Tuesday, March 10, 2009

Wall St rises further, Nasdaq jumps 5 percent


NEW YORK (Reuters) - Stocks rose sharply on Tuesday as Citigroup's reassurances on its performance and Washington's efforts to tackle the economic slide made investors optimistic.





Pandit says Citi had strong start to 2009


LONDON/NEW YORK (Reuters) - Citigroup Inc was profitable in the first two months of 2009 and is confident about its capital strength, Chief Executive Vikram Pandit said, easing concerns about the troubled bank's survival prospects.





United Tech to cut 11,600 jobs


BOSTON (Reuters) - United Technologies Corp cut its 2009 profit target by about 13 percent and said it would eliminate 11,600 jobs as it no longer anticipates an economic recovery this year.





Bernanke says must protect against systemic risks


WASHINGTON (Reuters) - Federal Reserve Chairman Ben Bernanke said on Tuesday regulators must find a way to safeguard the entire financial system and not just its parts to prevent future crises like the one currently engulfing economies around the globe.





Delta to cut international capacity


ATLANTA (Reuters) - Delta Air Lines , the world's largest carrier, said on Tuesday it would cut its international capacity by an additional 10 percent starting in September as the global economic downturn batters the industry.





Roche says latest Genentech bid is still fair


BASEL, Switzerland (Reuters) - Roche said again on Tuesday that it deemed its $93 per share offer for U.S. biotech group Genentech as fair, after a source familiar with the situation had said the two sides were in talks for a deal at a higher price.





Wholesale inventories, sales fall in January


WASHINGTON (Reuters) - U.S. wholesale inventories fell for the fifth consecutive month in January and sales plummeted amid a slump in demand, a government report showed on Tuesday.





Kroger profit tops view, shares jump


NEW YORK (Reuters) - Kroger Co , the No. 1 U.S. grocery store chain, posted a higher-than-expected quarterly profit on Tuesday, helped by strong sales of its namesake brands, and its shares rose 8 percent.





Boeing says it still aims for 787 delivery in 2010


CHICAGO (Reuters) - Boeing Co is still working toward the first delivery of its delayed 787 Dreamliner in the first quarter of 2010, and its customer financing for new orders is sufficient into next year, the planemaker said on Tuesday.





Whitney says credit cards are the next credit crunch


(Reuters) - Prominent banking analyst Meredith Whitney warned that "credit cards are the next credit crunch," as contracting credit lines will lower consumer spending and hurt the U.S. economy.





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