Investment News for WSLS 10

Teva to buy Barr Labs

Fri, 18 Jul 2008 12:16:00 EDT

Barr Laboratories, a subsidiary of New Jersey-based Barr Pharmaceuticals, is the largest private employer in Bedford County, with more than 500 workers at its Forest site.

Citigroup posts $2.5B loss, but beats expectations

Fri, 18 Jul 2008 11:37:00 EDT

The nation’s biggest banking company by assets lost the equivalent of 54 cents per share in the April-June period. In the same timeframe last year, the bank earned $6.23 billion, or $1.24 per share

Google shares fall after disappointing earnings

Fri, 18 Jul 2008 10:53:00 EDT

Management said economic turmoil in the United States and parts of Europe appears to be causing consumers to click less frequently on the ads that generate virtually all its profits

Deciding vote in XM-Sirius deal makes offer

Thu, 17 Jul 2008 17:33:01 EDT

FCC commissioner Jonathan Adelstein, a Democrat, wants the companies to cap prices for six years and make one-quarter of their satellite capacity available for public interest and minority programming, among other conditions

Capital One Financial 2Q profit drops 40 percent

Thu, 17 Jul 2008 17:20:00 EDT

Capital One Financial says its second-quarter earnings fell 40 percent as the bank sharply increased its bad debt reserves amid further deterioration in the credit markets.

Investment firms, banks step up Fed loans

Thu, 17 Jul 2008 16:33:01 EDT

The Fed opened its emergency program to investment firms on March 17.

JPMorgan Chase reports earnings

Thu, 17 Jul 2008 11:32:00 EDT

CEO Jamie Dimon says losses from prime mortgages were on the rise and may soar in the coming quarters

Media General reports second-quarter loss

Thu, 17 Jul 2008 10:57:00 EDT

Marshall N. Morton, the company’s president and chief executive officer, blamed the results on a weakening economy and a continued challenging business environment in the publishing division.

Budweiser’s future

Wed, 16 Jul 2008 18:14:00 EDT

Last call? Will takeover force Bud to scale back sports ads?

Key Congressman seeks concessions in Sirius-XM Satellite radio deal

Wed, 16 Jul 2008 17:11:00 EDT

Rep. Edward Markey, a Massachusetts Democrat who leads the House Subcommittee on Telecommunications and the Internet, said the combination of the only two providers of satellite radio demands “extraordinary conditions” to protect the public’s interest.

Cleveland-Cliffs to buy Alpha Natural Resources

Wed, 16 Jul 2008 16:45:00 EDT

The buying spree by Cleveland-Cliffs continued Wednesday with a nearly $10 billion acquisition of Alpha Natural Resources, broadening the one-time Midwest company’s international reach as well as its exposure to a global steel industry clamoring to fuel its mills.

Fed minutes released: Interest rates in focus

Wed, 16 Jul 2008 15:25:00 EDT

Worried about rising inflation, Federal Reserve officials at their meeting in June thought the Fed’s next move on interest rates was likely to be up.

FBI looking into IndyMac Bancorp.

Wed, 16 Jul 2008 15:24:01 EDT

The investigation is focused on the company - which was taken over last Friday by the FDIC - and not individuals who ran it, according to a law enforcement official

Fed chief: Fannie, Freddie in no danger of failing

Wed, 16 Jul 2008 11:14:01 EDT

Federal Reserve Chairman Ben Bernanke made his remarks as he appeared before the House Financial Services Committee

Industrial output rises 0.5 percent in June

Wed, 16 Jul 2008 10:52:00 EDT

The strength came from the end to an automotive production strike rather than any underlying boost to the economy

Big steel makes coal play; U.S. companies absent

Tue, 15 Jul 2008 16:48:00 EDT

Arcelor, the world’s largest steel producer, recently upped its stake in Australia’s Macarthur Coal and snapped up Mid Vol Coal Group, which has mines in West Virginia and Virginia

Fed chief Bernanke says economy faces difficulties

Tue, 15 Jul 2008 12:42:00 EDT

Federal Reserve Chairman Ben Bernanke told Congress Tuesday that the fragile economy is being confronted by “numerous difficulties” including persistent strains in financial markets, rising joblessness and housing problems, despite aggressive interest rate reductions and other fortifying steps over the past year.

