A group of hedge funds that provided bankruptcy funding to Delphi Corp on Monday won a high-stakes auction to take control of the auto parts supplier, scuttling a rival deal brokered by the Obama administration.
Home prices are stabilizing after steep declines last year, although prices are still down about 17 percent compared to last year, according to new home prices index report released on Tuesday which gives further support to the belief that the housing market is reaching a bottom.
Viacom Inc reported a steep fall in quarterly earnings, hit by poor advertising revenue and a dropoff in sales of its Rock Band video game.
Office Depot Inc reported a bigger-than-expected quarterly loss on Tuesday as troubles in corporate America weighed on sales at the No. 2 U.S. office supplies retailer.
Bank of America Corp said on Tuesday it plans to modestly reduce the size of its U.S. branch network over the next three to five years, but does not have plans to eliminate 10 percent of its branches.
U.S. single-family home prices rose in May from April, the first monthly increase in nearly three years, suggesting prices may be stabilizing, according to Standard & Poor's/Case Shiller home price indexes on Tuesday.
Stocks were set to dip at Tuesday's opening after a handful of companies, including Viacom Inc and Office Depot Inc, posted disappointing quarterly results and investors sought more evidence of the economic rebound.
Auto dealership chain Sonic Automotive Inc (SAH.N) posted a plunge in second-quarter profit on Tuesday as the economic recession hurt consumer demand for new vehicles.
Viacom Inc reported a steep fall in quarterly earnings, hit by poor advertising revenue and a dropoff in sales of its Rock Band video game.
Stocks headed for a lower open on Tuesday as a handful of companies, including Office Depot Inc , posted disappointing quarterly results and investors turned cautious before key data on home prices and consumer confidence.
Office Depot Inc reported a bigger-than-expected quarterly loss on Tuesday as the recession weighed on sales at the No. 2 U.S. office supplies retailer, and its shares fell 13 percent.
Senior U.S. housing officials and leading mortgage companies on Tuesday will make a fresh commitment to help troubled borrowers keep their homes and will promise to expand foreclosure-prevention aid, sources familiar with the plans said.
China is bringing 150 senior officials, including nearly its whole Cabinet, to the United States this week for talks whose symbolic value is likely to trump concrete achievements.
Stock index futures dropped to session lows on Tuesday as several companies, including Office Depot Inc , posted lackluster quarterly results and investors turned cautious ahead of key reports on home prices and consumer confidence.
Stock futures slipped on Tuesday due to caution ahead of key reports on home prices and consumer confidence.
U.S. home sales surged in June, a sign the U.S. housing market may have hit bottom and is starting to rebound, but two big U.S. companies, diversified manufacturer Honeywell and health insurer Aetna, saw economic weakness continuing.
The U.S. Commodity Futures Trading Commission is planning to issue a report next month that suggests that wild swings in oil prices were significantly driven by speculators, the Wall Street Journal reported on its website on Tuesday.
Futures for the Dow Jones industrial average, the S&P 500 and the Nasdaq 100 fall 0.2-0.3 percent, pointing to a weaker Wall Street open on Tuesday.
Oil giant BP Plc said it had increased its cost reduction targets for 2009 by 50 percent to $3 billion, as it reported a halving in second quarter profits due to lower oil prices and weaker refining margins.
World stocks extended gains to fresh 9-month peaks on Tuesday while the dollar fell to a 2009 low after upbeat U.S. data and optimism over corporate earnings prompted investors to add risky assets.
Asian stocks hit a 10-month high for a seventh day on Tuesday as investors were lifted by improving corporate earnings, though the non-stop pace of the rally caused some to wonder if it was overdone.
Asian stocks hit a 10-month high for a seventh day on Tuesday as investors were lifted by improving corporate earnings, though the non-stop pace of the rally caused some to wonder if it was overdone.
