"Wallstreet" Reader

"Wallstreet" Reader

Steelmaker Presses for 36% Pay Cut

Posted: 20 Jul 2012 06:43 PM PDT

Top U.S. steelmakers, facing falling demand and profits, are pushing for steep concessions from the United Steelworkers of America in two new labor pacts for nearly 26,000 workers, union officials said.

AMR to Study Potential Merger Opportunities

Posted: 20 Jul 2012 04:04 PM PDT

American Airlines parent AMR intends to spend the summer and fall evaluating potential merger opportunities and compare them with a plan to emerge from bankruptcy as a standalone company, CEO Tom Horton said in an interview.

Nasdaq Revamps Payout for Brokers in Facebook IPO

Posted: 20 Jul 2012 05:23 PM PDT

Nasdaq OMX Group increased to $62 million the amount of money it plans to pay back to brokers that lost money during Facebook's glitch-ridden market debut.

Dimon Buys $17.1 Million in J.P. Morgan Shares

Posted: 20 Jul 2012 02:53 PM PDT

J.P. Morgan Chief Executive James Dimon picked up 500,000 shares of his bank on Thursday and Friday, as he tries to convince investors and employees that the worst of a trading crisis is in the past.

Franken Credit-Rating Rule at Key Juncture

Posted: 20 Jul 2012 01:47 PM PDT

This week brings D-Day in Sen. Al Franken's push to clamp down on conflicts of interest at major credit-rating firms Standard & Poor's Ratings Services and Moody's Investors Services.

Koch Fights MF Trustee's Bid for $20 Million Credit Line

Posted: 20 Jul 2012 01:03 PM PDT

The trustee unwinding MF Global's brokerage wants to recover $20 million for customers from a commodities firm that extended a line of credit to MF Global in 2002.

Regulator Warns Duke Could Face Sanctions on Deal

Posted: 20 Jul 2012 07:47 PM PDT

Duke Energy's lead director defended the decision to jettison incoming CEO Bill Johnson, while a state regulator warned that the utility could face sanctions for its actions.

European Drug Regulators Back First Gene Therapy Medicine

Posted: 20 Jul 2012 09:40 AM PDT

European drug regulators Friday recommended approval of gene therapy Glybera for patients with a rare genetic disorder.

Judges Reconsidering Gene Patents Express Earlier Views

Posted: 20 Jul 2012 11:11 AM PDT

A federal appeals court suggested Friday that it may not retreat from its ruling last year that isolated human genes can be patented.

FDA Approves Onyx Cancer Drug

Posted: 20 Jul 2012 05:22 PM PDT

The FDA approved Onyx Pharmaceuticals Inc.'s drug Carfilzomib (Kyprolis) to treat patients with a form of blood cancer called multiple myeloma.

Schlumberger, Baker Hughes Profits Surprise Street

Posted: 20 Jul 2012 12:57 PM PDT

Oil-field-services companies Schlumberger and Baker Hughes surprised Wall Street with better-than-expected results at a time when their businesses face global economic uncertainty.

Boeing Sues Pentagon Over Rocket Pledge

Posted: 20 Jul 2012 11:29 AM PDT

Boeing accused the Defence Department of turning its back on a commitment to reimburse it for some expenses developing the Atlas IV rocket in a suit filed in Washington, D.C.

Michaels CEO Resigns to Focus on Recovery

Posted: 20 Jul 2012 11:05 AM PDT

Michaels Stores said John Menzer has resigned as CEO in order to focus on his recovery from a stroke he suffered in April.

Cemex Says U.S. Sales Improving

Posted: 20 Jul 2012 10:08 AM PDT

Mexico's Cemex said that a recovery in U.S. demand for its building materials helped compensate for sluggish infrastructure spending at home and in Europe during the second quarter.

Xerox Blames Economy for Lower Profit, Outlook

Posted: 20 Jul 2012 10:22 AM PDT

Xerox's second-quarter earnings fell 3.1% as weak economic conditions, especially in Europe, drove down equipment sales and prompted a softer full-year outlook.

Auto Manager Was Left for Dead

Posted: 20 Jul 2012 04:42 PM PDT

The manager killed at a Maruti Suzuki India manufacturing plant in northern India had both arms and legs broken by his attackers and died of suffocation after he was unable to escape from a building that was set ablaze.

ECB Adds to Pressure on Greece

Posted: 20 Jul 2012 07:12 PM PDT

The European Central Bank said it would reject Greek government bonds as collateral for its normal lending operations from next Wednesday, raising pressure on Athens to comply with demands for deep budget cuts.

Futures Regulator to Boost Focus on Risk

Posted: 20 Jul 2012 08:02 AM PDT

The chairman of the National Futures Association said the organization would add a focus on risk and the potential misuse of customer money by futures brokers.

India Panel Agrees Spectrum Sale Price

Posted: 20 Jul 2012 07:41 AM PDT

A panel of Indian ministers has decided on the starting price for a controversial auction of radio bandwidth and its recommendation will be sent to the federal Cabinet for a final decision in the next couple of weeks.

GM Retirees to Decide on Pension Buyout

Posted: 20 Jul 2012 08:26 AM PDT

GM will know Friday how many of its U.S. salaried retirees will take a pension buyout offer aimed at reducing the auto maker's massive retiree obligations.