US-BUSINESS Summary
Futures little changed after HP, ahead of data
NEW YORK - U.S. stock index futures were little changed on Tuesday, following a strong advance in Monday's session and after Hewlett-Packard reported that quarterly profit matched its preliminary results. * Investors have been closely watching the technology sector, which is generally considered one of the first to recover from recession.
Heinz profit falls, raises full-year view
CHICAGO - H.J. Heinz Co <HNZ.N> posted a lower quarterly profit on Tuesday, hurt by sales declines in North America and Europe, but said it is optimistic about its sales momentum heading into the second half of its fiscal year and raised its full-year profit forecast. The maker of ketchup, Smart Ones frozen entrees and Ore-Ida potatoes said it earned $231.4 million, or 73 cents a share, for the second quarter ended October 28, down from $276.7 million, or 87 cents per share, a year earlier. The previous year's results included a sizable gain from currency hedging.
Warner Music posts quarterly loss
NEW YORK - Warner Music Group <WMG.N>, the world's third largest music company, on Tuesday reported a quarterly loss due to higher interest expense and charges for job cuts. Top selling artists in the period included Jay-Z, Madonna and Japanese acts Kobukuro and Superfly, but the company noted that the shrinking demand for CD's and the weak economy hurt its revenue and is likely to affect future results.
Fed asks U.S. banks to submit TARP repayment plans: report
, Bloomberg said, citing a person familiar with the situation. The banks may be allowed to repay the TARP money soon if they have been able to raise common equity recently and would continue to exceed capital buffers that were set in the stress tests, the news agency cited the person as saying.
Medtronic quarterly earnings top estimates
CHICAGO - Medtronic Inc <MDT.N> said on Tuesday that quarterly earnings rose 59 percent on steady demand for its devices that protect against life-threatening heart rhythms, and it raised its fiscal-year forecast. Net income for the medical device maker's fiscal second quarter ended October 30 was $868 million, or 78 cents a share, compared with $547 million, or 48 cents a share, a year earlier.
World oil demand growth to outpace supply in 2010: poll
LONDON/NEW YORK next year to 85.9 million bpd.
U.S. officials press Feinberg to ease AIG curbs: report
- Kenneth Feinberg, the Obama administration's pay czar, is being pressed by federal officials to relax executive compensation restrictions at American International Group Inc <AIG.N> for 2010, the Wall Street Journal reported, citing people familiar with the matter. The officials believe very severe curbs could harm the insurer and eventually the taxpayers, according to the paper.
GM pays back Germany, signals fewer job cuts
DUESSELDORF/BERLIN - General Motors <GM.UL> has paid back a loan from Germany and slightly lowered its target for job cuts at struggling European unit Opel. Nick Reilly, the boss brought in from GM's thriving Asian operations to help revamp Opel, told reporters in Duesseldorf on Tuesday that his plans now call for cutting 9,000 to 9,500 jobs at Opel and British sister brand Vauxhall.
Playboy to outsource most magazine ops: report
- Playboy Enterprises Inc <PLA.N> will outsource most of the business operations of its namesake magazine in an effort to curb losses, the Wall Street Journal said on Tuesday. Playboy will turn over all magazine operations, except its editorial operations, to Florida-based American Media Inc, according to the paper.
Hedge funds set for rebound to pre-crisis level: MS
LONDON - Investment flows into hedge funds have turned net positive and the sector is heading toward having assets under management of around $1.75 trillion by year-end, according to Morgan Stanley. That would take them back up to levels last seen in the second quarter of 2007, it said.