Jan. 28 - Summary: Turkey's central bank hikes rates more aggressively than expected; Yahoo sales fall again; AT&T sees stronger-than-expected wireless subscriber growth; Wall Street breaks losing streak. Conway G. Gittens reports.
Not bowing to political pressure, the Turkish central bank decided very early Wednesday European time to aggressively hike interest rates. Policymakers hope by doing so they can distance Turkey from last week's massive emerging market sell-off. Closer to home, Yahoo sales were down for the fourth straight quarter with cash coming from display ads falling, overshadowing a rise in net income. Results from AT&T were upbeat. The company grabbed more wireless subscribers than hoped despite increased competition. Earnings released in time for the regular trading session helped the Dow break a five day losing streak and prevent four days of declines for the rest of the market. Net new video subscribers - up for the first time in more than six years at Comcast. The nation's biggest cable TV provider posting better-than-expected revenues, but not earnings. Meanwhile, American Airlines, the world's biggest air carrier, topped expectations thanks to higher passenger fares and a lower bill for jet fuel. Ford's results were better than predicted but vehicle pricing could be a problem this year. Apple shares were down after disappointing iPhone sales released the day before and not even Carl Icahn could help - beyond helping himself. The billionaire investor snapped up half a billion dollars worth of stock, according to his Twitter feed. Aside from earnings, day one of Federal Reserve Chairman Ben Bernanke's last meeting and there's new data to consider: Orders for long lasting items known as durable goods plunged in December... But consumer confidence perked up in January, hitting a five-month high... And the S&P/Case Shiller index for November, showing the largest year-over-year home price gains in almost eight years. Over in Europe: stocks halted a three-day fall as emerging market worries ease.