Stock futures flat as market drifts near record high

By Rodrigo Campos NEW YORK (Reuters) - Stock index futures were little changed on Tuesday after the S&P 500 hit yet another intraday record in the previous session, with markets expected to drift sideways ahead of Congressional testimony from Fed chairman Ben Bernanke on Wednesday. The U.S. economic calendar is thin and the market will continue to be vulnerable after the S&P and Dow industrials

Apple, Congress spar over taxes ahead of Tuesday hearing

By Patrick Temple-West and Poornima Gupta WASHINGTON/SAN FRANCISCO (Reuters) - Using an unusual global tax structure, Apple Inc has kept billions of dollars in profits in Irish subsidiaries to pay little or no taxes to any government, a Senate report on the company's offshore tax structure said on Monday. ...

Best Buy profit tops estimates, sales miss

(Reuters) - Best Buy Co Inc reported weaker-than-expected quarterly sales on Tuesday and warned that a slew of investments to win back shoppers could squeeze profits in the near term. The news overshadowed a better-than-expected profit from the world's largest consumer electronics chain in the first quarter and sent its shares down 4 percent in premarket trading. Net earnings from continuing ope

Housing recovery boosts Home Depot results; outlook raised

By Dhanya Skariachan (Reuters) - Home Depot Inc reported higher-than-expected quarterly results and raised its sales and profit outlook for the year as the world's largest home improvement chain benefited from a nascent recovery in the U.S. housing market. The news on Tuesday boosted Home Depot shares by 3.9 percent to $79.75 in premarket trading. A bubble in the U.S. housing market was at the c

JPMorgan investors on edge over vote on Dimon; what if they win?

By David Henry TAMPA, Florida (Reuters) - As final ballots come in on a proposal to strip JPMorgan Chase & Co Chairman and Chief Executive Jamie Dimon of his chairman title, some worry about what will happen if shareholders win what will likely be a close vote. JPMorgan's annual meeting on Tuesday will bring to head a months-long and bitter shareholder campaign demanding more oversight of Dimon,

Dollar firms before Bernanke, inflation dip hits sterling

By Marc Jones LONDON (Reuters) - The dollar firmed, gold fell and shares slipped off five-year highs on Tuesday as investors postioned for an update on the future of the U.S. Federal Reserve's stimulus programme. A slowdown in British inflation sent sterling to a 7-week low on the view it could give the Bank of England more leeway to support the UK economy, and the yen lost ground after a Japane

Sprint receives SoftBank waiver to consider Dish offer

By Mari Saito TOKYO (Reuters) - Sprint Nextel Corp said its Japanese suitor SoftBank Corp granted it a waiver allowing it to consider a $25.5 billion rival bid by Dish Network Corp, as pressure mounts on SoftBank to sweeten its offer for the No. 3 U.S. wireless carrier. Sprint said its recommendation in favor of the SoftBank agreement had not changed, although some major Sprint shareholders incl

Vodafone keeps Verizon payout to make up for European slump

By Kate Holton and Paul Sandle LONDON (Reuters) - Vodafone will reinvest a $3.2 billion dividend from its healthy U.S. arm to counter weakness in southern Europe that contributed to the largest ever quarterly fall in the group's main revenue measure. The British firm is trying to decide whether to sell Verizon Wireless, its profitable U.S. unit in what could be the world's third largest deal to

AutoZone profit rises as costs fall

(Reuters) - AutoZone Inc , the largest U.S. auto parts retailer, reported a 7 percent rise in quarterly profit as costs fell. Net income rose to $265.6 million, or $7.27 per share, in the third quarter, from $248.6 million, or $6.28 per share, a year earlier. Revenue rose 4.5 percent to $2.21 billion. (Reporting by Bijoy Koyitty in Bangalore)

IT firm iGate sacks CEO over undisclosed relationship

By Sumeet Chatterjee and Harichandan Arakali MUMBAI/BANGALORE (Reuters) - IT outsourcing company iGate Corp said it had sacked its chief executive, Phaneesh Murthy, for not disclosing a relationship with a subordinate after investigating one of the industry's best-known executives for sexual harassment. Murthy had led several initiatives to improve the performance of the Fremont, California-base

Apple's Cook to face Senate questions on taxes

WASHINGTON (AP) — A Senate panel says Apple Inc. is avoiding paying billions of dollars in U.S. taxes, but the world's most valuable company says it is complying with the laws and pays "an extraordinary amount" in taxes to the U.S. government.

Housing recovery boosts Home Depot 1Q results

ATLANTA (AP) — Even though the weather was poor, Home Depot posted an 18 percent increase in its net income for the first quarter thanks to the ongoing housing recovery.

