Stocks drop as investors flee risk
NEW YORK (Reuters) - Stocks dropped sharply on Thursday as fears grew that deteriorating credit market conditions may deal a blow to economic expansion.
Housing starts fall to 10-year low
NEW YORK (Reuters) - Two key indicators in the struggling U.S. home construction sector fell to 10-year lows in July and the number of U.S. workers seeking jobless benefits rose, government reports said on Thursday.
Countrywide draws down $11.5 billion credit line
NEW YORK (Reuters) - Countrywide Financial Corp. , the largest U.S. mortgage lender, said on Thursday it is drawing down an entire $11.5 billion credit facility to bolster liquidity as a shortage of credit devastates much of the mortgage industry.
Fed's Poole says no need for emergency rate cut
WASHINGTON (Reuters) - St. Louis Federal Reserve Bank President William Poole said on Wednesday financial market turmoil had not undermined the U.S. economy and there was no need for the central bank to ride to the rescue with an emergency rate cut.
J.C. Penney profit inches higher
NEW YORK (Reuters) - J.C. Penney Co. said on Thursday quarterly profit inched higher, topping Wall Street expectations, helped by back-to-school sales and new private-label brands.
Paulson says U.S. economy can withstand turmoil: report
TOKYO (Reuters) - U.S. Treasury Secretary Henry Paulson said the turmoil in global markets will "extract a penalty" on growth but the financial system and economy was strong enough to withstand it without provoking a U.S. recession.
Kraft mulls sale of Post cereals business: paper
NEW YORK (Reuters) - Kraft Foods Inc. is in the early stages of looking for a buyer for its Post cereals business, maker of the Grape Nuts and Shredded Wheat brands, the Wall Street Journal reported on its Website on Thursday.
KKR Financial says it has "ample liquidity"
PHILADELPHIA (Reuters) - KKR Financial Holdings LLC said on Wednesday it believed it had "ample liquidity" to fund its core business and it would maintain a funding cushion during the current downturn in U.S. credit markets.
Reporters sue HP over its hunt for source of leaks
NEW YORK (Reuters) - Several reporters and their family members have sued Hewlett-Packard Co and some of its officers, their lawyer said in a statement, alleging the technology giant violated their privacy in a hunt for the source of boardroom leaks.
Estee Lauder shares fall after profit disappoints
NEW YORK (Reuters) - Cosmetics maker Estee Lauder Cos. Inc. reported lower-than-expected quarterly profit on Thursday and forecast earnings for the current quarter and fiscal year well below Wall Street estimates, sending its shares down 8 percent in premarket trade.
Name: SyroBro