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AP Business NewsBrief at 8:14 a.m. EDT(Associated Press Via Acquire Media NewsEdge) Stock futures dip after Goldman Sachs earningsNEW YORK (AP) _ U.S. stock futures moved slightly lower Thursday as Goldman Sachs Group Inc.'s investment banking revenue disappointed investors. The investment bank said Thursday that it earned $3.19 billion, or $5.25 per share in the third quarter. Analysts had been expecting earnings of $4.24 per share, on average. Southwest reports 3Q loss as revenue falls 7.8 pctThe airline earnings season is starting with a loss from Southwest Airlines. The discount carrier says it lost $16 million in the third quarter because of fuel hedges and an early retirement program. Not counting those, it says it would have made a profit of $23 million. Goldman Sachs profit tops $3B on strong tradingNEW YORK (AP) _ Goldman Sachs Group Inc.'s third-quarter earnings rose 73 percent from the depths of the financial crisis as income from the company's trading operations offset a drop in its investment banking business. Goldman's stock fell 3 percent early Thursday as investors reacted to the slide in investment banking revenue, the result of a general slowness in takeover activity. Goldman also had $5.35 billion in compensation expenses during the July-September period. Foreclosures rise 5 percent from summer to fallWASHINGTON (AP) _ The number of households caught up in the foreclosure crisis rose more than 5 percent from summer to fall as a federal effort to assist struggling borrowers was overwhelmed by a flood of defaults among people who lost their jobs. The foreclosure crisis affected nearly 938,000 properties in the July-September quarter, compared with about 890,000 in the prior three months, according to a report released Thursday by RealtyTrac Inc. That puts foreclosure-related filings on a pace to hit about 3.5 million this year, up from more than 2.3 million last year. Consumers show signs of life as prices stay lowWASHINGTON (AP) _ Consumers may be slowly regaining their appetite to shop, as the prices they encounter in stores remain low. One benefit of the recession is that inflation is nowhere to be seen, as consumer prices have barely grown in months. Rising unemployment, stagnant wages and tight credit have restrained consumer demand, making it difficult for retailers to raise prices. Calpers reviewing fees paid to outside managerNEW YORK (AP) _ The nation's largest pension fund, the California Public Employees' Retirement System, says it is investigating fees paid to an outside manager that directed the fund's investments. Calpers said late Wednesday it is reviewing payments of $50 million over a five-year period to Arvco Financial Ventures, which is headed by former Calpers board member Al Villalobos. Google to launch Google Editions platformFRANKFURT (AP) _ Google Inc. is launching a new service for booksellers next year called Google Editions, which will let readers buy books and read them anywhere on gadgets ranging from cell phones to possibly e-book devices. It's the first foray into charging for books for the Mountain View, California-based company, which began its Google Books program in 2004. Lockheed picks Kubasik as president, COOBETHESDA, Md. (AP) _ Lockheed Martin says Christopher Kubasik will serve as president and chief operating officer, starting on Jan. 1. The defense contractor said Thursday that Kubasik will assume the role of president, previously held by CEO and chairman Bob Stevens, who will remain in those two positions. Nokia posts loss of $832 million in third quarterHELSINKI (AP) _ World-leading mobile phone maker Nokia Corp. on Thursday reported a loss of €559 million ($832 million) in the third quarter, taking hits from a 20 percent drop in sales and a one-time charge for the fallen value of its network equipment unit. The company's share price plummetted 6.6 percent to €9.62 ($14.32) in Helsinki. Oil jumps to fresh 1-year high above $75VIENNA (AP) _ Oil prices reached a fresh one-year high above $75 a barrel Thursday, boosted by a weaker U.S. dollar and growing investor optimism about an economic recovery. A slight drop in U.S. inventories _ analysts had expected an increase _ also supported prices. (c) 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. |