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General Electric expects to take a $115 million charge in the first quarter related to a court ruling on its asbestos liability, according to a company spokesman.
Mergers and would be-mergers, housing starts and producer prices could all influence the market today. Stocks look a bit weak on the opening after clinging to small gains yesterday that put the Dow at another record.
Stocks are grounded for now, after flying high yesterday on Fed Chairman Ben Bernanke's soothing comments about inflation. The markets look flat to mixed ahead of the open and a bunch of economic data. More testimony from Bernanke and several key data points could determine direction.
Merck said on Wednesday it agreed to settle tax disputes with the U.S. Internal Revenue Service at a net cash cost of about $2.3 billion.
Google was criticized by a group of major media companies for deliberately providing Internet traffic to Web sites accused of offering illegal film downloads, according to several people familiar with the matter, The Wall Street Journal reported Monday.
Speaking at a media and technology conference in New York, Murdoch said there would be more details on the long-awaited channel announced soon.
Amazon.com and TiVo will begin testing Wednesday a service that lets users watch videos rented or bought over the Internet directly on televisions, as part of a trend to link personal computers and TVs.
NBC TV boss Jeff Zucker was named President and CEO of NBC Universal, replacing long-time CEO Bob Wright, who continues as vice chairman of parent company, General Electric Co.
Wall Street is gearing up for a higher opening this morning after yesterday's sluggish trading saw averages barely budge. Tokyo and Hong Kong closed higher, and China's market found a firmer footing after its steep decline.
Entertainment giant NBC Universal, a unit of General Electric, is expected to name Jeff Zucker to the chief executive post this week in an effort to help it better compete in the digital age.
Bears lost the Super Bowl but they might make some gains on Wall Street today. Stocks look set to start the week on a soft footing with focus on some key earnings reports and a light calendar of economic data. Merger news dominates Monday headlines.
Drug and medical device maker Abbott Laboratories posted a big fourth-quarter loss due to a charge related to its $3.7 billion purchase of Kos Pharmaceuticals, offsetting stellar sales growth of its medical devices and drugs.
Shares of Boeing fell sharply after Wachovia downgraded the aerospace and defense company to market perform from outperform.
Stocks in the U.S. are leaning towards a higher open, as investors brace for a barrage of earnings news. Oil is bucking its recent downtrend and is slightly higher as cold weather finally settles into the Northeast. European stocks are trading higher, helped by mining, metals and oil stocks. Asian markets closed higher with Tokyo at a 9-month high.
General Electric has been forced to restate earnings for the second time in 18 months after US regulators objected to the way the conglomerate had accounted for complex derivatives instruments the Financial Times reports.
"We think we're getting close to a top," said Bill Strazzullo, chief market strategist for Bell Curve Trading. "The problem is the market is counting on this booster shot of lower interest rates and some of that has been taken out."
General Electric Chairman and Chief Executive Jeffrey Immelt said the company doesn't need to make any more acquisitions this year, but he signaled that there is strong interest from buyers in GE's plastics division.
As the Democrats cement their control of the Legislative branch, their actions in the first 100 hours in power are being scrutinized by business watchers. Scott Hodge, president of the Tax Foundation, told “Power Lunch” that he believes the Democrats are using taxation for political gain – and not “good policy” that will drive American prosperity.
Abbott agreed to sell two diagnostic units to General Electric for $8.13 billion because the business has gotten too big, CEO Miles White told CNBC.
General Electric reported higher fourth-quarter earnings, boosted by stronger sales at all units except its GE Industrial division