News Archive
National | Thu, Jan 24, 2013

Facebook's founder has friended New Jersey Gov. Chris Christie again.

The index of leading indicators rose in December by the most in three months, signaling stronger housing and job markets will help the world’s largest economy make more progress in the first half of 2013.

Americans still need their Starbucks fix even in the weak economy.

Microsoft's latest quarterly earnings slipped, even as the world's largest software maker showed modest progress adjusting to a shift away from the personal computers that have been its financial foundation for decades.

Apple needs to come down off its perch and start making nice with Wall Street, analysts said Thursday as investors hammered the company's stock.

The launch of the iPhone 5 helped AT&T attract more new customers in the holiday quarter than it has in three years, but it posted a big loss because of an annual adjustment to its pension obligations.

Jan. 24 (Bloomberg) -- Building-supply stocks such as USG Corp., in which Warren Buffett holds a 16 percent stake, and Eagle Materials Inc. that more than doubled last year are poised to rise further as the U.S. housing market extends its recovery.

Starwood Property Trust Inc. the commercial mortgage company founded by Barry Sternlicht, climbed to a record after agreeing to buy LNR Property LLC as part of a $1.05 billion deal with Starwood Capital Group LLC.

McLEAN, VA -- U.S. mortgage rates climbed, increasing borrowing costs as rising home prices add to household wealth.

A sharp drop in Apple's stock is pulling the Nasdaq down with it after the tech giant predicted weaker sales. Other market indexes were mixed.

A U.S. housing-market revival may prove illusory and the threat of further weakness remains, said Robert Shiller, a professor at Yale University and co-creator of the S&P/Case-Shiller index of property values.

Jan. 24 (Bloomberg) -- Oil climbed after reports pointed to accelerating global growth and as the spread between West Texas Intermediate crude in the U.S. and London’s Brent narrowed on speculation the Seaway pipeline will soon resume full shipments.

Europe's stock markets were broadly higher Thursday amid signs the continent's services and manufacturing slump was easing.

President Barack Obama will nominate Mary Jo White to lead the Securities and Exchange Commission, tapping an attorney with broad experience in prosecuting white-collar crimes to lead an agency that has a central role in implementing Wall Street reform.

Greece's government announced emergency powers Thursday to force striking subway workers back to work, with those defying it risking dismissal, arrest and jail in an escalating standoff over austerity measures.

Jan. 24 (Bloomberg) -- U.S. equity futures fell, signaling the Standard & Poor’s 500 Index will retreat from a five-year high, after Apple Inc. reported the slowest profit growth since 2003 and weakest sales increase in 14 quarters.

The number of Americans seeking unemployment aid fell last week to the lowest level in five years, evidence that employers are cutting fewer jobs and may step up hiring.

Jan. 24 (Bloomberg) -- Nokia Oyj will skip a dividend for the first time in at least 143 years as the struggling Finnish mobile-phone maker retains cash for its comeback attempt.

Jan. 24 (Bloomberg) -- Apple Inc. plunged the most in more than two years after posting the slowest profit growth since 2003 and the weakest sales increase in 14 quarters, fueling concern that mounting costs and competition may curtail growth.

Jan. 24 (Bloomberg) -- Xerox Corp., the provider of document and business services, rose the most in more than a year as earnings beat analyst expectations thanks to a shift away from the traditional printing business.

Shares of ITT Educational Services slid to their lowest point in more than a decade Thursday after the for-profit college swung to a surprise fourth-quarter loss and issued a dim outlook for 2013.

Travelzoo's profit shrank in its most recent quarter, despite higher revenue, as the travel deals website hired more salespeople and spent more on marketing.

W.W. Grainger Inc., which sells power tools and other industrial equipment, said Thursday that its fourth-quarter net income rose 5 percent, helped by a double-digit increase in Canadian sales.

Jan. 24 (Bloomberg) -- Lenovo Group Ltd. is assessing potential acquisition targets and strategic alliances, including a deal with BlackBerry maker Research In Motion Ltd., as the second-largest producer of personal computers tries to bolster its mobile-device business.

Jan. 24 (Bloomberg) -- Bayerische Motoren Werke AG, the world’s biggest maker of luxury vehicles, will work with Toyota Motor Corp. to produce a midsize sports car, expanding their cooperation amid industry efforts to limit development costs.

Before long plane flights, Thomas Schumacher likes to download talks from some of the world's brightest and creative minds speaking at TED conferences, watching them on his iPad while thousands of feet in the air.

Knight Capital Group Inc.'s net income plunged in the fourth quarter as it handled fewer stock trades and took big one-time charges.