GM to cut salaried workers, production, dividend

Tue, 15 Jul 2008 10:33:00 EDT

GM said the moves will raise $15 billion to help cover losses and turn around its North American operations

Retail sales edge up slight 0.1 percent in June

Tue, 15 Jul 2008 10:28:00 EDT

By MARTIN CRUTSINGER
AP Economics Writer

Business inventories rise by modest 0.3 percent in May

Tue, 15 Jul 2008 10:25:00 EDT

Business inventories rose at a slower-than-expected pace in May, a possible indication that the weakening economy is making companies cautious on their restocking plans.

Microsoft wants to negotiate with new Yahoo board

Mon, 07 Jul 2008 11:37:00 EDT

Microsoft Corp. threw its weight behind investor Carl Icahn’s effort to oust Yahoo Inc.’s board next month, saying Monday that a successful rebellion would encourage the software maker to renew its takeover bid for Yahoo or negotiate another deal.

James River Coal to acquire reserves

Mon, 30 Jun 2008 10:33:00 EDT

James River Coal Co. is acquiring nearly 20 million tons of central Appalachian coal reserves from Cheyenne Resources Inc.

Circuit City investor says three firms looking to make bid for chain

Tue, 24 Jun 2008 11:46:00 EDT

Investor Mark J. Wattles expects an announcement from one of the three companies to be made within a month.

Circuit City loss is larger in first quarter

Thu, 19 Jun 2008 14:27:00 EDT

Sales fell 7.4 percent in the quarter that ended May 31. The Henrico County-based retailer also said it has suspended future dividend payments.

Altria shareholders meet in Richmond, elect new directors

Wed, 28 May 2008 13:38:00 EDT

About 300 shareholders attended the annual meeting of cigarette maker Philip Morris USA’s parent company this morning at the Greater Richmond Convention Center. It was the company’s first annual meeting in Richmond since 2003.

Bedford Co. company proves there is longevity in leather

Mon, 26 May 2008 11:13:00 EDT

Moore & Giles, based in Forest, works with about 15 tanneries in Europe, Asia and other locations to develop long-lasting leather full of natural beauty

Yale students serve as bankers for struggling entrepreneurs

Fri, 09 May 2008 16:55:00 EDT

Elmseed Enterprise Program provides small loans and intensive technical support primarily to low income and other disadvantaged entrepreneurs.

Late cold snap puts a chill on California vineyards

Tue, 06 May 2008 09:16:00 EDT

The damage still is being assessed — it could be June before growers know the full extent — but most expect smaller-than-average harvests this year.

Fed cuts funds rate .25%

Wed, 30 Apr 2008 14:36:00 EDT

The Fed move was in line with expectations. Wall Street believes this could well wrap up the Fed’s rate cuts unless the economy threatens to fall into a worse slump than currently expected. The Fed said it stood ready to “act as needed to promote sustainable economic growth and stability.” That phrase was seen as a signal that the Fed is as worried about weak growth as it is about the risk of higher inflation.

A “sweet deal”: Candy company Mars Inc. looks to buy Wrigley

Mon, 28 Apr 2008 12:20:00 EDT

The merger of Mars, maker of M&Ms, Snickers bars and other candy, and Wrigley, which produces such gums as Extra, Eclipse, and Orbit, could force other snack companies to merge to compete with the new confectionary giant.

Media General shareholders elect new directors

Thu, 24 Apr 2008 18:21:00 EDT

Media General shareholders today elected three new directors nominated by Harbinger Capital Partners.

Philip Morris profit up 29 percent

Wed, 23 Apr 2008 11:05:00 EDT

Net income advanced 29 percent to $1.87 billion, or 89 cents a share, from $1.45 billion, or 69 cents, a year earlier, the New York-based company said. Revenue climbed 18 percent to $15.6 billion. The company said full-year profit would increase faster than it previously expected.

SunTrust profit plummets

Tue, 22 Apr 2008 10:33:00 EDT

First-quarter profit fell 45 percent as the company set aside more money to cover bad loans to homeowners and builders.

Merrill Lynch plans to cut 3,000 jobs

Fri, 18 Apr 2008 11:18:00 EDT

The cuts do not affect financial advisers or investment associates at most of the branch offices, such as the one in Richmond, a spokeswoman for the brokerage said yesterday.

Centra reworks its debt as mortgage crisis snarls markets

Tue, 15 Apr 2008 17:19:00 EDT

The long-term financial structure that Centra used to cover the cost of the new East Tower at Lynchburg General Hospital was hit by aftershocks from the subprime mortgage crisis — briefly almost tripling interest rates for the local health care system.

