Business HighlightsReported by SeattlePI.com on Thursday, 10 May 2012 (on May 10, 2012)
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Business Highlights
Associated Press
Copyright 2012 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Updated 03:18 p.m., Wednesday, May 9, 2012
Stocks dropped Wednesday as borrowing rates climbed for Spain and Italy, a sign that investors are losing confidence in those countries' finances. WASHINGTON (AP) — U.S. mortgage giant Fannie Mae reported its first net income gain since it was taken over by the government during the 2008 financial crisis. Fannie said Wednesday that it earned net income attributable to common stockholders of $2.7 billion in the January-March quarter. The automaker gave upbeat forecasts as it recovers from a sales plunge aggravated by the tsunami in Japan last year. [...] investors sent its shares down nearly four percent after the department store chain left its annual profit guidance for the most part unchanged. Macy's, which has been a standout among its peers throughout the economic recovery, is the first in a series of retailers that will report first-quarter results that may provide insight into how Americans are spending. Economists have worried that Americans will cut back amid renewed fears about the U.S. jobs and housing markets and the European debt crisis. LOS ANGELES (AP) — Rupert Murdoch's News Corp., the global media conglomerate under fire for phone hacking and alleged bribery in Britain, posted a 47 percent increase in third-quarter net income thanks to strong performances at its pay TV networks and its movie studio. LONDON (AP) — GlaxoSmithKline PLC said it wants to take over U.S. drug maker Human Genome Sciences Inc. with an offer which values the company at nearly $2.6 billion. NEW YORK (AP) — Bed Bath & Beyond Inc. said Wednesday that it agreed to buy smaller home goods retailer Cost Plus Inc. for about $495 million after getting promising results from a joint effort to put a specialty food department in some Bed Bath & Beyond stores. NEW YORK (AP) — The founder of Green Mountain Coffee Roasters Inc., who was ousted as chairman for a stock sale that violated company policy, said the transaction was triggered after he was caught off-guard by a swift drop in the coffee maker's stock price. In other energy futures trading, heating oil added nearly a penny to finish at $2.9991 per gallon and gasoline rose by 2.97 cents to end at $3.0241 per gallon.
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