Market News
Bank of New York Mellon (BK)
Bank of New York Mellon's joint venture with China's Western Securities Co Ltd is still in the process of the Chinese regulatory approval, said Robert P. Kelly, chief executive of the U.S.-based bank, on Tuesday.
The proposed JV asset management firm, in which BNY Mellon intends to take a 49% stake, will open soon after the regulatory approval, with a focus on the retail market in China, according to the chief executive.
Oct 28 · 12:53:00 PM · Source: China Knowledge
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by Michael Oliveto
American Express (AXP)
American Express and Discover were named as the two best credit card companies based on overall consumer satisfaction, according to J.D. Power and Associates 2009 Credit Card Satisfaction Study.
The study ranks consumer satisfaction of credit card usage on six factors including customer interaction, interest rates and fees, payment processes, benefits and services and problem resolution. The study uses a 1,000 point scale and found that consumers are overall much less satisfied with their credit cards in 2009 than they were in 2008 and 2007.
Oct 28 · 12:41:00 PM · Source: American Banking News · Related: Discover Financial Services
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by Michael Oliveto
Amgen (AMGN)
A British charitable trust filed a patent infringement suit against Amgen and Wyeth on Wednesday over their blockbuster Enbrel drug, one of the world's best-selling treatments for rheumatoid arthritis.
The Mathilda and Terence Kennedy Institute of Rheumatology Trust asked a federal court in Delaware to grant royalty payments and damages from Wyeth and Amgen for infringing a patent for treating arthritis.
Oct 28 · 12:28:00 PM · Source: Reuters
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by Michael Oliveto
American Electric Power (AEP)
American Electric Power Co declared on Tuesday a regular quarterly cash dividend of $0.41 per share on the company's common stock.
This dividend is due on 10 December 2009 to shareholders of record as of 10 November 2009.
Oct 28 · 12:22:00 PM · Source: Trading Markets
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by Michael Oliveto
Housing
The Commerce Department says new home sales fell 3.6 percent in September to a seasonally adjusted annual rate of 402,000 from a downwardly revised 417,000 in August. Economists had expected a pace of 440,000. It was the first drop since March.
Oct 28 · 10:49:00 AM · Source: AP
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by Larry Etter
WellPoint Health Networks (WLP)
Wellpoint said that third quarter earnings of $730.2 million, or $1.53 a share, down from $820.7 million, or $1.60 a share, a year earlier. Revenue rose 3.1% to $15.43 billion
Company's CEO said the nation's largest health insurer by members remains confident about the outlook for the current quarter and expects net growth of more than 400,000 national members in January.
Oct 28 · 10:46:00 AM · Source: Company News Release
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by Larry Etter
Coca-Cola (CCE)
Coca-Cola Enterprises, the largest bottler for Coca-Cola Co., reported a third quarter profit of $247 million, or 50 cents a share, up from $214 million, or 44 cents, a year earlier. Excluding hedging and restructuring impacts, earnings rose to 51 cents from 46 cents. Revenue decreased 3% to $5.57 billion, but were flat excluding currency impacts. Revenue fell 4% in North America and 1% in Europe.
Company raised its comparable full-year 2009 EPS expectations to a range of $1.54 to $1.57.
Oct 28 · 10:42:00 AM · Source: Company News Release
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by Larry Etter
Jones Apparel Group (JNY)
Jones Apparel Group, whose brands include Jones New York, Nine West and Anne Klein, said for the third quarter period ended Oct. 3 earnings rose to $29 .1 million, or 36 cents per share, from $26.8 million, or 33 cents per share, last year.
Profit levels surprised Wall Street on the positive side. The company said its third quarter revenue fell 11 percent, to $855.7 million from $964.7 million last year.
Oct 28 · 10:37:00 AM · Source: Company News
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by Larry Etter
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