IBT Staff Reporter

Cisco Systems Inc posted a stronger-than-expected profit for its fiscal first quarter and said a recovery in business was well under way because customers are investing in network equipment again after cutting back for the past year.

Fed Stays Course on Policy; Democrats Shrug Off Losses; Cisco Beats Street

Wireless chip and technology supplier Qualcomm Inc on Wednesday set a quarterly and

Democrats pushing for healthcare reform shrugged off their losses in two governors races and said on Wednesday the results made it more imperative to deliver on campaign promises to overhaul a failing system.

GMAC Financial Services, a lender that has received $12.5 billion in government bailouts, posted a third straight quarterly loss on Wednesday, hurt by red ink in its mortgage business.

Molson Coors Brewing Co said beer volumes continue to decline in the current fourth quarter as consumers remain focused on value, and shares fell 8.5 percent.

Allstate Corp , the largest publicly traded U.S. home and auto insurer, swung to a profit on Wednesday from a year ago loss, helped by lower catastrophe and investment losses.

Enlist allies in the media and public policy to highlight little known but pressing issues, said the ex-Federal Reserve president who had forewarned for years about the growing dangers of financial companies considered “too-big-to fail.”

US TREASURIES weakened for a third session as the FOMC announcement continued support the near zero interest rate policy it has maintained to support economic recovery.

News Corp reported a higher-than-expected quarterly profit as gains at its Fox cable network and film divisions, plus cost cuts, helped offset declines at its television stations and newspapers.

China Unicom, the country's No.2 mobile carrier, said on Tuesday that it had already signed up more than 1 million 3G subscribers, but analysts said that handset subsidies and marketing costs could weigh on profit margins.

Cisco Systems, the largest maker of networking equipment, reported profit that beat analysts' estimates after the company cut back on hiring, closed offices and cut down on travel costs.

U.S. stocks rallied but lost steamon Wednesday after the Federal Reserve said it would keep rates near zero for an extended period even as it expressed confidence in the economic recovery.

Smith Micro Software Inc posted a quarterly profit that beat analysts' estimates by a penny, but revenue missed, hurt by a tough economic environment, and the company cut its full-year revenue view, sending its shares down 20 percent.

United Online Inc, which provides consumer products and services over the internet, posted a better-than-expected quarterly profit, helped by strong demand at its FTD segment.

General Motors' Europe head Carl-Peter Forster expects massive cuts at Opel after GM decided to hold on to the European carmaker, he was quoted saying in a German newspaper.

The Australian Dollar opens higher today at 0.9120 against the greenback. As expected, the US Federal Reserve left interest rates unchanged at the current setting of zero to 0.25 per cent. The Aussie moved to an offshore high at time of writing of 0.9143. During the domestic session on Wednesday, the unit slid down to 0.8970 as retail trade fell 0.2 per cent in September. The disappointing number does not support the case for a third consecutive hike in interest rates by the Reserve Bank of Aust...

U.S. clean energy legislation could help create 850,000 manufacturing jobs around the country, a report from a group representing business and environmental interests said on Wednesday.

Kraft Foods Inc, which has secured a $9 billion bridge loan backing an expected bid for UK confectioner Cadbury, has been contacted by more banks keen to join the deal, senior bankers said on Wednesday.

Upscale grocer Whole Foods Market Inc posted higher profit as sales stabilized and officially turned the corner but shares fell 8.7 percent after its fiscal 2010 profit outlook missed analysts' views.

Kraft Foods Inc faces a tougher task winning over Cadbury Plc shareholders after disappointing results reinforced the view that it will formalize its existing offer for the British chocolatier next week rather than present a higher bid.

General Motors Co directors narrowly opted to retain Opel instead of selling the European unit to a group led by Canada's Magna International because they believed losing it could have left a significant gap in its operations, a senior GM executive said.

Cisco Systems, the largest maker of networking equipment, reported profit that beat analysts' estimates after the company cut back on hiring, closed offices and cut down on travel costs.

U.S. stocks mostly eked out a gain on Wednesday, giving back a big slice of the day's advance after the Federal Reserve reiterated its intent to keep rates low, but gave investors few new reasons to boost holdings.

Comcast Corp's quarterly profit rose a better-than-expected 22 percent, as it sold more phone and Internet subscriptions, helping to fight competition from phone and satellite companies.

News Corp reported lower revenue on Wednesday because of advertising declines at its television stations and newspapers, while profit rose because of stronger performance at its cable television, movie and book units as well as cost cuts.

Israeli naval commandos seized a ship carrying hundreds of tons of Iranian-supplied arms, including rockets that can hit Israeli cities, to Lebanon's Hezbollah group, Israeli officials said on Wednesday.

Microsoft announced 800 layoffs Wednesday, enforcing the cost-reduction program the company had announced at the beginning of the year.

The U.S. services sector grew modestly for a second month in a row in October and private sector employers cut jobs at the slowest pace in more than a year, adding to signs the economy is crawling back to health.