TOP STORIES
U.S. STOCKS INCH TO NEW RECORDS
U.S. stocks finished slightly higher, with the Dow industrials
and S&P 500 closing at fresh record highs, supported by gains
in energy stocks and a pair of upbeat economic reports. The DJIA
added 33 points to end at 17719.
FED REVIEWS PRACTICES FOR SUPERVISING BIG BANKS
The Federal Reserve launched a sweeping review of its practices
for supervising big banks, a move that comes in response to
accusations its internal culture can stifle dissent.
TAKATA LEARNED EARLY OF AIRBAG PROBLEMS
The quality chief of the Japanese auto-parts supplier at the
center of a massive auto recall said it first learned of problems
with its air bags in May 2005 but didn't start to investigate or
warn car makers until two years later.
GAP CUTS FORECAST AHEAD OF HOLIDAY SEASON
Gap cut its earnings guidance for the year ahead of the crucial
holiday selling season, even as the apparel retailer's earnings
topped expectations for the November quarter. Shares fall 3%
late.
GAMESTOP'S EARNINGS, FORECAST DISAPPOINT
GameStop reported quarterly results that missed expectations and
projected per-share earnings for the crucial holiday quarter that
missed Wall Street's estimates, sending shares 13% lower after
hours.
SENATE GRILLS GOLDMAN ON ALUMINUM DEALS
Goldman Sachs Group executives faced a tough grilling before a
U.S. Senate committee, as lawmakers accused the bank of engaging in
a series of aluminum transactions to give itself an unfair
advantage.
WYNN RESORTS PROBED ON MONEY-LAUNDERING CONTROLS
Federal authorities are investigating whether casino operator
Wynn Resorts violated money-laundering laws, according to people
familiar with the matter.
U.S. ORDERS ELECTRIC UTILITIES TO SECURE SITES
Federal energy regulators ordered the nation's utilities to
protect important electrical equipment from potential attackers
trying to disrupt the U.S. electric grid.
BEST BUY ENCOURAGED BY SALES TRENDS
Best Buy sales grew at their fastest rate in more than four
years, helped by more disciplined marketing, greater investments by
suppliers in its stores and brisk demand for the new iPhone. Shares
end up 7%.
GROSS TO MANAGE $500M FOR SOROS FUND MANAGEMENT
Soros Fund Management has invested $500 million in a strategy
run by Bill Gross at Janus Capital Group. The money will be managed
through a private investment vehicle named Quantum Partners.
U.S. EXISTING-HOME SALES RISE IN OCTOBER
Sales of previously owned homes unexpectedly increased by 1.5%
last month to an annual rate of 5.26 million, the National
Association of Realtors said. Economists had expected sales would
tick down 0.1%.
======= DOW JONES NEWSWIRES ANALYSIS AND COMMENTARIES =======
The Wall Street Journal
BUYOUT FIRMS DISCLOSE MORE FEES
More than a dozen private-equity firms have revised their
regulatory filings amid pressure from federal securities
regulators, publicly disclosing for the first time some fees and
expenses charged to public pension funds and other investing
clients.
Ahead of the Tape
WITH CHEAP FUEL, AMERICA'S TANK IS HALF FULL
The financial windfall consumers will reap from the sharp drop
in energy prices certainly seems substantial but the additional
spending power hasn't found its way to the bottom line of S&P
500 companies, writes Spencer Jakab.