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Deere reports higher-than-expected profit
Deere, the world's biggest manufacturer of farm equipment reported a higher-than-predicted quarterly profit due to higher margins in its construction equipment, a lower-than-expected tax rate and cost cuts. For the second quarter ended on April 30, Deere’s profit...
Euro languishes near 5-week low against dollar
The euro languished against the dollar near five-week lows after coming under more pressure as markets get more certain that the European Central Bank will relax policy next month. Euro has dropped about 2% since European Central Bank President Mario Draghi said...
Dow, S&P 500 end at record highs
On Monday S&P 500 as well as the Dow closed at record highs while the Nasdaq soared as shares of biotech and Internet shares rose. The Dow increased by 112.13 points or 0.68% to a record closing high at 16,695.47. The S&P 500 increased 18.17 pointsor...
Allergan rejects Valeant's takeover offer
Allergan rejected Valeant's takeover offer of $47 billion on Monday saying Valeant's cost cuts were extremely steep. U.S. drug maker, Allergan said it believed business model of Valeant was unsustainable and due to this uncertainty regarding the long-term growth...
Pound Rises Against Euro
The pound sterling rose against the euro for a second week on assumptions that the Bank of England is considering to raise interest rates and the European Central Bank might increase stimulus. The pound touched the highest level against euro in almost three months...
Pfizer Fights Backlash on AstraZeneca Bid
American and British politicians are questioning the economic effects of Pfizer’s push to acquire AstraZeneca as the New York based drug maker’s track record indicates job cuts following acquisitions. U.S. Senators, Ron Wyden and Carl Levin considering legislation...
Obama Admires Wal-Mart for Energy Efficiency
Speaking at one of Wal-Mart’s outlets in California, President Barack Obama admired the company for its energy and environment initiatives and announced plans to encourage solar power use and energy efficiency including upgrading government buildings. Obama’s...
Omnicom, Publicis call off proposed $35 billion merger
The planned $35 billion unification between Publicis Groupe and Omnicom Group has been called off because the partners could not surmount the problems to form the world's biggest advertising agency. The deal, applauded in July as a union of equals which would...
Yellen expects growth to pick up
While replying to questions from members of Joint Economic Committee of Congress, the Fed chief, Janet Yellen resisted demand to offer a schedule on raising interest rates which have been held since December 2008 at a 0-0.25% range. Instead, she insisted that interest...
Alibaba Files for US Public Offering
Alibaba has filed for what might become the biggest ever U.S. initial public offering. According to the filing, the value of deals on Alibaba’s platforms was $248 billion last year. The number of annual active buyers increased by 14% to 231 million. With Securities...
Bayer wins Merck's $14 billion consumer unit auction
Bayer has beaten rival bidders for Merck's consumer care business for $14.2 billion, adding to a series of big cross-border transactions in the healthcare sector. Germany's Bayer also trumped rival bidders including Sanofi, Novartis, Boehringer Ingelheim and Procter...
Pfizer Sales Disappoint
Pfizer, the New York-based company reported lower than expected first quarter sales due to reduced demand for Viagra and Lipitor. The drug maker’s revenue dropped by 9% to $11.4 billion against analysts’ expectation of $12.1 billion. First quarter earnings, without...
Alibaba-Sized Hole Blown in Nasdaq 100
An amount roughly equal to the projected value of Alibaba Group has been wiped off from technology shares since the beginning of March. Equity offerings are pouring in a market in which prices are more than 20% of what they were in 2007. This might result ina...
Pound Rises to 4-Year High
This week the Pound Sterling rose to the highest level in over 4 years against the greenback as indications that the British economy is recovering increased the attraction of British assets. Pound increased for a 4th week against the dollar as house prices increased...
Wall Street drops on Ukraine concern
On Friday, U.S. stocks dropped as worries concerning increased fighting in Ukraine triggered profit-taking before the weekend and nullify optimism created by the fastest growth of jobs in over 2 years. Adding fuel to the fire was report that on Friday over 40...