Corvus Capital Inc. 2007 Report & Accounts
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Interim Results for the six month period ended 31 March 2008.
US midday: Black gold keeps stocks in red
16 May 2008
Wall Street continued to wallow deep in the red at lunchtime as investors worried about surging oil prices, quickly forgetting better than expected housing data.
The construction of single-family homes fell to its lowest in 17 years during April, but total housing starts grew 8.2% to 1.032m, according to the Commerce Department, better than the predicted drop to 940,000.
The improvement was attributed to an increase in building of multifamily units, with those of five or more up 7.3% and two or more 2.7% higher.
Meanwhile, building permits rose 4.9% to a seasonally adjusted annual rate of 978,000, better than the anticipated fall to 915,000.
But US light crude for June delivery leapt $3 a barrel on continuing supply concerns, forcing the Dow Jones down 68 to 12,924, the Nasdaq Composite is 17 lower to 2,515 and the S&P 500 by 5 to 1,418.
In other economic news, the University of Michigan consumer sentiment index for May fell more than expected to 59.5 from 62.6 last month.
On the companies front, US consultancy firm has agreed to sell its government business to private equity outfit for $2.54bn.
The plan is for Booz Allen to split, with Carlyle taking the bit that counts the Department of Homeland Security and the World Bank as clients.
Strong sales helped Ohio-based clothing retailer report a better than expected rise in first-quarter profit. Net income rose by 3.4% to $62.1m in the three month ended 3 May, with sales up 7.8% to $800.2m.
The group also reiterated its first-half profit forecast and said it plans to expand into more profitable overseas markets, with a new shop opening in Copenhagen in 2009.
Conglomerate is mulling a sale of all or part of its appliances business as part of a strategic review of its future. Another possibility is a strategic partnership or joint venture.
"This review is consistent with the strategy we have been executing to transform our portfolio for long-term growth, " GE chairman and chief executive Jeff Immelt said.
said activist investor Carl Icahn, who is planning to unseat the board, misunderstands the "facts about the Microsoft proposal." Icahn hopes to rekindle takeover talks with .
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