The government of the Islamic Republic of Iran is considering plans immediately to stop exporting oil to “some” countries. The action would be a direct response to the European Union’s recent decision to ban…
Personal spending cost consumers 0.7% more in the fourth quarter of 2011 than it did in the third quarter, the smallest boost to inflation in more than a year. The Federal Reserve’s inflation target…
ThinkstockAuto parts retailer The Pep Boys – Manny, Joe & Jack (NYSE: PBY) has agreed to be acquired by private equity firm The Gores Group for $1 billion cash, or $15/share. The price is…
US oil & gas giant Exxon Mobil Corp. (NYSE: XOM) has agreed to sell 99% of its Japanese refining subsidiary to Japanese refiner TonenGeneral Sekiyu for $3.9 billion. The sale also includes the majority…
French president Nicolas Sarkozy told the country’s voters last night that he will reduce payroll taxes paid by businesses and increase the value-added-tax paid by consumers in an effort to keep France competitive in…
In 2011 China’s currency appreciated 8%. In the last three months of the year, the extrapolated annual rate of appreciation was 20%. Does this mean that the country will no longer be the target…
All three major US indexes opened lower this morning following the report that US GDP grew by 2.8% in the fourth quarter. A rise of 3% was expected. Combined with the lack of a…
Bookseller Barnes & Noble Inc. (NYSE: BKS) is reported to be negotiating a deal with British bookstore chaine Waterstone’s under which the UK bookseller would market B&N’s Nook e-reader. B&N is trying to expand…
Pfizer Inc. (NYSE: PFE) has received approval from the US Food and Drug Administration to sell its kidney cancer drug, Inlyta, in the US. The drug is expected to generate about $140 million in…
At mid-afternoon, we’ve seen a few changes among today’s big movers. On the plus side are Solutia Inc. (NYSE: SOA) and Adeona Pharmaceuticals Inc. (AMEX: AEN). On the down side are Infinity Pharmaceuticals Inc.…
Social media company Facebook could file for an IPO as early as next week according to a report in The Wall Street Journal. The company has nearly settled on Morgan Stanely (NYSE: MS) as…
Citigroup Inc. (NYSE: C) will close its proprietary trading desk next month and all remaining employees will leave the company, according to a report from Bloomberg News. The closure has been known of for…
Fitch Ratings has lowered its sovereign debt ratings on five Eurozone nations and retained its previous ratings on one. Here’s the list from the press release: Belgium LT IDR downgraded to ‘AA’ from ‘AA+’;…
At today’s Oshkosh Corp. (NYSE: OSK) annual meeting, shareholders rejected 12 of 13 of Carl Icahn’s nominees to the company’s board of directors. The remaining election is still too close to declare a winner.…
The US Food and Drug Administration said today that five samples of Brazilian orange juice and six samples from Canada tested positive for the banned fungicide carbendazim. The agency did not release further details.…
Recent stories in The New York Times have been critical of the offshore manufacturing processes of Apple Inc. (NASDAQ: AAPL) and other US companies. Apple is the poster child, though, because it is both…
Spot gold prices are hovering around $1,733.00/ounce at mid-day today. If that price should stick, it would mark gold’s highest close since early December. Prices are reacting to remarks from Fed chairman Ben Bernanke…
Among the major movers at around noon today are Infinity Pharmaceuticals Inc. (NASDAQ: INFI), Riverbed Technology Inc. (NASDAQ: RVBD), Solutia Inc. (NYSE: SOA), Informatica Corp. (NASDAQ: INFA), and Ford Motor Co. (NYSE: F). Shares…
Yields on 10-year sovereign bonds for both Spain and Italy fell at today’s auctions. Spanish yields fell by 26 basis points, to 4.67% and Italian yields fell by 17 basis points to 5.88%. The…
Following favorable ruling in federal court last night, shares of Transocean Ltd. (NYSE: RIG) are up nearly 2.5% in mid-morning trading at $48.42 in a 52-week range $38.21-$85.98. BP plc (NYSE: BP), which finished…