After initially showing a lack of direction, stocks have come under pressure in early trading on Wednesday. The major averages have slid firmly into negative territory, adding to the slim losses posted in the previous session.
General Motors said it would stop making its Holden cars in Australia by 2017, citing high production costs and the strong Australian dollar.
The move will leave 2,900 people without jobs. Rival U.S. automaker Ford said earlier this year it will stop making cars in Australia by 2016.
Following the relatively lackluster performance seen over the past two sessions, stocks may continue to experience choppy trading on Wednesday. The major index futures are currently pointing to a slightly higher open for the markets, with the Dow futures up by 10 points.
Mining equipment maker Joy Global Inc. reported Wednesday a sharp decline in fourth-quarter profit, reflecting a significant charge as well as sharply lower net sales. Adjusted earnings per share missed analysts' estimates, while top line beat their view. For fiscal 2014, the company projects adjusted earnings sharply lower than last year, and below analysts' view.
Home improvement retailer Home Depot (HD) Wednesday backed its earnings per share and sales guidance for fiscal 2013, adding that it expects to achieve its goals for 2015 a year earlier than planned.
The trading in U.S. index futures suggests that stocks may open slightly lower on Wednesday. The light corporate and economic news flow has increased the nervousness of traders. With the FOMC meeting scheduled for next week, traders are anxious on whether the central bank will start trimming its stimulus...
The International Energy Agency nudged up its global oil demand growth forecast for the year 2013, citing demand strength.
The IEA, in its monthly Oil Market Report released Wednesday, moved up its global oil demand forecast for the year 2013 and 2014 by 1.2 million barrels per day (mbd) each on...
Membership warehouses operator Costco Wholesale Corp. Wednesday reported higher profit for the first quarter, with growth in both net sales and membership fees. However, both earnings and revenue missed Wall Street estimates.
Distribution and outsourcing group Bunzl Plc Wednesday said it expects full-year 2013 revenue growth to be about 12 percent at constant exchange rates, reflecting around 2 percent rise in underlying revenue, as well as positive impact of acquisitions.
Spanish fashion retailer Inditex SA (IDEXF.PK) Wednesday reported a small increase in profit for the first nine months of the year, amid a 5 percent improvement in sales. Regarding current trading, the firm said store sales in local currencies increased 10 percent from November 1 to December 8.
The European markets may follow Asian stocks lower on Wednesday, as investors weigh news of a U.S. budget accord against Fed tapering worries.
American lawmakers announced the details of a bipartisan budget agreement on Tuesday evening that would fund the United States government for the next two...
European finance ministers on Tuesday took one step further in finalizing an agreement on a joint mechanism to deal with failing banks, despite visible divisions among member countries over the key measures of the plan. Though the ministers failed to arrive at a precise agreement on Tuesday's meeting, they appeared keen to finalize the banking resolution plan before the EU leaders meeting.
CytRx Corp. (CYTR) will issue a news release at 8:00 a.m. Eastern time tomorrow announcing top-line results of its global phase 2b clinical trial comparing its experimental Aldoxorubicin as a first-line treatment for advanced soft tissue sarcomas versus the widely used chemotherapeutic agent Doxorubicin.
Rep. Paul Ryan, R-Wis., and Sen. Patty Murray, D-Wash., stood side by side Tuesday evening in Washington D.C. as they announced the details of a bipartisan budget agreement that would fund the United States government for the next two fiscal years.
H&R Block Inc., the largest US tax preparer, on Tuesday reported a wider second quarter loss than analysts estimated, as revenue declined 2%.
The company's quarterly revenue also came in below analysts' expectations.