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European Markets Rebound
Apr 23, 6:30 PM EDT |
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| March consumer spending in France declined 1.7% after rising 1.3% in February but rose 1.2% from a year ago. |
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| European markets edged higher after a rise in metals and energy stocks. Infineon Technologies reported second quarter loss surged to 1.37 billion from 11 million euros after it wrote down the memory chip business that trades separately under the name Qimonda AG. Volkswagen sales rose 1.4% to 27 billion euros and earnings rose 26% to 929 million euro from 740 million euros. Essilor International SA reported first quarter sales rise of 3.6% to 762 million euros. |
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Starbucks, Amazon Fall, Apple Rises
Apr 23, 5:37 PM EDT |
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| Amazon.com net income in the first quarter rose 30% to 34 cents per share from 26 cents on 37% rise in sales to $4.16 billion. |
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| 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. |
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Liberty Mutual Offers $6.2 B for Safeco
Apr 23, 3:15 PM EDT |
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| Safeco stock jumps 46% after Liberty Mutual bids for the company in cash. |
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| 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. |
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Japan Trade Surplus Shrinks
Apr 23, 5:24 PM EDT |
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| March trade surplus declined 30.2% to 1.12 trillion yen but exports to the U.S. fell 11% and to China and EU rose more than 3%. |
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| Stocks in Japan advanced spurred by rising crude oil prices on growing demand from China and supply constraints from Iraq and Nigeria. In Tokyo trading Nikkei 225 rose 0.23% or 31.34 to 13,579.16, and the broader Topix Index increased 0.2% or 2.93 at 1,314.39.Exports in March grew 2.3% from the same period a year ago compared with 8.7% rise in February. Imports in March surged 11.1% on rising oil and materials costs. |
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Ambac Loss, Moody's Weak Earnings
Apr 23, 10:03 AM EDT |
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| Ambac swung to a loss after it took charges incollateralized loans and increased its loan loss provisions. Moody's reported earnings declined 23%. |
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| 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. |
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