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Retailers report mixed sales results for October
NEW YORK (AP) _ The nation's retailers are reporting mixed sales results for October. Shoppers, enticed by cooler weather and holiday discounts, opened their wallets a bit more but were still restrained from splurging on apparel amid tight credit and a weak job market. As merchants report their figures Thursday, Costco Wholesale Corp.'s sales at stores open at least a year rose 5 percent. Children's Place Retail Stores and Stage Stores Inc. are reporting declines.
'Clunker' data show pickup-for-pickup trades
WASHINGTON (AP) _ Billed as a way for the government to put more fuel-efficient vehicles on highways, the popular $3 billion Cash for Clunkers program mostly involved swaps of old Ford or Chevrolet pickups for new ones that got only marginally better gas mileage, according to an analysis of new federal data by The Associated Press. The single most common swap _ which occurred more than 8,200 times _ involved Ford F150 pickup owners who took advantage of a government rebate to trade their old trucks for new Ford F150s. They were 17 times more likely to buy a new F150 than, say, a Toyota Prius. The fuel economy for the new trucks ranged from 15 mpg to 17 mpg based on engine size and other factors, an improvement of just 1 mpg to 3 mpg over the clunkers.
ECB leaves interest rate unchanged at 1 percent
FRANKFURT (AP) _ The European Central Bank has left its main interest rate unchanged at 1 percent. The ECB's decision Thursday keeps the rate at a record low even as signs emerge the 16 countries that use the euro are slowly emerging from recession.
Toyota surprises with profit, boosts forecast
TOKYO (AP) _ Toyota Motor Corp. announced Thursday a surprise profit last quarter and trimmed its projected red ink for the year, underlining the gradual recovery under way for Japan's giant automakers. The world's largest car company attributed the unexpected profit _ its first after three losing quarters _ to government measures around the world designed to boost sales of environmentally friendly cars and other vehicles.
Stock futures shift gears, push slightly higher
NEW YORK (AP) _ U.S. stock futures reversed an early slide and moved slightly higher Thursday ahead of more data on consumer spending and jobs, two of the market's biggest concerns. Overseas, Asian markets fell overnight, while European shares were slightly lower in afternoon trading there after central banks left their interest rates unchanged. The Bank of England also said it would pump more money into the economy after news last week that the country remains in recession.
Oil slips below $80 as US dollar strengthens
Oil prices slipped below $80 a barrel Thursday as the U.S. dollar strengthened, making commodities like crude more expensive for international investors. By early afternoon in Europe, benchmark crude for December delivery was down 56 cents to $79.84 a barrel in electronic trading on the New York Mercantile Exchange. The contract added 80 cents to settle at $80.40 on Wednesday.
Opel workers in Germany stage protests
RUESSELSHEIM, Germany (AP) _ Thousands of Opel employees walked off their jobs to attend a rally at the automaker's headquarters Thursday, protesting General Motors Co.'s decision to abandon the unit's sale to new owners the workers hoped would preserve jobs. Workers at Opel's German headquarters in Ruesselsheim vented their frustration and anger at GM, which after months of negotiations decided Tuesday to scrap the sale of a majority in Opel to Canadian auto parts maker Magna International Inc. and Russian lender Sberbank.
CVS Caremark 3Q profit jumps 39 percent
NEW YORK (AP) _ CVS Caremark Corp. said Thursday its third-quarter profit jumped 39 percent to more than $1 billion on a boost from pharmacy benefits services and drugstore sales. The Woonsocket, R.I., company says profit jumped to $1.02 billion, or 71 cents per share, from $732.5 million, or 50 cents per share, a year prior. Net revenue rose 18 percent to $24.64 billion from $20.86 billion.
Time Warner Cable 3Q profit falls 11 percent
Time Warner Cable Inc., the nation's second biggest cable TV operator, said Thursday its profit fell 11 percent in the third quarter, weighed down by heftier interest expenses after piling on debt to separate from its parent, Time Warner Inc. Higher video programming and employee costs also hurt earnings, but the cable company said its revenue rose 4 percent in part due to price increases.
Insurer Cigna's 3Q profit grows 92 percent
INDIANAPOLIS (AP) _ Managed care company Cigna Corp. said Thursday its third-quarter profit soared 92 percent, as improving equity markets spurred a big turnaround in a business segment that hurt the insurer last year. Philadelphia-based Cigna earned $329 million, or $1.19 per share, in the three months that ended Sept. 30. That compared to $171 million, or 62 cents per share, in the same quarter of 2008.
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