Wall Street regains footing
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- Submission
Wall Street regains footing
Wall Street is trying to start the new week without a hangover from Friday's dismal jobs report. Helping to support a mildly positive tone is Intel. The world's largest chip maker says better than expected demand means revenues will be higher than previously thought. Apple is another positive force. The company sold its one-millionth iPhone in just about 2-1/2 months of the debut. Apple recently announced a surprise $200 price cut on the smartphone. Countrywide Financial is trying to weather the storm in the housing market. Late-Friday, the biggest American home lender said it would slash up to 12,000 jobs. UBS cut its earnings forecasts for Countrywide for this year and next, trimmed its price target on the stock, but maintained a "neutral" rating. Shares of Countrywide Financial are under pressure. For Reuters, I'm Conway Gittens in New York. COMPANIES MENTIONED: SYMBOLS:
Submission | September 10, 2007
