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Ford reports surprise $1 billion 3Q profit
DEARBORN, Mich. (AP) _ Ford Motor Co. says it made nearly $1 billion in the third quarter, fueled by U.S. market share gains, cost cuts and the government's Cash for Clunkers rebates. The Dearborn, Mich.-based automaker posted net income of $997 million, or 29 cents per share. Ford says it now expects to be "solidly profitable" in 2011. Previously Ford said it would be break-even or better.
European stocks up on manufacturing optimism
LONDON (AP) _ European stock markets rose modestly Monday despite earlier big losses in Asia, as solid manufacturing data helped ease concerns that the global economic recovery is faltering. Britain's FTSE 100 index of leading British shares was up 16.63 points, or 0.3 percent, at 5,061.18 while Germany's DAX rose 7.78 points, or 0.1 percent, to 5,422.74. The CAC-40 in France was 4.36 points, or 0.1 percent, higher at 3,612.05.
Humana 3Q profit jumps on government programs
NEW YORK (AP) _ Health insurer Humana Inc. said Monday its third-quarter profit rose 65 percent on a boost from government programs, mainly on higher enrollment and premiums from Medicare Advantage. The company earned $301.6 million, or $1.78 per share, up from profit of $183 million, or $1.09 per share, a year prior. Revenue jumped 8 percent to $7.72 billion from $7.15 billion.
Retail faces uncertainty as CIT enters bankruptcy
WASHINGTON (AP) _ The bankruptcy of a key lender that helps retailers stock their shelves is adding to the industry's worries ahead of the critical holiday shopping season. CIT Group Inc. filed for Chapter 11 bankruptcy protection Sunday in New York after months of struggling to avoid collapse. The company provides badly needed credit to thousands of small and mid-sized businesses, and is a critical part of the flow of capital in the retail sector.
US stock futures rise ahead of manufacturing data
NEW YORK (AP) _ U.S. stock futures are moderately higher Monday as investors await key reports on manufacturing and housing, seeking reassurance that the economic recovery will be sustainable. Overnight, Asian stocks fell sharply following the big losses in U.S. markets on Friday. European stock markets, however, rose modestly after a report showed manufacturing activity in Europe increased for the first time in a year and a half.
Oil hovers near $77 ahead of US economic reports
SINGAPORE (AP) _ Oil prices hovered near $77 a barrel Monday in Asia after a big fall the previous trading session as investors eyed upcoming figures on the U.S. economy and a volatile dollar. Benchmark crude for December delivery was down 11 cents to $76.89 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange.
AP analysis: Hardest-hit areas recovering slowly
The economic recovery is proceeding unevenly in its early stages, with areas hurt most by the housing slump still lagging behind other regions, according to The Associated Press' monthly analysis of economic stress in more than 3,100 U.S. counties. Counties in the Southeast, the industrial Midwest and the Southwest are still struggling and have made the least improvement, the analysis of September data found. The northern half of the nation is stabilizing or improving faster than the southern half. Northern counties generally didn't suffer as much from the housing bust.
Denbury to buy oil developer Encore for $2.64B
DALLAS (AP) _ Oil and gas developer Denbury Resources Inc. said Sunday it will pay $2.64 billion in cash and stock to purchase Encore Acquisition Co., in a move to become one of the largest independent oil exploration and production companies in North America. Encore shareholders will receive $50 for each share held, including $15 in cash and $35 in stock. The purchase price represents a 35 percent premium to the stock's closing price Friday.
Microsoft CEO: IT spending won't fully recover
SEOUL, South Korea (AP) _ Microsoft CEO Steve Ballmer said Monday corporate spending on information technology will not recover to levels seen in recent years before the global economic slowdown. "The economy went through a set of changes on a global basis over the course of the last year which are, I think is fair to say, once in a lifetime," Ballmer told a meeting of South Korean executives in Seoul.
As jobs vanish, factory towns slow to see stimulus
WASHINGTON (AP) _ Many communities hit hardest by job losses, those built around dying factories and mills, have been slowest to see relief from President Barack Obama's stimulus plan, underscoring how hard it is for Washington policymakers to create lasting work in areas that need it most. The manufacturing industry has shed hundreds of thousands of jobs during the recession as plants have closed or scaled back. Places such as the southwest Missouri city of Lamar, tucked amid endless fields of winter wheat and soybeans, have seen the cornerstones of their economies disappear, leaving a gap that even billions in roadwork and government aid cannot fill.
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