The Other Side of Life 24/7: Daily Investor Briefing: S&P 500 rises to 2-1/2-month high on...

Wednesday, July 18, 2012

Daily Investor Briefing: S&P 500 rises to 2-1/2-month high on...

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07/18/2012

Reuters Election 2012 Daily round-up of the day's top news from the campaign trail, the White House and all the politics in between

S&P 500 rises to 2-1/2-month high on profits

NEW YORK (Reuters) - The S&P 500 touched its highest level since early May on Wednesday as corporate profits from bellwethers Intel and Honeywell defied fears of a collapse in earnings.

IBM second quarter EPS beats Street, revenue falls short

(Reuters) - IBM posted second-quarter revenue of $25.8 billion and net earnings of $4.1 billion as the technology and consulting company benefited from strong demand for software services but was hit by currency effects.

EBay second-quarter revenue climbs 23 percent

SAN FRANCISCO (Reuters) - EBay Inc reported a 23 percent increase in second-quarter revenue to $3.4 billion on Wednesday, while profit climbed 16 percent to $730 million, or 56 cents per share.

American Express quarterly profit rises marginally

(Reuters) - Credit card company American Express Co's second-quarter profit rose marginally as cardmember spending growth moderated.

Consumer agency fines Capital One for card marketing

WASHINGTON (Reuters) - Capital One Financial agreed to pay $210 million to resolve charges by banking regulators that its call-center representatives misled consumers into paying for extra credit card products.

Exclusive: Ackman exits Citi to raise cash for P&G

(Reuters) - Hedge fund Pershing Square Capital Management told investors this week that it recently sold its position in Citigroup and used that money to buy shares of Procter & Gamble.

J.C. Penney CEO stands by pricing strategy

ASPEN, Colorado (Reuters) - J.C. Penney Co Inc Chief Executive Ron Johnson stood by the company's new pricing strategy on Wednesday, even though that plan has initially hurt sales.

Peregrine CEO denies lavish lifestyle, assets to be sold

CHICAGO/CEDAR FALLS, Iowa (Reuters) - Peregrine Financial Group Chief Executive Russell Wasendorf Sr., who last week confessed to bilking futures customers of more than $100 million, owned a jet plane and an extensive wine collection but he did not, he said in his confession, live large.

Geithner defends U.S. response to 2008 Libor concerns

NEW YORK (Reuters) - U.S. Treasury Secretary Timothy Geithner defended himself against criticisms that regulators should have taken bigger steps to address concerns over the credibility of the benchmark Libor interest rate, saying on Wednesday that U.S. authorities had pushed early and forcefully for reforms.

Credit Suisse counters critics with $15.6 billion capital plan

ZURICH (Reuters) - Credit Suisse unveiled measures to boost its capital base by 15.3 billion Swiss francs ($15.6 billion), a move that was welcomed by a previously critical central bank and left some investors skeptical.