Business News

Oh What a Beautiful Morning ....

Oh what a difference a day can make.  Spurring todays snap back is Chinas move to cut interest rates and lower reserve requirements for banks in an effort to lower corporate borrowing costs. (AP)

Goldman Sachs sought to calm market watchers, saying in a note late Monday that there was little threat of global recession. The bank said growth in developed markets remains intact and relatively shielded from weakness in China and emerging markets. (CNBC)

Not all the news out of China is bad. Boeing raised its forecast for aircraft demand in China over the next 20 years by 5%, estimating 6,330 aircraft purchases during that period. (Reuters)

Best Buy's second-quarter results beat expectations as shoppers picked up major appliances, large screen televisions and mobile phones. Best Buy posted profits of $164 million, up 12% YOY. Sales rose slightly to $8.53 billion. Strength in the domestic segment helped to offset weakness in the international unit, which was hampered by store closures in Canada, ongoing softness in the Canadian consumer electronics industry and a stronger dollar. Online sales rose 17 percent. (AP)

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