Wall St higher on Fed-inspired confidence
NEW YORK (Reuters) - Stocks opened higher on Monday, as investors felt more optimistic about the likelihood of more Federal Reserve action after Friday's cut in the rate at which banks borrow from it.
Fears abate but still linger post-Fed
LONDON/HONG KONG (Reuters) - Policymakers and investors breathed a sigh of relief on Monday as Federal Reserve action brought calm to shaken financial markets, but experts said it was too soon to discount a global credit crisis.
Lowe's posts higher profit
ATLANTA (Reuters) - Lowe's Cos. , the second biggest home improvement retailer behind Home Depot Inc. , reported a gain in second-quarter profit on Monday as new stores aided total sales.
Thornburg sells assets, shores up liquidity
NEW YORK (Reuters) - Mortgage lender Thornburg Mortgage Inc said on Monday it sold $20.5 billion of assets and reduced its borrowings to cut its risk amid a difficult market for home loans.
Nasdaq seeks to sell LSE stake, focuses on OMX
LONDON (Reuters) - Nasdaq Stock Market Inc is abandoning its 797 million pound ($1.58 billion) stake in the London Stock Exchange, five months after its takeover bid failed, so it can focus on buying Nordic exchange operator OMX .
Luminent Mortgage announces bailout
NEW YORK (Reuters) - Luminent Mortgage Capital Inc , which has struggled with liquidity problems because of investments in mortgages, on Monday announced a bailout in which it would sell a majority stake in itself at a deep discount.
SunTrust Banks to cut 2,400 jobs
NEW YORK (Reuters) - SunTrust Banks Inc. , the seventh-largest U.S. bank, on Monday said it expects to eliminate about 2,400 jobs by the end of 2008 as part of a plan designed to save $530 million annually by 2009.
OMX Chairman favors Nasdaq's bid: papers
LONDON/STOCKHOLM (Reuters) - OMX Chairman Urban Backstrom said Borse Dubai's all-cash bid was not more attractive than Nasdaq's share-and-cash bid and called it hostile, newspapers reported on Monday.
Google reveals stake in Chinese social Web Tianya
SHANGHAI (Reuters) - Google Inc revealed on Monday that it had acquired a stake in Chinese community Web site Tianya.cn, indicating a foray by the global search leader into social networking in the world's second-largest Internet market.
Mortgage lender Countrywide begins lay-offs: report
NEW YORK (Reuters) - Countrywide Financial Corp, which is trimming costs amid turbulent credit markets, began laying off staff involved in originating loans, according to a report on Monday in the Wall Street Journal's online edition, citing an internal e-mail.
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