Markets retreat after four week rally falls short of highs
The Dow drops to 7975.85 as the S&P 500 and Nasdaq slide amid profit taking and weak earnings expectations. IBM Sun merger talks stall causing tech shares to weaken. Sun sinks over 22 percent while Cisco falls on a downgrade. Wells Fargo and PNC lead financials lower with regional banks weakening.
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New York
Wall Street
IBM Corp
Sun Microsystems Inc
Michael Mayo
Dow
Alcoa Inc
Len Blum
Westwood Capital LLC
Associated Press
IBM
Sun
Cisco Systems Inc
Goldman Sachs
Wells Fargo & Co
PNC Financial Services Group Inc
Sallie Mae to add 2 000 jobs in 18 months
Sallie Mae plans to bring 2,000 U S jobs back from overseas in 18 months, shifting call center work and other operations to the United States. CEO Albert L. Lord says the lender had to re engineer itself after costly overseas cuts to restore profitability and expects 600 positions at Wilkes Barre Pennsylvania by October 2010.
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Albert L. Lord
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Bob Casey
D-Pa
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Paul Kanjorski
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Fla
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Ind
Killeen
Texas
Newark
Del
Sun Microsystems Sees IBM Takeover Talks Collapse
Sun Microsystems faces a possible standstill after IBM withdraws its 9.40 per share offer and ends exclusive talks in a bidding dispute. Sun shares drop 23 percent to 6.56, with no clear replacement suitor in sight and potential risk to CEO Jonathan Schwartz amid mounting losses since 2001.
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IBM Corp
Sun Microsystems Inc
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Sun
IBM
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Associated Press
Jonathan Schwartz
Yahoo Inc
Microsoft Corp
Yahoo
Jerry Yang
Microsoft
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