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AP Business News
11/19/2008 06:26:26
| Consumers may get ray of good news: lower prices
WASHINGTON (AP) - American consumers hit by a seemingly endless stream of bad news, from vanishing jobs to shrinking retirement accounts, may be in for a small dose of relief: lower prices at stores. The Consumer Price Index, the country's most closely watched inflation gauge, probably will show a dip of 0.5 percent in October, after being flat in September, when that report is released Wednesday, according to economists' forecasts. More » | Banks weigh on European stocks again
LONDON (AP) - European stock markets headed lower Wednesday following losses in Asia, with worries about a global downturn weighing on banking and commodity stocks. The FTSE 100 index of leading British shares was down 68.07 points, or 1.6 percent, at 4,140.48, while Germany's DAX was 34.09 points, or 0.7 percent, lower at 4,545.38. The CAC-40 in France was down 40.76 points, or 1.3 percent, at 3,176.64. More » | Oil steady near 22-month low in Asia
SINGAPORE (AP) - Oil prices were steady near 22-month lows Wednesday in Asia as investors paused to examine the extent of global economic weakness, which has sent crude down more than 60 percent in four months. Light, sweet crude for December delivery was up 8 cents to $54.47 a barrel in electronic trading on the New York Mercantile Exchange by midafternoon in Singapore. The contract Tuesday fell 56 cents to settle at $54.39, the lowest since January 2007. More » | Ford hopes to regain car traction with new Fusion
DETROIT (AP) - While two of the Detroit Three have no new models to unveil at this year's Los Angeles Auto Show, Ford Motor Co. stayed in and will show off a revamped midsize car that is an example of how serious it is about gas mileage and about clawing its way back into the car business. The 2010 Fusion and its Mercury counterpart, the Milan, get new aerodynamic front and rear sheet metal, more powerful yet more efficient engines, six-speed automatic and manual transmissions and vastly improved interiors as Ford aims at the top-selling Toyota Camry and Honda Accord. More » | Saks posts bigger-than-expected 3Q loss
NEW YORK (AP) - Saks Inc. reported a wider-than-expected loss for the third quarter Tuesday, as the company resorted to deep discounts in an attempt to pull in affluent customers spooked by massive job losses on Wall Street and shrinking stock portfolios. The New York-based operator of Saks Fifth Avenue issued a dour outlook for the holiday season, predicting deteriorating profit margins in the fourth quarter as it sees the need to keep discounting to clear out piles of designer merchandise. It also plans to cut spring inventory by 15 percent and reduced its capital expenditures for next year by 40 percent. More » | HP shares soar after solid 4Q outlook
NEW YORK (AP) - Hewlett-Packard Co. surprised Wall Street on Tuesday by saying its earnings will be slightly above analysts' expectations, going against the grain as other technology bellwethers have slashed forecasts and posted weak results in the sagging economy. Its shares climbed more than 14 percent. More » | Home Depot 3Q profit falls 31 percent
CHICAGO (AP) - Home Depot Inc. gave investors a welcome surprise Tuesday, posting a better-than-expected third-quarter profit and offering Wall Street a second straight day of good news for the battered home improvement sector. But the 31 percent drop in earnings still shows just how badly the chain has been pummeled by the economic meltdown - which executives warned was unlikely to abate anytime soon as they predicted a steeper drop in full-year sales. More » |
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