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Cisco's quarterly report to offer gauge of technology demand

Cisco's quarterly report to offer gauge of technology demand

SAN FRANCISCO: Investors spooked by a steep sell-off in enterprise tech stocks will get a fresh glimpse of the health of technology spending on Wednesday when bellwether Cisco Systems Inc posts its quarterly results. The networking equipment maker is the largest of several companies reporting this week that have benefited from the trend toward information […]

February 8, 2016 | By | Reply More
US regulators upgrade, expand Fiat Chrysler gearshift probe

US regulators upgrade, expand Fiat Chrysler gearshift probe

WASHINGTON: The U.S. National Highway Traffic Safety Administration said Monday it is expanding a defect investigation of 856,000 Fiat Chrysler SUVs and cars because the vehicles may roll away after drivers exit, thinking they have put the transmission in Park. The government’s investigation covers the 2014-15 Jeep Grand Cherokee SUV, 2012-14 Dodge Charger and Chrysler […]

February 8, 2016 | By | Reply More
Banking shares plummet on economic slowdown fears

Banking shares plummet on economic slowdown fears

NEW YORK: Shares of large banks and other financial stocks were pummelled on Wall Street on Monday (Feb 8) as fears of a US economic slowdown heightened worries over deteriorating credit quality. US banks were broadly lower, but the hardest-hit included Bank of America, Citigroup, Goldman Sachs and Morgan Stanley, all down 6.0 per cent […]

February 8, 2016 | By | Reply More
US stocks drop as credit worries sink banks

US stocks drop as credit worries sink banks

NEW YORK: Wall Street stocks finished sharply lower on Monday (Feb 8), joining a European equity rout, as fears of an economic slowdown weighed especially hard on financial and technology shares. The Dow Jones Industrial Average, which was down more than 400 points at one point, shed 177.92 points (1.10 per cent) to 16,027.05. The […]

February 8, 2016 | By | Reply More
GM suspends Egypt operations due to currency crisis: company source

GM suspends Egypt operations due to currency crisis: company source

CAIRO: General Motors has temporarily suspended its operations in Egypt due a currency crisis, a company source told Reuters on Monday. Import-dependent Egypt has been in economic crisis since a 2011 uprising and subsequent political turmoil drove foreign investors and tourists away. Dollar reserves have more than halved to US$16.4 billion since then. “The entire […]

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Financials, tech shares lead US stocks lower

Financials, tech shares lead US stocks lower

NEW YORK: Wall Street stocks finished sharply lower on Monday (Feb 8), joining a European equity rout, as fears of an economic slowdown weighed especially hard on financial and technology shares. At the closing bell, the Dow Jones Industrial Average was down 1.08 per cent, the S&P 500 1.41 per cent and the Nasdaq Composite […]

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Chesapeake moves to quash bankruptcy fears as shares plunge

Chesapeake moves to quash bankruptcy fears as shares plunge

REUTERS: Chesapeake Energy, the No. 2 U.S. natural gas producer, said on Monday it had no plans to file for bankruptcy, after sources told Reuters the company had asked its longtime counsel to look at restructuring options. Chesapeake’s shares were halted after plunging more than 50 percent but later pared some losses, as it said […]

February 8, 2016 | By | Reply More
Corporate winners of Obama budget still face long odds

Corporate winners of Obama budget still face long odds

NEW YORK: Facing a hostile Congress in an election year, President Barack Obama will be hard-pressed to push through many of the proposals in his final budget as U.S. leader. But that could be a silver lining for investors: If the long-shot plans gain traction, companies that stand to win new business or funding from […]

February 8, 2016 | By | Reply More
Tech stocks extend losses, valuations dented

Tech stocks extend losses, valuations dented

REUTERS: Technology shares with lofty valuations, including those of midcap data analytics company Tableau Software Inc and Internet giant Facebook Inc, extended their losses on Monday following a gutting selloff in the previous session. Shares of cloud services companies such as Splunk Inc and Salesforce.com Inc had also declined sharply on Friday. They fell again […]

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DoubleLine's Gundlach calls market trends 'relentless and powerful'

DoubleLine's Gundlach calls market trends 'relentless and powerful'

NEW YORK: Jeffrey Gundlach, the widely followed investor who runs DoubleLine Capital, repeated a December warning on Monday that the dramatic slowdown in global growth will trigger a collapse in some credit funds, saying that the high-yield “junk” bond market still has not hit bottom. “Credit fund bankruptcies are coming,” said Gundlach, who warned in […]

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