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GE Posts 5.8% Fall in Net Income As Market Woes Hurt Financial Unit
General Electric Co. (NYSE:GE) on Friday reported an unexpected 5.8% decline in first-quarter net income on weakness in its sprawling financial-services operations, dealing another blow to global markets concerned about a U.S.-led economic slowdown.
Microsoft Remains Favorite In Crowded Battle for Yahoo
Yahoo Inc.’s (NASDAQ:YHOO) directors meet Friday to discuss alternatives to a Microsoft Corp. (NASDAQ:MSFT) takeover, with many insiders still seeing a Microsoft deal — without the participation of News Corp. (NYSE:NWS.A) — as the most likely outcome.
More Flights Scratched at American
AMR Corp.’s (NYSE:AMR) American Airlines operated just half its scheduled MD-80 flights Friday morning. Inspections of the aircraft have caused some 3,000 flight cancellations this week at the carrier.
Energy sector gives ground as broad market skids
Energy stocks moved lower along with the broader market on Friday, as jitters over corporate earnings and a slowing economy put the brakes on crude-oil prices — although the cost of gasoline continued to rise for Americans.
IEA Sharply Cuts Oil-Demand Forecast
LONDON — The International Energy Agency Friday made its biggest cut to forecasts for growth in world oil demand in seven years, underlining the extent to which weaker U.S. and European economic growth is eroding crude consumption in the world’s wealthiest nations.
Apax to Buy TriZetto for $1.4 Billion
Private equity firm Apax Partners will purchase health-care software maker TriZetto Group Inc. (NASDAQ:TZIX) for $1.4 billion in the buyout firm’s latest acquisition in the health-care space.
National City Draws Interest of Scotiabank
Bank of Nova Scotia (NYSE:BNS), Canada’s third-largest bank by stock-market value, has jumped into the bidding fray for National City Corp. (NYSE:NCC) , which is under regulatory pressure to bolster its capital or find a buyer before the troubled Midwestern lender reports first-quarter results in about 10 days.
Novartis Begins Late-Stage Trial On Experimental Lung-Cancer Drug
ZURICH — Swiss drug maker Novartis AG (NYSE:NVS) said Friday it has started a late-stage trial on ASA404, to examine the experimental drug’s potential in treating lung cancer after it succeeded in an intermediate test.
Frontier Airlines Files for Bankruptcy Protection
Frontier Airlines Holdings Inc. (NASDAQ:FRNT), the U.S. discount carrier that serves 70 destinations from Denver, filed for bankruptcy, becoming the fourth U.S. airline to seek court protection in less than a month.
Washington Mutual Falls on Short Sale Recommendation
Washington Mutual Inc.’s (NYSE:WM) full-year loss will be wider than first estimated, according to Goldman Sachs Group Inc. analysts, who recommended selling the shares short. The lender declined as much as 6 percent.
Lilly, Wyeth Vie for 18 Million Alzheimer’s Patients
Eli Lilly & Co. (NYSE:LLY), Wyeth (NYSE:WYE), Elan Corp. (NYSE:ELN) and Myriad Genetics Inc. (NASDAQ:MYGN) are in a competition to develop drugs for delaying or halting Alzheimer’s disease, the most common form of dementia that affects 18 million people worldwide.
Textron expects first quarter to top forecast
Textron Inc. (NYSE:TXT) said Friday that it sees first-quarter earnings topping its original forecast, although shares were up only fractionally in early trading.
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