U.S. stocks were trading lower Thursday on 29th July, 2010 at 2:28PM EDT as the Dow Jones Industrial Average fell 13 points to 10485, the Standard & Poor’s 500 dropped 2 points to 1104 and the Nasdaq Composite declined 2 points to 2263.
Bank of America Corp. (NYSE:BAC, $14.02, +$0.03, 0.21%) on Thursday reported that it plans to increase lending to small and mid-sized businesses in 2010 by nearly $9 billion compared to 2009 levels. It loaned $45.4 billion in small and medium-sized business loans in the first half of 2010 to boost the job creation thus year.
Citigroup Inc (NYSE:C, $4.11, +$0.02, 0.49%) will pay U.S. regulators $75 million to settle charges that it failed to disclose $40 billion in subprime exposure to investors in 2007, the Wall Street Journal reported on Thursday.
World’s largest toothpaste maker, Colgate-Palmolive Co. (NYSE:CL, $77.90, -$5.96, -7.11%) on Thursday reported second-quarter net income rose more than 7.3 percent as more selling of Palmolive dish-washing liquid, Ajax cleanser and Colgate toothpaste. Colgate reported second quarter net income of $603 million, or $1.17 per share, from $562 million, or $1.07 per share, in the same quarter a year earlier.
Citrix Systems Inc. (NASDAQ:CTXS, $56.50, +$9.17, 19.37%), a maker of networking software, Wednesday reported a 12 percent jump in second quarter, helped by higher revenues across segments. Citrix Systems reported second-quarter net earning of $47.6 million, or 25 cents per share, up from $42.5 million, or 23 cents per share, in the same quarter a year earlier.
Nvidia Corp. (NASDAQ:NVDA, $9.19, -$0.94, -9.23%), the graphics chip maker, on Wednesday lowered its revenue expectations for the second quarter of its fiscal 2011. Nvidia said it now expects sales for the quarter to be between $800 million and $820 million, down from the previous target of $950 million to $970 million.
PMI Group Inc. (NYSE:PMI, $3.25, -$0.54, -14.25%), the U.S. mortgage insurers, posted its twelfth straight quarterly loss that missed analysts’ estimates on increased paid claims. PMI Group Inc. reported second-quarter loss of $150.6 million, or $1.11 per share, compared with a loss of $222.6 million, or $2.71 per share, in the same quarter a year earlier.
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