IBT Staff Reporter

United Parcel Service reported a lower-than-expected profit and gave an outlook below analysts' views as the global economic downturn caused fewer packages to be shipped, sending its shares down more than 7 percent.

Apple has come under scrutiny after it released a rather insensitive 99-cent application, called Baby Shaker that allows the user to shake a baby in order to keep it from crying.

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US Airways Group on Thursday reported a quarterly net loss on weaker travel demand, but the loss narrowed 57 percent on capacity cuts and accounting gains for fuel hedge contracts related to cheaper jet fuel.

The pace of sales of existing homes in the United States fell 3.0 percent in March to a much lower-than-expected annual rate of 4.57 million units, the National Association of Realtors said on Thursday.

Struggling U.S. carmaker General Motors Corp is moving nearer to a deal to offload its Opel unit, having found a prospective buyer in Italy's Fiat SpA , an Opel supervisory board member said on Thursday.

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Struggling U.S. carmaker General Motors Corp appeared set for a deal next week to offload a majority stake in its German unit Opel, having found a buyer in Italy's Fiat SpA , among others.

The pace of sales of existing homes in the United States fell 3.0 percent in March to a much lower-than-expected annual rate of 4.57 million units, the National Association of Realtors said on Thursday.

Shares of Apple Inc's climbed about 3 percent on Thursday, fueled by solid quarterly results and optimism about the maker of iPhones and Mac computers despite the weak economy.

S&P 500 index futures trimmed gains on Thursday after government data showed the number of workers filing new claims for jobless benefits rose slightly more than expected last week.

SunTrust Banks Inc posted its second straight quarterly loss on Thursday, hurt by charges related to the collapsing real estate market.

Wall Street was set for a higher open on Thursday after positive results from companies like Apple Inc and Hershey Co suggested some businesses weathered the deep recession in the first quarter.

California on Wednesday said it would take several measures to ensure corn ethanol can help transportation fuel suppliers reach a proposed low-carbon fuel standard that is expected to be passed by the state on Thursday.

Bank of America Corp CEO Kenneth Lewis testified under oath that Federal Reserve Chairman Ben Bernanke and then-Treasury Secretary Henry Paulson pressured him to keep quiet about losses at Merrill Lynch & Co, which the bank was buying, the Wall Street Journal reported.

Electronics retailer RadioShack Corp reported a higher-than-expected quarterly profit, bolstered by strong sales of its digital converter boxes, postpaid wireless and flat-panel televisions.

China should be praised for its lead role in a U.N.-backed scheme to cut carbon emissions and efforts to cap its flow of credits should be resisted, a leading British-based clean-energy project development firm said.

Electronics retailer RadioShack Corp reported a higher-than-expected quarterly profit on Thursday, bolstered by strong sales of its digital converter boxes, postpaid wireless and flat-panel televisions.

Stock index futures pointed to a higher open on Thursday after earnings from companies like Apple Inc and Hershey Co suggested some businesses weathered the recession in the first quarter.

U.S. economic bellwether United Parcel Service Inc reported lower-than-expected quarterly earnings on Thursday, saying the global downturn had taken a bite out of revenue and profitability as fewer businesses and consumers sent packages.

Chocolate maker Hershey Co posted a higher-than-expected rise in quarterly profit, helped by price increases and market share gains.

Electronics retailer RadioShack Corp reported a higher-than-expected quarterly profit, bolstered by strong sales of its digital converter boxes, postpaid wireless and flat-panel televisions.

Apple Inc's quarterly profit soared past Wall Street expectations on strong sales of iPhones and iPods, underscoring the popularity of the company's relatively expensive products even in the midst of a weak economy.

Stock index futures pointed to a higher open on Thursday with Apple Inc set to boost technology shares after it reported strong sales even as consumers tightened their belts.

Fiat will sign on Tuesday a letter of intent to buy a majority stake in General Motors' struggling Opel unit, the website of German magazine Spiegel said on Thursday, citing sources.

Investors generally put aside recent worries about the world economy and banking industry woes on Thursday, sending global stocks higher and reversing safety flows into the Japanese yen.

Credit Suisse's first-quarter net profit far exceeded forecasts thanks to surprisingly robust trading gains and healthy rich client inflows, making it upbeat about its future while other banks still struggle.

The European Commission, taking a major step toward fining and imposing sanctions on Intel Corp for violating antitrust law, has sent a draft decision ruling against the chip maker to EU member states, a source familiar with the situation said on Wednesday.

Stocks staged a comeback across most of Asia on Thursday as a larger-than-expected profit from Korea's Hyundai fed optimism that the auto sector could be nearing a turnaround and tech shares found strength on the back of buoyant earnings from Apple .