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Hovnanian Quarterly Loss Narrows Homebuilder Hovnanian Enterprises, Inc. HOV said Wednesday after the markets closed that its third quarter loss narrowed from last year, helped by higher homebuilding gross margin and fewer land-related charges.
Sony To Launch Online Music Service Thursday, Japanese conglomerate Sony Corp. announced plans to introduce "Music Unlimited", a new, cloud-based, digital music service that will be available by the end of the year. At the IFA 2010 technology show in Berlin, Germany, the company said that its premium streaming video service, "Video On Demand", will be available this fall in five European countries.
Apple Reveals Upgraded IPod Lineup, Apple TV As widely expected, Apple Inc. unveiled the upgraded versions of the iPod lineup at the Apple fall 2010 event. However, the company surprised everyone with the announcement of its entry into the online social networking introducing Ping, a music-oriented social network. Apple also unveiled its second generation Apple TV, which allows users to watch HD movies and TV shows from Fox and ABC for 99 cents.
Obama Condemns West Bank Killings Ahead Of Middle East Peace Talks President Barack Obama Wednesday strongly condemned the shooting deaths of four Israelis in the West Bank Tuesday. Obama, speaking after a meeting with Israeli Prime Minister Benjamin Netanyahu aimed at kicking off a new round of negotiations with the Palestinians, called the killings a "senseless slaughter" aimed at undermining the talks. "There are going to be extremists and rejectionists who, rather than seeking peace, are going to be seeking destruction," Obama said.
BP Ad Spending Tripled To $93 Mln After Oil Spill - Update Oil giant BP plc BP BP.L spent over $93 million on advertising over the three-month period following the Gulf of Mexico oil spill, more than three times the amount spent by the company on ads in the same period last year, the U.S. House Energy and Commerce Committee said Wednesday.
GM, Ford Report Drops In U.S. Vehicle Sales Wednesday, General Motors Co. and Ford Motor Co. both reported drops in their U.S. vehicle sales for August as compared to the same month last year, when sales were boosted by the U.S. government's "Cash for Clunker" incentive program. GM reported a 25% drop in U.S. vehicle sales for August, while Ford reported an 11% decline.
Allergan Pays $600 Million To Settle Botox Marketing Charges Health care company Allergan, Inc. said Wednesday that it will pay $600 million to settle a multi-year probe by the U.S. government related to sales and marketing of the popular anti-wrinkle treatment Botox. Under the resolution reached with the Department of Justice, Allergan has agreed to plead guilty to a single misdemeanor "misbranding" charge covering the period 2000 through 2005, and pay $375 million to the government. Allergan will also pay $225 million to resolve civil claims.
Restaurant Group H1 Pre-tax Profit Rises - Update Restaurant Group PLC Thursday said its pre-tax profit for the 27 weeks ended July 4 increased from last year, helped by a 9% growth in revenue. However, profit for the period declined year-over-year, owing to higher tax. Further, the company said the second half of the year has started well.
Stocks Set For Lackluster Open U.S. stock futures point to a lackluster open Thursday morning following sharp gains in the previous session on soothing economic data. Traders brace for data related to weekly jobless claims, pending home sales and factory goods orders during the day and the all-important jobs report for August on Friday to assess the pace of economic recovery.
McBride FY10 Profit Rises; Hikes Dividend - Update Private label household and personal care products provider McBride Plc MCB.L posted higher profit for the full year 2010, led by a strong return on capital employed. The company also increased its final dividend by 12%, and said trading since year-end has been in line with its expectations.
Stocks Rally On News Of Pickup In Manufacturing Activity Stocks saw substantial gains to open the traditionally downward trending month of September on Wednesday, as data showing a pickup in manufacturing activity in both the U.S. and China recharged some hopes of a continued economic recovery. The rally was further fueled by a better than expected reading on resource-linked Australian GDP. The major averages saw further upside in late-session dealing, ending near their best levels of the day. The Dow shot up by 254.75 points or 2.5 percent to 10,269.
Orexigen, Takeda In Deal To Commercialize Obesity Drug In North America Orexigen Therapeutics, Inc., a biopharmaceutical company focused on the treatment of obesity, said Thursday it entered into an exclusive partnership with Japan-based Takeda Pharmaceutical Co. Ltd. to develop and commercialize Orexigen's lead investigational obesity drug Contrave in North America.
US 'Operation New Dawn' Begins In Iraq With Change Of Command A military change-of-command ceremony in Baghdad on Wednesday, which U.S. Vice-President Joe Biden termed as "the start of a different chapter in the relationship with Iraq," marked the formal end of American combat operations in the war-ravaged country. The departure of thousands of U.S. combat forces from Iraq ends the active combat phase of a war, begun seven-and-a-half years ago, and begins a new phase of operations dubbed 'Operation New Dawn.' At a ceremony in the Al Faw Palace nea
Manufacturing Activity Unexpectedly Expands At Faster Pace In August Manufacturing activity in the month of August unexpectedly expanded at a faster pace, according to a report released by the Institute for Supply Management on Wednesday, with the data easing some of the recent concerns about the outlook for the manufacturing sector. The ISM said its index of activity in the manufacturing sector rose to 56.3 in August from 55.5 in July, with a reading above 50 indicating growth in the sector. The increase came as a surprise to economists.
Study Shows Cutting Jobs Pays Off For CEOs While economists have offered several reasons why the labor market remains weak even amid signs of a broader economic recovery, the results of a study released Wednesday may show the best reason for executives to cut jobs: it pays. The report released by the Institute for Policy Studies showed that the CEOs of the fifty companies that laid off the most workers since the onset of the economic crisis earned 42 percent more than the average of their peers at S&P 500 firms.
Private Sector Employment Unexpectedly Shows Modest Drop In August In a report likely to add to recent concerns about the outlook for the labor market, payroll processor Automatic Data Processing, Inc. ADP said Wednesday that private sector employment unexpectedly showed a modest decrease in the month of August. The report showed that private sector employment fell by 10,000 jobs in August following a downwardly revised increase of 37,000 jobs in July. Economists had expected employment to increase by 13,000 jobs.
SAIC Q2 Profit Rises, Tops View Defense contractor SAIC, Inc. SAI, Wednesday reported a significant rise in profit for the second quarter, helped mainly by an increase in revenue as well as income from discontinued operations. While earnings topped analysts' estimates, revenues fell short.
Del Monte To Report Q1 Results Del Monte Foods Co. DLM is expected to report first-quarter results before the market opens Thursday.
Heinz Profit Rises Above View On Strong Asia Sales Food products firm H.J. Heinz Co. reported Wednesday a higher profit in its first quarter, above market projections, mainly driven by strong results in Emerging Markets and North American Consumer Products. As stated in its shareholders meeting on Tuesday, the company reaffirmed its fiscal 2011 outlook.
Brown-Forman Q1 Profit Declines 8%, Yet Confirms FY11 View - Update Alcoholic Beverage manufacturer Brown-Forman Corp. Wednesday reported a drop in its profit for the first quarter of fiscal 2011, hurt lower margins and higher SG&A costs. Total net sales were up 1%. Despite its weak quarterly results, the company affirmed its earnings outlook for fiscal 2011.
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