Financial News from Reuters

  • Diesel engine maker Cummins 2nd-qtr profit, revenue rise Reuters - 12 minutes ago

    Diesel engine maker Cummins Inc reported a 4 percent rise in quarterly revenue, boosted by distributor acquisitions in North America and stronger demand in truck and bus markets. Total revenue increased to $5.02 billion in the second quarter from $4.84 billion in the same period last year. Cummins' revenue from North America jumped 12 percent in the quarter, while international sales fell by 6 percent, dragged lower by a weak economy in Brazil.

  • U.S. home price growth stalls in May: S&P/Case-Shiller Reuters - 12 minutes ago
    U.S. home price growth stalls in May: S&P/Case-Shiller

    Denver, San Francisco, and Dallas experienced the biggest year-over-year home appreciation among the 20 cities with price increases of 10.0 percent, 9.7 percent and 8.4 percent, respectively. "As home prices continue rising, they are sending more upbeat signals than other housing market indicators,” David Blitzer, chairman of the index committee at S&P Dow Jones Indices, said in a statement. Blitzer added price increases have settled in a 4-5 percent rate following double-digit rises in 2013.

  • Fewest net shorts in U.S. Treasuries since Feb-JP Morgan Reuters - 13 minutes ago

    The weekly number of investors who are bearish on longer-dated U.S. Treasuries led their bullish counterparts by the slimmest margin in over five months, according to a J.P. Morgan survey released on Tuesday. The share of "short" investors who said on Monday they were holding fewer longer-dated Treasuries than their benchmarks fell to 22 percent from 33 percent last week. The share of "long" investors who said they were holding more longer-dated U.S. government debt than their portfolio benchmarks rose to 17 percent from 15 percent the prior week.

  • GrubHub revenue jumps about 47 percent Reuters - 19 minutes ago

    Online food order and delivery company GrubHub Inc reported a 47 percent rise in quarterly revenue as more diners used its services to order meals. Net income rose to $9.4 million, or 11 cents per share, ...

  • Amazon partners with startups to sell crowdfunded products Reuters - 19 minutes ago

    Amazon.com Inc launched a new platform on Tuesday that will help startups advertise and distribute their products directly to millions of Amazon customers, filling an important gap for entrepreneurs trying to reach a wider market of consumers. The online retailer is partnering with more than 25 crowd-funding platforms like Indiegogo and venture capital firms to offer 200 products on the platform, which is called "Amazon Launchpad." Amazon said it is not working with Kickstarter in "any official capacity" for its program. Some of the products are already availalbe on Amazon.com, but the program will be listed on Amazon's Launchpad store.

  • Ingersoll-Rand's profit forecast misses estimates Reuters - 21 minutes ago

    Ingersoll-Rand Plc, the maker of Trane airconditioners and Thermo King refrigeration units, forecast a lower-than-expected current-quarter profit, citing slow growth in its industrial business. Ingersoll's ...

  • BP profits slump after huge oil spill charge Reuters - 25 minutes ago
    BP profits slump after huge oil spill charge

    BP's (BP.L) second-quarter profit slumped by nearly two thirds from last year as it grappled with lower oil prices, a write off in Libya and a $10.8 billion charge for the 2010 crude spill in the Gulf of Mexico. BP's Chief Financial Officer Brian Gilvary said he expected oil prices (LCOc1), which fell on Tuesday to their lowest since February below $53 a barrel, to remain soft in the medium term because of a supply glut worldwide. BP reached an $18.7 billion agreement with the U.S. government and five states earlier this month to resolve most claims from the oil spill five years ago, the largest corporate settlement in U.S. history.

  • SuperValu considers spinning off Save-A-Lot business Reuters - 27 minutes ago

    SuperValu Inc said it was exploring a spinoff of its discount grocery chain Save-A-Lot as a publicly traded company. Save-A-Lot, a no-frills store chain, operates more than 1,300 stores across the United States, SuperValu said on Tuesday. The business has been focusing on fresh produce and meat and improving its offerings to appeal to a wider customer base, SuperValu said.

  • Wall St. set to open higher ahead of Fed meeting Reuters - 28 minutes ago
    Wall St. set to open higher ahead of Fed meeting

    Wall Street sank on Monday, for the fifth straight day, after the steepest decline in Chinese stocks in eight years increased concerns about slowing growth in the country. After Chinese stocks plunged more than 8 percent, the country's top securities regulator said Beijing would keep buying shares to stabilize the market. The U.S. Federal Reserve begins its two-day policy meeting on Tuesday.

