Stunned dealers and traders at Bear Stearns Cos, the ailing US investment bank rescued by rival JPMorgan Chase & Co, turned up for work yesterday to find the value of their stock options in tatters and the future of their jobs up in the air.
The dollar fell below 96 yen for the first time in 12 years earlier yesterday after the Federal Reserve's emergency weekend cut in its discount interest rate and the sale of Bear Stearns Cos to JPMorgan Chase & Co.
Alan Schwartz wasn't supposed to be running Bear Stearns Cos, and now he is presiding over the 85-year-old securities firm's sale.
Siemens AG, Europe's biggest engineering company, fell the most in at least 18 years in Frankfurt after saying order delays and cancellations will cut earnings by 900 million euros this quarter.
US stock-index futures fell after Humana Inc reduced its earnings forecast and concern grew that the Federal Reserve's plan to stem credit losses may not be enough to avert a recession.
An unexpectedly long presidential primary season has helped CBS Corp avoid the worst of US economic doldrums, Chief Executive Les Moonves told analysts.
Standard Life Plc, Scotland's biggest insurer, jumped the most since going public almost two years ago as second-half profit exceeded analysts' estimates.
General Electric Co and Vestas Wind Systems A/S, the world's two biggest wind-turbine makers, are reaping benefits from record orders by US utilities racing to add generating capacity even as they face the loss of subsidies.
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Raymond Zhou
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