Several thousand jobs will be lost in Australia by 2017 as the curtain comes down on a century of car manufacturing Down Under.» Read More
Shares in Aluminum Corp of China, dived more than 11% on Thursday after news that Alcoa, the world's top aluminum producer, sold its stake in the Chinese firm for US$2 billion.
Alcoa said Wednesday it sold its stake in Aluminum Corp. of China (Chalco) for about $2 billion, a $1.8 billion gain on an investment that had yielded no real cooperation on the ground.
The shortage of aluminum and titanium bolts -- known as fasteners in the aerospace industry -- has been publicly discussed by Boeing for six months or so, but the problem is still not completely solved, Boeing CEO Jim McNerney said at an investor presentation.
Rio Tinto, the world's third largest miner by revenues, said Monday it has won U.S. antitrust approval for its $38.1 billion (28 billion euros) takeover of Alcan.
The market’s rebound from its worst decline in four years picked up steam Wednesday. The Dow jumped 145 points on the hopes The Fed has restored order to the credit market and dealmaking can continue unbridled. Can it?
A late rally pushed U.S. stocks sharply higher at the close as takeover news and rate-cut speculation overshadowed jitters about tighter credit markets. "We think that liquidity is returning to the market after being problematic," said Kevin Cronin, head of investments at Putnam. "We think the Fed's actions last week righted the ship."
Late last year, in his first and last interview with CNBC following the blowup of the cholesterol drug torcetrapib, I asked new Pfizer CEO, Jeff Kindler, how he could go from "selling chicken" at Boston Market (he used to run the chain for McDonald's) to "selling drugs". Based on the subsequent vibe I got, it was clear that some of the Pfizer media relations people at the time didn't like the question.
Pfizer on Wednesday said it named Frank A. D'Amelio, a senior executive of Alcatel-Lucent, as chief financial officer of the drugmaker.
Stocks rallied Friday as investors were encouraged by a cut in discount rates by the Fed. "As long as we can stay out of the woods with further credit problems, we can build from this base and go forward steadily," said James Maguire, Sr., managing director at LaBranche. "I think we've hit the bottom. We might fish around here for a bit, but I'm very confident."
Midwest Air Group, which had been fending off hostile suitor AirTran Holdings, on Friday said it accepted a higher bid of about $450 million from private equity firm TPG Capital and Northwest Airlines.
AirTran Holdings Tuesday raised its offer to buy Midwest Air Group by 3 percent, to about $445 million, in a last-ditch bid to win control of the rival airline.
U.S. billionaire investor Carl Icahn reported on Tuesday that his fund has taken significant stakes in aluminum companies Alcan and Alcoa, which had previously held discussions to merge.
Pequot Capital Management, a large shareholder in Midwest Air Group, said on Tuesday that it has "significant concerns" about the airline's decision to pursue a bid by TPG Capital and Northwest Airlines.
U.S. stocks closed little-changed amid investor concerns that more credit troubles may be down the road. "I think there's still a lot of convincing to do to investors that things are going to work out fairly well," said Sam Stovall, chief investment strategist at Standard & Poor's.
Midwest Air Group said it will pursue takeover offer worth roughly $395.5 million from U.S. private equity firm TPG Capital, which includes a passive investment from the U.S. No 5 airline Northwest Airlines.
Global miner Rio Tinto first-half profit fell 6%, hurt by higher costs and unfavorable exchange rates despite selling its copper, iron ore, and other industrial commodities at sharply higher prices.
Australia's Alumina, said on Wednesday its underlying 2006 profit fell 10%, due to higher operating costs and a strong Australian dollar, sending its shares down over 2%.
First Solar, Brocade, Costco and more...Investing can be confusing. Luckily, Cramer has mapped out some road rules for all you Home Gamers trying to navigate the jungle that is Wall Street. Think of it as "Mad Money 101" –- some fundamental advice to keep in mind as you play the market. Whether you're a first time investor or a seasoned financier, it's always good to remember the basics.
Earnings reports and corporate announcements were some of the catalysts behind the most actively traded stocks on Tuesday.
Midwest Air Group said Tuesday it planned to begin talks with would-be acquirer AirTran Holdings and other interested parties, leading to a 13 percent jump in its shares.