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| "Great Rotation"- A Wall Street fairy tale? Friday, Feb 01, 2013 05:24 PM PST  NEW YORK (Reuters) - Wall Street's current jubilant narrative is that a rush into stocks by small investors has sparked a "great rotation" out of bonds and into equities that will power the bull market to new heights. That sounds good, but there's a snag: The evidence for this is a few weeks of bullish fund flows that are hardly unusual for January. Late-stage bull markets are typically marked by an influx of small investors coming late to the party - such as when your waiter starts giving you stock tips. For that to happen you need a good story. ... Full Story | Top |
| Many Wall Street economists see government spending cuts in March Friday, Feb 01, 2013 05:20 PM PST  NEW YORK (Reuters) - Economists at many of Wall Street's top financial institutions do not expect the government to complete a deal to fully avoid automatic cuts in federal spending before a March 1 deadline, according to a Reuters poll conducted on Friday. Economists at 11 of 13 primary dealers - the 21 large financial institutions that do business directly with the Federal Reserve - said they expect spending cuts in some form to launch on March 1. ... Full Story | Top |
| Boeing 787 investigation making progress: NTSB Friday, Feb 01, 2013 04:10 PM PST  WASHINGTON (Reuters) - U.S. officials on Friday said they are making progress in their investigation of a battery fire on a Boeing Co 787 Dreamliner in Boston this month, as the grounding of Boeing's entire fleet Of 787s stretched into a third week. All 50 Boeing 787s remain grounded as authorities in the United States, Japan and France investigate the Boston battery fire on January 7 and a separate battery failure that forced a second 787 to make an emergency landing in Japan a week later. The U.S. ... Full Story | Top |
| Creditors in Alabama bankruptcy to miss February 1 payment Friday, Feb 01, 2013 03:23 PM PST BIRMINGHAM, Alabama (Reuters) - A lawyer for the creditors' trustee in America's biggest municipal bankruptcy on Friday said the trustee will not make a February 1 payment to owners of $3.14 billion of sewer debt issued by Alabama's Jefferson County. Gerald Mace, an attorney for creditors' trustee Bank of New York Mellon, told a bankruptcy court hearing that the distribution could not be made because of a "lack of funds". In a document filed on the Electronic Municipal Market Access (EMMA) on Friday, BNY Mellon lists as oustanding approximately $3. ... Full Story | Top |
| NBC News President Capus to leave network Friday, Feb 01, 2013 03:21 PM PST  (Reuters) - NBC News President Steve Capus will be leaving the network in the coming weeks after struggles at the unit, including lower ratings for its flagship morning TV show, "Today." No replacement has been named for Capus, president of NBC News since 2005, according to a company memo obtained by Reuters. In a statement, Capus said it was "now time to head in a new direction. ... Full Story | Top |
| IGT: former CEO who wants board seat enjoyed "old school" perks Friday, Feb 01, 2013 03:20 PM PST LOS ANGELES (Reuters) - Slot machine maker International Game Technology on Friday urged shareholders to reject a slate of directors put forward by a group that includes its former chief executive, saying he used company money to fund a lavish lifestyle. International Game Technology said on Friday that under the leadership of former CEO Charles Mathewson, the company paid for perks ranging from his country club memberships to personal training. ... Full Story | Top |
| Merck shares fall on worries about osteoporosis drug Friday, Feb 01, 2013 03:00 PM PST  (Reuters) - Merck & Co Inc's quarterly results beat estimates, but the drugmaker issued a cautious 2013 profit forecast and said it will delay seeking approval for a high-profile osteoporosis drug, sending its shares down 3 percent. Merck will not submit its osteoporosis treatment odanacatib to U.S. regulators until next year. Some analysts had predicted the medicine could generate annual sales of up to $2 billion, if approved. ... Full Story | Top |
| Canada January auto sales dip but Detroit makers strong Friday, Feb 01, 2013 02:55 PM PST (Reuters) - Auto sales in Canada slipped 2.2 percent in January, data showed on Friday, on weaker demand for European vehicles and strong comparable data from a year ago when Japan's automakers were rebounding from earthquake and tsunami disruptions. While Canadian demand for vehicles made by Toyota Motor Corp and Audi fell sharply last month, appetite for vehicles assembled by Detroit's Big Three automakers rose as buyers snapped up their more fuel-efficient passenger cars. "The Detroit Three enjoyed a great month, growing their combined market share from 45.6 percent to 49. ... Full Story | Top |
