U.S. stocks decline amid worries about economy

Date: Wed, 02 Jan 2008 17:06:13 (GMT)

U.S. stocks decline amid worries about economy

U.S. stocks on Wednesday extended the prior session's losses into the
new year after a key gauge of manufacturing activity showed continued
weakness in the sector and rising energy prices added to market
uncertainty.

Futures Movers: Oil contract rises 2% on supply concerns, violence in
Nigeria

NEW YORK
Crude-oil futures surged to trade near $98 a barrel on Wednesday,
propelled higher by expectations of another drawdown in weekly U.S.
crude supplies as well as by a fresh outbreak of violent clashes
reported in oil-rich Nigeria.

National City slashing dividend, laying off 900 staffers

NEW YORK
National City Corp said Wednesday that it's cutting its quarterly
dividend in half, laying off 900 mortgage-services workers and moving to
bolster capital as it becomes the latest bank to feel the pain of the
subprime-mortgage debacle.

Qualcomm eyes 'workarounds' as Broadcom wins patent order

NEW YORK
Qualcomm Inc. warned Wednesday that it expects an "immediate, short-term
impact" to result from a federal court's ruling that it must stop
producing and marketing wireless-phone chips and software that infringe
three Broadcom Corp. patents.

Election Notebook: Obama and Huckabee hold leads on eve of Iowa
caucuses: poll

WASHINGTON
It's looking like it could be a happy New Year for Barack Obama: The
Illinois senator is leading closest rival Hillary Clinton in a new poll
with just one day to go before the critical Iowa caucuses.