Major earnings: H.J. Heinz Co.
Events: U.S. Federal Reserve Chairman Ben Bernanke gives speech in Frankfurt, followed by panel discussion with ECB President Jean-Claude Trichet and IMF chief Dominique Strauss-Kahn.
Midwest farmland prices up 10% from year ago
Farmland values in the U.S. Midwest, one of the world’s top grain growing regions, jumped 10 percent in the third quarter compared to a year ago due to rising agricultural prices and the low cost of money, the Federal Reserve Bank of Chicago said on Thursday. Get the full story »
Pace of mortgage mods continues to slow
The number of Chicago-area homeowners who received permanent mortgage modifications rose last month, topping 25,000, but the pace at which consumers are being added to that group has slowed dramatically.
The government’s monthly accounting of its Home Affordable Modification Program showed that in the Chicago area, the 25,001 mortgages that received permanently lower payment terms was a 3.1 percent increase from September. On a percentage basis, that’s the smallest monthly gain of the year, and a dramatic drop from the high double-digit gains recorded earlier this year. Get the full story »
White House to push for tech policy action in 2011
The Obama administration on will push Congress next year to move ahead on critical technology policies, the White House’s technology chief said on Thursday. Get the full story »
Boeing 787 delays give edge to rival Airbus
Aircraft manufacturer Boeing Co.’s delays in readying its new 787 Dreamliner jumbo jet for delivery have been giving competitors an advantage, an executive for rival Airbus said Thursday.
“It’s true that all the delays with the 787 have helped us,” Airbus Senior Vice President for Latin America Rafael Alonso told reporters on the sidelines of an airline forum, noting the Airbus A330 as the main beneficiary. “In the case of the 787, we think their problems aren’t resolved yet, we don’t know how it’s going to continue developing.” Get the full story »
Fox’s Ailes apologizes for calling NPR execs Nazis
From The New York Times | Roger Ailes, the chairman of Fox News, publicly apologized on Thursday for comparing NPR executives to Nazis.
Gap profit off 1.3%, sales up 1.7% in 3Q
Gap Inc.’s fiscal third-quarter profit fell 1.3 percent, though share repurchases boosted the the casual-apparel retailer’s per-share earnings.
But shares of Gap, which affirmed its fiscal-year outlook, were down 2.1 percent, at $20.47, after hours as margins fell and the company said it would close fewer stores than previously planned. Get the full story »
3Q profit better than expected for Dell, sales weaker
Dell Inc. reported better-than-expected profit and margins and raised its yearly outlook for operating income growth, but sales came in below Wall Street’s forecast despite solid demand from large corporations.
The personal computer maker reported net earnings for the third quarter ended Oct. 29 of $822 million, or 42 cents a share, up from $337 million, or 17 cents a share, a year earlier. Get the full story »
New 787 delay already factored into Boeing stock
A seventh delay for the long-awaited Boeing Co 787 Dreamliner is all but assured, and the negative sentiment is priced into shares, analysts said Thursday.
Shares of Boeing, a component of the Dow Jones Industrial Average, were up 3.4 percent Thursday — partly erasing losses since an electrical fire last week forced it to halt Dreamliner test flights — but the stock was still down more than 6 percent since the Nov. 9 incident. Get the full story »
Injuries from toys rising, product safety agency reports
Bloomberg News | The Consumer Product Safety Commission reports that injuries involving toys rose 7.6 percent last year, requiring more than 180,000 emergency room visits for kids younger than 15.
Flight attendants clear Southwest to fly bigger jets
Bloomberg News | A vote to approve contract changes Thursday by Southwest flight attendants has cleared the way for the airline to start flying larger737 jets on popular routes.
Mortgage rates backing off historic lows
Borrowers betting that mortgage rates would fall even further lost out this week. The best rates may be behind them.
The average rate on a 30-year fixed mortgage rose to 4.39 percent from 4.17 percent, mortgage buyer Freddie Mac said Thursday. The latter’s the lowest level on records dating to 1971. Get the full story »
FAA to require cockpit window checks on 747s
The U.S. Federal Aviation Administration plans to add Boeing Co.’s widely used 747 to the list of airplanes that must have their cockpit windows inspected or replaced because of the danger of an electrical fire, the Associated Press reported Thursday.
House fails to extend expiring jobless benefits
An effort to continue assistance for millions of jobless people who will see their benefits run out in coming weeks failed in the House Thursday.
By a vote of 258 to 154, the proposal to extend jobless benefits for three months fell short of the two-thirds margin needed to pass the House under special rules that limit debate. Get the full story »