Dissident for Media General board gets support

Tue, 15 Apr 2008 15:16:00 EDT

Proxy firm backs one nominee as company pushes its own slate

Fed chairman to speak in Richmond

Wed, 09 Apr 2008 16:39:00 EDT

About 235 business representatives are expected to attend the sold-out luncheon at the University of Richmond on Thursday. An overflow room for students and others also will be filled, said council President Randolph Bell, former U.S. ambassador at large.

Circuit City plans to reduce size of its board

Tue, 08 Apr 2008 07:11:00 EDT

Circuit City Stores Inc. wants to reduce the size of its board of directors at the chain’s annual shareholder’s meeting in June.

Circuit City to meet with renegade investor

Fri, 04 Apr 2008 12:05:00 EDT

Circuit City Stores Inc. has agreed to meet with renegade investor Mark J. Wattles. In a letter delivered this morning, Mikael Salovaara, lead director of the Circuit City board of directors, agreed to meet with Wattles and discuss company strategy.

Raycom buys Richmond’s NBC affiliate WWBT

Wed, 02 Apr 2008 13:01:00 EDT

Raycom Media Inc., which already owns WTVR, bought WWBT. That’s generally against federal regulations, but the Federal Communications Commission agreed last week to allow the situation to stand for six months. During that time, Raycom will have to sell WTVR.

Media General, dissident weigh in on proxy battle

Wed, 02 Apr 2008 12:46:00 EDT

Investors heard from both sides yesterday in a proxy battle between Media General Inc. and a dissident shareholder over the direction of the Richmond-based media company, owner of the Richmond Times-Dispatch, and WSLS.

S&K sees potential in the uniform business

Mon, 31 Mar 2008 11:29:00 EDT

S&K Famous Brands Inc. is the latest competitor to jump into the uniform business. The Henrico County-based discount menswear retailer has created a division to design and sell uniforms and other corporate apparel to companies for their employees to buy.

Altria moves headquarters from New York to Richmond

Mon, 31 Mar 2008 10:16:00 EDT

The Fortune 500 company is coming to Richmond to join its subsidiary, Philip Morris USA, the nation’s largest cigarette maker

Bush administration proposes sweeping overhaul of financial regulation

Fri, 28 Mar 2008 23:16:00 EDT

In an effort to deal with the problems highlighted by the current severe credit crisis, the new plan would give major new powers to the Federal Reserve, according to a 26-page executive summary obtained Friday by The Associated Press.

Home sales unexpectedly rise in February

Mon, 24 Mar 2008 10:13:00 EDT

After falling for six straight months, sales of existing homes posted an unexpected increase in February. But the median home price tumbled by the largest amount on record.

Big winners in airwaves action include wireless incumbents

Thu, 20 Mar 2008 15:53:00 EDT

AT&T Inc. and Verizon Wireless, the nation’s two biggest cell phone carriers, bid a combined $16 billion of the record $19.6 billion pledged in the auction, according to an AP analysis of the results. Verizon Wireless bid $9.4 billion while AT&T Inc. bid $6.6 billion.

Jobless claims rise by larger-than-expected amount

Thu, 20 Mar 2008 11:31:00 EDT

The Labor Department said Thursday that applications for jobless benefits totaled 378,000 last week. That was an increase of 22,000 from the previous week and was a far bigger jump than had been expected.

Lawmaker looking at mandatory reserves for investment banks

Wed, 19 Mar 2008 17:42:00 EDT

The chairman of the House Financial Services Committee said Wednesday he will push for stricter federal regulation of investment banks, including making them hold reserves similar to those required of commercial banks.

Wall Street Close Wednesday, March 19th: Stocks plummet

Wed, 19 Mar 2008 16:54:00 EDT

Declining issues outpaced advancers by more than 2 to 1 on the New York Stock Exchange

U.S. Treasury could profit from $30 billion support of Bear Stearns, though it’s unlikely

Tue, 18 Mar 2008 16:56:00 EDT

If money can be made on the deal, a purely private-sector buyout could have been arranged, but “the markets right now are so opaque, and have been for so long, that investors don’t know what to believe,” Mason said.

Delta to offer voluntary severance payouts to 30,000 employees; further cut US capacity

Tue, 18 Mar 2008 14:25:01 EDT

Delta Air Lines, faced with a weak economy, dimmer hopes of a combination with Northwest Airlines and record fuel prices that are eating up profits, said Tuesday it will offer voluntary severance payouts to roughly 30,000 employees - more than half its work force - and cut U.S. capacity by an extra 5 percent.

