October 30, 2010 |
The American economy is showing a little more pep in its step, the government reported Friday, but not enough to help bring down high unemployment or put the country on the road to sustained and widespread prosperity. The nation's gross domestic product ? the total value of goods and services produced inside U.S. borders ? grew at a modest annual rate of 2% in the third quarter, up from 1.7% in the second quarter, the Commerce Department said. Even though the United States is at least technically in the process of recovering from the worst recession in decades, the slow growth rate, high unemployment, the devastated housing market and widespread uncertainty over the future have seeded clouds of political resentment that shadow next Tuesday's congressional elections ?
October 27, 2010 |
CB Richard Ellis Group, the world's largest commercial real estate brokerage, on Tuesday reported a strong third quarter propelled by increased property sales and leasing in the U.S. and abroad. Although local commercial rents are still falling and property values remain uncertain, a growing number of transactions helped the Los Angeles company report a 360% increase in profit to $57 million, or 18 cents a share, compared with $12.4 million, or 4 cents, in the third quarter of 2009.
October 22, 2010 |
Verizon Communications Inc. reported third-quarter profit that beat analysts' estimates after more customers bought smart phones and signed up for data plans to operate them. Net income at Verizon, which co-owns its mobile-phone business with Vodafone Group, fell to $881 million, or 31 cents a share, from $1.18 billion, or 41 cents, a year earlier. Excluding payments related to its pension fund and charges from sales and acquisitions, profit was 56 cents a share, the New York company said Friday.
September 25, 2010 |
KB Home narrowed its loss considerably in its fiscal third quarter, the Los Angeles builder said Friday, as it delivered more homes at a higher price than during the year-earlier period and cut its costs. But orders for new dwellings plummeted, indicating that demand for new homes will remain on shaky ground as long as the job market is weak. A separate government report Friday underscored the difficulties for the new-home market, with sales of newly built U.S. homes unchanged in August after hitting a record low in July.
September 24, 2010
KB Home narrowed its fiscal third-quarter loss, helped by fewer charges and higher revenue. Its stock rose 54 cents, or 4.6 percent, to $12.25 in premarket trading. But the homebuilder's backlog, which represents future housing revenue, dropped, and net orders fell 39 percent. The economic downturn, high unemployment and tight credit continue to keep many from buying homes, even with some of the lowest mortgage rates in decades. KB Home said Friday it lost $1.4 million, or 2 cents per share, in the three months ended Aug. 31. That compares with a loss of $66 million, or 87 cents a share, a year earlier.
December 22, 2009 |
Troubled home loans continued to mount in the nation's banks in the third quarter as even once-solid borrowers increasingly fell behind on their mortgage payments. For the first quarter ever, the number of homes in foreclosure with mortgages serviced by U.S. national banks and savings and loans topped the 1-million mark, according to figures released Monday by the Office of Thrift Supervision and the Office of the Comptroller of the Currency. The percentage of prime borrowers whose loans were 60 or more days past due doubled from the July-to-September period a year earlier.
October 17, 2009 |
In an ugly reminder of the depth of consumers' economic troubles, Bank of America Corp. on Friday reported a $1-billion net loss for the third quarter, much worse than Wall Street expected. The company, the country's largest retail lender, recorded an $11.7-billion expense to cover future loan losses, up from a $6.5-billion provision in the third quarter of 2008. The results pushed Bank of America's share price down 4.6% and helped trigger a down day for stocks overall. Chief Executive Kenneth D. Lewis told analysts that the bank's "credit losses may have peaked" in the third quarter, but he warned that results would "continue to be challenging" in the fourth quarter.
October 11, 2009 |
The stock market's second-quarter performance was such a hit, Wall Street decided to virtually replicate it in the third quarter. Lifted by a rising tide of hope for a sustained economic recovery, share prices worldwide continued to rebound powerfully in the three months ended Sept. 30. The benchmark Standard & Poor's 500 index posted a total return of 15.6% in the quarter, just slightly less than the 15.9% gain in the second period, as more investors grew confident that stocks' 12-year lows in early March wouldn't be revisited any time soon.
October 7, 2009 |
CHICAGO -- Boeing said today it expects to record a charge of $1 billion in the third quarter due to higher costs in its 747-8 program and difficult market conditions. Last year, the company said it was delaying deliveries of the 747-8 freighter and passenger jets due to design changes, limited engineering resources and a strike that shut down the company's commercial jet factories for eight weeks. About $640 million of the charge reflects higher estimated costs to produce 747-8 airplanes at Boeing and its suppliers, Boeing said.
November 29, 2007 |
U.S. business bankruptcies rose 35% in the third quarter from a year earlier and are likely to climb further in the current period as the slumping housing market and rising energy prices take a toll, according to a study released Wednesday. The study, by credit insurer Euler Hermes ACI, found that 7,167 U.S. businesses filed for bankruptcy protection during the quarter, up 7% from the second quarter and bringing the total number of filings for the first nine months of the year to 20,152.