  • Cerberus leads U.S. investors gobbling up Europe's bank loans Reuters - 29 minutes ago

    Cerberus, the private equity firm named after the mythical three-headed dog guarding the gates of Hades, is leading a charge by U.S. investors who are snapping up European loans at knockdown prices. New York-based Cerberus Capital Management has bought more than 27 billion euros ($30 billion) of European loans in the last 2-1/2 years, acting along with rivals such as Lone Star and Blackstone to snap up commercial and residential debt from banks desperate to shrink or governments running down so-called "bad banks".

  • US STOCKS-Wall St set to open higher ahead of Fed meeting Reuters - 30 minutes ago

    U.S. stocks were set to rise at the open on Tuesday as investors refocused on corporate earnings ahead of a two-day U.S. Federal Reserve meeting which could give clues regarding the timing of a rate hike. Wall Street sank on Monday, for the fifth straight day, after the steepest decline in Chinese stocks in eight years increased concerns about slowing growth in the country. After Chinese stocks plunged more than 8 percent, the country's top securities regulator said Beijing would keep buying shares to stabilize the market.

  • Heading to China, Turkey's Erdogan eyes improved missile defence bid Reuters - 31 minutes ago

    Turkey is open to an improved offer from preferred bidder China in a long-range missile defence system tender, President Tayyip Erdogan said on Tuesday ahead of a visit to Beijing, reviving a deal that has raised security concerns among NATO allies. Erdogan's state visit to China is expected to focus on Turkish trade links with the world's second-biggest economy.

  • No need to cut German growth forecasts due to China - economic adviser Reuters - 37 minutes ago

    Turbulence on China's stock market will have only a limited effect on its overall economy and there is no reason to cut German growth forecasts due to recent falls, Volker Wieland, a member of Germany's panel of economic advisers said. "As shares in China play only a relatively small role in the financing of economic activity, the effects on the economy as a whole should remain moderate," Wieland told Reuters. "We have to look carefully at the risks for the German economy from China.

  • ECB approves Athens stock exchange reopening-bourse official Reuters - 2 minutes 8 seconds ago
    ECB approves Athens stock exchange reopening-bourse official

    The European Central Bank (ECB) approved on Tuesday a plan to reopen the Athens Stock Exchange with restrictions on trading by local investors after a one-month shutdown, an official from the Athens Stock Exchange said. Trading will resume after the Greek finance ministry issues a ministerial decree on the matter, the official said, paving the way for the exchange to potentially open as of Wednesday. "The ECB gave its approval," the official told Reuters on condition of anonymity.

  • EU/IMF mission chiefs to arrive in Greece for bailout talks on Wednesday Reuters - 38 minutes ago
    EU/IMF mission chiefs to arrive in Greece for bailout talks on Wednesday

    European Union and International Monetary Fund mission chiefs will arrive in Athens on Wednesday for talks on a third bailout program to keep Greece afloat, a finance ministry official said on Tuesday. The creditors sending representatives to the talks comprise of the European Commission, the European Central Bank and the IMF, as well as the euro zone's rescue fund, the European Stability Mechanism (ESM).

  • VW overtakes Toyota as world's biggest carmaker Reuters - 38 minutes ago
    VW overtakes Toyota as world's biggest carmaker

    MUNICH/TOKYO (Reuters) - Volkswagen (VOWG_p.DE) overtook Toyota as the world's largest carmaker by sales in the first half year, achieving its long-held ambition three years ahead of target. "The hunt for scale only makes sense if it boosts synergies, something VW hasn't really been able to achieve," said Stefan Bratzel, head of the Center of Automotive Management think-tank. VW has been pushing for greater scale under Chief Executive Martin Winterkorn's eight-year reign, propelled by adding brands and factories and roaring sales in China.

  • Canadian producer prices up 0.5 pct on energy, vehicles Reuters - 40 minutes ago

    Canadian producer prices rose 0.5 percent in June largely due to higher prices for energy products and vehicles, Statistics Canada said on Tuesday. Prices for energy and petroleum products rose 2.0 percent last month, thanks largely to a 5.9 percent jump in motor gasoline prices. A weaker Canadian dollar helped boost prices for motorized and recreational vehicles by 1.2 percent.

