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Dow Chemical Agrees to Buy Rohm & Haas for $15.3 Billion
Dow Chemical Co. (NYSE:DOW) said Thrusday it has agreed to buy Rohm & Haas Co. (NYSE:ROH) in an all-cash deal valued at $15.3 billion, possibly signaling the start of a consolidation wave in the chemicals industry.
Retail, Deal News Boost Futures
Futures activity suggested stock markets would rebound from a sharp selloff in the previous session after Wal-Mart Stores (nyse:WMT) saw its best monthly sales in years and Rohm & Haas (NYSE:ROH) agreed to be acquired by Dow Chemical (NYSE:DOW) at a large premium.
IPhone Calls On Software Developers
A much-anticipated new version of the iPhone will go on sale Friday, but Apple Inc. (NASDAQ:AAPL:) will at the same time take the wraps off another offering that could have a more lasting impact on the mobile phone business.
Some Retailers Get Sales Boost As Rebate Checks Reach Taxpayers
Retailers posted better-than-expected sales for June as federal rebate checks continued to reach taxpayers last month, with Wal-Mart Stores Inc. (NYSE:WMT) reporting its biggest same-store-sales increase in several years.
U.S. Mulls Future of Fannie, Freddie
The Bush administration has held talks about what to do in the event mortgage giants Fannie Mae (NYSE:FNM) and Freddie Mac (NSE:FRE) falter, according to three people familiar with the matter, as the stock prices of both companies continue to fall sharply.
Toyota Plans Changes To U.S. Manufacturing Operations
DETROIT — Toyota Motor Corp. (NYSE:TM) will revamp its U.S. manufacturing operations as rising gasoline prices lead to a sudden shift toward fuel-efficient models — a big change from just a few years ago when gas-guzzling sport-utility vehicles ruled the marketplace.
Gas Prices Spur Drivers to Cut Use to Five-Year Low
As average gas prices hit a record high of $4.108 a gallon this week, the government released new data showing that drivers have cut back their use of the fuel to levels not seen in five years.
Lloyds TSB to Drop Dresdner, Postbank Merger Talks, People Say
July 10 (Bloomberg) — Lloyds TSB Group Plc, (NYSE:LYG) Britain’s largest provider of checking accounts, plans to abandon talks aimed at a possible takeover of Allianz SE’s (NYSE:az) Dresdner Bank or Deutsche Postbank AG , (FRA:DPB) two people familiar with the matter said.
China’s Aluminum Producers Agree to Cut Output by 10%
July 10 (Bloomberg) — China’s biggest aluminum producers, the largest in the world, agreed to cut output by as much as 10 percent to ease a power shortage, sending metal prices to a record.
U.S. Initial Jobless Claims Fall 58,000 to 346,000 Last Week
July 10 (Bloomberg) — The number of Americans filing first- time claims for unemployment benefits declined more than forecast last week, a drop that was distorted by seasonal adjustments of the statistics to account for annual July shutdowns at auto plants.
Regional Banks: It’s All About Credit
The slumping housing market and lingering credit crunch have pummeled financial stocks over the past year to lows not seen in almost two decades. Last year, banks were feeling the pinch from writedowns related to securities backed by mortgages and unsold leveraged loans. This year, banks are getting socked in the stomach as a consumer-led recession results in the rapid deterioration in credit beyond just residential mortgages to creep into other consumer and commercial-related loans, such as credit cards and residential construction loans.
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