U.S. stock indexes scale back early climb as Lehman cheer fades

Date: Wed, 10 Sep 2008 12:06:58 -0400
U.S. stock indexes scale back early climb as Lehman cheer fades

U.S. stock indexes scale back earlier gains as investors find only mild
solace from Lehman Brothers Holdings Inc.'s plan to shore up its
finances, and from chip maker Texas Instruments' affirmation of its
third-quarter outlook.

Lehman plans to jettison assets; quarterly loss hits $3.9 billion

Lehman says it lost $3.9 billion in the third quarter after taking a
gross mark-to-market loss of $7.8 billion. It plans to slash its
dividend, sell a majority stake in Neuberger Berman and spin off
commercial-real-estate assets.

U.S. cancels $35 billion tanker competition

The Pentagon cancels its $35 billion tanker competition, Northrop
Grumman said Wednesday.

Research In Motion launches new BlackBerry flip phone

Research In Motion announces a new flip version of its popular
BlackBerry smart phone in a move to broaden the appeal of the device to
consumers still attached to their standard cell phones.

Mortgage applications rose 9.5% last week: MBA

Mortgage applications filed last week increase a seasonally adjusted
9.5% compared with the week before, as mortgage interest rates decrease,
the Mortgage Bankers Association reported on Wednesday.