Fed lowers funds rate 0.75%

Tue, 18 Mar 2008 14:21:00 EDT

The latest action brought the federal funds rate - the interest that banks charge each other - down to 2.25 percent, the lowest point since late 2004. It marked the second back-to-back cuts of three-fourths of a percentage point.

CVS Caremark agrees to settle Medicaid fraud claims

Tue, 18 Mar 2008 12:26:00 EDT

Pharmacy chain CVS Caremark Corporation has agreed to pay almost $37 million to the federal government, 23 states including Virginia and the District of Columbia to settle claims it billed Medicaid programs for a more expensive formulation of an antacid.

With JPMorgan deal to rescue Bear Stearns, market wonders which investment bank may fall next

Mon, 17 Mar 2008 13:32:00 EDT

Despite the weekend agreement for JPMorgan Chase & Co. to buy Bear Stearns for a fraction of its value last week, worries that other banks had sizable exposure to troubled credit markets sent global markets tumbling

Wall Street at Midday Monday, March 17th - Stocks down, but off lows

Mon, 17 Mar 2008 12:11:00 EDT

Wall Street has seen calm today, as investors react to news that JPMorgan Chase & Co. is buying investment house Bear Stearns in a deal backed by the government.

Verizon upgrades DSL speed in Lynchburg

Mon, 17 Mar 2008 11:12:00 EDT

Verizon has upgraded equipment in several Lynchburg-area locations to more than double the download speed available to some DSL users

Lynchburg hotel owners step up renovations to compete with new hotels

Mon, 17 Mar 2008 11:10:00 EDT

The increasing number of rooms means hotels could have to compete more for market share, and they might have to struggle to keep rooms full in other times of the year.

Gretna company named to prestigious list of top privately-held businesses

Mon, 17 Mar 2008 10:57:00 EDT

Fire tankers, tanker trucks that haul propane and gasoline, septic system trucks, waste oil tankers - if it has wheels and a tank on it, odds are the tank was built at Amthor International in Gretna.

U.S. stocks head for sharply lower open as markets are left reeling by Bear Stearns buyout

Mon, 17 Mar 2008 08:52:00 EDT

The stunning implosion of Bear Stearns stirred fear among investors worldwide that other banks had sizable exposure to troubled credit markets. Stocks fell sharply in Asia and Europe and oil prices set fresh records in Asian trading.

JPMorgan Close To Buying Bear Stearns

Sun, 16 Mar 2008 19:10:00 EDT

JPMorgan close to deal to buy Bear

United Airlines increases fares by up to $50 round-trip to cover fuel; Continental matches

Fri, 14 Mar 2008 15:13:00 EDT

United Airlines said Friday it boosted its ticket prices by as much as much as $50 round-trip, raising the stakes in the airline industry’s battle against rapidly rising fuel costs.

Paulson says U.S. blueprint calls for stronger oversight of mortgage lenders

Thu, 13 Mar 2008 09:42:00 EDT

“The objective here is to get the balance right — regulation needs to catch up with innovation and help restore investors confidence but not go so far as to create new problems, make our markets less efficient or cut off credit to those who need it,” Treasury Secretary Henry Paulson said.

Kroger 4th-quarter profit drops; results top estimates

Tue, 11 Mar 2008 15:33:00 EDT

The grocery chain Kroger Company says its fourth-quarter profits slipped 16 percent, partly because of one fewer week in the period than the previous year.

Altria looks to growth in Marlboro brand, smokeless products

Tue, 11 Mar 2008 12:22:00 EDT

In an investor presentation today, Altria projected that cigarette sales volume will fall between 2.5 percent to 3 percent in the U.S. over the next few years.

Verizon’s new $99 unlimited calling plan boosting subscribers

Mon, 10 Mar 2008 18:26:00 EDT

After Verizon unveiled the plan three weeks ago, AT&T matched it within hours, followed by T-Mobile USA

Wall Street Close, Monday March 10th: Stocks stumble as oil reaches another high

Mon, 10 Mar 2008 18:24:00 EDT

It was the third straight triple-digit decline for the Dow, which has lost a total of more than 530 points in three days.

Sprint Phone First to Use Fast Network

Mon, 10 Mar 2008 14:12:00 EDT

Sprint said Monday it was releasing a software update for the Mogul phone, made by HTC Corp. of Taiwan, that will enable the phone to connect at Rev. A speeds. Downloads speeds should be 600 kilobits per second to 1,400 kbps. It will be capable of uploads of 350 to 500 kbps.

Volkswagen outlines big plans for U.S.

