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Stocks May Regain Some Ground In Early Trading

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Today's News

A look at how some IPO stocks have fared

4 minutes ago

Facebook has filed paperwork for an initial public offering of stock. Its public debut, expected this week, will be the most anticipated tech IPO since Google went public in August 2004. Below is a look at how the stocks of some recently public companies are faring. The companies are all loosely Internet-related, though their businesses vary widely. _ Yelp Inc., developer of online games, first day of trading on March 2, 2012 Pricing: $15 per share First-day's close: $24.58, up 64 percent from IPO price

Business Highlights

7 minutes ago

___ Companies ask: Does advertising on Facebook pay? NEW YORK (AP) _ Responding to extraordinary demand, Facebook said Wednesday that it would sell more stock in the company's initial public offering. But ahead of the IPO, a debate emerged between two of the nation's largest automakers: Does it pay to advertise on the social network? General Motors, the nation's largest automaker, said it would abandon Facebook ads after concluding they were ineffective. At the same time, Ford reaffirmed its commitment to Facebook, saying their relationship was stronger than ever. The direct financial impact of GM's move is minimal for Facebook, but the decision drew attention to the network's advertising system, which some observers regard as immature.

Bain Capital defends record in light of criticism

10 minutes ago

Facing new attacks from Democrats, the private equity firm Mitt Romney helped create is defending its record. In a statement released Tuesday, Bain Capital says its record will be distorted and oversimplified during the presidential campaign. The Massachusetts-based firm notes that Romney retired more than 13 years ago. President Barack Obama's re-election campaign launched an attack ad this week across five states targeting Romney's tenure at the firm, which one former worker likened to a vampire. Bain says it helped improve companies' bottom lines more than 80 percent of the time. But employees from companies that went bankrupt under Bain's leadership are speaking out.

Greece gets caretaker PM until next vote in June

15 minutes ago

A senior judge was sworn in Wednesday to head Greece's caretaker government for a month as the debt-crippled country lurches through a political crisis that threatens its membership in the 17-nation eurozone. The political uncertainty is worrying Greece's international creditors as well as Greeks themselves, who have withdrawn hundreds of millions of euros from banks since the May 6 election. Council of State head Panagiotis Pikrammenos, 67, was appointed earlier Wednesday to head a government that will lack the mandate to make any binding commitments until a new election, which is expected June 17. About (EURO)700 million ($898 million) in deposits have left Greek banks since May 7, the day after the election, President Karolos Papoulias told party leaders after being briefed by central bank governor George Provopoulos.

AP Top Financial News At 6:06 p.m. EDT

18 minutes ago

Companies ask: Does advertising on Facebook pay? Lower oil prices ease load on consumers and Obama J.C. Penney's shares in free-fall after 1Q loss Greek turmoil spreads pessimism across markets US economy picks up after early spring slump

AP Top Extended Financial Headlines At 6:06 p.m. EDT

18 minutes ago

Two days ahead of historic IPO, debate emerges about Facebook advertising: Does it work? A 13 percent drop in oil prices this month is helping drivers and businesses J.C. Penney's shares drop by highest percentage since the stock market crash of Oct. 1987 Worries about a messy Greek exit from euro extend market slump; euro is weakest since January Homebuilding, factory output gains show economy may be strengthening after early spring slump

Deere fiscal 2Q profit rises, beats expectations

19 minutes ago

Deere posted a 17 percent spike in second quarter profit Wednesday and boosted its outlook for the year, predicting record-high global demand for its signature tractors, harvesters and seeders. Analysts had been anxiously awaiting Deere's take on the year going forward, with the potential for unprecedented crop production lowering commodity prices. But Deere said that it expects sales for the current quarter to rise 25 percent, easily outpacing Wall Street predictions. The world's largest producer of agricultural equipment topped expectations for the quarter that just ended as well. But its revenue for the second quarter fell slightly short of its own growth expectations and shares fell in midday trading. The company earned $1.06 billion, or $2.61 per share, up from $904 million, or $2.12 per share, in the same quarter last year.

J.C. Penney's shares in free-fall after 1Q loss

20 minutes ago

Wall Street doesn't seem to like J.C. Penney's new everyday low pricing any better than Main Street does. The department store chain's stock plunged nearly 20 percent on Wednesday_ the biggest decline since the 1987 market crash. The drop comes a day after Penney said it would no longer pay out a dividend and blamed its first-quarter loss on poor reception by shoppers to its strategy of getting rid of hundreds of sales each year in favor of predictable low prices every day. The pricing plan, which was rolled out on Feb. 1, aims to stop the cycle of heavy discounting and discourage customers from waiting for sales. But the reaction by investors and shoppers shows how difficult it will be for Penney to change the mindset of consumers who have been conditioned to expect blockbuster deals from Penney during the economic downturn.