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Goldman upgrades U.S. auto sector; raises Ford to buy

Goldman Sachs upgraded the U.S. auto sector to

Geithner acknowledges U.S. fault in crisis

The United States carries a substantial share of blame for the current economic crisis but the world must work together to ease the strains, Treasury Secretary Timothy Geithner said on Wednesday.

Gilead profit rises a higher-than-expected 21 percent

Gilead Sciences Inc said on Tuesday first-quarter profit rose 21 percent, topping analysts' expectations, on increased sales of its drugs to treat the virus that causes AIDS.

AT&T profit boosted by video, Internet, iPhone

AT&T Inc posted a smaller-than-expected drop in quarterly profit on strong subscriber growth for its video and high-speed Internet service, as well as improved margins for its wireless service.

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McDonald's first-quarter profit rises

McDonald's Corp reported a higher quarterly profit on Wednesday, as global sales at established restaurants rose despite a recession, and the company said its April same-store sales are trending at least as strong or better than results from the first quarter.

Wells Fargo posts $3.05 billion profit

Wells Fargo & Co on Wednesday posted a $3.05 billion first-quarter profit, in line with its prior forecast, as a surge in mortgage banking as well as benefits from the purchase of Wachovia Corp offset rising credit losses.

Banks to get stress test results Friday: report

U.S. banks will be briefed by regulators as early as Friday on how they performed in government stress tests, before the results are made public later, The Wall Street Journal reported, citing government officials.

Yahoo profit down 78 Pct, announces more job cuts

Yahoo Inc., owner of the second- most popular U.S. search engine, said Tuesday it will cut hundreds of people from its work force after reporting a 78 percent drop in first quarter profit.

Pepsi Bottling profit tops view

Pepsi Bottling Group Inc reported a higher-than-expected quarterly profit and raised its full-year earnings forecast on Wednesday, helped by price increases and cost cuts.

McDonald's profit rise helped by global demand

McDonald's Corp posted a 3.5 percent increase in quarterly profit on Wednesday, as sales at established restaurants rose despite a recession, and the company said April same-store sales are trending at least as strong or better than results in first quarter.

Somali pirate families ask for U.S. pardon

The mother of a teenager facing trial in the United States for piracy off Somalia wants President Barack Obama to pardon her son because he was misled into joining a sea gang.

Wall Street set to fall on mixed earnings, Morgan Stanley

Wall Street was poised for a lower open on Wednesday as investors took in a slew of mixed results from major companies and a quarterly loss from Morgan Stanley increased jitters over the financial sector.

Plug-in hybrid cars are clean, but face hurdles

The United States is pushing the use of plug-in hybrids but these cars, which sip gasoline and are low in greenhouse gas emissions, face cost and infrastructure hurdles that will keep them out of the mainstream for years.

WellPoint profit slips, but trounces estimates

Health insurer WellPoint Inc posted slightly lower first-quarter profit on Wednesday, hurt by large investment losses, but results far surpassed Wall Street forecasts.

U.S. credit card firms seek to limit crackdown

U.S. credit card companies are expected to use a White House meeting to put their best foot forward, despite an avalanche of negative publicity, aiming to blunt a congressional push for tougher regulations.

Israel razes Palestinian house in East Jerusalem

Israel demolished a Palestinian house in Arab East Jerusalem on Wednesday, a day after U.S. President Barack Obama called on Israeli and Palestinian leaders to take measures to promote peacemaking.

AT&T profit beats expectations, shares rise

AT&T Inc posted a smaller-than-expected drop in quarterly profit due to strong growth in its nascent video and high-speed Internet service, sending shares up 2 percent.

Ahmadinejad criticizes Israel again after U.N. walk-out

Iran's president accused Israel on Wednesday of brutal acts and ethnic cleansing against the Palestinians, two days after his denunciation of the Jewish state as racist prompted a walk-out from a U.N. meeting on race.

U.S. credit card bill tests Democrats' political will

A Congressional panel is expected to approve legislation on Wednesday that would curb high credit card fees and penalties assessed by many banks that have benefited from the federal government's financial bailout program.

AT&T quarterly profit and revenue fall

AT&T Inc posted a decline in quarterly profit on Wednesday but beat Wall Street estimates as growth in wireless and video services helped offset declines in its traditional telephone business.

Stock futures off as investors cautious on earnings

Stock index futures pointed to a lower open on Wednesday as cautious investors awaited another round of earnings results and comments from Treasury Secretary Timothy Geithner.

Roche drug Avastin fails cancer study, shares fall

Cancer drug Avastin -- a key Genentech asset now wholly owned by Roche Holding AG -- has failed in a major study to prevent the recurrence of colon cancer in patients who have undergone surgery.

U.S. banks to get stress test results Friday: report

Mixed earnings steady stocks, support yen

World stocks steadied on Wednesday as a mixed set of key corporate earnings injected caution among investors about the state of the economy, encouraging them to buy the low-yielding dollar and yen.

Wall Street futures down ahead Morgan Stanley, AT&T

Dow Jones futures were down 0.5 percent at 0920 GMT, S&P 500 futures off 0.7 percent and Nasdaq futures off 0.5 percent, suggesting a softer start for U.S. stocks on Wednesday.

Caution on banks keeps a lid on Asia stocks

Stocks in Japan and South Korea rose on Wednesday but most Asian markets slipped as caution spread, pushing up the U.S. dollar and yen, before official results of U.S. bank stress tests are released on May 4.

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