Business News

Wall Street ends storm-shortened week with a selloff

By Chuck Mikolajczak NEW YORK | Fri Nov 2, 2012 4:33pm EDT NEW YORK (Reuters) - Stocks ended an unusual storm-shortened trading week with a selloff on Friday, as major indexes erased early gains sparked by a stronger-than-expected payrolls report. Energy stocks were a drag on the market after Chevron Corp, the second-largest U.S. oil company, posted a profit that mi...

03 Nov 1:01 AM 0 Read More...

Facebook's Sandberg sells $7.4 million in stock

By Alexei Oreskovic SAN FRANCISCO | Fri Nov 2, 2012 7:43pm EDT SAN FRANCISCO (Reuters) - Facebook Inc Chief Operating Officer Sheryl Sandberg and two other executives at the social networking company sold millions of dollars worth of stock this week as restrictions on insider trading expired. Sandberg netted about $7.44 million by selling roughly 353,000 Facebook sh...

03 Nov 1:01 AM 0 Read More...

Economists say jobs data to have little impact on U.S. elections: Reuters poll

By Chris Reese NEW YORK | Fri Nov 2, 2012 7:08pm EDT NEW YORK (Reuters) - Stronger-than-expected hiring by U.S. employers in October and a small increase in the jobless rate will have a neutral or insignificant impact on U.S. presidential elections next week, according to most economists surveyed in a Reuters poll on Friday. Twenty-four economists said the payrolls ...

03 Nov 1:01 AM 0 Read More...

Berkshire Hathaway quarterly profit up on rails, energy

Fri Nov 2, 2012 6:07pm EDT (Reuters) - Berkshire Hathaway Inc (BRKa.N), the conglomerate run by billionaire Warren Buffett, on Friday said its third-quarter profit rose as strength in the railroad and utility businesses, as well as investment gains, offset weaker results in the insurance units. Berkshire earned $3.92 billion, or $2,373 per Class A share, compared with $2.28 billion,...

03 Nov 1:01 AM 0 Read More...

Kraft Foods approves $650 million restructuring plan

Fri Nov 2, 2012 6:25pm EDT (Reuters) - Kraft Foods Group Inc (KRFT.O), which sells Planters peanuts, Oscar Mayer lunch meat and Velveeta cheese, said it approved a $650 million restructuring plan related to its spin-off from Kraft Foods Inc in October. The company said the restructuring cost involves severance related to the spin-off, asset disposals and other one-time expenses.Kraf...

03 Nov 1:01 AM 0 Read More...

Wall Street edges lower, energy shares offset payrolls

NEW YORK | Fri Nov 2, 2012 3:41pm EDT NEW YORK (Reuters) - Stocks extended losses, driving the Dow and the Nasdaq down 1 percent late in the session on Friday, with oil shares leading the Dow's decline. The Dow Jones industrial average fell 134.70 points, or 1.02 percent, to 13,097.92. The Standard & Poor's 500 Index slid 12.16 points, or 0.85 percent, to 1,415.43. The ...

02 Nov 7:58 PM 0 Read More...

Goldman urges Supreme Court to end mortgage class-action

By Jonathan Stempel WASHINGTON | Fri Nov 2, 2012 3:35pm EDT WASHINGTON (Reuters) - Goldman Sachs Group Inc (GS.N) has urged the U.S. Supreme Court to throw out a mortgage securities class-action lawsuit that it said could cost Wall Street tens of billions of dollars. The bank is challenging a September 6 decision by the 2nd U.S. Circuit Court of Appeals in New York ...

02 Nov 7:58 PM 0 Read More...

Jobs growth quickens, giving Obama some relief

By Jason Lange WASHINGTON | Fri Nov 2, 2012 10:42am EDT WASHINGTON (Reuters) - Employers stepped up hiring in October and the jobless rate ticked higher as more workers restarted job hunts, a hopeful sign for a lackluster economy that has been a drag on President Barack Obama's re-election chances. Employers added 171,000 people to their payrolls last month, the Lab...

02 Nov 2:57 PM 0 Read More...

Wall Street cuts gains, turns negative

NEW YORK | Fri Nov 2, 2012 10:31am EDT NEW YORK (Reuters) - Stocks cut their gains to turn negative on Friday despite a stronger-than-expected payroll report. Still, the S&P remained on track for its best week of the past four.The Dow Jones industrial average was down 42.77 points, or 0.32 percent, at 13,189.85. The Standard & Poor's 500 Index was down 1.89 points, ...

02 Nov 2:57 PM 0 Read More...

Factory orders rise but still point to weak investment

WASHINGTON | Fri Nov 2, 2012 10:05am EDT WASHINGTON (Reuters) - Demand for U.S. factory goods rose in September by the most in over a year, although a gauge of business investment plans pointed to lackluster momentum in the economic recovery despite a slight upward revision. New orders for manufactured goods climbed 4.8 percent, the Commerce Department said on Friday. That ...

02 Nov 2:57 PM 0 Read More...