Apple's profit tops forecasts; Mac sales strong
Apple Inc posted a quarterly profit that blew past Wall Street forecasts thanks to strong sales of Mac computers and improved margins, sending its shares up more than 3 percent on Tuesday. The company defied the global economic recession and reported a net profit of $1.23 billion, or $1.35 a share, for its fiscal third quarter ended June 27, up from $1.07 billion, or $1.19 a share, in the year-ago period. Read Full Article here.
Treasury prices rally after Bernanke says Interest rates to remain low
Federal Reserve chairman, Ben Bernanke, today told congress policy makers that the Fed will likely maintain interest rates at exceptionally low levels for extended periods. Following Bernanke's remarks treasury prices increased reversing a earlier losses. Bernanke said despite positive signs of an improvement in the economy, the job loss rate remains high and the unemployment rate continues its steep rise.
Exelon terminates offer to buy NRG
Exelon Corporation, the largest operator of nuclear power plants in the U.S., terminated its offer to acquire rival NRG Energy Inc. with a simple and direct statement today after nine months waiting for negotiations.
U.S. Senate discusses climate bill, green jobs creation
U.S. lawmakers and state governors discussed on Tuesday during a Senate hearing on the climate bill, that policy to spark green energy jobs would take several years to develop. Among its main objectives, the climate bill aims to spur economic growth through clean energy jobs creation as it helps shift the country to low-emissions power generation.
Yahoo sees drop in income from operations this quarter
Yahoo Inc projected a drop in income from operations for the current quarter from the second quarter, and the Internet company's shares fell more than 4 percent. Yahoo projected that income from operations in the current quarter will range between $55 million to $65 million, down from $76 million in the second quarter. Read Full Article here.
Rural U.S. carriers unimpressed with Verizon offer
The Rural Cellular Association, whose members include about 100 small and medium-sized carriers, said on Tuesday it was encouraged by Verizon Wireless's offer to limit new exclusive handset deals but the offer was inadequate. Read Full Article here.
CIT may still file for bankruptcy
CIT Group Inc. warned it may still have to resort to filing for bankruptcy protection if not enough bondholders participate in a recently launched debt exchange, the company said in a filing Tuesday with the Securities and Exchange Commission. The lender offered the grim assessment only a day after major bondholders agreed to provide it with a $3 billion loan.
Calls for more transparency on use of TARP funds
The special inspector overseeing the Troubled Asset Relief Program, Neil Barofsky, testified Tuesday before the House Oversight and Government Reform committee and called for better disclosure and stronger conflict rules. Barofsky on Tuesday delivered a quarterly report to Congress sharply critical of Treasury's reluctance to better track how federal bailout money is being spent. According to Barofsky, the Treasury has accepted some of his recommendations for improved transparency, but have however not taken steps requiring all TARP recipients to report details on how the funds are used.
Alaska's main pipeline to ship less crude
Alaska's 800-mile oil pipeline, Trans-Alaska Pipeline System may ship less volume of crude than its average due to summer maintenance. TAPS should ship 600,000 barrels per day starting on Wednesday, below its average 750,000 bpd before maintenance periods started, Reuters reported citing oil traders and pipeline operator Alyeska.