Yahoo slashed the price of its core Internet business by US$350mil (RM1.5bil).
MarketWrap: The S&P 500 fell for the fourth time in five sessions on Tuesday, weighed down by a drop in Goldman Sachs and Johnson & Johnson following their quarterly results, while geopolitical tensions added to investor caution. The DJIA fell 113.64 points, or 0.55%, to 20,523.28, the S&P 500 lost 6.83 points, or 0.29%, to 2,342.18 and the Nasdaq dropped 7.32 points, or 0.12%, to 5,849.47.. - Reuters
Energy
Oil prices fell on Tuesday, then slid more in post-settlement trade after an industry group reported that US crude stockpiles fell less than expected in the latest week while gasoline stockpiles grew unseasonably. Brent crude futures swooned as low as US$54.61, the lowest since April 7, then settled down 47 cents at US$54.89 a barrel. - Reuters
Forex summary
*The ringgit gained 0.07% to 4.4078 per US$
*It lost 0.60% to 4.7264 versus euro
*Down 1.82% to 5.6534 per pound sterling
*Down 0.11% to 3.1565 per Singapore dollar
*0.22% higher to 3.3200 per Aussie
*0.17% higher to 4.0615 per 100 yen
Top foreign stories
Goldman Sachs licks wounds in equities trading as peers grab share: Goldman Sachs Group Inc on Tuesday became the first Wall Street bank this earnings season to report lower equities trading revenue, signalling it was unlikely to reclaim the top market share ranking from Morgan Stanley any time soon. Goldman said its first-quarter equities trading revenue fell 6%, compared to gains of 2% to 10% at Citigroup, Bank of America Corp and JPMorgan Chase & Co. Morgan Stanley will report results on Wednesday. - Reuters
Yahoo's first-quarter revenue jumps 22%: Yahoo Inc reported a 22.1% increase in first-quarter revenue to US$1.33 billion, ahead of the sale of its core internet business to Verizon Communications Inc. Net income attributable to Yahoo was US$99.4 million, or 10 cents per share in the quarter, compared with a net loss of US$99.2 million, or 10 cents per share, a year earlier. - Reuters
KKR-backed consortium makes US$4.7b cash offer for Australia's Tatts: A consortium backed by US private equity giant KKR & Co offered A$6.15 billion (US$4.65 billion) cash for Australian lottery operator Tatts Group Ltd, threatening an agreed merger with Tabcorp Holdings Ltd, sources said on Wednesday. - Reuters
IBM posts first revenue miss in five quarters: International Business Machines Corp reported a bigger-than-expected decline in revenue for the first time in five quarters due to weak demand in its IT services business, a sign that the company's turnaround could take longer than expected. IBM's overall revenue decline increased to 2.8% in the first quarter from 1.3% in the fourth quarter, and widely missed analysts' expectation of a 1.6% drop. - Reuters
Japan government fund, bank mull bid with Broadcom for Toshiba chip unit: A Japanese government-backed fund, Network Corp of Japan, and Development Bank of Japan are considering a joint bid with Broadcom Ltd for Toshiba Corp's semiconductor business, a move that would vault the US chipmaker into the lead to buy the prized unit, the Asahi newspaper said on Wednesday. - Reuters
FGL terminates takeover deal by Chinese insurer Anbang: US annuities and life insurer Fidelity & Guaranty Life said on Tuesday it has terminated its agreement to be acquired by Anbang Insurance Group Co Ltd, becoming the latest deal involving the Chinese insurer to have fallen through in recent years. - Reuters
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