Selasa, 6 Ogos 2013

NST Online Business Times : latest

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NST Online Business Times : latest

Posted: 06 Aug 2013 05:06 PM PDT

NEW YORK: US stocks ended lower on Tuesday as more data and comments from Federal Reserve officials pointed to the likely pullback in Fed stimulus in the coming months.

At the close the Dow Jones Industrial Average was down 93.39 points (0.60 percent) at 15,518.74.

The broad-based S&P 500 fell 9.77 (0.57 percent) to 1,697.37, while the tech-rich Nasdaq Composite lost 27.18 (0.74 percent) at 3,665.77.

Stocks lost ground for the second day after last week's new records amid more indications that the Fed will begin winding up its US$85 billion a month quantitative easing program.

The Commerce Department's trade data for June showed a narrowing trade deficit, which analysts said points to a likely upward revision to the growth estimate for the quarter, and firm growth in the current quarter.

Meanwhile the chiefs of the Federal Reserve's Chicago and Atlanta branches both said that the Fed could begin tapering the QE program in September, but stressed that economic growth needed to hold steady or improve.

Among stocks, Dow component IBM lost 2.3 percent after Credit Suisse downgraded the technology company to "underperform" citing headwinds facing its core products and difficulties in the cloud computing business given its technology profile.

The Washington Post Company gained 4.3 percent following news that Amazon founder Jeff Bezos is buying its struggling flagship newspaper for US$250 million.

Analysts say the company, which will change its name after the sale, could be positioned to gain from its non-newspaper assets, which includes Kaplan education services. Shares of Amazon, which is not a party to the deal, slipped 0.1 percent.

Pharmaceutical retailer and benefits manager CVS fell 2.8 percent putting earnings projections for this year at $3.90-$3.96 per share, below the $3.98 expected by analysts.

Regeneron Pharmaceuticals fell 6.1 percent after revenues came in at US$458 million, below the US$473 million forecast by analysts. The company said it expects to apply for US marketing approval for its much-watched Eylea eye drug one year ahead of the previously announced timeframe.

American Eagle Outfitters plummeted 12.0 percent after it slashed its earnings outlook due to weaker than expected sales. The company has implemented markdowns to try to push sales higher.

Shares of entertainment giant Walt Disney gained 1.6 percent ahead of its quarterly earnings release, but then lost all of that after the post-market release showed weakness in its studio division due to losses on the flop of its heavily marketed film "The Lone Ranger". -- AFP

Kredit: www.nst.com.my

NST Online Top Stories - Google News

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George W. Bush has heart surgery for blocked artery - USA TODAY

Posted: 06 Aug 2013 08:02 AM PDT

Former president George W. Bush is in "high spirits" after heart surgery Tuesday morning, his office said.

During a physical examination Monday, doctors found a blockage in the artery of the former president's heart, said Bush spokesman Freddy Ford.

"At the recommendation of his doctors, President Bush agreed to have a stent placed to open the blockage," Ford said.

The procedure at Texas Health Presbyterian Hospital in Dallas went off "without complication" early Tuesday, Ford said.

The news caught the political world by surprise.

Bush was among the most physically active of presidents, with frequent exercise that ranged from early morning workouts to bike rides.

Since leaving office, Bush has hosted an annual 100-kilometer mountain bike ride for wounded troops, the most recent in May near Waco.

The president is scheduled to host a golf tournament for wounded warriors later this summer, and aides indicated his plans would not change.

Bush, 67, is scheduled to return home Wednesday and "resume his normal schedule on Thursday," Ford said.

Tributes poured in across the Web. "Prayers to President George W. Bush for a fast recovery," tweeted Republican Party Chairman Reince Priebus.

Aides said Bush is in good shape because of early detection.

Bush "is grateful to the skilled medical professionals who have cared for him," Ford said. "He thanks his family, friends and fellow citizens for their prayers and well wishes."

Ford added: "And he encourages us all to get our regular check-ups."

For Bezos, Washington Post Deal Dovetails With Passions - Wall Street Journal

Posted: 06 Aug 2013 08:56 AM PDT

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Kredit: www.nst.com.my

Selasa, 6 Ogos 2013