ROUND ROCK (Texas) - DELL says its profit dove 48 per cent during the fiscal fourth quarter as the recession forced consumers and businesses to spend less on technology.
Dell's earnings sank to US$351 million (S$540 million), or 18 cents per share.
NEW YORK - US STOCKS sputtered on Thursday, ending lower in hesitant trade as weak economic data and a glum report on the banking sector weighed on sentiment.
The Dow Jones Industrial Average dropped 90.56 points (1.25 per cent) to 7,180.33 at the closing bell, after an early rally of more than 130 points for the blue-chip index effort lost steam.
NEW YORK - JPMORGAN Chase & Co said on Thursday it will eliminate about 12,000 jobs as it folds in the operations of Washington Mutual Inc.
According to slides on the company's website from an investor day presentation, the New York bank expects about US$2 billion (S$3.07 billion) in net savings to be achieved through the acquisition, the majority of which will be realised by the end of this year. This includes about US$1.35 billion related to the job cuts, the bank said.
WASHINGTON - SALES of newly built US single-family homes slumped to a record low in January, while prices fell to their weakest level in five years, according to a government report on Thursday that highlighted the continued distress in the housing market.