Best Buy reports 1Q loss on restructuring costs

MINNEAPOLIS (AP) — Best Buy Co. is reporting a loss in its fiscal first quarter as it sold its stake in Best Buy Europe and works on a turnaround plan that includes cutting costs and closing some stores.

Sprint to listen to Dish offer

OVERLAND PARK, Kan. (AP) — Wireless company Sprint Nextel Corp. says it can now let Dish Network Corp. see its books and talk with Dish to see whether its competing offer to buy Sprint is better than its current deal with Japan's SoftBank.

Futures fall as markets await hints from Fed

NEW YORK (AP) — U.S. stock futures are down in light trading ahead of an appearance this week by Fed Chairman Ben Bernanke before Congress.

Markets choppy ahead of Bernanke testimony

LONDON (AP) — Markets were fairly choppy Tuesday as investors were reluctant to push stock indexes up further ahead of a much-anticipated statement from U.S. Federal Reserve chairman Ben Bernanke.

Does France have right plan to revive its economy?

PARIS (AP) — The man charged with reviving France's shrinking economy and attracting businesses to invest there is gaining a reputation for doing the opposite.

How the French economy compares to Germany's, UK's

PARIS (AP) — Here's how the struggling French economy stacks up compared to Germany's and Britain's.

Average credit card debt, late payments fall in 1Q

LOS ANGELES (AP) — Americans got better about paying their credit card debt on time in the first three months of the year, a period when many borrowers use income tax returns to tackle their holiday season debt.

Vodafone annual profits up 1.9 percent

LONDON (AP) — U.K.-based mobile telecoms company Vodafone has reported a 1.9 increase in annual profits despite a slowdown in much of its European operations.

Photos: Frank Lloyd Wright Homes For Sale

Frank Lloyd Wright may have died in 1959, but his architecture is alive and well. A recent story in the Wall Street Journal revealed the cost to upkeep some of his historic homes may be more than buyers bargain for, but others clamor to invest in history.

Martha Stewart Case Judge Ruling Favors JCP

The judge presiding over the lawsuit against Martha Stewart and J.C. Penney ruled on Friday allowing the sale of Martha Stewart merchandise in J.C. Penney stores.

Couple Finds $100,000 in Safe Deposit Box

An elderly couple in Brooklyn, N.Y., found a huge pile of cash–what they reckon was $100,000–in cash in a bank’s safe deposit box. Joe Valinoti, 82, and his companion, Kathleen Ricigliano, 81, said they opened a safe deposit box account with Sovereign Bank in February....

3 Indicted for Millions of Fake Marlboros

Three men were indicted this week for shipping millions of packs of untaxed contraband Marlboro cigarettes that were part of a sting conducted by the FBI. Jia Yongming, Yazhou Wu, and Ricky Le were indicted by the U.S. Attorney’s Office on Monday in a U.S....

Men Charged for Millions of Fake Marlboros

Three men were indicted this week for shipping millions of packs of untaxed contraband Marlboro cigarettes that were part of a sting conducted by the FBI. Jia Yongming, Yazhou Wu, and Ricky Le were indicted by the U.S. Attorney’s Office on Monday in a U.S....

Holy Grail of Books Could Fetch $30M

A rare psalm book from 1640 could fetch between $15 million to $30 million at a Sotheby’s auction on Nov. 26 in New York. “It’s going to be far and away the most expensive book ever sold,” David Redden, vice chairman of Sotheby’s auction house,...

Holy Grail of Rare Books, Hymnal Could Fetch $30M

A rare psalm book from 1640 could fetch between $15 million to $30 million at a Sotheby’s auction on Nov. 26 in New York. “It’s going to be far and away the most expensive book ever sold,” David Redden, vice chairman of Sotheby’s auction house,...

McDonald's Apologizes for Sad Big Mac Ad

McDonald’s has apologized for a Big Mac ad that enflamed the fast food giant in a whopper-sized controversy. The ad, a poster placed on Boston mass transit, featured a photo of a seemingly despondent woman with her head buried in her hands next to the...

Retail Sales Fall, Sending Stocks Down

Retail sales fell by 0.4 percent in March, according to the Commerce Department, the biggest drop in nine months. The major stock market indexes slid on the news. Taxes went up at the beginning of the year for everyone who gets a paycheck and that...

Photos: Rock Icon's Former Home on Sale

A former home of rock legend Stevie Nicks and silent-movie star Vilma Banky is on sale for $1.625 million. The 4-bedroom home in the Hollywood Hills has a guest apartment, sunset views and spans 3,538-square feet. Nicks purchased the property in the late '70s and recorded numerous demos there, according to Curbed. Banky reportedly lived there after it was built in the late '20s. The home was last