Welcome to the Reuters Before the Bell news mail.
Like a car crash at a street fair, a deadly explosion at a major U.S.-Canadian oil pipeline is putting an end to the festivities on Wall Street.
Stock futures are pointing down after the blast, which killed two people and temporarily halted nearly one-fifth of crude oil imports to the U.S.
Needless to say, oil prices are up. U.S. crude jumped above $95 a barrel, but has eased back below $93 on news that the main fire is out and two of the four connected lines have restarted.
The cause of explosion is still unknown.
Meanwhile, lots of data is on the way, including estimated gross domestic product growth, weekly jobless claims and new-home sales. Fed Chairman Ben Bernanke is speaking in Charlotte, North Carolina, where the Chamber of Commerce is presenting him with an award, and central bank Gov. Frederic Mishkin is giving a lecture.
U.S. Treasuries are holding steady, and the dollar is broadly higher.
E*Trade shares have jumped after the online brokerage announced a $2.55 billion infusion from Citadel Investment Group.
Sears Holdings reported sharply lower quarterly profit - and didn't just blame the economy. The parent of Kmart and Sears says it needs to improve and is working to do so.
Until tomorrow,
Lisa Von Ahn
News Mail Editor
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Fire shuts key Canada-US pipeline, oil soars
November 29, 2007 07:34 AM ET
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HOUSTON/LONDON (Reuters) - An explosion crippled the biggest
pipeline supplying Canadian crude to U.S. Midwest refineries,
shutting off more than one million barrels per day of imports
to the world's biggest consumer.
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Futures down as pipeline blast boosts oil
November 29, 2007 07:17 AM ET
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NEW YORK (Reuters) - Stock index futures fell on Thursday, indicating
Wall Street may give back some of Wednesday's gains after a
Canada-U.S. pipeline explosion sent oil prices surging.
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Sears profit plunges 99 percent
November 29, 2007 07:23 AM ET
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NEW YORK (Reuters) - Sears Holdings Corp reported sharply lower
quarterly profit on Thursday as sales at stores open at least
a year fell at its U.S. Kmart and Sears stores.
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E*Trade gets $2.55 bln cash infusion from Citadel
November 29, 2007 06:30 AM ET
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NEW YORK (Reuters) - Online brokerage E*Trade Financial Corp
, which has been pounded by credit woes in the mortgage business,
said on Thursday that it was getting a $2.55 billion cash infusion
from Citadel Investment Group.
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Home foreclosures soar 94 percent: RealtyTrac
November 29, 2007 05:33 AM ET
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NEW YORK (Reuters) - Home foreclosure filings in October edged
up 2 percent from September but at 224,451 were a whopping 94
percent higher than a year earlier, real estate data firm RealtyTrac
said on Thursday.
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Heinz quarterly profit rises
November 29, 2007 07:45 AM ET
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CHICAGO (Reuters) - H.J. Heinz Co posted higher quarterly profit
on Thursday as the weak U.S. dollar helped boost its results
in Europe and emerging markets.
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Fed's Kohn hints at December rate cut
November 28, 2007 05:02 PM ET
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NEW YORK (Reuters) - The Federal Reserve's second in command
on Wednesday signaled a readiness to cut interest rates again,
acknowledging that financial market turmoil could slow the U.S.
economy and the central bank must be flexible.
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Ford agrees to settle some rollover cases
November 29, 2007 07:23 AM ET
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NEW YORK (Reuters) - Ford Motor Co has agreed to settle class-action
litigation covering plaintiffs in four states who claimed its
Explorer sport utility vehicles were prone to rollovers, Ford
said on Wednesday.
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TD Bank fourth-quarter profit rises 44 percent
November 29, 2007 07:42 AM ET
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TORONTO, Nov 29 (Reuters) - Toronto-Dominion Bank ,which plans
to acquire New Jersey-based Commerce Bancorp early next year,
said on Thursday fourth-quarter profitrose 44 percent, helped
by broad-based contributions from allits business segments.
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Brown-Forman quarterly profit rises
November 29, 2007 07:33 AM ET
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NEW YORK, Nov 29 (Reuters) - Alcoholic drinks companyBrown-Forman
Corp reported higher quarterly profit onThursday, helped by
the weak dollar and the acquisition of theMexican tequila brand
Casa Herradura.
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