Microsoft Corp.(NASADAQ:MSFT) is buying Nokia Corp.'s (NYSE:NOK) line-up of smartphones and a portfolio of patents and services in an attempt to strengthen its fight with Apple Inc. and Google Inc. and capture a slice of the lucrative mobile computing market.
The 5.44 billion euros ($7.2 billion) deal announced late Monday marks a major step in the company's push to transform itself from a software maker focused on desktop and laptop computers into a more versatile and nimble company that delivers services on any kind of Internet-connected gadget.
"It's a bold step into the future a win-win for employees, shareholders and consumers of both companies," Microsoft CEO Steven Ballmer told reporters at Nokia's headquarters in Finland Tuesday. "It's a signature event." Continue reading "Nokia stock surges on Microsoft takeover"
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Orders for long-lasting U.S. factory goods fell sharply last month as demand for commercial aircraft plummeted and businesses spent less on computers and electrical equipment.
The Commerce Department said Monday that orders for durable goods plunged 7.3 percent in July, the steepest drop in nearly a year. Excluding the volatile transportation category, orders fell just 0.6 percent. Both declines followed three straight months of increases.
Durable goods are items meant to last at least three years. The drop suggests manufacturing continues to struggle after starting the year weak. Continue reading "Orders for long-lasting US factory goods plunge"
U.S. stocks dropped for a fourth day in a row Monday as investors continued to express worry about the recent rise in bond yields. Banking stocks also dragged down the broader market.
The Dow Jones industrial average dropped 70.73 points, or 0.47 percent, to 15,010.74. The Standard & Poor's 500 index lost 9.78 points, or 0.6 percent, to 1,646.05. The market fell broadly 4 stocks fell for every one that rose on the New York Stock Exchange.
The technology-heavy Nasdaq composite index also fell, losing 13.69 points, or 0.48 percent, to 3,589.09. The Russell 2000 index, which is made up of primarily riskier, small-company stocks, fell nearly twice as much as the S&P 500. That index fell 11.05 points, or 1 percent, to 1,013.25.
Investors had little data to digest Monday, so the focus for many remained the ongoing climb in bond yields. The yield on the benchmark 10-year Treasury note rose to 2.88 percent from 2.83 percent Friday. Yields are at their highest level since July 2011. Continue reading "Stocks drop for a fourth straight day"
Warnings of weaker sales from two major companies and concern that the Federal Reserve will soon start withdrawing its support for the economy pummeled the stock market Thursday. The Dow Jones industrial average slumped 225 points, its worst day in nearly two months.
Before the start of trading, Wal-Mart cut its estimates for annual revenue and profit, warning that cautious shoppers are spending less. The news followed a disappointing revenue forecast from Cisco Systems late Wednesday.
In a twist, more signs of resilience in the U.S. economy drove long-term interest rates to their highest level in two years and wound up rattling the stock market. Reports on inflation and the job market appeared to raise the odds that the Fed would begin winding down its massive bond-buying program next month. Many investors think that the Fed's effort has underpinned the stock market's record run. Continue reading "Warnings of slower sales drive down U.S. stocks"