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Delta, Northwest Agree to Merge; May Start Trend
Delta Air Lines Inc. (NYSE:DAL) and Northwest Airlines Corp. (NYSE:NWA), after three months of twists and turns, agreed to merge in a deal that would create the world’s largest airline by traffic — if the agreement can pass regulatory muster and overcome potentially serious employee resistance.
J&J’s Rosy Report Boosts Stocks
Better-than-expected earnings from Johnson & Johnson (NYSE:JNJ) pushed the stock market higher Tuesday, amid a slew of other corporate results and economic data.
Food, Energy Boost Producer Prices, But Core Inflation Retreats a Bit
U.S. wholesale prices surged on higher food and energy prices during March, but core inflation retreated to a mild rate after two months of big increases.
Technology sector edges up Tuesday morning
Technology stocks posted modest gains early Tuesday morning as the broader market advanced on positive earnings reports from Johnson & Johnson (NYSE:JNJ) and State Street Corp. (NYSE:STT)
Russian Oil Slump Stirs Supply Jitters
Russian oil production, for years a vital source of new supplies for world markets, is showing signs of a slump, adding to uncertainties that have helped push oil prices to record highs.
Earnings Slip at U.S. Bancorp, But Stronger Outlook Is Seen
U.S. Bancorp (NYSE:USB) reported a 3.5% drop in first-quarter net income, as a large boost to the bank’s provision for credit losses offset revenue growth and one-time gains amid higher charges in the prior year.
European Stocks Rise, Led by Siemens; Shell, Repsol, Tesco Gain
European stocks advanced for the first time in six days after manufacturing in New York state unexpectedly rose, record oil prices lifted energy companies and retailer Tesco Plc (LON:TSCO) reported earnings that beat analysts’ estimates.
AstraZeneca, Ranbaxy Reach Settlement in Drug Patent Case
Pharmaceutical firm AstraZeneca PLC (NYSE:AZN) Tuesday said that it has entered into a settlement agreement with generics maker Ranbaxy Laboratories Ltd. (OTC:RBXLY) to end a lawsuit over patent infringements for its Nexium heartburn drug.
Coca-Cola May Say Profit Up on Latin America, Russia
Coca-Cola Co. (NASDAQ:COKE), the world’s largest soft-drink maker, may say first-quarter profit rose on increased sales of juices in Latin America and Russia and no-calorie Coca-Cola Zero in Japan.
Bear Receives SEC Notice; Net Falls 79%
Reflecting the stunning speed with which a funding crisis engulfed Bear Stearns Cos. (NYSE:BSR), the Wall Street firm reported a profit of 86 cents a share for its fiscal first quarter, which ended just weeks before it agreed to be sold to J.P. Morgan Chase & Co. (NYSE:JPM) for $10 a share.
Chrysler, Nissan Unveil Broad Partnership
Chrysler LLC and Nissan Motor Co. (NASDAQ:NSANY) announced they will join forces to produce full-size pickup trucks for the U.S. market and small cars for North America, Europe and other markets, a development many in the auto industry expected after the two had confirmed talks earlier this year.
Bad loans paint grim landscape for regional banks
Several of the nation’s major regional banks, from the Deep South through the Midwest, said on Tuesday that plummeting housing prices and other financial strains on borrowers are forcing large loan write-offs and provisions for bad loans, undermining quarterly profits.
New York Fed Factory Index Unexpectedly Rose in April
A measure of manufacturing in New York state unexpectedly showed growth in April as new orders and shipments improved.
U.S. Foreclosures Jump 57% as Homeowners Walk Away
U.S. foreclosure filings jumped 57 percent and bank repossessions more than doubled in March from a year earlier as adjustable mortgages increased and more owners gave up their homes to lenders.
Bearish Merrill Stock Option Bets Rise to Record Before Results
Bets in the options market that Merrill Lynch & Co. (NYSE:MER) shares will decline rose to a record before the world’s biggest brokerage reports earnings this week amid forecasts the bank will reveal up to $8 billion in writedowns.
Avnet Falls as Third-Quarter Profit Trails Forecasts
Avnet Inc. (NYSE:AVT), the distributor of electronic components such as motherboards, fell the most in more than two years in New York trading after third-quarter profit trailed its forecasts, dragged down by operations abroad.
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