Sat, 08 Mar 2008 13:09:00 EDT

Stefan Jacoby, chief executive of Volkswagen Group of America, said yesterday that his goal is to sell 1 million vehicles annually by 2018—800,000 from the Volkswagen brand and 200,000 from the Audi brand.

2 Circuit City leaders out

Fri, 07 Mar 2008 13:32:00 EDT

The departure of two high-level executives at Circuit City Stores Inc. had nothing to do with recent rumblings from disgruntled shareholder Mark Wattles, a company spokesman said

Apple tweaks iPhone for business uses, seeking competitive edge

Thu, 06 Mar 2008 18:52:01 EDT

To help fuel that transformation, the company is teaming with a prominent venture capital firm to offer $100 million to lure developers to the iPhone to create the next generation of applications.

Circuit City extends HD-DVD player return time as Blu-ray wins

Thu, 06 Mar 2008 18:28:00 EDT

A spokesman for the nation’s No. 2 electronics retailer says the company’s stores are accepting returns of HD DVD players within 90 days of purchase, instead of 30 days. The policy doesn’t apply to HD DVD movie discs.

Economy Watch: Factory orders drop, service sector activity shrinks

Wed, 05 Mar 2008 16:36:00 EDT

U.S. factories saw demand for their products drop sharply, while the country’s service sector contracted, fresh evidence of an economy hobbled by housing and credit crises.

Fed Chairman says more needs to be done to prevent home foreclosures

Tue, 04 Mar 2008 10:35:00 EDT

Even with some relief efforts under way by industry and government, foreclosures and late payments on home mortgages are likely to rise “for a while longer,” Ben Bernanke warned.

Wall Street Close Monday, March 3rd: Stocks settle mostly lower

Mon, 03 Mar 2008 17:16:00 EDT

Declining issues led advancers by a 17-to-14 margin on the New York Stock Exchange

Car sales slump in U.S.

Mon, 03 Mar 2008 15:20:00 EDT

General Motors Corp. and Ford Motor Co. said Monday they would cut second quarter production in the face of falling U.S. sales and weakened consumer confidence, while Toyota Motor Corp. said plummeting sales of sport utility vehicles and large sedans contributed to its 3 percent drop in U.S. sales for February.

Wall Street at midday Monday: Stocks lower at midday

Mon, 03 Mar 2008 12:13:00 EDT

Decliners on the New York Stock Exchange hold an 8 to 7 lead over advancers.

Survey shows manufacturing activity falling in February

Mon, 03 Mar 2008 11:03:00 EDT

U.S. manufacturing activity declined in February to its weakest level in nearly five years, an industry group survey showed Monday, heralding more instability in the job market and further frailty in the overall economy.

Construction spending plunges in January by most in 14 years

Mon, 03 Mar 2008 11:02:00 EDT

Construction spending took its biggest nosedive in 14 years and manufacturing activity contracted, fresh trouble signs for a struggling economy.

FNB to change name to StellarOne Bank

Fri, 29 Feb 2008 17:22:00 EDT

StellarOne Corp. has completed a merger of equals between Virginia Financial Group Inc. and FNB Corp. The combined companies adopted the StellarOne name, and the new company began trading yesterday on the Nasdaq market under the symbol STEL.

Investor calls for new Circuit City directors

Fri, 29 Feb 2008 17:16:00 EDT

Disgruntled investor Mark Wattles, who owns 6.5 percent of the chain, submitted a proposal that each board member besides the five nominated by the firm should be removed, according to a statement distributed this morning.

Transportation Department investigators find lax oversight of aircraft parts suppliers

Fri, 29 Feb 2008 16:58:00 EDT

Regulators and aircraft manufacturers are not keeping adequate tabs on the quality of plane parts made domestically and abroad, potentially raising risks for fliers, government investigators said in a report released Friday.

Fed announces March auctions to banks combat credit crisis

Fri, 29 Feb 2008 12:29:00 EDT

The Federal Reserve announced Friday that it will auction another $60 billion in March as it continues to combat the effects of a severe credit crisis. It repeated a pledge to keep holding the auctions “for as long as necessary.”

GM temporarily shuts 3 more plants as impact widens from strike at parts maker

Fri, 29 Feb 2008 12:07:00 EDT

General Motors Corp. says it will temporarily shut down three more pickup truck factories due to a strike at a key parts supplier

Oil prices jump to records above $102

Thu, 28 Feb 2008 15:39:00 EDT

Crude prices extended their march into record high territory Thursday, shooting up more than $2 a barrel as a falling dollar and the prospect of lower interest rates attracted more investors to the oil market. Retail gas prices, meanwhile, rose closer to records above $3 a gallon.

