Weekly Wrap Up
Jobless claims fell by 2,000 to 386,000 in the week ended April 14 from a revised 388,000 the prior period, Labor Department figures showed today in Washington. The median forecast of 47 economists surveyed by Bloomberg News called for a drop to 370,000. Purchases of homes fell 2.6 percent to a 4.48 million annual rate in March, the National Association of Realtors reported in Washington. Click here to read the full article
Consumers increased spending in virtually every category, whether at online stores or traditional bricks-and-mortar retailers. Automobiles, electronics and appliances, building materials, and clothing stores saw the biggest gains. Click here to read the full article
Revenue rose to $8.9 billion from $7.8 billion a year ago, trouncing the $7.6 billion predicted by analysts polled by FactSet. Earnings per share were 71 cents compared with forecasts of 44 cents. The results excluded the negative impact of a big accounting charge related to a change in the value of the bank's debt. Click here to read the full article
Starbucks President Cliff Burrows wrote, in a Thursday blog, that Starbucks is "transitioning" away from the use of an insect called the cochineal. Click here to read the full article
While the results were better than the company's report three months ago, profit fell 2 percent from a year earlier, reflecting the bank's difficulties as it works to boost its earnings in a sluggish global economy.
Chief Executive Vikram Pandit said the bank might not seek regulatory approval to return capital to shareholders this year after all. Citigroup received multiple bailouts during the credit crunch and was one of the few banks to have its capital return plans rejected by the Federal Reserve earlier this year. Click here to read the full article
BlackBerry maker Research In Motion is in a fight for its corporate life, with even once-reliable markets no longer a given for the company's smartphones and back-end infrastructure services. However, emerging markets such as India and Indonesia may offer the lifeline RIM needs, according to several new reports. Click here to read the full article
EBay Inc. (EBAY) shares rose the most in eight months after sales and profit at the world's largest Internet marketplace topped analysts' estimates, spurred by growth in its PayPal online-payments business.
The stock climbed 11 percent to $39.78 at 9:42 a.m. in New York, for the biggest gain since Aug. 9. Shares of the San Jose, California-based company advanced 18 percent this year before today. Click here to read the full article
The Obama administration tightened regulations on the oil and gas industry Wednesday, requiring drillers to capture emissions of certain air pollutants from new wells.
But in a nod to industry concerns that the rules were being enacted too quickly, the Environmental Protection Agency said companies can burn the pollutants at the well head until the start of 2015, when enough equipment is expected to be available to capture the pollution. Click here to read the full article