titan's taste for small funds seen behind its SAC exit

Posted: 08 Jan 2013 02:25 PM PST

Exterior of Headquarters of SAC Capital Advisors, L.P. in StamfordBOSTON (Reuters) - Money manager Titan Advisors has decided that bigger isn't always better. The firm, which manages about $3 billion on behalf of pension funds and wealthy individuals, has been shifting some of the money it invests with roughly two dozen hedge funds away from some larger funds into smaller ones, according to letters it has sent to investors. One of the most noteworthy moves was its decision to pull its money from Steven A. Cohen's SAC Capital Advisors at a time when the $14 billion hedge fund is in the spotlight in an ongoing insider trading investigation. ...

Exclusive: Bank of America to sell service rights on $100 billion of mortgages

Posted: 08 Jan 2013 02:18 PM PST

The logo of the Bank of America is pictured atop the Bank of America building in downtown Los AngelesNEW YORK (Reuters) - Bank of America Corp is looking to sell collection rights on at least another $100 billion of mortgages after announcing similar deals for more than $300 billion on Monday, according to two sources familiar with the situation. Any sale would be the latest example of a big bank deciding that collecting mortgage payments on some loans is too costly, and the cost of capitalizing the business was too high given new capital rules. Banks have been unloading these assets for years. ...

Apollo Group cuts profit forecast, sign-ups slip again

Posted: 08 Jan 2013 02:50 PM PST

(Reuters) - Apollo Group Inc , which owns the biggest U.S. for-profit college, reported lower student sign-ups for the third straight quarter and cut its operating profit forecast for 2013. Apollo, which runs the University of Phoenix, now expects operating income of between $500 million and $550 million for the year ending August 2013, down from its prior forecast of $525 million to $575 million. "They are going to see more cost savings than they had expected, but yet now they're expecting lower profit, so something strange is going on there," William Blair & Co analyst Brandon Dobell said. ...

Goldman, Morgan Stanley to also settle on foreclosures: sources

Posted: 08 Jan 2013 03:47 PM PST

The exterior of the world headquarters for Morgan Stanley & Co. Incorporated is seen in New York(Reuters) - Goldman Sachs Group Inc and Morgan Stanley are expected to agree as soon as this week to a $1.5 billion settlement with federal regulators over botched foreclosure claims, two sources familiar with the matter said on Tuesday. The accord would come on the heels of a separate $8.5 billion settlement announced on Monday with 10 bigger mortgage servicers, including America Corp , Citigroup Inc , JPMorgan Case & Co , Wells Fargo & Co . ...

Yum says dropped China chicken suppliers before review announced

Posted: 08 Jan 2013 12:30 PM PST

File photo shows a woman walking past a KFC restaurant in Wuhan, Hubei provinceLOS ANGELES (Reuters) - KFC parent Yum Brands Inc said it had stopped using chicken from suppliers in China that are now under a government investigation before the review was even announced, and analysts said they expect the company to recover from the business hit in its biggest market. Yum, which gets more than half of its overall revenue and operating profit from China, on Monday warned that bad publicity from a Chinese government food safety review of chicken suppliers hit its sales in China harder than expected in the latest quarter. ...

Government launches review of Shell Arctic drill program

Posted: 08 Jan 2013 03:50 PM PST

WASHINGTON (Reuters) - The Interior Department said on Tuesday it will review Royal Dutch Shell's 2012 Arctic oil drilling program to assess the challenges the company faced and to help guide future permitting in the region. The announcement follows the grounding of one of Shell's rigs off the coast of Alaska last week, the latest in a series of mishaps the company has encountered as it undertakes an ambitious Arctic oil exploration plans. "Exploration allows us to better comprehend the true scope of our resources in the Arctic ... ...

GM adopts new Chevy ad campaign to suit global audience

Posted: 08 Jan 2013 12:08 PM PST

File photo of General Motors logo outside its headquarters at the Renaissance Center in DetroitDETROIT (Reuters) - General Motors Co is dropping its "Chevy Runs Deep" marketing campaign in favor of a tagline that GM officials said would better resonate with consumers around the world. The new tag, "Find New Roads," is the automaker's first attempt at a global message for Chevrolet, one of two brands that GM is positioning as a global brand. The move comes as GM prepares to launch 20 Chevrolet vehicles worldwide. The slogan also reflects a change in the brand's customers, who are increasingly located outside the United States. Ten years ago, the U.S. ...

Dish Network makes $5.15B bid for Clearwire

Posted: 08 Jan 2013 03:51 PM PST

NEW YORK (AP) — Satellite TV provider Dish Network is offering to buy wireless network operator Clearwire — which agreed to sell itself to Sprint in December — for $3.30 per share, or $5.15 billion.

Alcoa earnings as expected, revenue tops forecasts

Posted: 08 Jan 2013 03:48 PM PST

In this Saturday, April 9, 2011, photo, the Alcoa headquarters building stands in downtown Pittsburgh. Alcoa Inc. says fourth-quarter earnings in 2012 met Wall Street's expectations, and it sees slightly higher demand for aluminum this year. The company said Tuesday that net (AP Photo/Gene J. Puskar)NEW YORK (AP) — Alcoa Inc. said Tuesday that fourth-quarter earnings met Wall Street's expectations, and it sees slightly higher demand for aluminum this year.