Precision Castparts Corp.'s fiscal third-quarter net income rose 10 percent on demand for industrial gas turbines and commercial airplane parts.

Union Pacific's fourth-quarter profit chugged ahead 7 percent because the railroad raised shipping rates and collected more fuel surcharges.

AmerisourceBergen Corp.'s fiscal first-quarter net income rose 4 percent as the prescription drug distributor saw a sales volume gain and a revenue boost from acquisitions.

International Speedway reported declining net income and revenue Thursday as it spent more on broadcast fees and advertising during the final quarter of the year.

Dover's fourth-quarter net income fell 43 percent, pulled down by hefty losses related to two businesses that it plans to sell this year, but the manufacturer's adjusted profit edged out Wall Street predictions and it stood by its guidance for all of 2013.

Jan. 24 (Bloomberg) -- The U.S. Securities and Exchange Commission delayed a ruling on Nasdaq Stock Market’s proposal to compensate brokers that lost money in the initial public offering of Facebook Inc. in May.

Lowe's Cos. said Thursday that Michael A. Jones will join the nation's second largest home improvement retailer as its chief merchandising officer.

Jan. 24 (Bloomberg) -- Janus Capital Group Inc., owner of the Janus, Intech and Perkins funds, reported a 13 percent decline in profit as clients pulled out money for the 14th consecutive quarter.

Billionaire Warren Buffett's argument that high fees hurt investors is getting stronger because his chosen S&P 500 stock index fund is now outperforming a collection of hedge funds in a 10-year bet.

Alaska Air Group Inc. said Thursday that its fourth-quarter net income fell 31 percent on tough comparisons to a prior-year period boosted by a hefty accounting gain from fuel hedging.

Jan. 24 (Bloomberg) -- Home prices in New York’s Hamptons, the resort towns on the Long Island coast, rose to the highest on record as deals at the upper end of the market surged before expected tax increases for sellers.

Jan. 24 (Bloomberg) -- Choice Hotels International Inc., which signed a franchising deal with Colony Capital LLC earlier this month, is being approached by a growing number of private- equity firms looking to rebrand their newly acquired lodging properties, Chief Executive Officer Steve Joyce said.

Jan. 25 (Bloomberg) -- Singapore’s latest round of measures to curb record property prices has become a stumbling block in the city-state’s two-biggest corporate takeover deals.

Jan. 24 (Bloomberg) -- Barry Sternlicht’s Starwood Property Trust Inc. and Starwood Capital Group LLC agreed to buy LNR Property LLC, the biggest manager of distressed U.S. commercial real estate loans, for $1.05 billion.

Jan. 24 (Bloomberg) -- A U.S. housing-market revival may prove illusory and the threat of further weakness remains, said Robert Shiller, a professor at Yale University and co-creator of the S&P/Case-Shiller index of property values.

Jan. 24 (Bloomberg) -- Quicken Loans Inc. Chief Executive Officer Bill Emerson went from a walk-on with Pennsylvania State University’s football team to part of Coach Joe Paterno’s 1982 championship squad, and then a captain two years later.

Jan. 24 (Bloomberg) -- Talk to practically any investors in London and they will tell you Ireland is a shining example of a successful euro-area bailout program, a narrative that the country’s international creditors eagerly endorse.

Jan. 24 (Bloomberg) -- 3M Co., the maker of products ranging from Scotch tape to dental braces, said quarterly sales growth in Asia, excluding Japan, rose the most in almost two years, a sign demand is picking up in the region.

Jan. 25 (Bloomberg) -- Lenovo Group Ltd. is assessing potential acquisition targets and strategic alliances, including a deal with BlackBerry maker Research In Motion Ltd., as the second-largest producer of personal computers tries to bolster its mobile-device business.

Jan. 24 (Bloomberg) -- Carl Icahn, the billionaire who holds a 10 percent stake in Netflix Inc., said he sees further room for shares of the online video service to climb after they more than doubled in four months.

Jan. 24 (Bloomberg) -- Starbucks Corp., the world’s largest coffee-shop operator, said profit rose 13 percent in its fiscal first quarter, meeting analysts’ estimates, as sales in Europe, the Middle East and Africa declined for the second straight quarter.

Jan. 24 (Bloomberg) -- Xerox Corp., the provider of document and business services, rose the most in three weeks as earnings beat analyst projections, thanks to a shift away from the traditional printing business.

THQ Inc. has received bankruptcy court approval to sell the majority of the company's assets in pieces for $72 million, the video game publisher said on Thursday.

Shares of J.B. Hunt Transport Services Inc. hit an all-time high Thursday after the trucking company posted fourth-quarter results that beat market expectations, reflecting more business from customers and efforts to rein in costs. Inc. returned to a profit in the fourth quarter from a loss a year ago as buyers spent more per order.

