Thursday, July 31, 2008
U.S. stocks mostly lower on economic worries
U.S. stocks mostly lower on economic worries
U.S. stocks are mostly lower, as economic concerns resurface after data
shows weaker-than-expected growth in the second quarter and a jump in
jobless claims.
Economic Report: GDP accelerates to 1.9% pace in 2nd quarter
Boosted by stimulus checks from Uncle Sam and big drop in imports, real
growth in the U.S. economy accelerated in the second quarter to a 1.9%
annual rate, the Commerce Department reports.
Exxon Mobil profit up 14% , but production disappoints
Exxon Mobil Corp. says higher oil prices drove profits up by $1.4
billion, but the world's largest oil corporation falls short of Wall
Street's earnings target for the second quarter in a row on higher
costs, lower refining and chemical margins and a 3% dip in adjusted
production.
Bristol-Myers bids $4.5 billion for rest of Icahn's ImClone
Bristol-Myers Squibb has offered to purchase the shares of partner
ImClone that it does not already own for $4.5 billion, or $60 each.
Economic Report: Commerce Dept. concedes U.S. economy contracted in
fourth quarter
The U.S. economy contracted in the fourth quarter of 2007, the first
quarter of negative growth since the 2001 recession, the Commerce
Department concedes.
