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| Tech buoys Nasdaq, but earnings curb Dow and S&P 500 Thursday, Jul 25, 2013 10:44 AM PDT  By Ryan Vlastelica NEW YORK (Reuters) - U.S. stocks edged higher on Thursday, rebounding off earlier weakness as strength in technology companies, especially Facebook, lifted the Nasdaq. The Dow and the S&P 500 were held back by disappointing earnings in the cyclical sector. Concerns about China's growth also took a toll on investor sentiment. Caterpillar Inc extended its steep drop in Wednesday's session, which came after the heavy machinery maker cut its 2013 earnings forecast. The stock slid 2 percent to $81.81 and ranked as the Dow's second-biggest percentage decliner. ... Full Story | Top |
| Facebook shares jump 28 percent, Wall Street sees more ad growth Thursday, Jul 25, 2013 12:03 PM PDT  By Saqib Iqbal Ahmed and Sruthi Ramakrishnan (Reuters) - Facebook Inc shares opened 28 percent higher on Thursday after the company reported a huge jump in mobile advertising revenue, and analysts pointed to further growth from new advertising on Instagram and 15-second videos. While still short of their IPO price of $38, the shares hit $34 -- a price not seen since their second day of trading in May last year. ... Full Story | Top |
| SAC says did not encourage insider trading, will continue operating Thursday, Jul 25, 2013 11:56 AM PDT NEW YORK (Reuters) - Steven A. Cohen's $15 billion hedge fund SAC Capital Advisors will continue to operate as the firm deals with criminal charges of insider trading, a spokesman for SAC said in a statement. Spokesman Jonathan Gasthalter said the firm "has never encouraged, promoted or tolerated insider trading and takes its compliance and management obligations seriously." The hedge fund was indicted in U.S. District Court in New York on Thursday, but not Cohen personally. ... Full Story | Top |
| U.S. charges SAC Capital with insider trading crimes Thursday, Jul 25, 2013 11:50 AM PDT  By Emily Flitter, Svea Herbst-Bayliss and Jonathan Stempel NEW YORK (Reuters) - Federal prosecutors came down hard on billionaire hedge fund manager Steven A. Cohen on Thursday, unveiling criminal fraud charges against his SAC Capital Advisors LP that could end the career of one of Wall Street's most successful investors. Cohen stands accused of presiding over a broken business where employees were encouraged to push the envelope to get that extra investing edge, with little regard for whether they were acting honestly and within the law. ... Full Story | Top |
| Egypt's new finance minister plans stimulus, not austerity Thursday, Jul 25, 2013 11:41 AM PDT  By Patrick Werr and Asma Alsharif CAIRO (Reuters) - Egypt interim government will seek to avoid major austerity measures and instead work to stimulate the economy by improving security and pumping in new funds, the new finance minister, Ahmed Galal, said on Thursday. The government, sworn in last week after the military ousted Islamist President Mohamed Mursi, inherits a budget deficit that since January has been running at around $3.2 billion a month, equivalent to almost half of all state spending. ... Full Story | Top |
| U.S. charges six in major credit card, Nasdaq hacking cases Thursday, Jul 25, 2013 11:36 AM PDT  By David Jones and Jim Finkle NEWARK, N.J./BOSTON (Reuters) - U.S. prosecutors charged six foreign nationals with hacking crimes, including credit and debit card thefts that authorities say cost U.S. and European companies more than $300 million in losses, and charged one of them with breaching Nasdaq computers. Prosecutors said the indictments unsealed on Thursday for the payment card hacking were the biggest cyber fraud case filed in U.S. history. ... Full Story | Top |
| American, British films dominate Venice festival lineup Thursday, Jul 25, 2013 11:34 AM PDT By Hanna Rantala ROME (Reuters) - New films by British and U.S. directors Terry Gilliam, Stephen Frears, Jonathan Glazer and James Franco will vie for the top prize at this year's Venice Film Festival, organizers said on Thursday. English-language titles prevail in the lineup of 20 films that will be competing for the Golden Lion award at the 70th edition of the world's oldest film festival, which runs from August 28 to Sept 7. ... Full Story | Top |
