Monday, October 20, 2008

Steven Wevodau - American Express profit falls, but beats estimates (Reuters)

American Express profit falls, but beats estimates (Reuters)

American Express and MasterCard credit cards are shown in Washington June 25, 2008. (Jim Bourg/Reuters)Reuters - American Express Co said on Monday third quarter earnings fell more than 20 percent as it set aside more money to cover growing losses in its credit card business, but operating earnings beat analysts' estimates and there was a sigh of relief from investors as results were not as bad as some had expected.

Bernanke warms to 2nd stimulus plan (Reuters)

Federal Reserve Chairman Ben Bernanke participates in a House hearing on 'Economic Recovery - Options and Challenges' on Capitol Hill, October 20, 2008. (Jason Reed/Reuters)Reuters - Federal Reserve Chairman Ben Bernanke told Congress on Monday that another wave of government spending may be needed as the economy limps through what could be an extended period of subpar growth.

Merrill to cut 500 trading jobs: report (Reuters)

The Merrill Lynch sign is pictured at the entrance of the Merrill Lynch offices in Sandton September 15, 2008. (Siphiwe Sibeko/Reuters)Reuters - Merrill Lynch & Co Inc, which last month accepted a takeover offer from Bank of America Corp, is set to cut about 500 jobs in its trading divisions, Bloomberg News reported on Monday, citing unidentified sources.

RIM shares sag on brokerage reports (Reuters)

Jim Balsillie, co-chief executive of Research In Motion (RIM), holds the new Blackberry Bold handset during its launch in Mumbai September 18, 2008. (Punit Paranjpe/Reuters)Reuters - Research In Motion shares fell as much as 10 percent on Monday after one brokerage said retail sales trends for its BlackBerry smartphones in North America and Western Europe were weaker than hoped and another cut its earnings forecasts.

Wall Street braced for new cuts, weak outlook at Yahoo (Reuters)

Microsoft runs across a news ticker above a Yahoo sign in New York City May 19, 2008. (Joshua Lott/Reuters)Reuters - Things went from bad to worse for Yahoo Inc a long time before the financial crisis spurred a new wave of advertising cutbacks by customers that will cast a pall over its quarterly results on Tuesday.

Wall Street soars on Bernanke and easing credit strains (Reuters)

A trader works on the floor of the New York Stock Exchange October 20, 2008. U.S. stocks extended gains on Monday as investors snapped up beaten-down energy shares and Federal Reserve Chairman Ben Bernanke said another economic stimulus plan may be needed to revive lagging growth. (Brendan McDermid/Reuters)Reuters - NEW YORK (Reuters) -Stocks rallied on Monday after the Federal Reserve's chairman backed more government spending to help the economy and credit market conditions showed further signs of improvement.

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