Netflix's rollercoaster ride on Wall Street surged to new heights Thursday.

Jan. 24 (Bloomberg) -- Doug Whitman, founder of the Whitman Capital LLC hedge fund, was given two years in prison for trading on illegal tips about Polycom Inc., Google Inc. and Marvell Technology Group Ltd.

Jan. 24 (Bloomberg) -- Lowe’s Cos., the second-largest U.S. home-improvement retailer, hired Husqvarna AB executive Michael A. Jones as its top merchant and promoted Stephen J. Szilagyi to supply-chain chief as the retailer works to catch faster-growing Home Depot Inc.

Federal accident investigators say a short-circuit and an uncontrolled chemical reaction apparently took place in a Boeing 787 battery before the battery caught fire earlier this month in Boston.

Employers are laying off fewer workers, a trend that normally suggests hiring is picking up. The January jobs report next week will show whether employers have begun to hire more freely or are still waiting for the economy to strengthen.

Jan. 25 (Bloomberg) -- Falling Polish interest rates aren’t doing enough to prevent new mortgages plunging to the lowest level since at least 2008 as the economy slumps and the government ends its support for first-time buyers.

Jan. 25 (Bloomberg) -- Goldman Sachs Group Inc. traders are telling investors Spain’s housing market is improving, even as unemployment is at a record 26 percent and 2 million homes linger unsold after a decade-long building boom crashed.

Jan. 24 (Bloomberg) -- Cisco Systems Inc., the world’s biggest maker of computer-networking equipment, has sold its Linksys home-router unit to Belkin International Inc., shedding another consumer business as it focuses on sales to businesses.

3M, which makes Post-it notes, industrial products, and construction materials, says its fourth-quarter net income rose 3.9 percent as growing profits in health care and consumer goods offset declines in other areas.

Southwest Airlines Co. says fourth-quarter earnings fell by nearly half on higher spending for fuel, labor and maintenance.

Starwood Property and Starwood Capital will spend $1.05 billion in cash to acquire LNR Property LLC, the former investment wing of the homebuilder Lennar.

Jan. 24 (Bloomberg) -- Gold declined for a second day in New York as an improving outlook for economic growth curbed demand for the precious metal as a protection of wealth and the U.S. dollar strengthened.

Jan. 24 (Bloomberg) -- The yen fell for the first time in four days against the dollar after Deputy Economy Minister Yasutoshi Nishimura said its decline isn’t over and a level of 100 versus the U.S. currency wouldn’t be a concern.

Lockheed Martin Corp. said Thursday its fourth-quarter net income fell 17 percent, but issued a better than expected profit guidance for the current year.

Jan. 24 (Bloomberg) -- Claims for jobless benefits in the U.S. unexpectedly dropped last week to a five-year low, highlighting the challenges in adjusting the data for swings at the start of a year.

A measure of the U.S. economy designed to signal future activity increased in December from November, suggesting growth may strengthen in 2013.

Spain's unemployment rate shot up to a record 26 percent in the fourth quarter of 2012, leaving almost six million people out of work, the National Statistics Institute said Thursday.

The nation's crude oil supplies increased last week, the government said Thursday.

On most construction projects, workers are discouraged from signing or otherwise scrawling on the iron and concrete. At the skyscraper rising at ground zero, though, they're being invited to leave messages for the ages.

Jan. 24 (Bloomberg) -- EasyJet Plc, Europe’s second-largest discount carrier, said sales gained in the three months through December as competitors trimmed capacity and the airline added flights to Switzerland and France.

Jan. 24 (Bloomberg) -- The S8 executive sedan is what happens when Audi takes off its gloves. More accurately, the S8 is what happens when it takes off its gloves and uses them to slap Mercedes-Benz and BMW.

Jan. 24 (Bloomberg) -- Bristol-Myers Squibb Co.’s fourth- quarter earnings beat analysts’ estimates after the company took a tax benefit from a hepatitis C drug that failed last year.

North Korea's top governing body warned Thursday that the regime will conduct its third nuclear test in defiance of U.N. punishment, and made clear that its long-range rockets are designed to carry not only satellites but also warheads aimed at striking the United States.

A U.N. expert is launching a special investigation into the drone warfare and targeted killings that the United States uses as front-line weapons in its global war against al-Qaida.

Louisiana Gov. Bobby Jindal is calling on the Republican Party to “recalibrate the compass of conservatism” as party leaders on Thursday promised fundamental changes to help stave off future losses.

Thu, Jan 24, 2013