Oct 3 - Summary of business headlines: Crude oil slides on global recession fears; Hewlett-Packard shares slip on earnings warning; Best Buy rallies on word of possible $11 billion buyout; Stocks creep higher. Sasha Salama reports.
Crude oil tumbled - in its biggest one day percentage drop in more than three months - as disappointing economic data from China and Europe reinforced concerns about slowing growth - and potentially slowing demand for crude. Oil fell more than four percent to settle just above $88 a barrel. Hewlett-Packard shares slid to a nine-year low after the company warned of an unexpectedly steep earnings plunge in 2013. At an annual HP presentation, CEO Meg Whitman blamed executive turnover for hurting the company's turnaround which she expects will start to become visible in 2014. Best Buy got a big boost on word its founder is moving ahead with what could become a possible $11billion buyout plan. Reuters has learned that at least four private equity firms have started examining Best Buy's books. But a possible buyout of the world's biggest consumer electronics chain is still said to be in the early stages. Not much movement in U.S. stocks after stronger than expected employment and service sector data in the U.S. was overshadowed by gloomier reports from China and Europe. Some U.S. market watchers expect stocks to rally into the November presidential election, like Jeff Saut of Raymond James SOUNDBITE: JEFF SAUT, MANAGING DIRECTOR, RAYMOND JAMES (ENGLISH) SAYING: "I still like energy. I still like technology. I believe in the theme of on-shoring. I think the reindustrialization of America is gaining traction. And I do think you're seeing manufacturing jobs coming back to the U.S." European shares were mixed amid slowing global economic growth and concerns about Spain's financial situation. Sasha Salama, Reuters.