Gas in the tank: GM repays $8.1B in
gov't loans WASHINGTON (AP) -- Fallen giant The Obama administration crowed about
the "turnaround" at GM and fellow bailout recipient Much of the improvement comes from GM
slashing its debt load and work force as part of its bankruptcy reorganization
last year. But the automaker is a long way from regaining its old blue-chip
status: It's still losing money -- $3.4 billion in last year's fourth quarter
alone. Stocks muddled as glow from Apple
results fades NEW YORK (AP) -- The stock market
stalled Wednesday after the glow of strong results at The Dow Jones industrial average rose
about 8 points to 11,124.92, while broader indexes were mixed. Technology and industrial shares drew
buyers after The good news on earnings wasn't enough
to give the market much of a lift. Analysts caution that investors are starting
to become accustomed to better earnings so even stellar numbers might not
inject energy into stocks. Banks trade their way to profit; loan
losses ease NEW YORK (AP) -- The nation's big banks
have found the key to success while they wait for the economy to recover:
aggressive trading of investments including bonds, currencies and commodities. But they may also be heading toward
making money on loans again. The big banks that have released earnings over the
past week all reported improvements in their consumer loan portfolios. Banking executives had been
conservative about their views on the economy and predicting a peak in losses
from failed loans. Now they are saying mortgage and credit card defaults are
declining. AP source: Goldman CEO to testify
before Senate NEW YORK (AP) -- Blankfein will answer questions before
the Senate's Permanent Subcommittee on Investigations on Tuesday, according to
the person. He spoke on condition of anonymity because the appearance hasn't
been publicly announced. Blankfein is scheduled to discuss
Goldman's role in the subprime mortgage crisis but is expected to be questioned
on the Securities and Exchange Commission's civil fraud lawsuit filed Friday,
the person said. Chrysler posts $197M loss but cash
balance grows DETROIT (AP) -- Chrysler Group LLC says
cost cuts, manufacturing efficiency and disciplined pricing helped the
Italian-run automaker slash its net loss to $197 million in the first quarter. The red ink was far less than the
staggering $3.8 billion that Chrysler lost from the time it left bankruptcy
protection June 10 through the end of last year, and the company says it is a
sign that its turnaround plans are starting to work. Chrysler, now run by Italy's Fiat Group
SpA, said it posted a $143 million operating profit from selling cars and
trucks, before interest and taxes. AMR loses half-billion dollars in 1Q DALLAS (AP) -- The parent of American's results showed that airlines
are a long way from recovery. Although there are fleeting signs of a slight
increase in air travel, and airlines have raised fares and add-on fees, the
carriers are now threatened by rising prices for fuel and other expenses. AMR Corp., the parent of Former KB Home CEO convicted in
backdating trial LOS ANGELES (AP) -- The former head of
construction giant KB Home was convicted Wednesday of four felony counts in a
stock option backdating scam. A federal jury in Los Angeles found Bruce
Karatz guilty of two counts of mail fraud, one count of lying to company
accountants and one count of making false statements in reports to the
Securities and Exchange Commission. Karatz was acquitted on 16 other
counts. The 64-year-old former CEO showed no
emotion as the verdicts were read. He remains free on bond and faces up to 60
years in prison when he is sentenced Sept. 8. EBay profit up but shares hit by soft
forecast SAN FRANCISCO (AP) -- EBay Inc. said
Wednesday its first-quarter profit rose 11 percent as consumers spent more on
its main website, but a disappointing forecast for the current quarter pushed
the company's shares down sharply in after-hours trading. EBay said it earned $397.7 million, or
30 cents per share in the first quarter, compared with $357.1 million, or 28
cents per share in the same period of 2009. Excluding one-time items, the company
earned 42 cents per share. Analysts polled by Thomson Reuters expected 41
cents. Revenue climbed 9 percent to $2.2 billion,
matching analyst estimates. McDonald's value menu entices customers
in 1Q CHICAGO (AP) -- McDonald's Corp.'s
strongest month of U.S. sales in nearly a year combined with big gains overseas
to boost first-quarter profit more than 11 percent. The fast-food giant also sees that
March momentum spilling into April as it draws more customers with its
breakfast value menu and increasingly popular coffee and frappes. Wednesday's news may point to
tentatively better fortunes ahead for the nation's restaurant industry. Even
McDonald's, which held up well early in the recession, had been squeezed by
consumers cut back on eating out. Government goes high-tech to redesign
$100 bills WASHINGTON (AP) -- The folks who print
America's money have designed a high-tech makeover of the $100 bill complete
with disappearing Liberty Bells and magical ribbons. It's all part of an effort to stay
ahead of counterfeiters as copying technology becomes more sophisticated and
more dollars flow overseas. The makeover was unveiled by Treasury
Secretary Timothy Geithner and By The Associated Press The Dow rose 7.86, or 0.1 percent, to
11,124.92, its third straight advance. The Dow has risen nine of the past 10
days. The broader Standard & Poor's 500
index slipped 1.23, or 0.1 percent, to 1,205.94. The Benchmark crude for June delivery gave
up 17 cents to settle at $83.68 a barrel on the New York Mercantile Exchange.
In London, Brent crude added 90 cents to settle at $85.70 a barrel on the ICE
futures exchange. In other Nymex trading in May
contracts, heating oil rose 2.56 cents to settle at $2.2058 a gallon and gasoline
added less than a penny to settle at $2.2827 a gallon. Natural gas lost 2 cents
to settle at $3.955 per 1,000 cubic feet.