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AP Business NewsBrief at 10:17 a.m. EDT
(AP Online Via Acquire Media NewsEdge) Stocks open lower after previous session's rallyNEW YORK (AP) _ Wall Street pulled back in early trading Tuesday as investors decided to cash in some of Monday's big gains as they warily comb through another batch of quarterly earnings. The retreat was to be expected after the Dow Jones industrial average shot up 413 points in the previous session. But investors were also poring over third-quarter earnings reports expected for signs of how serious the economic downturn is; companies' outlooks for the fourth quarter and beyond were under particular scrutiny.
Fed to buy commercial paper from mutual fundsWASHINGTON (AP) _ The Federal Reserve announced Tuesday that it will start buying commercial paper _ a crucial short-term funding mechanism many companies rely on for day-to-day operations _ from money market mutual funds. It's the latest effort by the central bank to break through a credit clog that has hobbled lending and threatens to plunge the country into a deep and painful recession.
Pfizer 3Q profit triples vs weak year-ago resultsTRENTON, N.J. (AP) _ Pfizer Inc.'s profit tripled in the third quarter, mainly because a huge charge depressed last year's results, despite flat sales. Its earnings narrowly beat Wall Street's earnings expectations. But the company behind impotence treatment Viagra and the top-selling cholesterol fighter Lipitor reduced its earnings forecast for 2008 even as it raised the lower end of its revenue forecasts for the year.
Novartis to buy Nektar's pulmonary unit for $115MBASEL, Switzerland (AP) _ Pharmaceutical giant Novartis AG said Tuesday it will buy the pulmonary drug unit of California-based Nektar Therapeutics for $115 million. The transaction is expected to be completed by the end of 2008, pending regulatory approval, Novartis said.
US Bancorp 3Q profit falls 47 percentNEW YORK (AP) _ U.S. Bancorp said Tuesday that its third-quarter profit fell 47 percent, below analysts' expectations, as it took hits on investments and set aside a bigger provision for credit losses. For the period ended Sept. 30, the Minneapolis-based bank reported net income of $576 million, or 32 cents per share, down from $1.10 billion, or 62 cents per share, a year earlier.
Kerkorian sells part of stake in Ford MotorDETROIT (AP) _ Billionaire investor Kirk Kerkorian said Tuesday his investment firm sold 7.3 million of its shares in Ford Motor Co. for a fraction of what he paid, cutting his stake in the automaker to just over 6 percent. Kerkorian has tried to leave his mark on Detroit-based automakers over the past decade. But his investment firm Tracinda Corp. said it sees value elsewhere in industries such as gambling, hotels and oil and gas.
Oil above US$74 as OPEC eyes production cutOil prices were hovering above US$74 a barrel Tuesday as investors expected OPEC to try to halt a three-month slide in prices by cutting production quotas at least 1 million barrels a day. At the same time, gains by the U.S. dollar against the euro were putting the brakes on any gains in oil prices.
Caterpillar's 3Q profit falls 6 pctPEORIA, Ill. (AP) _ Caterpillar Inc.'s third-quarter profit slipped 6 percent, as the world's largest maker of construction and mining equipment said higher raw material costs offset record global sales. The company, which noted "recessionary conditions" in North America, forecast flat sales for 2009. The Peoria, Ill.-based company said Tuesday it earned $868 million, or $1.39 per share, down from $927 million, or $1.40 per share, in the third quarter of 2007.
Two big accounting firms chosen for rescue programWASHINGTON (AP) _ The government has selected two major accounting firms to help it manage the $700 billion rescue program for the financial system. The Treasury Department said Tuesday it had chosen PricewaterhouseCoopers to be the auditor for the program. Ernst & Young will provide general accounting support.
Fuel costs, hedges drive UAL Corp. 3Q lossMINNEAPOLIS (AP) _ United Airlines parent UAL Corp. on Tuesday reported a $779 million third-quarter loss, squeezed by high jet fuel prices through much of the quarter and falling oil prices which hurt its hedging positions. The Chicago-based carrier said its loss totaled $6.13 per share, compared with profit of $334 million, or $2.21 per share, a year ago.
Copyright ? 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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