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Oct 30, 2012

U.S. stock markets expect to reopen on Wednesday

By John McCrank and Sakthi Prasad

(Reuters) – Major U.S. stock exchanges expect to open on Wednesday after a monster storm shut down their trading for two days.

NYSE Euronext (NYX.N: Quote, Profile, Research) said the New York Stock Exchange would open, although it would switch to fully electronic trading if necessary. Nasdaq OMX’s Nasdaq Stock Market will be operating on Wednesday as well, a source familiar with the matter said.

Oct 30, 2012

Stock markets consider opening on Wednesday

By John McCrank and Sakthi Prasad

(Reuters) – Stock exchanges are looking at opening on Wednesday after monster storm Sandy receded from New York, sources said, and the New York Stock Exchange is testing a new plan to help resume trading.

U.S. stock markets were closed on Monday and Tuesday. At least some market participants believe that opening on Wednesday is critical, because many traders need prices to value their portfolios at the end of the month.

Oct 30, 2012

NYSE to test new plan; trading floor undamaged by storm

Oct 30 (Reuters) – NYSE Euronext said it plans to
test a new contingency plan to help resume stalled U.S. equity
trading, and added that its famed trading floor is not yet
damaged by Sandy, one of the biggest storms to hit the United
States.

U.S. stock markets will be closed for a second day on
Tuesday, as Wall Street turns its attention to whether markets
would be able to resume functioning on the month’s final trading
day on Wednesday.

Oct 30, 2012

NYSE to test new storm plan, trading floor undamaged

Oct 30 (Reuters) – NYSE Euronext said it is
preparing to implement a new contingency plan to help resume
stalled U.S. equity trading, and added that its famed trading
floor is not yet damaged by Hurricane Sandy.

Under the plan outlined late on Monday, all trading in
NYSE-listed securities would be executed on the Arca exchange,
NYSE said in a notice issued to traders.

Oct 18, 2012

Wireless boosts Verizon’s third-quarter profit, mum on 2013

By Nicola Leske and Sakthi Prasad

(Reuters) – U.S. telecommunications group Verizon Communications Inc posted a record quarterly profit thanks to its wireless business, even as corporate customers delayed renewing contracts amid continued economic uncertainty at home and abroad.

Verizon said on Thursday it was on track to meet 2012 financial goals, with capital spending for the year expected to be lower than the $16.2 billion total in 2011.

Oct 18, 2012

Wireless boosts Verizon’s 3rd-qtr profit, mum on 2013

Oct 18 (Reuters) – U.S. telecommunications group Verizon
Communications Inc posted a record quarterly profit
thanks to its wireless business, even as corporate customers
delayed renewing contracts amid continued economic uncertainty
at home and abroad.

Verizon said on Thursday it was on track to meet 2012
financial goals, with capital spending for the year expected to
be lower than the $16.2 billion total in 2011.

Jun 8, 2012

Logitech to cut 450 jobs in cost-saving drive

June 7 (Reuters) – Swiss-listed Logitech International
will cut about 13 percent of its workforce, in an
attempt by the computer mouse maker’s new president for a quick
fix following three profit warnings.

Logitech said on Friday the job cuts, mainly white-collar
positions, will result in a $35 million charge. They are part of
a restructuring, announced in April, to save $80 million amid a
soft euro and weak economy.

May 29, 2012

Dewey files for chapter 11 in record law firm collapse

NEW YORK/BANGALORE (Reuters) – The crippled law firm Dewey & Leboeuf LLP filed for chapter 11 bankruptcy protection Monday night and will seek approval to liquidate its business after failing to find a merger partner, marking the biggest collapse of a law firm in U.S. history.

Once one of the largest law firms in the U.S., Dewey has been hit by the loss of the vast majority of its roughly 300 partners to other firms amid concerns about compensation and a heavy debt load.

Apr 2, 2012

Pinnacle Airlines files for bankruptcy in US

April 2 (Reuters) – Pinnacle Airlines Corp, parent
of Pinnacle Airlines and Colgan Air, filed for bankruptcy
protection late on Sunday, the latest victim of high fuel prices
and dampened travel demand.

Memphis, Tennessee-based Pinnacle operates as various
regional airlines – most notably Delta Connection – for
bigger-name partners including Delta Air Lines, United
Airlines and US Airways.

Feb 1, 2012

Questions remain as panel winds up Sino-Forest probe

By Sakthi Prasad and Rachel Armstrong

(Reuters) – Bankruptcy threatened plantation operator Sino-Forest Corp said an independent committee had wound up its probe into allegations the firm had exaggerated its assets, but its report is unlikely to pacify investors as it left key questions unresolved.

China-focused, Canadian-listed Sino-Forest has been reeling since last June, when short-seller Carson Block and his Muddy Waters firm alleged it had exaggerated its Chinese forestry assets in what it described as a “Ponzi scheme.”

    • About Sakthi

      "I am a Bangalore-based reporter covering the U.S. Overnight shift. Previously, I have written about small- and mid-cap U.S. companies."
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