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Rattled Markets Set for Early Slide
Futures turned sharply lower Friday as Fannie Mae (NYSE:FNM) and Freddie Mac (NYSE:FRE) continued their harrowing descent and oil prices shot back into record territory, gaining back all of a large selloff in crude that cheered stock investors early this week.
GE’s Net Down, but Outlook Intact
General Electric Co. (NYSE:GE) posted a 5.8% drop in second-quarter net income, hurt by profit declines at its industrial-products division and its consumer-finance operation that failed to be offset by growth elsewhere.
Mortgage Giants Face Pressure Over Capital
Shares in of Fannie Mae (NYSE:FNM) and Freddie Mac (NYSE:FRE) kept plunging Friday morning despite federal officials’ attempts to reassure investors about the financial health of the two mortgage giants.
InBev Boosts Offer for Anheuser-Busch
InBev NV (EBR:INB) boosted its takeover offer for Anheuser-Busch Cos. (NYSE:BUD) by $5 a share to $70 in an effort to seal a friendly deal with the iconic U.S. brewer, a person familiar with the matter said.
U.S. May Trade Gap Shrinks; Import Prices Surged in June
WASHINGTON — The U.S. trade deficit unexpectedly narrowed during May despite sharply climbing oil prices, as the amount of crude purchased by volume declined and the nation’s overall exports increased.
Credit Mutuel to Acquire Citigroup’s German Operations
PARIS — French unlisted bank Credit Mutuel Friday said it will buy Citigroup Inc.’s (NYSE:C) German retail operations, in a €4.9 billion ($7.7 billion) cash deal that will grant the unlisted bank a second major market in Europe.
June Is Cruel to Big Names As Prentice, Tosca Get Hit
The June stock-market rout has battered two high-profile hedge funds.
Crude Oil Rises to Record on Speculation Israel May Attack Iran
July 11 (Bloomberg) — Crude oil rose more than $5 to a record on concerns that Israel may be preparing to attack Iran, while a strike in Brazil and renewed militant activity in Nigeria threaten to cut supplies.
UAL to Have $2.7 Billion Cost on Writedown, Severance (Update1)
July 11 (Bloomberg) — United Airlines parent UAL Corp. (NASDAQ:UAUA) will record second-quarter costs of as much as $2.7 billion to write down the value of aircraft and all of its goodwill and to pay employee severance.
Ashland Buys Chemical Maker Hercules for $3.3 Billion
July 11 (Bloomberg) — Ashland Inc., (NYSE:ASH) the biggest U.S. chemical distributor, agreed to buy Hercules Inc. (NYSE:HPC) for $3.3 billion to double earnings and add additives used in adhesives, paper and paints.
Steve Jobs Nails It Again, and Again
Apple’s (NASDAQ:AAPL) iPhone 2 (or “iPhone 3G”), which goes on sale Friday, is a Steve Jobs’ product par excellence: brilliant, affordable and lust worthy — and also deeply uncompromised.
Lehman Brothers Again Hit by Credit Fears
Shares of Lehman Brothers (NYSE)LEH) sank to their lowest levels in more than eight years Thursday, after a rumor that bond giant Pimco was curtailing trading with the firm.
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