US stocks fall ahead of earnings season kickoff

Posted: 08 Jan 2013 01:28 PM PST

Specialist Patrick King, second left, works on the floor of the New York Stock Exchange Tuesday, Jan. 8, 2013. U.S. stocks opened mostly lower Tuesday as traders awaited the start of U.S. corporate earnings season. (AP Photo/Richard Drew)U.S. stocks closed lower Tuesday as traders awaited the start of the corporate earnings season.

US consumer debt rises on more car, school loans

Posted: 08 Jan 2013 02:06 PM PST

In this Friday, Nov. 23, 2012, photo, a cashier rings up a cash sale at a Sears store, in Las Vegas. U.S. consumers borrowed more in November to buy cars and attend school, but stayed cautious with their credit cards. The Federal Reserve said Tuesday, Jan. 8, 2013, that consumers increased their borrowing in November by $16 billion from October to a seasonally adjusted record of $2.77 trillion. (AP Photo/Julie Jacobson)WASHINGTON (AP) — U.S. consumers took on more debt in November to buy cars and attend school, but stayed cautious with their credit cards.

Target unveils year-round online price match

Posted: 08 Jan 2013 08:11 AM PST

NEW YORK (AP) — Target Corp. is pledging to match prices of select online rivals year-round, a move that underscores how physical and online retailing are being meshed together.

Smart TVs get smarter, by just a little bit

Posted: 08 Jan 2013 02:35 PM PST

Show attendees check out Samsung smart TVs at the Samsung booth at the International Consumer Electronics Show in Las Vegas, Tuesday, Jan. 8, 2013. (AP Photo/Jae C. Hong)LAS VEGAS (AP) — In the not-so-distant future, couch potatoes will be waving, pointing, swiping and tapping to make their TVs react, kind of like what Tom Cruise did in the 2002 movie "Minority Report." That's the vision of TV manufacturers as they show off "smart TVs" at the International CES in Las Vegas.

TV-over-Internet service expands despite lawsuits

Posted: 08 Jan 2013 03:00 PM PST

In this Thursday, Dec. 20, 2012, photo, Chet Kanojia, founder and CEO of Aereo, Inc., listens during a tour of the company's technology floor in New York. Aereo is one of several startups created to deliver traditional media over the Internet without licensing agreements. Past efforts have typically been rejected by courts as copyright violations. In Aereo's case, the judge accepted the company's legal reasoning, but with reluctance. (AP Photo/Bebeto Matthews)NEW YORK (AP) — The Barry Diller-backed Internet company that challenged cable and satellite TV services by offering inexpensive live television online plans to expand beyond New York City this spring.

Google exec gets look at NKoreans using Internet

Posted: 08 Jan 2013 04:24 AM PST

Executive Chairman of Google, Eric Schmidt, third from left, and former New Mexico governor Bill Richardson, second from right, watch as a North Korean student surfs the Internet at a computer lab during a tour of Kim Il Sung University in Pyongyang, North Korea on Tuesday, Jan. 8, 2013. Schmidt is the highest-profile U.S. executive to visit North Korea - a country with notoriously restrictive online policies - since young leader Kim Jong Un took power a year ago. (AP Photo/David Guttenfelder)PYONGYANG, North Korea (AP) — Students at North Korea's premier university showed Google's executive chairman Tuesday how they look for information online: they Google it.

Lampert faces tough road as Sears CEO

Posted: 08 Jan 2013 01:22 PM PST

In this Friday, Nov. 9, 2012, photo, a Sears store is shown in Hialeah, Fla. Shares of Sears Holdings fell Tuesday, Jan. 8, 2013, a day after the retailer announced that chairman and hedge fund billionaire Edward Lampert will take over the role of CEO. The investor queasiness came even as the Hoffman Estates, Ill.-based company offered an update on holiday sales that showed some improvements at its Sears stores. Overall, the company still faces a long, uphill battle to turn itself around. (AP Photo/Alan Diaz)NEW YORK (AP) — Shares of Sears Holdings Corp. fell Tuesday, a day after the retailer announced that chairman and hedge fund billionaire Edward Lampert will take over the role of CEO.

Scrutiny of 787 fire ramps up; Boeing shares fall

Posted: 08 Jan 2013 03:20 PM PST

A Japan Airlines Boeing 787 Dreamliner jet aircraft is surrounded by emergency vehicles while parked at a terminal E gate at Logan International Airport in Boston, Monday, Jan. 7, 2013. Boeing has a lot riding on the 787. The long-range jet promises a smoother travel experience and is 20 percent more fuel efficient than older models. After years of delays, Boeing has now delivered 49 of the planes, with almost 800 more on order. (AP Photo/Stephan Savoia)MINNEAPOLIS (AP) — Federal safety investigators intensified their scrutiny of a Monday fire aboard a Boeing 787 as concerned investors sold shares in the aircraft maker for a second day.
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