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The board will also decide on the appointment of a member of the managing board as new CEO at that time, Siemens said, without providing details.
A majority of the Munich-based company's supervisory board members are in favor of voting out Loescher, two people familiar with the matter told Reuters earlier, adding they wanted finance chief Joe Kaeser to replace him.
(Reporting by Andreas Cremer)
Traders work on the floor of the New York Stock Exchange, July 26, 2013.
Credit: Reuters/Brendan McDermidBy Angela MoonNEW YORK | Fri Jul 26, 2013 11:13am EDT
NEW YORK (Reuters) - Stocks fell on Friday as the market took a breather from a recent rally that has taken the S&P 500 up about 18 percent for the year and as investors digested major earnings.
Major U.S. stock indexes have advanced steadily this year with the S&P 500 hitting an all-time high earlier this week. The broad market index has ended higher 13 times in the past 16 sessions.
For the week, the S&P is down about 0.5 percent, its first down week in five, but the benchmark is up 4.8 percent so far this month, its best month since January. The Nasdaq is up 5.4 percent in July so far, its best monthly gain in a year and half.
"There were two days this week, Tuesday and Wednesday, when we came strikingly close to the 1,700 (on the S&P 500) but didn't quite move up. There is profit taking here and there as we face this resistance," said Randy Frederick, director of derivatives at the Schwab Center for Financial Research in Cincinnati, Ohio.
The Dow Jones industrial average .DJI was down 70.04 points, or 0.45 percent, at 15,472.20. The Standard & Poor's 500 Index .SPX was down 4.62 points, or 0.27 percent, at 1,681.32. The Nasdaq Composite Index .IXIC was up 0.34 points, or 0.01 percent, at 3,579.94.
Among the top decliners, Expedia Inc (EXPE.O) shares plunged 23 percent to $50.20, a day after the online travel agency reported a quarterly profit far short of market estimates, due to higher competition and poor performance in its discount website, Hotwire.com.
Zynga Inc (ZNGA.O) shares plunged 17.4 percent to $2.89 a day after the company announced it will largely abandon its efforts to build an online gaming business in the United States.
Amazon.com Inc (AMZN.O) shares lost 2.1 percent to $297.14 after its forecast disappointed on income and revenue. Amazon faces with a weaker international market, overshadowing improved profit and economic conditions in the United States.
Starbucks Inc (SBUX.O) shares rose 6 percent to $72.34, a day after the world's biggest coffee chain posted a bigger-than-expected jump in quarterly profit.
As of Thursday's close, 47 percent of the S&P 500 companies reported earnings, and about 68 percent of them have topped profit forecasts, above the historical average of 63 percent. About 56 percent have reported better-than-expected revenue, a rate that is below the historical average.
In M&A news, Vivendi (VIV.PA) plans to sell the bulk of its stake in Activision Blizzard Inc (ATVI.O) to the video games maker and its management for $8.2 billion, the French conglomerate's second blockbuster deal in a week.
Activision shares, one of the most traded in early session, were up 14.8 percent to $17.45.
Data showed U.S. consumer sentiment rose in July to the highest level in six years as Americans felt better about the current economic climate, though they expected to see a slower rate of growth in the year ahead. Market reaction was muted.
European shares edged lower on Friday. Germany's DAX .GDAXI market had already unsettled some investors this week with profit warnings from some of its leading companies. .EU
In Asia, Japan's Nikkei share average slid 3 percent and was near a three-week low on Friday, with blue-chip exporters and financials leading declines on the back of a stronger yen and profit-taking. .T
(Reporting by Angela Moon; Editing by Nick Zieminski)
Traders work on the floor of the New York Stock Exchange, July 26, 2013.
Credit: Reuters/Brendan McDermidBy Angela MoonNEW YORK | Fri Jul 26, 2013 11:13am EDT
NEW YORK (Reuters) - Stocks fell on Friday as the market took a breather from a recent rally that has taken the S&P 500 up about 18 percent for the year and as investors digested major earnings.
Major U.S. stock indexes have advanced steadily this year with the S&P 500 hitting an all-time high earlier this week. The broad market index has ended higher 13 times in the past 16 sessions.
