"Wallstreet" Reader

"Wallstreet" Reader

Asia Higher; Fed Stance Buoys Risk Appetite, Hits Dollar

Posted: 27 Apr 2011 06:59 PM PDT

Asian stock markets were higher, while the U.S. dollar fell across the board, as the U.S. Federal Reserve's commitment to retain its ultra-easy monetary policy buoyed sentiment and drove riskier currencies up.

Genentech Fights Use of Its Cheaper Drug

Posted: 27 Apr 2011 06:23 PM PDT

A federal study set to be released Thursday shows that an inexpensive eye drug may work as well as a pricier Genentech product in treating a common cause of blindness, amid a Genentech campaign on Capitol Hill to protect its market.

Berkshire Says Sokol Misled Buffett

Posted: 27 Apr 2011 07:12 PM PDT

The report said David Sokol violated the company's standards of business ethics and insider-trading policies, and was "misleadingly incomplete" in disclosures about his Lubrizol stock purchases.

Exelon Discussing Deal for Constellation

Posted: 27 Apr 2011 04:42 PM PDT

Exelon is expected to disclose that it has agreed to buy electricity generator and utility operator Constellation Energy Group in a stock-for-stock deal valued at about $8 billion.

Flood Hits 74-Year High

Posted: 27 Apr 2011 05:44 PM PDT

Storms pounded the South, killing at least 16 people, while in the Midwest officials approved plans to blow up a levee, flooding farms but saving towns, should waters continue to rise at the confluence of the Mississippi and Ohio rivers.

Galleon Case: When the Feds Are Watching

Posted: 27 Apr 2011 07:08 PM PDT

The wife of an insider-trading suspect describes paranoia and fear as the FBI monitors the family.

SEC Proposes to Scrub References to Credit Ratings

Posted: 27 Apr 2011 05:07 PM PDT

The commission issued draft proposals that would purge references to credit ratings from its rules governing brokerage firms and replace them with other assessments of creditworthiness.

U.K. Economy Grows 0.5%

Posted: 27 Apr 2011 04:36 PM PDT

The U.K. economy grew modestly in the first quarter from its snow-hit decline in the previous three months, but the weakness of the recovery will raise questions about whether the economy can withstand government cuts.

Fed Takes Foot Off the Gas

Posted: 27 Apr 2011 06:49 PM PDT

The Fed used its first-ever news conference to signal it will phase out a controversial bond-buying program—and to reassure a skeptical public that the central bank is doing everything it can to control inflation and expand an uneven recovery.

Device-Firm Deal Poses Test for J&J

Posted: 27 Apr 2011 03:23 PM PDT

The $21.3 billion deal for medical-equipment maker Synthes positions J&J to capitalize on a growing market for bone-repair devices, but it will test leadership already grappling with manufacturing problems and other investor concerns.

Appliance Makers Suffer Drain Cycle in China

Posted: 27 Apr 2011 02:54 PM PDT

Troubles gaining traction in the booming Chinese market is giving indigestion to Whirlpool and Electrolux, the two biggest makers of large home appliances, as they struggle with slack demand in North America.

Drivers Cut Back as Gas Prices Climb

Posted: 27 Apr 2011 01:37 PM PDT

After weeks of paying steadily more for a tank of gasoline, American drivers are beginning to ease up on the gas pedal, but in today's global economy, that might not be enough to lower crude-oil prices and strengthen U.S. growth.

Chrysler Financing to Help Land DOE Grant

Posted: 27 Apr 2011 01:48 PM PDT

Chrysler is expected to disclose Thursday that it hired a group of banks to refinance its government loans, allowing the auto maker to repay the $7.5 billion bailout it received from the U.S. and Canada.

CFTC Extends Comment Period on Derivatives

Posted: 27 Apr 2011 03:54 PM PDT

The decision comes after criticism from the financial industry and some Republican lawmakers that the process is moving too fast.

Former SAC Trader Expected to Plead Guilty

Posted: 27 Apr 2011 11:57 AM PDT

A former trader at SAC Capital Advisors is expected to plead guilty in a broad insider-trading case, a judge and prosecutors disclosed in court.

Wal-Mart Quietly Expands Gun Sales

Posted: 27 Apr 2011 06:56 PM PDT

Wal-Mart is quietly bringing back rifles, shotguns and ammunition to hundreds of U.S. stores as the hurting retail giant seeks to reinvigorate its one-stop shopping appeal and attract more male customers.

Pressure Mounts on Big Board

Posted: 27 Apr 2011 03:49 PM PDT

Well-known Legg Mason fund manager Bill Miller criticized New York Stock Exchange owner NYSE Euronext for not discussing a merger bid led by Nasdaq OMX Group, ahead of a key shareholder meeting at the Big Board on Thursday.

EBay Posts Profit, Raises Outlook

Posted: 27 Apr 2011 04:11 PM PDT

EBay's profit and revenue climbed as the online marketplace shows signs of progress as it nears the completion of CEO John Donahoe's three-year turnaround plan.

Starbucks Posts Higher Profit

Posted: 27 Apr 2011 04:09 PM PDT

Starbucks reported a 20% rise in quarterly earnings and raised its full-year outlook even as it girds itself for high commodity costs.

Gold Hits New High

Posted: 27 Apr 2011 12:59 PM PDT

Gold futures extended record highs as comments from Federal Reserve Chairman Ben Bernanke reinforced the notion that the central bank is in no hurry to raise interest rates.