IBT Staff Reporter

Hewlett-Packard reported that profit for its second fiscal quarter grew 16 percent on improvement across its businesses.

Lehman Brothers Holdings Inc is laying off nearly 5 percent of its workers worldwide as a response to recent write-downs due to the sub-prime mortgage crisis and ensuing global credit crunch, according to news reports released Tuesday.

Crude oil prices rose for the first time above $129 a barrel in New York as investors fear supplies are insufficient to meet global demand, and as major firms rose its forecasts for oil prices.

Netflix rose on Tuesday after announcing the online movie rental service introduced of a new device allowing subscribers to watch Internet video on their televisions.

Merck & Co. said on Tuesday it agreed to pay $58 million to settle allegations that its ads for the once-popular painkiller Vioxx deceptively played down the health risks in 29 states, including the District of Columbia.

Gold futures rose to the highest level in four weeks as a decline in the U.S. dollar and rising oil prices boosted the metal's appeal as an investment hedge. Silver gained more than 4 percent.

American International Group is boosting the amount of capital it plans to raise to a total of $20 billion, the insurer's chief executive officer said on Tuesday.

U.S. stocks plunged on Tuesday after oil soared to nearly $130 a barrel fueling concerns that commodity prices will further dampen U.S. consumption levels, while analysts forecast more credit losses and faster inflation.

Covidien Ltd., a healthcare products manufacturer, said on Tuesday that its Procedure Kit for laparoscopic procedures was approved by U.S. regulators.

Customer satisfaction with U.S. airlines dropped to its lowest level since 2001, according to a survey report published on Tuesday.

Medtronic Inc. the developer of medical technology reported on Tuesday its earnings for the fourth-quarter ended April 25 were $812 million, or 72 cents per share, compared with $812 million or 70 cents per share, a year earlier.

Target Corp., the second largest U.S. retailer, reported a profit which beat Wall Street forecasts as the company's chief financial officer said sluggish sales were ahead.

Staples Inc., the world's largest office-supplies retailer, posted record first-quarter sales of $4.9 billion on Tuesday and stood by its 2008 outlook, despite its warning of continued economic weakness throughout the year.

Home Depot Inc., the largest home- improvement retailer, said on Tuesday its first-quarter profit fell 66 percent as consumers grappling with the deepest U.S. housing slump in over 25 years left the company's sales affected.

The dollar fell versus the euro and yen on Tuesday ahead of a home sales report which could indicate more declines in the housing market.

China Life Insurance Company Limited (China Life) said Monday that the company's total premium income increased to 128 billion Yuan ($18.3 billion) in the first four months this year. In the same period of 2007 the company's premium revenue of 89.4 billion Yuan.

Google Inc. officially launched its Google Health on Monday which offers the general public electronic access to their PHRs (personal health records) and other health-related information.

Copper futures ended with losses on Monday as inventories in the London Metal Exchange rose the most in two months easing concerns that demand may outpace supplies.

Nintendo launched its Wii Fit fitness video game on Monday as the firm looks to expand its audience.

Crude rose on Monday as supply worries continue despite a decision from South Arabia to raise oil production, while gasoline rose to $4 a gallon in some areas in the United States.

China Unicom Ltd. announced Monday that the company increased new users by 1.5 million in April, bringing the total users up to 168.5 million by the end of last month. In March the new users increased by 1.63 million.

The Securities and Exchange Commission said on Monday that it had sued eight former executives of AOL Time Warner, alleging they had fraudulently inflated the company's online advertising revenues by more than $1 billion between 2000 and 2002.

Japan stocks rebounded slightly Monday, led by oil companies' shares as New York oil futures reached $127.82 per barrel in off-hours trading on Friday. But the upward trend was thwarted because of concerns over the U.S. economy.

US media giant News Corporation said Monday it has raised its stake in German pay-television operator Premiere to 25 percent, the second increase since buying into the firm in January.

Gold futures rose to the highest level in almost three weeks on Monday as surging energy costs boosted demand for the precious metal as a hedge against inflation.

Grand Theft Auto publisher Take-Two Interactive Software rejected Electronic Arts offer to extend its hostile $2 billion takeover on Monday, saying that it was inadequate.

Dell Inc named Brian Gladden - the chief executive at what was until recently General Electric Plastics - as its new chief financial officer.

U.S. stocks rose on Monday, lifting the Standard & Poor's Index to a four-month high, after data suggesting the U.S. economy may not be in recession which helped to overcome concerns over record crude oil prices, while technology shares were boosted as deal talks between Microsoft and Yahoo have been resumed.

Lowe's Cos., the second-largest home- improvement retailer, reported an 18 percent drop in first-quarter profit on Monday and lowered its outlook for the year as the retailer faces a challenging sales environment amid a national housing slump.