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Gridlock over raising debt limit weighs on stocks
Stock Market News |
2011/07/26 09:12
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The debt gridlock in Washington is causing more worries on Wall Street.
Stocks fell Tuesday as U.S. lawmakers remained in a bitter stalemate over raising the country's borrowing limit. Republican and Democratic lawmakers have offered competing proposals to avoid a catastrophic default on the government's debt. A resolution appears a long way off. If an agreement is not reached by Aug. 2, the U.S. won't have enough cash to pay its bills.
Industrial companies led stocks lower after earnings reports from UPS, 3M and U.S. Steel raised concerns that the economy is weakening.
In midday trading, the Dow Jones industrial average is down 62 points, or 0.5 percent, at 12,530. The Standard & Poor's 500 is down 3, or 0.3 percent, at 1,334. The Nasdaq composite is flat at 2,843.
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UPS sticks with its outlook as 2Q earnings rise
Stock Market News |
2011/07/26 09:12
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UPS said on Tuesday that the sluggish U.S. economy will continue to impact its results, but it will grow earnings by raising prices and improving volume overseas.
In a conference call with analysts, CEO Scott Davis said the global economy is still recovering at an uneven pace, with strength in China and Europe outpacing other areas. And while fuel prices have come down and production issues in Japan appear to be clearing up, high unemployment and weak consumer confidence continue, and U.S. debt issues add to the uncertainty.
Talk of ongoing weakness in UPS' core domestic market unnerved investors. Shares fell $3.57, or 4.8 percent, to $70.45 in midday trading after losing as much as 6 percent earlier in the session.
Still, the world's largest package delivery company maintained its outlook for the year. It expects adjusted earnings of $4.15 to $4.40 per share, implying growth of 17 to 24 percent from 2010. The upper end is above Wall Street's expectations. Analysts, on average, predict earnings of $4.34 per share.
In the second-quarter, UPS earned $1.06 billion or $1.07 per share, compared with year-ago earnings of $845 million, or 84 cents per share.
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Calif Supreme Court rules on illegal local taxes
Headline Legal News |
2011/07/26 09:11
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Ruling in a Los Angeles case, the California Supreme Court has ruled taxpayers can file class-action claims when seeking refunds from cities and counties for illegal local taxes.
Monday's unanimous ruling overturns lower-court rulings requiring taxpayers to file individual refund claims.
In class action claims, an individual can win damages for an entire group of people affected by the same unlawful action.
The San Francisco Chronicle says Estuardo Ardon sued the city of Los Angeles in 2006, claiming a city telephone tax was illegal because it was linked to a federal excise tax that had been ruled invalid. The suit seeks millions of dollars in refunds for all phone customers in the city.
But the case has remained on hold while state courts determined whether Ardon can represent a group.
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Judge nixes class-action lawsuit against Dow
Court Watch |
2011/07/26 09:11
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A judge in Saginaw says property owners who claim Dow Chemical Co. has spoiled their land cannot sue the company through a class-action lawsuit.
The decision means property owners will have to pursue the company on their own. As many as 2,000 believe they've been harmed by dioxin in the Tittabawassee River floodplain.
The Saginaw News says Judge Leopold Borrello on Monday cited a recent U.S. Supreme Court decision that limited class-action lawsuits against corporations. The judge says anyone claiming harm from Dow pollution must undergo "highly individualized factual inquiries."
Dow attorney Kathleen Lang says the company is pleased with decision.
Dow has acknowledged polluting the Tittabawassee and Saginaw rivers and their floodplains with dioxins for much of the 20th century. Dioxins are chemical byproducts that may cause cancer.
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NJ court rules against son in Plain estate dispute
Headline Legal News |
2011/07/26 09:05
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A New Jersey court has ruled against the son of Belva Plain in a dispute over the late author's estate.
John Plain had claimed his mother, the bestselling author of more than 20 novels, and sisters had schemed to cut him out of her will.
Attorneys for Belva Plain's estate argued that her son had signed an agreement in the 1990s vowing not to contest her will.
Friday's decision in state Superior Court in Essex County dismissed John Plain's claim. Plain's lawyer said he was reviewing the decision.
Belva Plain began writing her novels after raising her children and becoming a grandmother. When she died in her sleep last fall at her home in New Jersey at age 95, more than 28 million copies of her books were in print.
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Investment Fraud Litigation |
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Securities fraud, also known as stock fraud and investment fraud, is a practice that induces investors to make purchase or sale decisions on the basis of false information, frequently resulting in losses, in violation of the securities laws. Securities Arbitration. Generally speaking, securities fraud consists of deceptive practices in the stock and commodity markets, and occurs when investors are enticed to part with their money based on untrue statements.
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