After the rally, a retreat
Stocks ended lower Wednesday after a mixed session turned sour in the last half hour of trade, with investors bailing out of technology, financials and some of the other leaders of the previous day's rally.


Oil closes above $94 due to supply concerns
Crude-oil futures rebounded on Wednesday from a sharp sell-off in the previous two sessions, after forecasts show U.S. crude inventories may decline for a fourth week and as the Organization of the Petroleum Exporting Countries rejected a U.S. appeal to boost output at an upcoming meeting.


Copper Price Rises after Quake Hits Chile
The price of copper rose sharply after an earthquake rocked northern Chile, the world's largest copper producer. It wasn't clear whether mining output would be dented.


Dollar Remains as Main Currency Reserve, China says
The U.S. dollar will remain the ``main currency'' in China's $1.43 trillion foreign reserves, said Yi Gang, assistant governor of the People's Bank of China.

OPEC says India, China not to blame for costly oil
China and India aren't to blame for the surge in global oil prices to within $100 a barrel, OPEC Secretary General Abdalla Salem el-Badri said Wednesday in comments published by China's official Xinhua News Agency.

Merrill names NYSE chief Thain as CEO
Merrill Lynch & Co Inc (MER.N: Quote, Profile, Research) on Wednesday named NYSE Euronext (NYX.N: Quote, Profile, Research) Chief Executive John Thain as its new CEO, bringing in an outsider with a Goldman Sachs pedigree to repair an image battered by wrong-way bets on subprime mortgages.

UBS may write off $7.1B
UBS, the Swiss financial services giant, will take a multibillion write-down due to risky debt holdings linked to the deteriorating housing market, according to a news report.

Berkshire actions
Warren Buffett's Berkshire Hathaway Inc (BRKa.N: Quote, Profile, Research)(BRKb.N: Quote, Profile, Research) said on Wednesday it has taken a stake in CarMax Inc (KMX.N: Quote, Profile, Research), the largest U.S. retailer of used cars, and increased its holdings in Dow Jones & Co (DJ.N: Quote, Profile, Research) and several banking and health-care companies.

Cerberus backs out its purchase of United Rental
Cerberus has backed out of its planned $4 billion purchase of United Rentals, the rental equipment company said Wednesday. Shares of the rental equipment compnay fall over 30 percent as private equity group backs out of the $4 billion deal.

Ellison warns BEA on future bids
Any future Oracle takeover bid for BEA Systems will be for less than the $7bn ($17 per share) it offered last month, Larry Ellison, Oracle's chief executive officer, warned on Wednesday night.

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This entry was posted by David Choi, on Wednesday, November 14, 2007. You can leave your response.