Apple, Boeing keep Wall Street afloat; energy weighs
U.S. stocks were buoyed on Wednesday by earnings including Apple and Boeing, but a sharp drop in energy shares cut into gains, leaving indexes little changed. The Federal Reserve's first two-day policy meeting of the year is under way, and the Fed is expected to signal it remains on track to begin raising interest rates later this year. The Nasdaq Composite outperformed, powered by a 6.9 percent advance in Apple shares to $116...
Boeing fourth-quarter profit surges; sees cash rise in 2015
Boeing Co reported a 23 percent increase in core fourth-quarter profit on Wednesday, topping analysts' estimates and sending its shares up 4.3 percent. Boeing forecast a rise in cash flow to $6.2 billion in 2015, at the top end of expectations, from $4.3 billion at the end of the year. Boeing's results showed strong year-end performances across its businesses. In contrast, commercial airplane margins narrowed as Boeing delivered more 787 Dreamliners, which remain costly to produce...
Fed seen remaining patient with rate guidance amid global turmoil
The Federal Reserve is expected to signal it remains on track to begin raising interest rates later this year, as the central bank shows confidence that low inflation and rising risks from abroad have yet to derail the U.S. economic recovery. The Fed's first two-day policy meeting of the year concludes on Wednesday, and policymakers will likely restate their "patient" approach to raising rates, while also voicing faith that the economy will continue improving...
iPhone sales trample expectations as profit sets global record
Apple Inc quarterly results smashed Wall Street expectations with record sales of big-screen iPhones in the holiday shopping season and a 70 percent rise in China sales, powering the company to the largest profit in corporate history. Apple's cash pile is now $178 billion, enough to buy IBM or the equivalent to $556 for every American. Apple Chief Financial Officer Luca Maestri told Reuters in an interview that the company did not sell more iPhones in China than the United States, despite some earlier predictions by research analysts...
Sotheby's to raise charges for art buyers
Buying art at Sotheby's will soon become more expensive as the top international auction house announced it is increasing its buyer's premium, the rates it charges a successful bidder. Beginning on Sunday, anyone who purchases a work of art will pay 25 percent to the auction house on the first $200,000 of the hammer price, compared with the earlier threshold of $100,000. Bill Ruprecht, the chairman and president of Sotheby's, said the changes were needed to boost the New York-based auction house financially...
Fiat Chrysler meets full year profit guidance
Fiat Chrysler Automobiles reported full-year operating profit in line with its guidance on Wednesday as strong results from North America and improving operations in Europe and Asia managed to offset weakness in Latin America. The world's seventh-largest carmaker, which moved its primary listing to New York in October and is due to spin off luxury unit Ferrari later this year, reported core 2014 operating profit of 3...
Cost-cutting VW bets big to revamp loss-making luxury Phaeton
The 76,000 euro ($86,192) Phaeton, a pet project of Chairman Ferdinand Piech, has never met VW's original sales target of 20,000 cars annually. Unfazed by the losses, VW aims to pit the next-generation model against the Mercedes' 80,920-euro flagship S-Class, sources said, adding the car may hit dealerships in 2017-18.
Apple seen boosting share buybacks after blockbuster results
Apple Inc's blockbuster results and a ballooning cash pile may prompt the company to boost share buybacks and dividends this year, with some analysts expecting the iPhone maker to return more than $200 billion to investors. Apple's shares rose as much as 8 percent to $118 in early trading on Wednesday, after the company posted the biggest-ever quarterly profit by a public corporation. Apple sold a record 74...
Exclusive: EU considers capital markets curbs among new Russia sanctions
New European Union sanctions against Russia could include further capital markets restrictions, making it harder for Russian companies to refinance themselves and possibly affecting Russian sovereign bonds, EU officials said on Wednesday. The EU could also move to further restrict Russia's access to advanced technology for its oil and gas industries. EU foreign ministers are expected to ask the executive European Commission on Thursday to prepare a new round of sanctions to punish Moscow for its role in eastern Ukraine, however officials said the measures may not be adopted by EU leaders until late March...
General strike shuts down services across Greece
ATHENS, Greece (AP) — Services across Greece shut down Wednesday as unions staged a 24-hour general strike and held peaceful demonstrations to protest further austerity cuts in the cash-strapped country.
US stocks edge higher in afternoon trading
Stocks were on track to finish higher Thursday afternoon for the second day in a row as investors drew encouragement from reports on Chinese manufacturing, U.S. home sales and some positive earnings from Best Buy, Dollar Tree and other retailers.
US stocks edge higher in midday trading
Major stock indexes shifted higher in midday trading Thursday, getting a lift from an encouraging report on Chinese manufacturing and some positive earnings from Best Buy, Dollar Tree and other retailers. The market also got a boost from data showing modest improvement in sales of previously occupied homes.
Apple vs. Google: Who Wins?
The corporate strategies at Apple and Google couldn't be more diametrically opposed. They can't both be right, either.