IMF cuts global
forecast for 2013
The International Monetary Fund has lowered its outlook for the world economy this year, predicting that government spending cuts will slow U.S. growth and keep the euro currency alliance in recession. The global lending organization cut its forecast to 3.3 percent, down from its January forecast of 3.5 percent. It didn't alter its prediction of 4 percent growth in 2014.
Target says 1Q
profit will lag
Target says its first-quarter adjusted profit will likely come in slightly below its forecast because of weaker-than-expected sales of seasonal and weather-sensitive items. The discounter also said Tuesday that it expects revenue at stores open at least a year, a key retail metric, will be about flat for the period.
J&J 1Q profit falls
despite higher sales
Johnson & Johnson's first-quarter profit fell by 10 percent as increased sales were offset by higher costs for production, marketing and administration, plus charges for litigation and other items. The maker of baby shampoo, prescription drugs and surgical tools said revenue for a range of products is being hurt by "pricing pressures" from insurers and government health programs.
Dell, Icahn agree
on a share cap
Dell Inc. and Carl Icahn have agreed to cap his stake in the personal computer maker while a special board committee considers competing takeover bids from the billionaire investor, a group led by CEO Michael Dell and buyout specialist Blackstone Group.
Gold halts its
bug price decline
Gold, which was at the epicenter of Monday's stock market sell-off, rose 1.9 percent Tuesday, to $1,387.40 an ounce. The precious metal had plunged 9 percent, its steepest fall in 30 years after investors were spooked when China reported economic growth of 7.7 percent, slower than many forecasts. Gold is down 27 percent since it climbed to a record of $1,892 an ounce in August 2011.
Intel meets its
Intel Corp., the world's largest maker of chips for PCs, is remaining steadfast amid a drastic slowdown in computer sales. Intel on Tuesday said it's keeping its sales and margin forecasts for this year, even as first-quarter PC sales plunged 14 percent from a year ago, as measured by research firm IDC. The company is helped by rising shipments of chips for servers.