Weak earnings drag down stock market
Wednesday, October 24, 2012 - 03:00 Spencer Platt/Getty Images Traders work on the floor of the New York Stock Exchange in New York City. Blame bad earnings reports from several companies, including DuPont -- its stock dropped nine percent. The chemical company’s profits fell short of expectations, amid news it’s laying off 1500 people. 3M and the aerospace and buildings company United Technologies also fell. These are heavy hitters and when they struggle, it shows up in the overall numbers. One bright spot was UPS, which gained three percent. It’s an important company to watch because if it’s doing well, companies are shipping, which means consumers are buying. PNC Financial Services chief economist Stuart Hoffman says it could be a sign shoppers feel good as the year closes. "We actually think the holiday season will be a good one. It won’t be great, but we think sales will be three to four percent higher than last year." Wall Street’s rough ride didn’t continue overseas ...
Service sector growth rises in August: ISM
NEW YORK - The pace of growth in the massive services sector rose in August on the back of a rebound in employment, beating expectations, though a measure of new orders declined, according to an industry report.
Found more than 1 month ago on channel Reuters
Exclusive: Roper nears $1 billion healthcare acquisition -sources
NEW YORK - Diversified manufacturer Roper Industries Inc is in advanced talks to buy Managed Health Care Associates, a privately held healthcare services provider, for about $1 billion, two people familiar with the matter said on Wednesday.
Found 1 month ago on channel Reuters
Microsoft offers security enhancement for sign-ins
NEW YORK -- Microsoft is offering enhanced security for email, storage and other services....
Fairway to begin trading after IPO prices at $13
NEW YORK -- Fairway priced its initial public offering of stock at $13 per share, above expectations, with shares of the New York grocery store chain set to begin trading Wednesday....