Reuters Business Summary

Wall Street ends sharply lower on economic worry, oil

NEW YORK (Reuters) - Stocks tumbled on Thursday after a report showing yet another drop in U.S. home sales prompted investors to take profits in financial shares, which had rallied sharply over the past week. The rebound in oil prices, which rose more than $1 to end above $125 a barrel, also revived worries about the economy and the impact of higher energy costs on both business and consumers. Earlier this week, U.S. crude futures prices had dropped over 5 percent.

Home sales at 10-year low, jobless claims jump

WASHINGTON (Reuters) - Jobless claims jumped last week and the pace of existing home sales tumbled to a 10-year low as slowing growth hit hiring and a glut of unsold homes weighed on the real estate market, data on Thursday showed. The number of U.S. workers filing new claims for jobless benefits jumped 34,000 last week, the Labor Department said, in part reflecting seasonal volatility typical at this time of year, but also indicating that jobs were hard to find.

Microsoft to expand Facebook ad pact: source

SAN FRANCISCO (Reuters) - Microsoft Corp (MSFT.O: 行情) will announce plans to expand its relationship with online social network Facebook to provide web search and search advertising, a source familiar with the matter said on Thursday. The expanded deal follows Microsoft's decision not pursue a takeover of Yahoo Inc (YHOO.O: 行情) to bolster its online search and advertising business as it tries to compete with Internet leader Google Inc (GOOG.O: 行情).

Ford posts $8.7 billion loss on truck slump

DETROIT (Reuters) - Ford Motor Co (F.N: 行情) posted a record $8.7 billion quarterly loss on Thursday as it wrote down the value of slumping truck and SUV operations and revamped plans in a bid to break its reliance on the gas-guzzlers that have been its franchise vehicles for a decade. The loss was deeper than analysts had forecast and sent Ford shares down by 7.5 percent. Its bonds also traded lower.

CFTC charges Optiver with oil-market manipulation

WASHINGTON (Reuters) - The Commodity Futures Trading Commission on Thursday charged global trading fund Optiver Holding BV with manipulating the NYMEX oil market in March 2007. The complaint charged that three employees of the Netherlands-based fund made about $1 million through manipulation of crude oil, gasoline and heating oil futures on the New York Mercantile Exchange NMX.N.

Sam's Club teams with Geeks on Call for PC service

NEW YORK (Reuters) - Wal-Mart Stores Inc's (WMT.N: 行情) Sam's Club warehouse store division is launching a pilot program with computer repair services company Geeks on Call Holdings Inc (GOCH.OB: 行情) to offer technology services, like new computer set-up, to its members. The pilot program, which is launching in the next few days, will involve 20 Sam's Clubs located throughout the Baltimore, Washington, D.C., and Virginia areas, Geeks on Call said in a filing with the U.S. Securities and Exchange Commission.

Bristol comes out swinging at Lilly clot drug