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Wintrust Financial Corp. posted lower-than-expected profits in the second quarter, partly because the $13.7 billion-asset bank holding company had to set aside more money for loan losses due to a fraud in its premium financing unit.
For the second quarter, net income was $13 million, or 25 cents a share, compared with $6.5 million, or 6 cents a share, in the same period a year ago. Get the full story »
Fears that Tellabs Inc. may lose some business with top customer AT&T Inc. to a rival sent the company’s shares down nearly 6 percent Tuesday, despite its stronger-than-expected results and outlook.
The communications equipment maker said it was benefiting from a push by phone companies to upgrade wireless networks that support smartphones and other new devices, but cited tough competition among vendors. Get the full story »
Delta Air Lines Inc, the world’s biggest air carrier, posted a better-than-expected second-quarter profit Monday, but revenue missed expectations and its shares fell more than 8 percent. The company’s third-quarter outlook raised concerns about the strength of the recovery for airlines, which are widely expected to post better results as travel demand improves from recession weakness. Other carriers’ shares were also off. Get the full story »
Intel Corp. delivered a better-than-expected sales forecast and results on strong corporate demand for personal computers and servers, despite concerns over a tech industry slowdown.
Shares of the world’s No. 1 chipmaker rose 5 percent, to $22.06, after hours on the strong second-quarter report. The news also boosted sector stocks and Standard & Poor’s 500 stock index futures, suggesting a strong open Wednesday. Get the full story »
From Smartmoney.com | USG stock jumped following a disclosure that billionaire Omaha investor Warren Buffett’s Berkshire Hathaway has made a major investment stake.
Shares of Apple Inc slid more than 4 percent Tuesday after a poor review for its iPhone 4 from an influential consumer guide underpinned mounting complaints about the hot-selling device’s reception.
Consumer Reports said Monday that it could not recommend the iPhone 4 — which sold 1.7 million units worldwide in its first three days — after its tests confirmed concerns about signal loss when the device is held in a certain way. Get the full story »
A new cap that BP says could stop the flow of oil into the gulf. (BP/Getty Images)
BP shares continued a five-day rally Monday as the company gets closer to containing the Gulf oil spill.
The British oil giant also said it is in talks on the sale of company assets.
BP shares added $2.46, about 7.2 percent, at $36.51 in afternoon trading on the New York Stock Exchange. The stock has jumped 35 percent since bottoming out June 25.
Investors are returning to BP as the company plans to fasten a new cap that could contain the oil leaking into the sea. Analysts also said investors are heartened by reports that BP is in talks to raise money by selling some of its assets. Get the full story »
Shares of United Airlines’ parent UAL Corp. rose on Friday, after the Chicago-based airline reported stronger passenger revenue gains than its peers for the month of June.
After the close of Thursday’s trading session, United announced that its consolidated passenger revenue per available seat mile — a standard measure of airline revenues — increased an estimated 30.5 percent to 31.5 percent in June versus prior-year results. Get the full story »
U.S. regulators are still trying to ferret out what caused the Dow Jones industrial average to mysteriously drop nearly 700 points in minutes before sharply recovering, the chairman of the Securities and Exchange Commission said Friday. More than two months after the market briefly crashed in May, market regulators are still exploring a number of theories, including an imbalance between buyers and sellers.
“What we clearly understand are what the exacerbating factors were,” SEC chief Mary Schapiro told Reuters in an interview on the sidelines of a conference in Chicago on corporate governance, “like different trading conventions in different marketplaces, liquidity replenishment points, self-help, banded orders.” Get the full story »
The Dow climbed 274 points to 10,018 today as investors were encouraged by retail sales in the U.S. and the fact that stress tests are to be done on European banks. Those tests are supposed to show how banks will hold up if they get hit with bad debts from weak European countries such as Greece and Spain.
U.S. Treasury prices fell Wednesday as traders booked profits on recent safe-haven trades driven by worries the U.S. economic recovery has hit a wall. Less grim data and another mid-day Wall Street rally after recent lows also put downward pressure on the bond market, analysts said. Get the full story »
Broadwind Energy said its Tower Tech Inc. unit would supply structural wind towers to Spain’s Gamesa Corporacion Tecnologica for installation in wind sites in the United States.
Tower Tech, which makes heavy wind towers, expects to deliver these towers to Gamesa’s U.S. unit Gamesa Technology Corp during the fourth quarter, the company said in a statement. Get the full story »
KKR & Co. said Tuesday that it will begin trading on the New York Stock Exchange on July 15 and revealed the multi-million-dollar paychecks its famous founders took home last year.
The private-equity firm, which will trade under the symbol KKR, is switching listing venues from NYSE Euronext Amsterdam. European shareholders’ stakes will be converted into NYSE-listed common units. A separate stock offering also is planned at some point after the listing, but it is unlikely to take place on the same date unless market conditions improve. Get the full story »
