IBT Staff Reporter

Aerospace and defense company shares on Monday fell as Goldman Sachs analyst upgraded aerospace sector and downgraded defense cautiously as spending expected to peak next year.

The Pentagon used 300,000 barrels a day of oil - the equivalent to 1.5 percent of the nation's total usage of 21 million barrels a day - Ashton Carter, undersecretary for acquisition, technology and logistics at the Pentagon said today, according to Reuters.

Clothing retailer American Apparel Inc swung to a first-quarter loss, cut its full-year outlook and said it may have to restate prior financial statements due to the classification of its revolving credit facility, triggering a 20-percent slide in its stock.

The United States renewable energy market is by far the most appealing to investors worldwide, according to a survey by KPMG to 200 executives at utilities, producers and banks, Bloomberg reported.

A bill restricting credit card practices is on track to being approved by the U.S. senate; President Barack Obama is expected to sign it into law before the end of the month.

The U.S. climate bill is expected to pass Congress this week according to the Chairman of the House Energy and Commerce Committee Henry Waxman who said he thinks he will obtain a majority of votes, Reuters reported.

Treasury Secretary Timothy Geithner on Monday opposed the federal government placing limits on the compensation of top executives of banks that have received relief from the government.

Marvell Technology Group Ltd Chief Executive Sehat Sutardja said he expects multimedia-enabled smartphones to account for at least 50 percent of all cell phones in the next three to four years, and grow even more popular in the following years.

Jen-Hsun Huang, chief executive officer of graphics chip maker Nvidia, called Intel's chip pricing unfair but said his company will not seek antitrust action against the world's largest chip maker for now.

Jen-Hsun Huang, chief executive officer of graphics chip maker Nvidia, called Intel's chip pricing unfair but said his company will not seek antitrust action against the world's largest chip maker for now.

Digital music supplier Napster said on Monday it is slashing its monthly subscription price to $5 and adding downloads of songs to its streaming service in a bid to expand its customer base and compete with Apple Inc's iTunes.

Smart Grid networking would surpassed the internet to up to 100 times according to Marie Hattar, Vice President of Network Systems and Security, Cisco.

Federal regulators are considering forcing larger U.S. banks to bear a bigger portion of the cost of cleaning up the banking crisis, a source familiar with the plan said on Monday.

American Express Co , the credit card and travel services company, on Monday said it plans to eliminate 4,000 jobs, or 6 percent of its workforce, as the weakened economy causes higher customer defaults.

The 62th World Health Organization's annual assembly opened Monday in Geneva, WHO Director General Margaret Chan told the 193 member states that WHO is prepared to lead the global public health emergency especially if the influenza H1N1 escalates.

Twitter is working on various ways to make money from its fast-growing microblogging service, but advertising is an option that is not currently being considered.

The Aussie dollar followed local equity markets lower in early trade yesterday to test critical technical support ahead of 0.7450.

U.S. President Barack Obama will announce a proposal tomorrow that automobiles sold in the United States in 2016 should meet a fuel efficiency standard of 35 miles per gallon, according to people familiar with the announcement, the Wall Street Journal reported.

Craigslist's CEO has launched an attack against South Carolina Attorney General Henry McMaster, after receiving criticism for its online erotic ads and accusations that it had been engaged in criminal acts.

The White House will unveil an auto fuel efficiency proposal on Tuesday to resolve a dispute between California and the U.S. government over emissions and accelerate the timeframe for sharply improving mileage performance, industry and other sources said.

General Electric's transportation unit unveiled a new line of fuel efficient and low emissions locomotives on Monday offering them as an alternative to the aging fleet, the company said.

On Monday, Acer announced two new Aspires netbooks, the 11.6-inch AO751h and the 10.1-inch AOD250 that are ready to ship.

President Barack Obama urged both sides in the abortion debate on Sunday to pursue a

Nvidia said market demand for video chips has bottomed out and expects to ride strong sales when Microsoft releases its next-generation operating system, Windows 7.

First Financial Bancorp said Monday it will buy 17 of Peoples’ 19 branches in southwestern Ohio and southeastern Indiana.

Sri Lanka declared total victory Monday over Civil war that lasted for 26 years, after killing the separatist Tamil Tigers' leader and taking control of the entire country for the first time since 1983.

Sony announces three new cameras, the DSLR-a230, DSLR-a330, and DSLR-a380 for entry level customers wanting easy-to-use point-and-shoot digital still cameras.

Stocks rallied on Monday as better-than-expected results from the No. 2 U.S. home improvement retailer, Lowe's Cos Inc , helped spark broad-based buying on hopes the recession is easing and consumer spending is stabilizing.

Islamist insurgents closed in on Somalia's coastal capital after seizing another strategic town north of Mogadishu Monday.