Apr 23, 2008 5:37 PM EDT
U.S. stocks rebounded after morning weakness, led by strength in the tech stocks. Apple after the close reported earnings of $1.16 per share compared to 87 cents a year ago on $7.51 billion in revenue compared to $5.26 billion a year ago. Starbucks reported second quarter sales rise of 12% and earnings per share declined to 15 cents from 19 cents a year ago. Starbucks also guided 2008 earnings to be lower than 87 cents in 2007. >>

Apr 23, 2008 3:15 PM EDT
Safeco agreed to be acquired by Boston based Liberty Mutual at $68.25 per share of $6.2 billion. The deal represents 51% premium from the closing price of Safeco stock on Tuesday. Privately held Liberty Mutual will pay cash for the deal and there are no financial contingencies. Safeco, Seattle based insurer has struggled in the past five years as auto insurance premiums have declined and costs of servicing claims have risen. >>

Apr 23, 2008 10:03 AM EDT
U.S. stocks edged higher after losing ground at the opening. Delta reported first quarter loss of $6.39 billion on revenue rise of 12% to $4.77 billion. Ambac Financial reported a loss of $1.66 billion compared to profit of $213 million from a year ago. Ambac reported loss in the quarter from CDOs of $1.73 billion and $1.04 billion in loan loss provisions. Health insurance company, WellPoint reported revenue rise of 3% to $15.55 billion and earnings decline of 25% to $588.1 million. >>

Apr 22, 2008 5:41 PM EDT
U.S. stocks fell in the final hours of trading on rising oil and falling dollar. Crude oil jumped above $119 in the session on Nigerian oil supply disruption. The dollar fell agaist euro on talks of firm interest rates in Europ. The euro rose above $1.60 to a dollar. Gold rebounded to $925 per ounce. Yahoo after the market hours reported its quarterly net income jumped to 37 cents from 10 cents a year ago on Alibaba.com stake sale. >>

Apr 22, 2008 10:31 AM EDT
U.S. stocks traded sideways after more banks report losses from risky loans and growing worries related to losses from the consumer banking. For now, banks are taking losses only in the residential mortgage loans but rising charges in the consumer and retail loans are expected to be just as bad. Fifth Third and Sun Trust reported sharp rise in net charge offs and loans loss provisions. Royal Bank of Scotland is forced to raise $24 billion in UK. >>

Apr 22, 2008 5:30 PM EDT
Royal Bank of Scotland today announced its plan to sell assets, raise capital and cut costs. The battered bank vastly overpaid for its recent acquisition of investment banking and Asian operations of ABN Amro. The bank now suffering from losses in mortgage loans and slow down in investment banking business has seen its Tier 1 capital ratio as low as 6%. RBS plan to raise £12 billion in the largest rights issue ever in London, but will not cut its dividend for now. >>

Apr 21, 2008 5:01 PM EDT
Bank of America earnings plunged 76% on mounting subprime and mortgage losses and it provisioned $6 billion to cover asset write downs. Citigroup plans to sell at least $5 billion of securities to bolster its captial base. National City, the tenth largest U.S. bank cut its dividend to 1 cent from 21 cents and reported a quarterly loss. The embattled bank also sold stock at 40% discount to raise $7 billion. >>

Apr 21, 2008 4:41 PM EDT
U.S. stocks fell after Bank of America earnings plunged 76% and reported a provision of $6 billion for loan losses. National City, Ohio based lender nearly eliminated its dividend and raised $7 billion at $5 per share, 40% from its stock price on Friday. Arch Coal jumped 5% after it reported surging earnings and revenues on rising coal prices. Sears Holdings fell after Bank of America declined to renew its credit line. >>

Apr 21, 2008 4:39 PM EDT
Bank of America earnings in the first quarter declined 76% to $1.21 billion from $5.26 billion on revenue decline of 6% to $17.30 billion. The bank provisioned $6.01 billion compared to $4.78 billion a year ago on rising trading losses and growing non-performing assets. Nonperforming assets were $7.83 billion, or 0.90 percent, of total loans, leases and foreclosed properties at quarter-end compared to $5.95 billion, or 0.68%, at December 31, 2007 and $2.06 billion, or 0.29%, at the end of Q1. >>

Apr 21, 2008 4:37 PM EDT
Stocks in Tokyo edged higher on growing speculation that U.S. subprime loan losses may remain at current levels. Strong earnings from Caterpillar lifted stocks of Kubota and Komatsu. Honda led gainers in the Nikkei 225 index with a surge of 8% followed by a rise of 7% in NEC. Chip maker, NEC reported better than expected operating profit in 2007. >>