Fed chairman learning to navigate treacherous economic and political waters

Thu, 28 Feb 2008 15:27:01 EDT

Federal Reserve Chairman Ben Bernanke is proving to be a quick study in navigating a treacherous housing slump and credit crisis that could push the economy into a recession. He also seems to be learning fast on an equally perilous course - avoiding political land mines in Washington.

Fed chief dismisses worries about US economy returning to 1970’s style “stagflation”

Thu, 28 Feb 2008 13:26:00 EDT

High energy prices and rising inflation do complicate the Fed’s job of trying to keep the economy growing and inflation contained, Ben Bernanke acknowledged.

Treasury Secretary says various housing proposals would do more harm than good

Thu, 28 Feb 2008 13:25:00 EDT

While he said that while the housing problem remains the biggest downside risk to the economy, the issue needed to be put in perspective. Paulson said that 93 percent of all mortgages are being paid on time and that less than 2 percent are in foreclosure.

Smithfield Foods profit dips, but beats Wall Street expectations

Thu, 28 Feb 2008 11:46:00 EDT

Virginia pork producer Smithfield Foods said today that third-quarter profits fell about 10 percent on lower live hog prices and a higher tax rate, but results beat expectations handily.

More people sign up for unemployment benefits

Thu, 28 Feb 2008 10:34:00 EDT

The Labor Department reported Thursday that new applications for unemployment benefits rose by 19,000 to 373,000 last week. The increase was larger than many economists were expecting.

Huge 4th quarter loss for Sprint-Nextel

Thu, 28 Feb 2008 10:32:00 EDT

The Virginia based company says much of the loss came from writing down most of the remaining value of its 2005 purchase of Nextel Communications.

Dollar sinks to new low in Europe as U.S. economy slows to near halt

Thu, 28 Feb 2008 10:30:00 EDT

The 15-nation euro bought $1.5150 in early European trading - up from $1.5120 in New York the previous night and above a record $1.5143 reached earlier Wednesday. The euro gave up a little ground and was trading at $1.5122, still above Wednesday’s close.

Economy skids to near halt in final quarter of 2007

Thu, 28 Feb 2008 10:29:00 EDT

The economy skidded to a near halt in the final quarter of last year, clobbered by dual slumps in housing and credit that caused people and businesses to spend and invest more sparingly.

Wall Street Close Wednesday, February 27th: Stocks end little changed from open

Wed, 27 Feb 2008 16:39:00 EDT

Stocks rallied after Federal Reserve Chairman Ben Bernanke signaled a willingness to lower interest rates further. But the market settled narrowly mixed.

Dodge & Cox builds a buzz with creation of new fund

Wed, 27 Feb 2008 12:39:00 EDT

Dodge & Cox Global Stock fund will follow the firm’s valueand team-oriented strategy to pick stocks from around the world. It will invest in midto large-sized companies from at least three different countries and will keep at least 40 percent of its assets in non-U.S. stocks

New home sales fall for third straight month

Wed, 27 Feb 2008 10:29:00 EDT

In more bad news for the beleaguered housing industry, sales of new homes fell in January for a third straight month, pushing activity down to the slowest pace in nearly 13 years.

Fed chief signals rate cut to help wobbly economy, must keep eye on inflation

Wed, 27 Feb 2008 10:27:00 EDT

Federal Reserve Chairman Ben Bernanke sent a fresh signal Wednesday that the central bank will again lower interest rates to steady the teetering economy.

Wall Street rises despite downbeat economic news

Tue, 26 Feb 2008 19:06:00 EDT

The market found some traction when IBM announced a 15 billion dollar stock buyback.

Media General urges shareholders to oppose hedge fund’s directors

Tue, 26 Feb 2008 19:02:01 EDT

Richmond-based Media General says it’s urging shareholders not to sign proxy cards sent by Harbinger because it says that’s not in the company’s best interest. The proxy statement comes ahead of its annual meeting April 24th

Economic twin evils

Tue, 26 Feb 2008 18:29:00 EDT

It’s worrisome math: Slowing economic growth plus soaring prices could eventually equal “stagflation.” That’s a toxic economic brew the nation hasn’t tasted in three decades.

Consumer confidence plunges while wholesale inflation rises at fastest pace in 26 years

Tue, 26 Feb 2008 18:25:00 EDT

The new reports Tuesday documented the latest in a series of blows to the economy as a prolonged housing downturn has pushed the country close to a recession.