| American Airlines seeks more time to file reorganization plan Friday, Feb 01, 2013 02:48 PM PST (Reuters) - AMR Corp has asked a bankruptcy judge for another extension of its exclusive period to file a plan to exit bankruptcy. In a filing on Thursday, the carrier and its unsecured creditors committee asked the U.S. Bankruptcy Court to extend the period during which creditors cannot pursue their own restructuring plans for the airline to April 15. That replaced a January request to extend the time to April 1. Currently, American has until March 11 to file its reorganization plan. AMR filed for Chapter 11 protection in November 2011 citing high labor costs. ... Full Story | Top |
| BofA website troubles causes by internal systems issue: source Friday, Feb 01, 2013 02:38 PM PST  (Reuters) - Some Bank of America Corp customers weren't able to access their online banking accounts on Friday because of an internal systems issue, a person familiar with the matter said. The second-largest U.S. bank by assets is working to address the problem, said the person, who wasn't authorized to speak on the record. The disruption was not caused by hacker attacks, the person said. Since last fall, U.S. bank websites have faced a blitz of "denial of service" attacks in which hacker activists disrupt operations by flooding them with information. ... Full Story | Top |
| Judge puts IRS tax preparer regulation on hold Friday, Feb 01, 2013 02:16 PM PST (Reuters) - A judge on Friday modified an earlier order and said the Internal Revenue Service does not have to shut down a new program for registering and testing tax preparers, but he also said preparers need not take the tests or pay related fees. In a move to put the IRS program on hold for now, Judge James Boasberg of the U.S. District Court for the District of Columbia ordered that "the IRS is not required to suspend its ... program." Further legal action is expected. ... Full Story | Top |
| Steel Dynamics to go ahead with vertical integration Friday, Feb 01, 2013 01:58 PM PST (Reuters) - Steel producer and metals recycler Steel Dynamics INC. will continue to increase its vertical integration by boosting its captive raw materials supply, a company executive said in an interview this week. Steel Dynamics, which can produce more than 6 million metric tons of steel a year at its five steel mills, receives about half of the steel scrap it needs to produce steel from OmniSource, a recycling business it bought in 2007. ... Full Story | Top |
| Energy leads TSX higher as U.S. data fuels optimism Friday, Feb 01, 2013 01:50 PM PST  TORONTO (Reuters) - Canada's main stock index closed stronger on Friday, led by energy and materials shares, which benefited from a rise in commodity prices after positive U.S. economic data. U.S. non-farm payroll jobs rose in January and gains in the prior two months were bigger than initially reported, supporting views the economy's sluggish recovery was on track despite a surprise contraction in output in the final three months of 2012. Another report showed factory activity in Canada's largest export market rose last month, reaching the highest level since April. ... Full Story | Top |
| Canadian dollar flat after U.S. data; ends week higher Friday, Feb 01, 2013 01:45 PM PST TORONTO (Reuters) - The Canadian dollar was little changed on Friday, but ended the week stronger versus its U.S. counterpart after U.S. jobs and manufacturing data pointed to steady recovery in Canada's main trading partner. The Canadian currency gained 0.9 percent for the week. It ended January down more than half a percent after the Bank of Canada said last week that interest rate hikes were less imminent. That news pushed it to less than equal value with the greenback for the first time since November. ... Full Story | Top |
| Wall Street surges to five-year highs; Dow ends above 14,000 Friday, Feb 01, 2013 01:39 PM PST  NEW YORK (Reuters) - Stocks rose to five-year highs on Friday, with the Dow closing above 14,000 for the first time since October 2007, after jobs and manufacturing data showed the economy's recovery remains on track. The S&P touched its highest since December 2007 after a 5 percent gain in January, which was its best start to a year since 1997. The index is now just about 60 points away from its all-time intraday high of 1,576.09. Employment grew modestly in January, with 157,000 jobs added. ... Full Story | Top |
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