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Exxon’s $10.89 Billion Net Disappoints Investors, Fuels Gathering Political Storm
Exxon Mobil Corp.’s (NYSE:XOM) $10.89 billion first-quarter profit report Thursday ranks as one of the biggest hauls in U.S. corporate history. But the results disappointed Wall Street and added to concerns about the future of the industry.
Toyota, Honda Cars Help Asian Brands Defy U.S. Slump
Sales gains for Toyota Motor Corp. (NYSE:TM), Honda Motor Co. (NYSE:HMC) and Nissan Motor Co. (NASDAQ:NSANY) led Asian automakers to record U.S. market share in April as rising gasoline prices stoked demand for the most fuel-efficient models.
Ballmer Says Microsoft Can Build Ad Business Without Buying Yahoo
Microsoft Corp. (NASDAQ:MSFT) Chief Executive Steve Ballmer said he is confident that his company can build a competitive online-advertising business without buying Yahoo Inc. (NASDAQ:YHOO), but that it “could just take more time.”
Lenovo Plans to Buy Companies to Reclaim No. 3 Spot From Acer
Lenovo Group Ltd. (OTC:LNVGY) is seeking acquisitions to claim the world’s third-largest personal-computer seller ranking lost to Acer Inc. last year, Chairman Yang Yuanqing said.
Sun Slammed on Swing to Loss
The Sun Microsystems (NASDAQ:JAVA) revival fizzled almost as quickly as it began, as the computer maker reverted to its erratic performance of years past while announcing red ink and layoffs. Sun executives blamed a weak U.S. economy for its ills, and insisted the company’s business opportunities remain strong.
Comcast’s Phone, Web Gains Salve TV Woes
Results at Comcast Corp. (NASDAQ:CMCSA), which posted a 13% decline in first-quarter profit, point to a new reality for U.S. cable-television companies: TV is less important to them than ever.
Oil Falls as Dollar Gain Causes Investors to Sell Commodities
Crude oil fell for a fourth day as the dollar rose limiting investment demand for commodities and easing inflation concerns, and as output in Nigeria, Africa’s largest producer, resumed after a strike.
HSBC ‘Likely’ to Avoid Hong Kong Rate Cut, Wong Says
HSBC Holdings Plc (NYSE:HBC) may refrain from cutting its Hong Kong benchmark lending rate today, diverging for the first time in two years from the direction of the city’s central bank as it tries to preserve loan margins.
BHP-Rio Tinto Deal Draws More Skeptics
Investors betting on the outcome of the biggest takeover deal out there — that of mining giants BHP Billiton (NYSE:BHP) and Rio Tinto PLC (LON:RIO) — are beginning to understand the old investment-banker saying: “Time wounds all deals.”
Samsung Heavy Leads Gains in Shipyards on Order Expectations
Samsung Heavy Industries Co. (PINK:SMSHF), the world’s second-largest shipbuilder, led advances in South Korean shipyards in Seoul trading on expectations that demand for oil exploration and production units will increase.
Home Depot Plans More Closings
Home Depot Inc. (NYSE:HD) announced plans for more store closings and a more-rigorous pullback on new-store openings, the do-it-yourself retailing giant’s latest efforts to boost profitability and free up cash for dividends and share repurchases.
Canon Shares Gain on Plan to Build U.S. Printer-Cartridge Plant
Canon Inc. (NYSE:CAJ), Japan’s biggest office equipment maker, rose the most in a week in Tokyo trading after the company said it plans to spend $600 million in the U.S. to expand laser-printer cartridge production.