| SAC gets cut by 'edge,' a word Cohen hated Thursday, Jul 25, 2013 11:25 AM PDT By Lauren Tara LaCapra NEW YORK (Reuters) - The word that Steve Cohen hates is coming back to bite him. A federal indictment on Thursday of the billionaire hedge fund manager's firm, SAC Capital Advisors, uses the word "edge" 14 times to describe the way its traders sought information or insight that no one else on Wall Street had. ... Full Story | Top |
| At least 78 killed, 131 injured, in Spain train disaster Thursday, Jul 25, 2013 11:25 AM PDT  By Teresa Medrano and Miguel Vidal SANTIAGO DE COMPOSTELA, Spain (Reuters) - A train derailed outside the ancient northwestern Spanish city of Santiago de Compostela on Wednesday night, on the eve of a major religious festival, killing at least 78 people and injuring up to 131 in one of Europe's worst rail disasters. In what one local official described as a scene from hell, bodies covered in blankets lay next to the overturned carriages as smoke billowed from the wreckage after the disaster. ... Full Story | Top |
| Police raid Quebec office of MMA Railway in disaster probe Thursday, Jul 25, 2013 11:23 AM PDT  By Julie Gordon (Reuters) - Police raided the Canadian offices of Montreal, Maine & Atlantic Railway on Thursday as part of their investigation into a train crash earlier this month that destroyed the center of the small town of Lac-Megantic, Quebec, and killed 47 people. "We are executing a search warrant," Sergeant Benoit Richard of the provincial police, Sûréte du Québec, told Reuters. "We are searching the offices now. ... Full Story | Top |
| GSK replaces China chief amid corruption scandal Thursday, Jul 25, 2013 10:57 AM PDT  By Ben Hirschler LONDON (Reuters) - GlaxoSmithKline has appointed one of its top European executives as the new head of operations in China, amid a corruption scandal there that has rocked Britain's biggest drug maker. Herve Gisserot, senior vice president for Europe, will take over as general manager from Mark Reilly, who will remain with the company as a senior member of the management team, a spokesman said on Thursday. ... Full Story | Top |
| Driver of derailed Spanish train held in custody in hospital: court Thursday, Jul 25, 2013 10:41 AM PDT  MADRID (Reuters) - The driver of the train which derailed on Wednesday in the Spanish northern city of Santiago de Compostela is being held in custody in hospital, the Supreme Court of the Galicia region said in a statement. "The judge has ordered the police to take a statement from the driver, currently under formal investigation, in the hospital where he is being held in custody," the court said. (Reporting by Julien Toyer) Full Story | Top |
| A minute with: Wong Kar Wai on 'The Grandmaster' and Kung Fu Thursday, Jul 25, 2013 10:33 AM PDT  By Eric Kelsey LOS ANGELES (Reuters) - Hong Kong director Wong Kar Wai, best known for pensive dramas "Chungking Express" and "In the Mood for Love," explores the life of Kung Fu master Ip Man in the new film "The Grandmaster," which will be released on August 23 in the United States. The film tells the story of Ip - the trainer of Kung Fu film icon Bruce Lee - played by longtime Wong actor Tony Leung. It is divided into three parts that span his adulthood in 1930s' southern China and his Hong Kong exile after Mao's communist revolution in 1949. ... Full Story | Top |
| D.R. Horton profit beats estimates on higher home prices Thursday, Jul 25, 2013 10:29 AM PDT (Reuters) - Homebuilder D.R. Horton Inc reported a better-than-expected profit as it sold more homes at higher prices in quarter ended June. Demand for homes has remained strong despite a recent rise in mortgage rates as a shortage of homes available for sale has enabled builders to raise prices. D.R. Horton, which sells homes priced between $100,000 and $600,000, said average selling price rose 15 percent in the third quarter. Orders — a key indicator for builders, who do not book revenue until they finish a house — rose 12 percent to 6,822 homes. Net income fell 81. ... Full Story | Top |
| GM profit beats Street on aggressive cost-cutting in Europe Thursday, Jul 25, 2013 10:18 AM PDT  By Ben Klayman and Deepa Seetharaman DETROIT (Reuters) - General Motors Co posted a higher-than-expected second-quarter profit on Thursday as aggressive cost-cutting helped the U.S. automaker narrow its losses in Europe. Higher prices on new models such as the 2014 Chevrolet Silverado pickup truck and Impala large sedan boosted results in its core North American market. Executives said those results will improve further in the second half thanks to other new high-margin vehicles. ... Full Story | Top |
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