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The clock will really start ticking on a deal to create the world’s biggest confectioner once Kraft Foods Inc reports earnings next week.
Kraft made its $16.5 billion cash and stock offer for British chocolatier Cadbury on September 7. Kraft Chief Executive Irene Rosenfeld has since held back on further moves and her waiting game […]
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Medicare has become a scary word to the doctors at the largest private group practice in Kansas City, Mo.
It’s so scary that most physicians at Kansas City Internal Medicine, with 65% of its nearly 70,000 active patients age 65 or older, have stopped accepting walk-in Medicare enrollees, said Dr. David Wilt, an internist at […]
Filed under: finance by Forest
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Federal Reserve chairman Ben Bernanke said Friday that the turmoil in the financial system is "abating," but urged lawmakers to enact comprehensive reforms to help prevent future crises.
Bernanke said legislative action is needed to ensure that banks have sufficient capital reserves, and to limit the risks that financial institutions can take.
The Fed […]
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Federal prosecutors in the Galleon Group case have sent a subpoena to a former employee of Steven A. Cohen’s SAC Capital Advisors, a sign that the scope of the problem into the largest hedge fund insider trading case in history is expanding, the Wall Street Journal reported, citing people familiar with the matter.
The subpoena […]
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Wells Fargo reported record profits of $3.2 billion, the company said Wednesday, nearly doubling the amount of money it made just a year ago.
Despite facing an ongoing recession and rising loan losses, the San Francisco-based bank said its third-quarter results were lifted by strong performances in its mortgage lending business and other divisions.
"Third quarter […]
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If you thought home prices were bottoming out, you may be wrong. They’re expected to head a lot lower.
Home values are predicted to drop in 342 out of 381 markets during the next year, according to a new forecast of real estate prices.
Overall, the national median home price is predicted to drop […]
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International Business Machines posted third-quarter results on Thursday that met analysts’ forecasts, then raised its expectations for the rest of the year, citing improving sales trends during the quarter.
But investors were unimpressed: IBM shares dropped 5% in after-hours trading.
IBM (IBM, Fortune 500) said its net income for the quarter rose to […]
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The government insurance fund designed to protect consumer bank deposits will likely stay in the red through 2012, Federal Deposit Insurance Corp. chief Sheila Bair said Wednesday.
Testifying before members of the Senate Banking Committee, the nation’s top commercial bank regulator stressed that her agency was taking immediate steps to replenish the dwindling fund. But […]
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The Dow industrials closed above 10,000 Wednesday, ending at the key psychological milestone for the first time in more than a year, following upbeat profit reports from Intel and JPMorgan Chase.
The Dow Jones industrial average (INDU) rose 145 points or 1.5%, finishing at its highest point since Oct. 3, 2008, when it closed at […]
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Wall Street struggled Tuesday as weakness in the financial sector and disappointment about Johnson & Johnson’s results halted the Dow’s attempt to reclaim 10,000.
The Dow Jones industrial average (INDU) lost 14 points, or 0.1%. The S&P 500 (SPX) index lost 3 points, or 0.3%, and the Nasdaq composite (COMP) ended just above unchanged.
After the […]
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