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Crude oil gains, boosted by dollar weakness
Crude-oil futures rose early Monday, propelled higher by the dollar’s decline against other major currencies after a statement from the Group of Seven failed to bolster the greenback.
Wachovia Swings to Loss, Plans to Raise Capital
Wachovia Corp. (NYSE:WB) said it will raise $7 billion in capital through stock sales and cut its dividend by 41%, a consequence of its ill-timed move into the mortgage industry, as it swung to a first-quarter net loss caused by $2 billion in “market-disruption” losses and sinking credit quality.
GE’s Immelt Faces Pressure After Missing Forecast
GE (NYSE:GE) reduced the forecast Immelt had repeated as recently as March 13, citing turmoil in financial markets that slashed the value of investments and thwarted end-of-quarter dealmaking. Fairfield, Connecticut-based GE three days ago predicted 2008 profit will increase no more than 5 percent, calling Immelt’s forecasting and strategy into question with investors.
American Back on Track
After days of turmoil tied to safety inspections on its MD-80 jets, AMR Corp.’s (NYSE:AMR) American Airlines said its operating schedule was back to normal Sunday.
Blockbuster Discloses Bid for Circuit City
Blockbuster Inc. (NYSE:BBI) said it has offered to acquire Circuit City Stores Inc. (NYSE:CC) for more than $1 billion, an aggressive move to expand beyond its traditional movie-rental business.
Delta Aims to Unveil Northwest Merger Pact
Delta Air Lines Inc. (NYSE:DAL) and Northwest Airlines Corp. (NYSE:NWA) may unveil their long-delayed merger announcement as early as Tuesday, said people familiar with the matter, in the latest move by airlines to grapple with high fuel prices and a softening economy.
Goldman Strategist Says U.S. Earnings Are ‘Awful’
The U.S. corporate earnings season got off to an “awful” start and stocks will continue to fall, according to Goldman Sachs Group Inc. (NYSE:GS)
Stock Futures Track Global Falls; GE, Wachovia Losses Weigh
U.S. stock futures Monday failed to recoup last week’s losses on General Electric’s (NYSE:GE) disappointing earnings, as financial-sector worries returned to the spotlight as Wachovia (NYSE:WB) said it is going to need a $7 billion infusion from investors to cover losses.
Philips Posts Sharp Drop in Net
Philips Electronics NV (NYSE:PHG) Monday reported a 75% drop in first-quarter net profit as growth in its health-care and lighting units was offset by lower television sales.
Samsung Chairman Takes Heat
A special prosecutor’s four-month investigation into bribery and fraud at South Korea’s largest business, Samsung Group , took a new twist as the company’s chairman said he might pay a price for it.
Europe weakens as write-down worries weigh
The pan-European Dow Jones Stoxx 600 index fell 0.6% to 308.74, adding to sharp losses made Friday after disappointing earnings from General Electric (NYSE:GE).
Riveted to Infosys’ outlook as software firms report
It’s zero hour for investors in India-based software companies
After months of uncertainty and niggling doubts about clients’ information-technology budgets for 2008, clarity will finally emerge this week: Three of the country’s top five software companies are scheduled to report their quarterly financial results.
Manitowoc to Acquire Enodis for About $1.9 Billion
Manitowoc Co. (NYSE:MTW)) agreed to acquire British food-equipment maker Enodis PLC (LON:ENO) for about $1.9 billion, almost two years after earlier takeover talks ended when the companies failed to agree on terms that addressed “regulatory risks.”
Cash-Strapped Fremont to Sell Its Investment and Loan Bank
Cash-strapped mortgage lender Fremont General Corp. (NYSE:FMT), acceding to regulators’ demands, has reached a deal to sell it investment and loan bank to a California industrial bank to be formed by CapitalSource Inc. (NYSE:CSE)
Probe Puts Spotlight on Earmarks
A federal bribery and political-influence investigation at the Army Space and Missile Defense Command here is turning a harsh new light on companies that lobby Congress for no-bid defense contracts.
U.S. Retail Sales Rise on Gain in Gasoline Purchases
Retail sales in the U.S. rose in March, reflecting increases in receipts at service stations as gasoline prices jumped. Purchases rose 0.2 percent last month after a 0.4 percent decline in February, the Commerce Department said. Spending, which accounts for more than two-thirds of the economy, is waning as consumers pay well over $3 a gallon for gasoline just as their jobs are in jeopardy and their homes lose value.
