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Global financial news, market analysis, economics and forex news

  • Men's Wearhouse Earnings Rise, Top Estimate
    Men's Wearhouse, Inc. said Wednesday after the markets closed that its second quarter profit rose 8% from last year, helped by higher sales and improved margins. The company's quarterly earnings per share also came in above analysts' expectations as did its quarterly sales. At the same time, the company provided an upbeat outlook for the third quarter.

  • Obama Rebuts Boehner On Economy, Lays Out Democratic Vision
    President Barack Obama Wednesday sought to lay out his vision for the future of the country in an effort to boost Democrats' prospects in the November midterm elections. Obama based his case in the roots of the reasons he ran for President, opposition to the Republican governing philosophy that resulted in cutting taxes for the wealthy, slashing regulations and inking trade deals that didn't benefit American workers.

  • Wall Street Sees Solid Gains Amid Relief Buying
    Stocks rose by solid margins on Wednesday amid some relief buying following news of continued albeit slower U.S. economic recovery as seen by the Federal Reserve and solid demand for Portugal's bond offerings. The major averages saw considerable volatility in late-session dealing but still managed to close on the upside. The Dow gained 46.32 points or 0.4 percent to end at 10,387.01, the Nasdaq advanced by 19.98 points or 0.9 percent to 2,228.87 and the S&P 500 rose by 7.03 points or 0.6 percent

  • Fed Sees Widespread Signs Of Slowdown In Economic Growth
    While the Federal Reserve's Beige Book report released on Wednesday acknowledged that the twelve Fed districts have seen widespread signs of a deceleration in the pace of economic growth in recent weeks, it noted that national economic activity has continued to expand. The Federal Reserve noted that modest economic growth was the most common characterization of overall conditions in the period from mid-July through the end of August.

  • Google Reportedly Demos Speech Translation Using Android Smartphone
    Google, Inc. is working on "the next logical succession" in mobile technology, with real-time speech translation via Android operating system-based smartphones, reports said Wednesday.

  • Boehner Calls For Spending Cuts, Two-Year Extension Of Tax Cuts
    Ahead of a speech on the economy by President Barack Obama on Wednesday, House Minority Leader John Boehner, R-Ohio, called on Congress to pass a bill to cut spending back to 2008 levels and to enact a two-year freeze on all current tax rates. Boehner, appearing on ABC's Good Morning America, said his proposed two-point plan would address excessive government spending and the uncertainty caused by Washington Democrats' policies, which he said are the two main problems hampering job creation.

  • Airgas Rejects Air Products' Sweetened $65.50/shr Buyout Offer - Update
    The board of specialty gas company Airgas, Inc. on Wednesday rejected the hostile $65.50 per share bid from rival Air Products & Chemicals Inc., stating the offer continues to grossly undervalue the company. Airgas said its board unanimously recommends stockholders not to tender their shares into the lastest offer, and urged stockholders to vote in favor of its panel of directors and against the by-law amendment proposals of Air Products at the annual meeting of stockholders on September 15.

  • Talbots Posts Profit In Q2; But Outlook Disappoints - Update
    Women's apparel retailer Talbots, Inc. (TLB) on Wednesday reported a profit for the second quarter that topped analysts' expectations, reflecting higher margins and lower expenses. However, sales for the quarter declined 1.3%.

  • Southwest Airlines August Traffic Up 6.4% - Update
    Airline operator Southwest Airlines Co. (LUV) reported Wednesday a 2.1 percentage points increase in load factor for the month of August, with a 6.4% rise in traffic and a 3.7% increase in capacity from last year. The company also noted that passenger revenue per available seat mile for August is estimated to have increased in the 15% to 16% range from a year ago.

  • General Mills Backs Fiscal 2011 Earnings Forecast - Update
    Packaged food company General Mills Inc. said Wednesday it expects first-quarter results to be in line with its expectations and also reaffirmed its fiscal 2011 adjusted earnings forecast. At the Barclays Capital Back-to-school Consumer Conference in Boston, the Minneapolis, Minnesota-based company said it was on track to achieve its full-year sales and earnings targets.