  • UPS second-quarter profit rises, tops estimate, despite lower revenue Reuters - 45 minutes ago
    UPS second-quarter profit rises, tops estimate, despite lower revenue

    Package delivery company United Parcel Service Inc on Tuesday reported higher second-quarter net profit as improved margins offset a drop in revenue. Shares in Atlanta-based UPS were up 2 percent at $97 ...

  • JetBlue Airways 2nd-qtr results in line with profit estimates Reuters - 48 minutes ago

    JetBlue Airways Corp grew its second-quarter profit in line with analysts' expectations as "solid" U.S. demand helped its bottom line, and it expects 2015 capacity to be at the higher end of prior guidance, the company reported Tuesday. A year earlier, JetBlue earned $61 million, or 19 cents per diluted share when excluding the company's gain from selling its LiveTV subsidiary in 2014. The country's fifth-largest passenger carrier said its capacity growth in 2015 will be "at the higher end" of its prior guidance of 7 to 9 percent.

  • Sirius XM raises 2015 forecast on strong U.S. auto sales Reuters - 48 minutes ago
    Sirius XM raises 2015 forecast on strong U.S. auto sales

    Sirius XM said it now expects to add 1.8 million net new subscribers this year, up from its prior forecast of 1.4 million. The company had first forecast addition of 1.2 million subscribers in January. People who buy new cars fitted with Sirius receivers usually get free access for a few months, but must pay a fee to continue the service.

  • UPS 2nd-qtr profit rises, tops estimate, despite lower revenue Reuters - 48 minutes ago

    Package delivery company United Parcel Service Inc on Tuesday reported higher second-quarter net profit as improved margins offset a drop in revenue. Shares in Atlanta-based UPS were up 2 percent at $97 ...

  • Ally Financial profit beats estimates as expenses falls Reuters - 52 minutes ago

    Ally Financial Inc, the largest U.S. auto lender, reported a better-than-expected quarterly profit as expenses declined. Total non-interest expenses fell 12 percent to $724 million for the second quarter ended June 30. General Motors decided to replace Ally with its current in-house financing arm, General Motors Financial Co Inc, for subsidized leases on Buick, GMC and Cadillac vehicles, beginning February.

  • Kuwait preparing Islamic bond legislation to help finance budget-min Reuters - 53 minutes ago

    Kuwait is preparing legislation to facilitate issues of Islamic bonds by the government as it assesses options to finance a big budget deficit caused by low oil prices, Finance Minister Anas al-Saleh said on Tuesday. Early this month, Kuwait's parliament approved a budget for the current fiscal year that envisages a deficit of 8.18 billion dinars ($27.0 billion) - nearly half total spending - because of oil's plunge since mid-2014, which has slashed energy export revenues. Saleh had previously said Kuwait, which has huge financial reserves, was considering various options to cover the deficit, including bond issues.

  • German advisers say euro zone exit should not be taboo Reuters - 54 minutes ago
    German advisers say euro zone exit should not be taboo

    The German government's panel of independent economic advisers favors creating an insolvency mechanism for euro zone states and says countries should be able to leave the single currency as a last resort. In a report published on Tuesday, the council of five experts, known as the "wise men", said the Greek crisis showed further reforms were needed, such as an insolvency procedures, to make the euro zone more stable.

  • Honeywell to buy Melrose's Elster business for $5.1 billion Reuters - 55 minutes ago
    Honeywell to buy Melrose's Elster business for $5.1 billion

    The acquisition, Honeywell's largest in more than a decade, will give the company access to Elster Group's niche technologies and customers in the highly regulated heating, controls and metering industries. The business also creates "a new platform for acquisition targets", Honeywell Chief Executive Dave Cote said in a statement on Tuesday. Honeywell, which has set aside $10 billion for acquisitions by 2018, said it was paying 12.6 times Elster's estimated 2015 consensus core earnings.

