WSJ feeds

Sept. 18, 2007

Lehman Brothers reported a 3.2% drop in fiscal third-quarter net income, kicking off an intensely anticipated earnings season for brokerage firms navigating turbulent mortgage and credit markets. The results topped Wall Street forecasts, and Lehman shares rose before the bell.



Sept. 18, 2007

Apple Inc. said its iPhone will go on sale in the United Kingdom on Nov. 9 and will be carried exclusively by the O2 network, the U.K. mobile arm of Spain's Telefonica. The phone will retail for 269 pounds, or about $536.


Sept. 17, 2007

William Lerach is set to plead guilty to one count of conspiracy in the criminal case involving the noted securities lawyer's former firm, now called Milberg Weiss LLP. The plea agreement, which calls for a one to two year prison term, could be announced as soon as Tuesday.



Sept. 17, 2007

E*Trade warned investors that it has been badly stung by the recent fallout in the mortgage market. The company says it expects profits to come in 31% below the most recent guidance it had given analysts -- partly due to its exposure to the mortgage business. The news provides Wall Street with a glimpse of what may be in store when the biggest U.S. brokerages, including Lehman Brothers, Goldman Sachs, Morgan Stanley and Bear Stearns, report quarterly earnings this week.



Sep. 17, 2007

U.K. Chancellor of the Exchequer Alistair Darling said the U.K. government will guarantee all deposits held with U.K.-based mortgage lender Northern Rock if necessary. Separately, Northern Rock's board said it is "actively considering all strategic options," but is not in discussions with other parties.


Sept. 17, 2007

President Bush announced that he will nominate former federal judge Michael Mukasey for U.S. attorney general, citing his record in terrorism-related cases. "Judge Mukasey is clear-eyed about the threat our nation faces," the president said. The move could avoid a fight with Congress but spark friction with disaffected conservatives in part because of his acceptance in some Democratic quarters. Mukasey would succeed Alberto Gonzales, who resigned after a tumultuous tenure.


Sept. 17, 2007

Paetec Holding Corp. sealed a deal to purchase telecom provider McLeodUSA for $492 million, marking the end of independence for one of the leading lights of the dot-com boom. The combination will create one of the largest rivals to AT&T Inc. and Verizon Communications for business-telephony services.


Sept. 17, 2007

A European Union court dismissed Microsoft Corp.'s appeal against an EU antitrust ruling that ordered it to share communications code with rivals and sell a copy of Windows without Media Player. It also upheld a 497 million euros ($689.7 million) fine.



Sept. 17, 2007

A European Union court dismissed Microsoft Corp.'s appeal against an EU antitrust ruling that ordered it to share communications code with rivals and sell a copy of Windows without Media Player. It also upheld a 497 million euros ($689.7 million) fine.


Sept. 14, 2007

Former Federal Reserve Chairman Alan Greenspan says the Republican party to which he has belonged all his life deserved to lose power last year for forsaking its small-government principles. Greenspan delivers the withering critique in his memoir, "The Age of Turbulence: Adventures in a New World."

In the book, scheduled for public release Monday, Greenspan writes that he advised the White House to veto some bills to curb "out of control" spending while the Republicans controlled Congress. He says President Bush's failure to do so "was a major mistake." Republicans in Congress, he writes, "swapped principle for power. They ended up with neither. They deserved to lose."