Paulson sees no ‘evidence of any illegal actions'
Former U.S. Treasury Secretary Henry Paulson said on Thursday before lawmakers that he saw no evidence of any illegal actions as he testified on Capitol Hill over the government's role in Bank of America, Merrill Lynch merger. In prepared remarks submitted to the panel, he says he acted appropriately in December when Charlotte-based BofA threatened to back out of the deal.
JP Morgan profit jumps 36 percent
J.P. Morgan Chase & Co. on Thursday reported a 36 percent jump in profit, a figure way beyond analyst expectations. The bank reported a record rise in revenues and producing a net income of $2.7 billion. The record rise is attributed to the record investment-banking fees.
Natural gas stockpiles increase below forecasts
U.S. stockpiles of natural gas rose 90 billion cubic feet for the week ended July 10, the Department of Energy reported today. The results were below the 92 Bcf analysts expected but bigger than the five-year average increase of 88 billion, according to Bloomberg estimates.
Nokia cuts profit, market share outlook
The world's top cellphone maker Nokia cut on Thursday its forecast for second half profitability and 2009 market share at its key phone unit, sending its shares sharply lower. Nokia said its second-half underlying operating profit margin at its key phone unit would be at the first-half level of 11.3 percent. It had earlier forecast a second-half margin of 13-19 percent. Read Full Article Here.
Baxter profit tops estimates
Baxter International, Inc (BAX) - the health products maker reported that net profit rose 8 percent to $587 million, or 96 cents per share, beating analysts' average forecasts of 94 cents per share, according to Reuters Estimates. Sales were down 2 percent to $3.12 billion
Toyota in talks to supply hybrid car components to Mazda
Japanese automaker Toyota Motor Corp. may supply hybrid vehicles components to automaker rival Mazda Motor Corp., but no deal is confirmed yet, Reuters reported citing sources familiar with the matter.
Harley-Davidson misses profit expectations for 4th straight quarter
Harley-Davidson Inc (HOG), the U.S. motorcylce maker, on Thursday reported results below analysts' expectations for the fourth consecutive quarter. Second quarter profit was $19.8 million, or 8 cents per share, down 91 percent from the year ago period. Sales were down 30 percent to $1.15 billion. Analysts had expected earnings of 24 cents per share.
Freddie Mac reports a 5.14 percent drop in mortgage rates
U.S. mortgage rates fell for a third consecutive week to reach its lowest since May. The average rate for 30-year fixed mortgages was 5.14 percent this week, down from 5.2 percent last week and 6.26% a year ago.
Sony Ericsson loses market share, posts pre-tax loss in 2Q
Mobile phone maker Sony Ericsson braced for a tough second half of 2009 after losing market share in the second quarter as its mid-range products found little favor among a declining customer base. The handset industry this year faces its worst downturn on record and Sony Ericsson expects the global market to shrink at least 10 percent. Read Full Article Here.
Biogen beats expectations
Biogen Idec Inc (BIIB), maker of medicines for multiple sclerosis, today reported a better than expected profit for the second quarter. Net profit fell 30 percent to $144.9 million, or 49 cents a share. The company beat expectations by 7 cents per share, according to a survey of four analysts by Bloomberg. Revenue was up 10 percent to $1.09 billion.