  • Honeywell to buy Melrose's Elster business for $5.1 bln Reuters - 57 minutes ago

    Honeywell International Inc, a maker of aircraft parts and climate control systems, has agreed to buy the utility consumption meter business of Britain's Melrose Industries Plc for 3.3 billion pounds ($5.1 billion). The acquisition, Honeywell's largest in more than a decade, will give the company access to Elster Group's niche technologies and customers in the highly regulated heating, controls and metering industries. The business also creates "a new platform for acquisition targets", Honeywell Chief Executive Dave Cote said in a statement on Tuesday.

  • U.S. fed funds rate rises to 0.14 pct Reuters - 58 minutes ago

    The U.S. federal funds rate , which banks charge each other to borrow excess reserves, averaged 0.14 percent on Monday, up from 0.13 percent on Friday, according to Federal Reserve data. The fed funds ...

  • Peabody loss widens on $900.8 mln impairment charge Reuters - 1 hour 0 minutes ago

    Coal miner Peabody Energy Corp reported a much bigger second-quarter loss as it recorded $900.8 million in impairment charges. Net loss attributable to common shareholders widened to $1.04 billion, or ...

  • SuperValu exploring spinoff of Save-A-Lot business Reuters - 1 hour 7 minutes ago

    SuperValu Inc said it was exploring a spinoff of its discount supermarket chain, Save-A-Lot, as a publicly traded company. Save-A-Lot operates more than 1,300 stores across the United States, SuperValu ...

  • Ford easily tops expectations on 2nd-qtr profit Reuters - 3 minutes 32 seconds ago
    Ford easily tops expectations on 2nd-qtr profit

    Ford Motor Co (F.N) on Tuesday reported second-quarter earnings that handily beat expectations, based on the continued strength of North American sales, led by its popular F-150 pickup truck. Ford posted net quarterly profit of $1.89 billion, or 47 cents per share. Analysts estimated profit of 37 cents per share, according to Thomson Reuters I/B/E/S.

  • FOREX-Dollar rises against safe-haven yen as focus turns to Fed Reuters - 1 hour 12 minutes ago

    The dollar rose from a two-week low against the yen on Tuesday, as investors brushed off China's stock market turmoil and focused on a possible 2015 U.S. interest rate rike ahead of the start of a Federal Reserve meeting. The safe-haven Japanese yen had gained on Monday as Shanghai stocks tumbled 8.5 percent - their biggest one-day drop in eight years - and commodity prices slid, dragging down European and U.S. shares and dampening demand for the dollar as investors worried about global growth.

  • Global stocks rebound, ignoring decline in Chinese markets Reuters - 1 hour 12 minutes ago
    Global stocks rebound, ignoring decline in Chinese markets

    Britain published the first snapshot of second quarter economic activity of any G7 country earlier on Tuesday, reporting gross domestic product grew 0.7 percent, up from 0.4 percent in the first quarter. The U.S. Federal Reserve begins its two-day policy meeting later. "For me, China is a short blip rather than a real slowdown.

  • Pfizer's revenue, profit beat as vaccine sales rise Reuters - 1 hour 16 minutes ago
    Pfizer's revenue, profit beat as vaccine sales rise

    The unit accounted for about 13 percent of Pfizer's total revenue. Pfizer's shares rose about 2 percent in premarket trading on Tuesday. Pfizer, which got nearly two-thirds of its 2014 revenue from markets outside the United States, had cut its full-year revenue and profit forecast in April, citing a strong dollar.

  • Merck raises forecast on strong sales of diabetes, cancer drugs Reuters - 1 hour 19 minutes ago

    Merck & Co Inc reported a better-than-expected quarterly profit and boosted its full-year earnings forecast as demand for its diabetes and cancer drugs increased. The company also said it expects to reap benefits from its $8.4 billion purchase of Cubist Pharmaceuticals, the maker of blockbuster antibiotic Cubicin. Sales of Merck's diabetes drug, Januvia, rose 1.3 percent to $1.6 billion in the quarter ended June 30.

  • D.R. Horton beats Street on higher home sales, prices Reuters - 1 hour 24 minutes ago

    D.R. Horton Inc, the No.1 U.S. homebuilder, reported a higher-than-expected quarterly profit as it sold more homes at higher prices, and it reported a 22 percent rise in orders. Shares of D.R. Horton, which caters to people buying their first or second homes, rose 1.3 percent to $27.1 in premarket trading on Tuesday. D.R. Horton's orders rose to 10,398 homes in the third quarter ended June 30, from 8,551 a year earlier.