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Economy Shed Jobs in April But Pace of Decline Slows
U.S. employment fell a fourth straight month in April, the government said Friday, but at a much slower pace than previous months, suggesting the economy may be starting to find its footing after several months of stagnation.
Fed Raises Cash Auctions to Ease Bank Borrowing Costs
The Federal Reserve increased its auctions of cash to banks and expanded the collateral it takes on from bond dealers, acting in concert with European central banks to alleviate persistent strains in credit markets.
Chevron Sales Jump as Crude Prices Rise
Chevron’s (NYSE:CVX) earnings and revenue surged in the first quarter, but profits from refining operations slumped as the price of gasoline failed to keep pace with the giant advance in crude oil in the past year.
U.S. Lexus, Mercedes Sales Fall as Affluent Succumb to Slowdown
U.S. sales of luxury auto brands including Toyota Motor Corp.’s Lexus and Daimler AG’s Mercedes- Benz fell in April, adding to evidence that the economic slowdown is causing even wealthy buyers to curb spending.
Bank of America May Not Guarantee Countrywide’s Debt
Bank of America Corp. (NYSE:BAC), the second- biggest U.S. bank, said it may not guarantee $38.1 billion of Countrywide Financial Corp.’s (NYSE:CFC) debt after taking over the mortgage lender, fueling speculation that Countrywide’s bondholders face renewed risk of default.
Hybrid Sales May Reach Record $125 Billion as Banks Tap Capital
Hybrid securities sales may reach a record of at least $125 billion this year as banks and brokers seek to replenish capital after being battered by losses from the collapse of the subprime mortgage market.
Weyerhaeuser Posts Loss Amid Weak Housing Demand
Weyerhaeuser Co. (NYSE:WY), hurt by rising energy and raw-materials costs, swung to a first-quarter loss as the company said its prices are at inflation-adjusted record lows because of weak new-home demand.
It’s Movie Time for iTunes
Major movie studios have agreed to allow Apple Inc.’s (NASDAQ:AAPL) iTunes to sell movies on the same day they are released on DVD, another sign of Hollywood’s acceptance of business models that encroach on traditional DVD-sales markets.
MicroStrategy Falls After Profit Misses Estimates
MicroStrategy Inc. (NASDAQ:MSTR), the maker of analytical software for EBay Inc. (NASDAQ:EBAY), sank as much as 16 percent in Nasdaq trading after first-quarter profit fell short of analysts’ estimates.
Viacom Reports 33% Rise in Net As ‘Rock Band’ Boosts Networks Unit
Viacom Inc. (NYSE:VIA.B) posted a 33% increase in first-quarter profit, driven by further strong sales of the “Rock Band” videogame and a continued resurrection of its cable television networks. “We have started 2008 with strong momentum,” Viacom Chief Executive Philippe Dauman told investors during a conference call.
Linens ‘n Things Seeks Chapter 11
Home retailer Linens ‘n Things filed for Chapter 11 bankruptcy Friday, blaming the housing market decline and a decline in consumer spending. The Clifton, N.J., company said it needs to prune unprofitable stores to recover from losses of $191 million on sales of $2.8 billion in 2007.
Nortel Loss Is Smaller Than Expected; Sales Rise 11%
Nortel Networks Corp. (NYSE:NT), North America’s biggest maker of telephone equipment, reported a first-quarter loss that was smaller than analysts’ estimates after completing a joint-venture contract with LG Electronics Inc.
