| Burton Tried Bold Move at Daytona
02-20) 14:40 PST Darlington, S.C. (AP) -- With three laps to go, Jeff Burton knew he needed something bold and unconventional to keep his lead at the Daytona 500. So Burton kept low on the last restart, hoping to hold off Kyle Busch's charging Toyota. Instead, Busch went lower to slide by Burton while several cars, led by Busch's teammate, Tony Stewart, blew past the Richard Childress Racing Chevrolet in the high groove. Burton was left in the middle, without drafting help, and his chance at NASCAR's biggest race was all but done. A short time later, Burton crossed the finish line 13th behind winner Ryan Newman. "I tried to do something on the last restart that didn't work very well," Burton said Wednesday at Darlington Raceway.
Strong Session Ends Near Highs
The 7% stumble drove shares well-below their 200-day moving average. CVS Caremark (CVS) staged a powerful gap up, adding 2.60 to 38.62 in fast trade. The pharmacy chain reported Q4 earnings above views, boosted by widening margins on both its pharmacy and retail sides. The company also cited benefits of scale from its acquisition last year of heavyweight Caremark. Management also halved its original estimates for a $2 billion loss in government contracts in 2008 related to the Caremark acquisition. The 7% jump pushed the stock above its 200-day line, and now is trying to regain its 50-day line. 11:15 a.m. Update: Stocks Rise Off Lows After Early Sled Ride By ALAN R. ELLIOTT Stocks climbed off their early lows as investors digested a heavy dose of earnings reports and economic data.
S P O R T S
But Fleming, playing record 194th match as skipper, proved why he is rated so highly as a batsman by his team-mates. He showed unflinching commitment and discipline. Batting along with all rounder Scot Styris, he first steadied the ship and then raised the momentum when the situation warranted. Fleming and Styris, battling a sore knee, combined together to add 108 runs for the fourth-wicket stand which provided an ideal launching pad for the later order batsmen to provide the late thrust to the innings. Fleming scored 80, while Styris added 86. Playing some powerful strokes, strapping all rounder Jacob Oram added 31 runs in 28 minutes, while wicketkeeper batsman Brendon McCullum launched a brief but audacious assault, adding 27 runs off 13 deliveries as Razzaq, who had impressive analysis until then, suffered the most.
Three former El Paso traders found guilty of fraud
A federal jury today found three former El Paso Corp. natural gas traders guilty of conspiracy and some charges of wire fraud and false price reporting. Jim Brooks, Wesley Walton and James Pat Phillips each faced 49 charges in connection with price reports sent to industry publications Inside FERC and Natural Gas Intelligence from 2000 to 2002. After 35 days of hearing testimony and 2 1/2 days of deliberations, the jury found Brooks guilty of 45 charges, including the single conspiracy charge, 22 counts of false reporting and 22 counts of fraud. Walton was found guilty of 23 charges, including conspiracy, 11 counts of false reporting and 11 counts of wire fraud. Phillips was found guilty on 21 counts, including conspiracy 10 false reporting charges and 10 wire fraud charges.
Rule change opens whole new world to investors
Not everyone is as bullish. Laura Wallace, managing director of the Coleford Investment Fund in Toronto, believes the Canadian market's recent performance has lulled investors into the mistaken belief that they don't need much foreign content. She says it's important to diversify - not just geographically, but by industry. "A lot of industries just aren't available here," she says. "I'm referring to health care and large global pharmaceuticals, and consumer-staples companies. We focus on large multinational corporations, and we just don't have companies that size here at home." Multinationals do business around the world - they give investors exposure to foreign markets and currencies without the risk of direct investment. It also means these companies have a better chance of doing well even if the American markets do not.
Markets are overreacting on news from Wal−Mart and Goldman Sachs
The Standard & Poor's 500 Index climbed 41.87, or 2.9 percent, to 1,481.05, the biggest gain since the Federal Reserve cut interest rates on Sept. 18. The Dow Jones Industrial Average increased 319.54, or 2.5 percent, to 13,307.09. The Nasdaq added 89.52, or 3.5 percent, to 2,673.65. Almost nine stocks gained for every one that fell on the New York Stock Exchange. The Dow Jones Stoxx 600 Index added 1.2 percent to 372.84 as of 8:12 a.m. in London. The Stoxx 50 also increased 1.2 percent, and the Euro Stoxx 50, a measure for the euro region, jumped 1.1 percent. Bank of America Corp.climbed 5.2 percent today even after the second-biggest U.S. bank said it may need to write down $3 billion in mortgage-related debt securities this quarter. Wal-Mart advanced $2.65, or 6.1 percent, to $45.97 today.
Yesterday's trading: Disaster at Debenhams
Wall Street jumped 68 points in the early stages ahead of President Bush's sub-prime aid package. Speculation suggested he was ready to freeze interest rates for a long as five years for sub-prime borrowers. Housebuilders certainly thought the reduction in mortgage rates would be insufficient to resuscitate the housing market. Persimmon lost 45½p to 750½p, Barratt Developments 19½p to 448¼p and Taylor Wimpey 3.95p to 199.3p. In the absence of an increased offer from BHP Billiton (28p off at 1619p) or a rival bid from Chinese top steelmaker Baosteel, Rio Tinto succumbed to profit-taking and shed 137p to 5583p. Nervous selling ahead of Tuesday's thirdquarter trading statement left Whitbread 22p off at 1390p. Tracker buying following its historic promotion into the Footsie helped the London Stock Exchange climb 67p to 1870p.
Obama, McCain declared winners in primaries (2nd Roundup)
A self-important bully in Venezuela threatens to cut off oil shipments to our country at a time of sky-rocketing gas prices. Each event poses a challenge and an opportunity. Will the next President have the experience, the judgment experience informs, and the strength of purpose to respond to each of these developments in ways that strengthen our security and advance the global progress of our ideals? Or will we risk the confused leadership of an inexperienced candidate who once suggested invading our ally, Pakistan, and sitting down without pre-conditions or clear purpose with enemies who support terrorists and are intent on destabilizing the world by acquiring nuclear weapons? The most important obligation of the next President is to protect Americans from the threat posed by violent extremists who despise us, our values and modernity itself.
Civil society, AJI stage protest rally
ISLAMABAD: Members of the civil society and Awami Jamhoori Ittehad (AJI) on Friday staged a protest demonstration at Aabpara to press the government to restore the deposed judges and free the lawyers put under house arrest.
They gathered at the Aabpara intersection and demanded President Pervez Musharraf restore judiciary and resign from his office as he had failed to protect the interests of common man. They also burnt an effigy of President Musharraf to express their anger over the skyrocketing prices of commodities.
They said the government was indifferent to the brutality of police against the peaceful protestors in the federal capital. The protestors raised anti-government slogans and expressed their distrust in the policies of the last government.
They demanded the world think tanks to help restore democracy in the country.
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