SINGAPORE, May 27- Crude futures rose on Wednesday to recover some ground after steep drops in the previous session, boosted by expectations that U.S. crude stocks could fall for a fourth straight week. Prices were also supported by comments from western diplomats that a nuclear deal with Iran was unlikely by a June 30 deadline, and the oil producer would not get...» Read More
PARIS-- The Paris prosecutor's office says it has opened a preliminary investigation into scarf and bag maker Hermes' claim that luxury giant LVMH Moet Hennessy Louis Vuitton engaged in insider trading and share manipulation when it took a stake in its rival.
NEW YORK-- Shares of discount store chain Dollar Tree fell on Friday after an analyst downgraded the stock on weakening sales trends. THE SPARK: Jefferies analyst Daniel Binder said in a note to investors that revenue in stores open at least one year, a key retail metric, have been decelerating at Dollar Tree.
TOP- LINE GAINS: Wells Fargo posted record earnings in the third quarter. Wells' net income in the quarter ended Sept. 30 rose 23 percent, to $4.72 billion from $3.84 billion in the same period last year. New mortgage loan originations rose to $139 billion from $89 billion in last year's third quarter.
NEW YORK-- A Citigroup analyst on Friday downgraded the shares of Seagate Technology PLC and Western Digital Corp., two leading makers of hard drives, to "Sell" from "Buy" because he sees weakness not just in the PC sector, but in corporate spending on servers and storage arrays, which also use hard drives.
WASHINGTON-- The federal budget deficit has topped $1 trillion for a fourth straight year. The Treasury Department said Friday that the deficit for the 2012 budget year totaled $1.1 trillion.
A Thursday bankruptcy court hearing involving retired Atlanta police Detective Jaqueline Barber's home in Fayetteville did not go her way, said Tim Franzen, a leader of Occupy Our Homes ATL. Franzen said more than 30 people were camped out in the yard on Friday, and several of the officers who worked with Barber on the Atlanta force joined the effort.
PROVIDENCE, R.I.-- A nonprofit that promotes urban ecology in part through environmental job training has transformed a contaminated lot in Providence into a nursery with 300 trees. Groundwork Providence on Friday morning marked the opening of the Hope Tree Nursery in the city's Elmwood section.
Shares of online travel companies fell Friday after Travelzoo Inc. warned investors that its third-quarter profit would likely shrink 40 percent from the prior year. Online travel companies such as Travelzoo, Expedia Inc. and Priceline.com Inc. are in intense competition for customers, who remain somewhat cautious about their spending.
BOISE, Idaho-- The lawyer for a would-be Tamarack Resort buyer under federal indictment wants off the fraud case, citing deep communication problems over legal strategy and a potential conflict of interest.
NEW YORK-- Shares of Sears Holdings Corp.' s spinoff of its Hometown and Outlet Stores are rising on their debut trading day. The Hoffman Estates, Ill., company, which runs Kmart and Sears stores, had signaled in February that it would split off Sears Hometown and Outlet Stores Inc. as a separate publicly traded entity.
Texas- based oilfield services company Baker Hughes Inc. reported Friday that 1,411 rigs were exploring for oil and 422 were searching for gas. Of the major oil- and gas-producing states, Texas gained four rigs while Alaska, New Mexico and Oklahoma gained one apiece. Arkansas, Colorado, North Dakota and Wyoming lost one rig apiece.
NEW YORK-- Shares of LinnCo LLC, a subsidiary of oil and natural gas developer Linn Energy LLC, rose nearly 4 percent in its first day of trading on the Nasdaq. The Houston company raised about $1.1 billion in its initial public stock offering, selling 30.3 million shares for $36.50 each. Trading under the "LNCO" symbol, shares added $1.30 to $37.80 in afternoon trading.
UnitedHealth Group Inc. has spoiled the surprise for investors by already stating that its third-quarter net income will top Wall Street expectations, but the nation's largest health insurer will release more details on Tuesday.
They fault President Barack Obama and his Environmental Protection Agency for new clean air rules they deride as a devastating blow to a multibillion-dollar industry that has been the lifeblood of Appalachia for generations.