US-BUSINESS Summary
Dollar stabilizes, Asia shares slip
HONG KONG - The dollar stabilized in early trade on Tuesday after losing ground in New York, while Asian shares slipped as investors shrugged off upbeat U.S. home sale data and took a breather after recent gains. The dollar <.DXY> recovered ground as investors in Asia grew more cautious ahead of a string of U.S. economic data this week and the start of the Christmas shopping season on Friday after the U.S. Thanksgiving holiday, which will be a key test of consumer confidence.
HP triples stock buyback plan, profit up 14 percent
SAN FRANCISCO - Hewlett-Packard Co <HPQ.N> tripled the size of its share repurchase program to $12 billion as China sales and better profit margins on its services boosted quarterly earnings. The fiscal fourth-quarter results released on Monday were in line with preliminary figures that HP gave two weeks ago, which had topped Wall Street's estimates at the time. Shares of HP fell slightly in after-hours trading.
Fed asks U.S. banks to submit TARP repayment plans: report
, Bloomberg said, citing a person familiar with the situation. The banks may be allowed to repay the TARP money soon if they have been able to raise common equity recently and would continue to exceed capital buffers that were set in the stress tests, the news agency cited the person as saying.
Icahn outbids Penn for Fontainebleau Las Vegas
LOS ANGELES - Financier Carl Icahn has offered $156.5 million to acquire the partially built Fontainebleau Las Vegas resort, which has been stalled in bankruptcy court since June, according to the resort's chief operating officer. At a bankruptcy court hearing today in Miami, Icahn bid $105 million plus $51.4 million of debtor-in-possession financing, said COO Howard Karawan.
Home sales at 2-1/2 year high
WASHINGTON said on Monday, as buyers rushed to take advantage of a popular tax credit for first-time buyers that had been scheduled to end this month.
U.S. officials press Feinberg to ease AIG curbs: report
- Kenneth Feinberg, the Obama administration's pay czar, is being pressed by federal officials to relax executive compensation restrictions at American International Group Inc <AIG.N> for 2010, the Wall Street Journal reported, citing people familiar with the matter. The officials believe very severe curbs could harm the insurer and eventually the taxpayers, according to the paper.
Businesses still cautious on borrowing
CHICAGO - A trade group for the lenders that finance half the capital equipment investment in the United States said on Monday that U.S. businesses remain hesitant about borrowing to invest in their operations. The Equipment Leasing and Finance Association told Reuters that its capex financing index, which measures the overall volume of financings used to fund equipment acquisitions, fell to $4.3 billion in October, down 32.8 percent from last October and down 8.5 percent from September.
More retail brokers mull "breaking away": study
CHARLOTTE, North Carolina - As the economy shows signs of stabilizing, major retail brokers are increasingly comfortable with leaving the largest brokerage houses and setting out on their own, according to a company that provides services to the brokers. Retail brokers have been leaving the biggest companies all year, but now some of the most successful brokers are jumping ship, said Barnaby Grist, who recruits independent advisers to use Charles Schwab Corp's <SCHW.O> support systems.
Hedge funds may get $11 billion frozen at Lehman
NEW YORK , or LBIE. The scheme requires approval by 90 percent of Lehman's clients.
Playboy to outsource most magazine ops: report
- Playboy Enterprises Inc <PLA.N> will outsource most of the business operations of its namesake magazine in an effort to curb losses, the Wall Street Journal said on Tuesday. Playboy will turn over all magazine operations, except its editorial operations, to Florida-based American Media Inc, according to the paper.