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Stocks open up on bargain hunting
NEW YORK (Reuters) - Stocks opened higher on Friday as investors followed up two days of steep losses that toppled Wall Street to an 11-year low by scooping up shares of beaten-down sectors.
Wal-Mart's Scott retiring as CEO, Duke to succeed
NEW YORK (Reuters) - Wal-Mart Stores Inc, the world's largest retailer, said Lee Scott will retire as chief executive early next year, and will be succeeded by Mike Duke, who heads its international operations.
Citigroup eyes options, including merger
NEW YORK (Reuters) - Citigroup Inc lost more than one-quarter of its market value on growing worries over whether it has enough capital to withstand billions of dollars of potential losses and despite new support from its largest individual investor.
Obama not eyeing prepackaged carmaker bankruptcies
CHICAGO (Reuters) - President-elect Barack Obama's transition team is not exploring a prepackaged bankruptcy plan for U.S. automakers, officials from Obama's team said on Friday.
Pimco's El-Erian says GDP falling off cliff: CNBC
(Reuters) -: Pimco's Mohamed El-Erian on Friday said fourth-quarter GDP is falling off a cliff, in an interview on CNBC. Highlights:
Central bankers wary of deflation
LONDON (Reuters) - Euro zone demand is plunging and price pressures vanishing, business surveys showed on Friday, while central bankers weighed the bleak prospect of deflation.
Oil rises above $50
LONDON (Reuters) - Oil rose above $50 a barrel on Friday, rebounding from a three and half year low and buoyed by rallies in Europe and Asian equities on talk that China may cut interest rates later in the day.
Goldman cuts U.S. growth forecast
(Reuters) - Goldman Sachs on Friday lowered its U.S. growth forecast citing a fiscal policy stagnation, record increase in unemployment and a sharp decline in profits deepening and extending the expected recession.
Democrats demand Big 3 offer survival plan
WASHINGTON (Reuters) - Democratic congressional leaders, seeking to salvage a bailout of the Big Three automakers, demanded executives provide a business survival plan in exchange for their support of up to $25 billion in loans.
Heinz profit rises, helped by hedges
CHICAGO (Reuters) - H.J. Heinz Co posted a higher quarterly profit as price increases, currency hedging and strong sales in North America and emerging markets helped offset higher commodity prices and slower growth in Europe.
Hundreds wait at Verizon stores for BlackBerry Storm
NEW YORK (Reuters) - Hundreds of people lined up at Verizon Wireless stores on Friday to buy the BlackBerry Storm, the first touch-screen phone from Research In Motion that aims to compete with Apple's iPhone.
GM cutting production amid slow demand
DETROIT (Reuters) - General Motors Corp said on Friday it plans additional temporary plant shutdowns in the next two months in response to deteriorating market demand.
U.S. consumers expect steep unemployment rise: survey
NEW YORK (Reuters) - U.S. consumers expect the unemployment rate to rise steeply in a prolonged recession, and as a result have slashed spending plans, according to a survey released on Friday.
Households to cut Christmas gifts spending: survey
NEW YORK (Reuters) - U.S. households could cut spending on Christmas gifts by about 11.3 percent this year, the Conference Board said on Friday, as the worst economic crisis since the Great Depression erodes consumer wealth.
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