For the week, the S&P is down about 0.5 percent, its first down week in five, but the benchmark is up 4.8 percent so far this month, its best month since January. The Nasdaq is up 5.4 percent in July so far, its best monthly gain in a year and half.
"There were two days this week, Tuesday and Wednesday, when we came strikingly close to the 1,700 (on the S&P 500) but didn't quite move up. There is profit taking here and there as we face this resistance," said Randy Frederick, director of derivatives at the Schwab Center for Financial Research in Cincinnati, Ohio.
The Dow Jones industrial average .DJI was down 70.04 points, or 0.45 percent, at 15,472.20. The Standard & Poor's 500 Index .SPX was down 4.62 points, or 0.27 percent, at 1,681.32. The Nasdaq Composite Index .IXIC was up 0.34 points, or 0.01 percent, at 3,579.94.
Among the top decliners, Expedia Inc (EXPE.O) shares plunged 23 percent to $50.20, a day after the online travel agency reported a quarterly profit far short of market estimates, due to higher competition and poor performance in its discount website, Hotwire.com.
Zynga Inc (ZNGA.O) shares plunged 17.4 percent to $2.89 a day after the company announced it will largely abandon its efforts to build an online gaming business in the United States.
Amazon.com Inc (AMZN.O) shares lost 2.1 percent to $297.14 after its forecast disappointed on income and revenue. Amazon faces with a weaker international market, overshadowing improved profit and economic conditions in the United States.
Starbucks Inc (SBUX.O) shares rose 6 percent to $72.34, a day after the world's biggest coffee chain posted a bigger-than-expected jump in quarterly profit.
As of Thursday's close, 47 percent of the S&P 500 companies reported earnings, and about 68 percent of them have topped profit forecasts, above the historical average of 63 percent. About 56 percent have reported better-than-expected revenue, a rate that is below the historical average.
In M&A news, Vivendi (VIV.PA) plans to sell the bulk of its stake in Activision Blizzard Inc (ATVI.O) to the video games maker and its management for $8.2 billion, the French conglomerate's second blockbuster deal in a week.
Activision shares, one of the most traded in early session, were up 14.8 percent to $17.45.
Data showed U.S. consumer sentiment rose in July to the highest level in six years as Americans felt better about the current economic climate, though they expected to see a slower rate of growth in the year ahead. Market reaction was muted.
European shares edged lower on Friday. Germany's DAX .GDAXI market had already unsettled some investors this week with profit warnings from some of its leading companies. .EU
In Asia, Japan's Nikkei share average slid 3 percent and was near a three-week low on Friday, with blue-chip exporters and financials leading declines on the back of a stronger yen and profit-taking. .T
(Reporting by Angela Moon; Editing by Nick Zieminski)
Sky News has learnt that Mothercare has been holding talks with potential advisers about a sale in recent weeks, although the company has not yet made a formal decision to offload the specialist retailer of educational toys for young children.
Analysts believe that disposing of the business, which has perennially underperformed during the six years that it has been owned by Mothercare, may be difficult because of its poor track record.
It may, however, appeal to firms which are accustomed to investing in struggling high street chains, such as Hilco, which snapped up HMV for a token price earlier this year.
In a trading update published on Thursday, Mothercare said that it had continued to close stores in the UK amid difficult trading conditions.
"The UK market has been very competitive during the last quarter and we have continued to focus on delivering cash margin," it said.
"In line with our plan, we closed a further 13 loss-making stores (four Mothercare and nine Early Learning Centre) during the first quarter of the year.
"We now have 242 stores (192 Mothercare and 50 Early Learning Centre) in the UK. Space is down 7.7% year-on-year and is reflected in the 7.9% decline in total UK sales for the first quarter."
The talks with banks about a sale of ELC could result in an appointment imminently, with Lazard understood to be in the frame for the role.
Mothercare paid £85m for ELC but is unlikely to recoup anything like that sum if it manages to sell the chain.
The group wants to cash in on the imminent birth of the royal baby with the launch of a range of themed products, Simon Calver, the former Lovefilm executive who now runs Mothercare, said on Thursday.
Mothercare, which has a market value of around £400m, now has a much larger business outside the UK than in its home market. It's share price has rebounded strongly since Mr Calver's arrival.
A Mothercare spokeswoman declined to comment.
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