Stocks Extend Rally As CIT Deal Boosts Confidence
Wall Street advances with the Dow up 104.21 to 8848.15 and the S&P 500 at 951.13 aided by CIT financing that shields it from bankruptcy. Nasdaq gains 22.68 as strong earnings and positive economic signals lift sentiment. World steel output drops 21.3 percent in H1 2009 while China leads in production.
MENTIONED IN THIS ARTICLE
CIT
World Steel Association
China
Wyeth Shareholders Approve Pfizer Buyout
Wyeth stockholders overwhelmingly back the 68 billion acquisition by Pfizer, sealing a deal that vaults Pfizer to the top of the global drug industry. Wyeth adds multibillion dollar products and expertise in biologics vaccines and animal health to Pfizer’s portfolio.
MENTIONED IN THIS ARTICLE
Wyeth
Pfizer Inc
Pfizer
Hasbro Sees Strong Toy Sales From Transformers Tie-Ins
Hasbro Inc reports second quarter profit above estimates due to robust sales of Transformers toys. Summer movie tie-ins boost demand as consumer spending cools, with titles like Transformers: Revenge of the Fallen and the forthcoming G I Joe: The Rise of the Cobra driving growth.
MENTIONED IN THIS ARTICLE
Hasbro Inc
Hasbro
Judge OKs sale of Postville slaughterhouse in bankruptcy bid
A bankruptcy judge approved the $8.5 million sale of Agriprocessors Inc to SHF Industries, formed by Hershey Friedman and Daniel Hirsch, ending months of plant uncertainty. The Postville kosher slaughterhouse will continue producing meat under new ownership, with about 100 workers remaining on site. SHF also acquired assets in New York and Florida, tied to the loans.
MENTIONED IN THIS ARTICLE
Iowa City
Paul J. Kilburg
U.S
Cedar Rapids
Agriprocessors, Inc
SHF Industries
Hershey Friedman
Daniel Hirsch
Postville
Des Moines
Friedman
Hirsch
SHF
Agriprocessors
New York
Florida
Iowa
Localized markdowns boost retailer profits across chains
Retailers tailor discounts to individual stores to match local demand and inventory. Banana Republic marks skirt prices differently in New York and SoHo, contributing to steady margins through May while overall sales dip. Other chains like Wal Mart and Home Depot expand similar strategies as analysts note potential for higher profits amid a weak economy.
MENTIONED IN THIS ARTICLE
McClatchey-Tribune
NEW York
Banana Republic
World Financial Center
SoHo
Gap Inc
Gap
Wal-Mart Stores Inc
Home Depot Inc
Home Depot
Carol Tome
CIT Group board approves rescue loan to avoid bankruptcy
The CIT Group Inc board agreed to a rescue loan from key bondholders to extend breathing room and avoid immediate bankruptcy. The deal, potentially totaling about 3 billion, aims to restructure debt ahead of an August 1 billion payment and amid a liquidity squeeze.
MENTIONED IN THIS ARTICLE
Washington
CIT Group Inc
CIT
Obama
Treasury
Economic indicators rise in June signaling potential recovery
The Conference Board reports a 0.7 percent rise in its leading indicators index for June, the third monthly gain, with May and April revisions, strong six month growth, and analyst views that a recovery could begin this autumn despite uncertainty about the path ahead.
MENTIONED IN THIS ARTICLE
New York
U.S
Conference Board
Wall Street
Thomson Reuters
Ken Goldstein
Lehman Brothers
Josh Shapiro
MFR Inc
Also Mentioned on This Page
World Steel
China Steel
Judge Oks
By Andria Cheng
National Retail Federation
Third Street
Santa Monica
Calif
GIT Group Board
Oks Rescue Loan
Akram Humaideh
Springfield
Ill