Wall Street jumps as debt deal seems near; IBM falls late
NEW YORK (Reuters) – U.S. stocks closed more than 1 percent higher on Wednesday after Senate leaders said they had a deal to reopen the federal government and raise the debt ceiling, which would avoid the threat of a debt default.
IBM third-quarter revenue misses Street on China woes
(Reuters) – IBM reported a 4 percent drop in third-quarter revenue, worse than expected by Wall Street, amid a decline in hardware and emerging markets even as it beat earnings estimates.
Jos A Bank chairman sees strong investor support for Men’s Wearhouse bid
(Reuters) – U.S. apparel retailer Jos A. Bank Clothiers Inc has received support for its $2.3 billion takeover bid for Men’s Wearhouse Inc from the majority of the shareholders with big stakes in both companies, Jos A. Bank chairman Robert Wildrick sai…
London’s Tech City picks first 25 firms for help to grow
LONDON (Reuters) – Tech City, a government-backed body promoting London’s technology hub, on Thursday picked a first 25 British-based online businesses, in sectors such as property, fashion and leisure, to receive help to grow into major companies.
For hedge funds, debt crisis largely business as usual
BOSTON/NEW YORK (Reuters) – Hanging tough seems to have been the right strategy for a good number of money managers now that it appears a stop-gap deal to avoid a federal debt default and reopen the U.S. government is on the verge of passing.
Select Comfort hit by higher costs, weak demand; shares plunge
(Reuters) – Specialty mattress maker Select Comfort Corp reported third-quarter results well below analysts’ estimates due to higher costs and sagging demand for its mattresses, sending its shares down 25 percent after the bell.
Kinder Morgan to expand Deeprock’s Cushing storage
NEW YORK (Reuters) – Kinder Morgan Energy Partners LP said on Wednesday the Deeprock oil storage facility at Cushing, Oklahoma, will build nine new tanks with a capacity of 2.25 million barrels to accommodate oil that will come from a reversed pipeline…
U.S. prosecutors grill ex-Countrywide exec in BofA mortgage trial
NEW YORK (Reuters) – U.S. prosecutors grilled a former executive of Bank of America Corp’s Countrywide unit in federal court on Wednesday, seeking to show she pressed employees to churn out thousands of substandard loans with little regard for their qu…
Toys R Us picks interim CEO for top post
(Reuters) – Toys R Us Inc appointed its interim chief executive to the role full-time and hired an executive with experience at rival Wal-Mart Stores Inc to run its U.S. business, ending an eight-month leadership search as it prepares for the holiday s…
Ford offers auto writers a look at redesigned Mustang next week
DETROIT (Reuters) – The long wait will be over soon for hard-core Mustang fans: Ford Motor Co plans to unveil the next-generation 2015 Mustang later this year, several months ahead of the car’s 50th anniversary, and has invited auto writers for a sneak…
