Business News and Events

The financial woes of U.S. automakers have grabbed Washington's attention, but similar problems at auto suppliers have the potential to set off a cataclysmic chain of events

More companies that file for bankruptcy protection are shutting down because they cannot obtain enough financing to operate while they reorganize.

The chief executive of a major U.S. bank that received $25 billion from the government's financial bailout package said Tuesday that federal aid shouldn't be dispensed to the ailing Detroit Three automakers — unless they become the Detroit Two.

More news on the economy, this time from Bank of America Chief Executive Kenneth at a speech today at The Detroit Economic Club. He told the Club that it is "pretty clear" the U.S. economy is in a recession, adding there will be “no recovery until the housing market stabilizes around the middle of 2009.” "We won't see a real turnaround until the core problem, housing, reaches a bottom, stabilizes and turns the corner. Lewis calls for a $500 billion economic stimulus plan from Washington, primarily to help homeowners behind on their mortgages. "I can't promise the pain won't get any...

The bankruptcy sale of regional department store chain Boscov's to two former executives moved a step closer to fruition following a court hearing on Tuesday

StreetInsider.com After-Hours Movers:

Pacific Sunwear of California, Inc. (Nasdaq: PSUN) 4% HIGHER; reports Q3 EPS of $0.01, ex-items, in-line with the analyst estimate of $0.01. Revenue for the quarter was $323.6 million, versus the consensus of $320.66 million.

Genesco Inc. (NYSE: GCO) 3% LOWER; sees Q3 sales of about $390 million, versus the consensus of $397.17 million. Sees Q3 same store sales up 2%. Sees Q3 EPS of $0.41-$0.43, versus the Street estimate of $0.53.

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Will broadcast Met performances to over 800 local theaters

Bellevue, Washington (PRESS RELEASE - November 18, 2008) - Smartsheet.com, a collaborative work management company, today introduced the Smartsheet Small Business Bundler. The offering makes it possible for small businesses to create an online variation of their services using Smartsheet requiring no technical expertise and no setup costs.

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Shares of Yahoo Inc soared 10 percent on Tuesday on hopes that the departure of Jerry Yang, its embattled chief executive, would clear the way for a deal with Microsoft Corp.

New York gold futures declined 1.3 percent on Tuesday. The yellow metal became less attractive to investors as a hedge against inflation given lower than expected U.S. producer prices and a sharp decline in Britain's inflation. Silver and platinum futures gained 2.4 percent and 2.0 percent respectively.