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On Tuesday March 29, 2011, 5:45 pm
Rising
prices at the gas pump and in grocery aisles are starting to crimp shoppers'
outlook. The
Conference Board's Consumer Confidence Index fell sharply from a three-year
high in February, reversing five straight months of improvement. The
decline raises questions about Americans' ability and willingness to spend in
coming months. The
index fell more than expected to 63.4 from a revised 72.0 in February.
Economists expected 65.4, according to FactSet. Home
prices hit pre-boom levels in 14 US cities Damage
from the housing bust is spreading to areas once thought to be immune. In
at least 14 major U.S. metro areas, prices are now at 2003 levels -- when the
housing bubble was just starting to inflate. Prices will likely fall further
this year, making many people reluctant to buy or sell. That would push down
sales and prices more. The
depressed housing industry is slowing an economy that has shown strength
elsewhere. And it's starting to hurt those who bought years before the housing
boom began. In some cities, people who have paid their mortgages for a decade
have little or no home equity. Toyota
restricts parts orders; Honda cuts output DETROIT
(AP) -- Shortages of auto parts from Japan are hitting Honda and Toyota's North
American operations. Toyota
Motor Corp. on Tuesday said it wants its U.S. car dealers to stop ordering more
than 200 replacement parts made in Japan because it's worried about running out
of them. Honda Motor Co. said it will temporarily cut production at its North
American auto factories starting Wednesday due to shortages. Industry
analysts expect many automakers to run into shortages because supply factories
in Japan were damaged by the March 11 earthquake and tsunami. Several
automakers already have been forced to cut production. Chrysler Group LLC, Ford
Motor Co. and others have stopped taking orders for certain paint colors
because a specialized pigment factory hasn't been able to come back on line. Rating
cut deepens Portugal's financial woes LISBON,
Portugal (AP) -- Rating agency Standard & Poor's has lowered debt-stressed
Portugal's credit worthiness, deepening the country's financial plight as it
fights to avoid a bailout. The
agency said Tuesday it lowered its sovereign credit ratings on Portugal to
BBB-/A-3 from BBB/A-2 and said the country's outlook is "negative." It
said Portugal's high debt load and poor growth prospects make it likely the
ailing country will need a financial rescue package. S&P
downgrades Greece, says more loans likely ATHENS,
Greece (AP) -- Standard & Poor's lowered Greece's credit rating again
Tuesday, saying it was "highly likely" the country would need to take
further bailout loans beyond the ones it already has. S&P's
downgrade to BB- from BB+ puts Greece's rating deeper into junk status. The
agency said the country's borrowing needs are such that it will likely need
more help on top of the 110 billion euros ($155 billion) in loans it is
receiving from the International Monetary Fund and fellow eurozone countries. Lennar
reports surprise 1st-quarter profit MIAMI
(AP) -- Lennar Corp. posted a surprise fiscal first-quarter profit as the
homebuilder controlled costs and hedged against housing woes by purchasing
troubled loans and properties from banks. But
the Miami company delivered fewer homes and reported a decline in new home
orders. Homebuilders
are a bellwether for the housing market and the economy. Each new home built
creates, on average, the equivalent of three jobs for a year and generates
about $90,000 in taxes paid to local and federal authorities, by some
estimates. Nokia
sues Apple again over patents HELSINKI
(AP) -- Nokia is suing Apple in the United States for allegedly infringing
patents in its mobile phones, portable music players, tablets and computers,
the Finnish company said Tuesday. The
complaint, filed with United States International Trade Commission, ITC, is the
latest in a string of lawsuits by Nokia and comes as the world's largest
handset maker struggles to keep up with smartphone rivals such as Apple Inc. Apple
and Nokia Corp. have been locked in a long-running legal battle over patent
claims, with each side accusing the other of infringing on patents that cover
features such as swiping gestures on touch screens and the built-in "app
store" for downloading updated programs. GE
to buy most of Converteam in $3.2B deal General
Electric Co. said Tuesday it will spend $3.2 billion for a controlling stake in
French equipment developer Converteam as it continues to position itself as a
major player in what's expected to be a 20-year boom in oil and natural gas demand. Converteam,
which serves a variety of industries including oil and gas companies, is the
latest of $11 billion in acquisitions by GE's energy business. GE also has
acquired Dresser Inc., Wellstream Holdings, Lineage Power Holdings and Well
Support in the past six months. Levi
Strauss cited for wage violations WASHINGTON
(AP) -- Clothing maker Levi Strauss & Co. will pay about $1 million in back
wages to 596 employees after the government found overtime and record keeping
violations, the Labor Department said Tuesday. A
government investigation found that the San Francisco-based company
misclassified several groups of workers as exempt from overtime, including
assistant store managers at some newly acquired stores. J&J
recalls more Tylenol bottles due to musty odor WASHINGTON
(AP) -- Health care products maker Johnson & Johnson recalled another lot
of Tylenol on Tuesday due to a musty odor that has already triggered five other
recalls of the company's over-the-counter medicines. The
latest recall involves more than 34,000 bottles of Tylenol 8 Hour Extended
Release, which were distributed throughout the U.S. All of the products come
from lot number ADM074, which appears on the bottom of the bottles. It's
the sixth time that the New Brunswick, N.J.-based company has recalled
nonprescription medicines because of complaints about an unpleasant odor. By
The Associated Press(equals) The
Dow Jones industrial average gained 81.13 points, or 0.7 percent, to 12,279.01.
The S&P 500 rose 9.25 points, or 0.7 percent, to 1,319.44. The Nasdaq
composite rose 26.21, or 1 percent, to 2,756.89. Benchmark
West Texas Intermediate crude for May delivery gained 81 cents to settle at
$104.79 per barrel on the New York Mercantile Exchange. In London, Brent crude
added 38 cents to settle at $114.96 per barrel on the ICE Futures exchange. In
other Nymex trading, heating oil for April delivery increased 1.61 cents to
settle at $3.0573 per gallon and gasoline futures rose 1.60 cents to settle at
$3.0436 per gallon. Natural gas for May delivery lost 18.5 cents to settle at
$4.263 per 1,000 cubic feet. ·
U.A.W. Open to More Jobs At a Second-Tier Pay Level
- at New York Times ·
Japan could cause auto supply chain rethink -expert
- at Reuters ·
[audio] Radio Update: Wall Street sees Green [1.0 min]
- at MarketWatch ·
Japan could cause auto supply chain rethink: expert
- Reuters ·
Toyota restricts parts orders; Honda cuts output
- AP ·
Moody's Ups Debt Ratings on Itron -
Zacks ·
Honda Recalls Odysseys Again - Zacks
·
Lennar Improves on Rialto - Zacks
·
Positive Data on Risperdal Consta -
Zacks ·
Nokia Siemens Wins Contract - Zacks
·
Ford Motor Company Common Stock ·
General Electric Company Common ·
Honda Motor Company, Ltd. Commo ·
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