Home Depot said today that its full-year earnings from continuing operations may come in better than previously forecast. The move by the nation's largest home improvement chain came weeks after smaller rival Lowe's raised its full-year outlook after reporting its first-quarter results in mid-May.
Procter & Gamble announced today that company veteran Bob McDonald will lead the world's largest consumer-products company, citing his broad global experience. McDonald, who will take over July 1 as CEO, has helped build P&G's developing markets business and restructure company operations, and has deep experience in the Asian region.
A report issued today said the Federal Reserve lost $5.25 billion in the first quarter on the securities it acquired with last year's bailouts of Bear Stearns and AIG. The loss on the holdings reflected a decline in their value as the recession carried over into the first three months of this year. The cumulative loss comes to over $16 billion since they were taken over last year.
Italy's Fiat is the new owner of most of Chrysler's assets, closing the deal today that saves the troubled U.S. automaker from liquidation and creates a leaner company known as Chrysler Group LLC, which is not in bankruptcy protection and is free of billions in debt, 789 underperforming dealerships and burdensome labor costs that hobbled the old Chrysler. The new company will focus on smaller vehicles, areas in which Chrysler was weak.
The Mortgage Bankers Association said today that
spiking mortgage rates drove down total home loan applications last week as demand for refinancing shriveled to the lowest level since November. The swift rate rise crimps affordability, and is likely cutting offer prices on home sales and prolonging a housing turnaround.