U.S. stocks drop for second day on financial woes

Date: Tue, 04 Dec 2007
U.S. stocks drop for second day on financial woes

NEW YORK
U.S. stocks continued to head lower on Tuesday, as a spate of downgrades
for financial firms fueled concerns about the credit-market crisis,
while updates from Nokia Corp. and Merck & Co. Inc. disappointed.

H&R Block, Cerberus scuttle deal for Option One mortgage unit
BOSTON
H&R Block Inc. said Tuesday that it has agreed to scuttle the proposed
sale of its Option One Mortgage Corp. unit to Cerberus Capital
Management in the latest sign of trouble in the subprime-mortgage
market.

Nokia shares fall; upgraded margin goal deemed conservative
LONDON
Nokia Corp., the world's largest maker of mobile phones, unveiled its
financial targets for the next two years at its annual investor day
Tuesday, raising its operating margin forecasts and stressing it aims to
gain market share in mobile devices.

Merck backs 2007 view, sees 2008 growth
NEW YORK
Merck & Co. backed its 2007 profit forecast on Tuesday and said it sees
growth in 2008 from its cervical cancer vaccine, diabetes treatments and
HIV medications.