At The Motley Fool, we know our readers like to be informed. We have scouted out today's most relevant news items and brought them to you all on one page. We hope you find this midday edition informative and useful.
We've already covered the news from Libya, so here's what's happening in the rest of the world.
Hewlett-Packard releases new PC
The largest personal computer maker unveiled a new computer today, just days after announcing it may spin off its PC business. Hewlett-Packard's (NYSE: HPQ ) new model helped lift the company's stock price, after shares fell 20% on Friday. According to HP, its new business-elite computer can deliver up to 15% faster hard drive access and 40% better performance, thanks to off-base data management. The computer, which is also energy-efficient, was designed for face-to-face interaction and online conferences.
Hewlett-Packard said the computer market's shift from PCs to mobile devices -- an area where it's thus far underperformed -- prompted its spinoff plans. Read more at The Wall Street Journal.
Lowe's buys back
Home improvement store Lowe's (NYSE: LOW ) set aside $5 billion to buy back its shares over the next two to three years. The retailer joins a trend, as more companies stack up their stock in a weak economy. Lowe's shares fell 23% over the past year amid discouraging earnings and weaker consumer spending. It is unclear whether the planned share repurchase, which currently represents one-fifth of the company's outstanding shares, will be able to boost its price overall. U.S. companies have gone on a shopping spree amid fears that the economy will continue declining. As of Aug. 11, companies had bought back $305.2 billion in shares this year. Read more at Reuters.
A Ford-Toyota marriage
The largest automaker of electric cars, Toyota, announced it would be working with Ford (NYSE: F ) to develop a hybrid for light trucks and sport utility vehicles, with additional plans to partner on in-car communications and Internet systems.
Ford wants to increase its sales of hybrid cars in the U.S. to more than 100,000 by 2013. The company has tried to reinvent itself by offering better fuel efficiency and more compact models like the Ford Fiesta. Both automakers plan to start developing their joint vehicle next year in the U.S., and don't plan to offer a gasoline-only alternative. Read more at Bloomberg.
Shell and PetroChina make offer on Bow
Shell's (NYSE: RDS-A ) and PetroChina's (NYSE: PTR ) joint venture announced it had made an offer for Australian coal seams producer Bow Energy. The announcement calmed worries that the two companies did not have enough coal seam reserves in Australia to support a bigger export operation in the area. The announcement did not specify how much the offer would be, but Bow Energy said Shell had offered $540 million to acquire the company. Coal seam gas is one of the most sought-after product in the energy market today. Read more at The Wall Street Journal.
Pfizer and Bristol may have a winner
A blood thinner developed by Pfizer (NYSE: PFE ) and Bristol-Myers Squibb (NYSE: BMY ) may become the biggest seller in a multibillion-dollar market. The drug, Eliquis, is expected to debut at Europe's top medical meeting next week. The hype for Eliquis came after results showed it was better and safer than previous drugs at preventing strokes in heart patients. The success of the drug could bring in 50% of the $9 billion market and put both companies in better financial positions. Both Pfizer and Bristol face patent expirations on other blockbuster drugs, which could cost them $30 billion in revenues. Read more at Reuters.
So there you have it -- the top financial stories for this afternoon. If you are interested in getting all the news and commentary on these stocks sign up to My Watchlist here -- it's free!
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