Archive for July 7th, 2008

Stocks fell Monday afternoon, reversing gains made earlier in the session, led by financial shares as investors remained wary of corporate earnings due out later in the week and nervous about the overall health of the economy.

Remove Yahoo's board and Microsoft might be interested in a deal again, the software giant and Carl Icahn said Monday.

Carl Icahn published an open letter to Yahoo shareholders Monday in which he disclosed that he has spoken several times to Microsoft chief executive Steve Ballmer over the past week: "Several of our conversations have lasted as long as an hour," Icahn wrote, suggesting it was a real get-to-know-you sort of thing.

When the Massachusetts passed its much-delayed state budget last week, it included an obscure tax-law change that could be crucial for small-business owners concerned about unfair competition. By becoming the 22nd state to adopt "combined reporting" legislation, Massachusetts lawmakers are hoping to put a stop to a longstanding practice that, they say, gives large corporate chains an unfair advantage over their smaller competitors at tax time.

Stocks were mixed midday Monday, after rallying earlier in the session, as investors welcomed falling oil prices but remained wary of corporate earnings due out later in the week.

Oil prices, after hitting a record high last week, fell more than $5 a barrel Monday as the dollar gained strength and traders reacted to an apparent easing of Mideast tensions.

Alcoa and General Electric set the tone for a disappointing first-quarter earnings period back in April when both reported worse-than-expected results.

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Stocks rose Monday, with the Dow exiting bear territory, as falling oil prices eased some fears about the economy but corporate earnings due out latter in the week loom large.

The outlook for the nation's battered labor market continues to worsen, according to the latest reading from a leading business research organization.