Sept 24 - Summary of business headlines: Caterpillar slashes long-term earnings forecast, Wall Street falls; IMF to downgrade global economic target again; iPhone 5 smashes record, but not good enough for Wall Street; TiVo scores, Lennar beats. Conway G. Gittens reports.
Wall Street teeter-totters but finishes in negative territory. The Nasdaq is the biggest loser down by six-tenths of one percent. Economic worries continue to slowly roll over investor confidence. The latest warning comes from Caterpillar. The heavy duty equipment maker cut its 2015 earnings forecast. And the International Monetary Fund is planning to lower its global growth projections next month, according to Managing Director Christine Lagarde. SOUNDBITE: INTERNATIONAL MONETARY FUND MANAGING DIRECTOR CHRISTINE LAGARDE (ENGLISH) SAYING: "A number of factors are weighing the global economy down, at the center of them clearly we see uncertainty, uncertainty about what policymakers can and will deliver on their promises. And this is not having tangible but real effects, increasing divergence of economic fortunes in the euro zone and a tepid recovery in the United States of America." Apple sold more than 5 million iPhone 5s in its debut weekend, but Wall Street was expecting stronger sales. There's also worry Apple may be constrained in getting new phones. Its China-based supplier Foxconn had to close a factory after a riot on Monday. Shares of Apple were down 1-1/3 percent. TiVo is getting more than $250 million as part of a patent litigation settlement with Verizon Communications, which it claims infringed upon patents covering its digital video recording technology. TiVo has a similar lawsuit against Time Warner Cable. Lennar beat forecasts with orders up across the regions it serves. Quarterly results from the third largest U.S. homebuilder adds to signs the housing recovery is firming. Finally looking at Europe: Stocks finished to the downside after business sentiment in Germany, dropped for a fifth straight month. Conway Gittens, Reuters