IBT Staff Reporter

Shares of E*Trade Financial Corp plunged more than 7 percent on Thursday, a day after the online brokerage posted a third-quarter loss and lowered its full-year forecast for the fourth time this year.

Insurer UnitedHealth Group Inc posted a better-than-expected 15 percent rise in quarterly profit on Thursday, helped by its plans serving low-income and older Americans.

The number of U.S. workers filing new claims for jobless aid shot up last week with its biggest increase in nine months, raising expectations the Federal Reserve will further reduce interest rates to stimulate the economy.

Pfizer Inc, Novartis AG and Wyeth all saw quarterly earnings hit by charges on Thursday, while Eli Lilly and Co exceeded Wall Street expectations as third-quarter sales of several of its drugs outpaced analysts' estimates. Pfizer, the world's largest drug maker, took a $2.8 billion charge to cut its ties to the inhaled insulin drug Exubera, a sensational failure of a product once touted as a can't-miss blockbuster.

Virgin Atlantic is considering buying 10 longhaul aircraft worth about $3 billion to enter service around 2012.

HSBC Holdings wants to increase its stake in China's Bank of Communications over the next 12 months, BoCom's chairman said on Thursday.

Asian governments from Indonesia to China to India are in no rush to eliminate domestic fuel subsidies by raising cheap local pump prices, officials said this week, even as crude oil rockets toward $100 a barrel.

World trade talks appeared to be making progress on Wednesday as the leaders of Brazil, India and South Africa said they were committed to reaching a deal.

Tata Consultancy Services Ltd, India's top software services exporter, said on Thursday it had signed a contract with Nielsen Co worth $1.2 billion, sending its shares up nearly 2 percent.

Sony Corp will sell its production facilities for making key microchips used in its PlayStation 3 game console to Toshiba Corp, pulling back from the heavy investment needed.

Chinese online game developer Giant Interactive Group Inc was set to begin marketing a U.S. initial public offering on Thursday worth roughly $700-$800 million, sources familiar with the deal said, joining a record-breaking capital-raising push by Internet firms.

China promised on Thursday no let-up in its drive to force foreign-invested enterprises to create state-controlled unions and said it would not be deterred by reluctant company bosses.

Nike Inc sales in China are growing at over 50 percent annually and will reach $1 billion within a year, making the mainland its second largest market globally, Chief Executive Mark Parker said on Thursday.

Stocks fell on Thursday as shares of financial services companies slid on concerns about the lingering effects of the credit crunch following Bank of America Corp's disappointing quarterly results. The No. 2 U.S. bank said profit plummeted 32 percent, dragging down shares of other big banks and renewing worries about the financial sector's outlook.

Bank of America Corp, the second-largest U.S. bank, posted a much larger-than-expected 32 percent drop in quarterly profit on Thursday, hurt by mounting credit losses and dismal investment banking results.

Pfizer Inc said on Thursday third-quarter earnings fell sharply due to a $2.8 billion charge to end its involvement with the poorly selling inhaled insulin drug Exubera.

Every car from Toyota is no longer automatically recommended, according to a new reliability study.

Gold rebounded on Thursday as bargain hunters returned to the market amid worries about possible military action by Turkey in northern Iraq, high oil prices as well as a weak dollar.

The dollar hit a two-week low against the yen on Thursday in the wake of data showing U.S. housing starts sank to a 14-year low last month, cranking up speculation that the Federal Reserve may cut interest rates.

Oil eased towards $87 on Thursday after Nigeria's energy minister raised the possibility OPEC may review output, reflecting its unease with record prices the United States says are of great concern to its economy.

The Securities and Exchange Commission has opened an informal probe into stock sales by Countrywide Financial Corp Chief Executive Angelo Mozilo, the Wall Street Journal said on Wednesday.

Sony Corp will launch a cheaper model of its PlayStation 3 in the United States, hoping to attract more buyers as it goes up against rival game consoles from Microsoft and Nintendo this holiday.

News Corp's MySpace, the world's largest online social network, said on Wednesday it will allow outside developers further access to its service to counter the growth of smaller rival Facebook.

China will be asked to do more to encourage the military rulers of Myanmar to engage in dialogue with the opposition, the U.N. special envoy to the troubled Southeast Asian nation said on Thursday.

British Airways is looking at merger opportunities that could create a trans-Atlantic super-carrier in response to a joint venture between Delta and Air France, according to a report.

Russian President Vladimir Putin criticized the U.S.-led war in Iraq on Thursday, saying that experience showed the need for resource-rich countries like Russia to build up their armed forces to defend themselves.

Former Pakistan Prime Minister Benazir Bhutto's end to self-exile could eventually lead to power sharing with President Pervez Musharraf.

China slammed the United States on Thursday for awarding the Dalai Lama one of its highest honors and summoned the U.S. ambassador in Beijing to complain, saying its actions had "gravely undermined" relations.

Turkey's parliament resoundingly approved a motion on Wednesday allowing troops to cross into northern Iraq to hunt down Kurdish rebels there, but its Western allies and Baghdad urged Ankara to refrain from military action.