News Archive
National | Fri, Feb 1, 2013

Stocks rallied for a fifth week as data showing improvement in the labor market and better-than-estimated earnings sent benchmark indexes toward record highs.

U.S. manufacturing activity grew at a faster pace in January, driven by an increase in new orders and more hiring at factories.

Feb. 1 (Bloomberg) -- Leap Wireless International Inc., the San Diego-based pay-as-you-go wireless carrier, climbed the most in three weeks after Janco Partners Inc. raised its rating on the stock to strong buy.

The Dow closed above 14,000 on Friday for the first time in more than five years.

American consumers ignored tax increases and trudged through winter weather to buy new cars and trucks at an unusually strong pace last month. It was the auto industry's best January since 2008.

Feb. 1 (Bloomberg) -- U.S. stocks rallied, sending the Dow Jones Industrial Average above 14,000 for the first time in five years, as data on the labor market and manufacturing boosted confidence in the world’s biggest economy.

Feb. 1 (Bloomberg) -- Netflix Inc. will test whether Machiavelli and math are a winning formula as the world’s largest subscription-video service debuts “House of Cards,” its most ambitious step yet into original online-TV programs.

Spending on U.S. construction projects rose in December, ending a year in which construction activity increased for the first time in six years.

The more informed you are, the better. Yet there's so much information about mutual funds available, from performance data to legal disclosures, that it's understandable to wonder what you really need to know.

The U.S. Treasury Department and members of Congress are preparing to move forward with plans to expand government-backed refinancing programs to underwater homeowners whose loans are packaged in private label securities.

Feb. 1 (Bloomberg) -- Oil headed for the longest stretch of weekly advances in more than eight years, after reports showed that U.S. hiring and manufacturing expanded last month.

As the economy begins to show signs of strength, people naturally want to know, how long will the damage from the financial crisis linger? A new paper from the Bank of England suggests it may be much longer than we would like.

Evidence that the U.S. economic recovery is firmly on track drove markets higher on Friday, adding to the cheer from good economic indicators out of Europe.

Feb. 1 (Bloomberg) -- Hiring increased in January after accelerating more than previously estimated at the end 2012, evidence the U.S. labor market was making progress even as lawmakers quarreled over the federal budget.

It was a blue Christmas in toyland.

Exxon Mobil Corp. said Friday that fourth-quarter earnings rose 6 percent to $9.95 billion with help from higher refining profit margins.

Shares of Pfizer's animal health business, Zoetis, surged in their trading debut after the company's IPO raised $2.2 billion -- the largest IPO since Facebook Inc. raised $16 billion last May.

Ed Koch's favorite moment as mayor of New York City, fittingly, involved yelling.

U.S. employers added 157,000 jobs in January, and hiring was much stronger at the end of 2012 than previously thought, providing reassurance that the job market held steady even as economic growth stalled.

Feb. 1 (Bloomberg) -- Ford Motor Co., General Motors Co. and Chrysler Group LLC reported January vehicle sales gains that topped estimates, as the U.S. auto market begins a fourth consecutive year of growth with buyers returning to showrooms.

During a morning conference call with analysts, Merck said that instead of applying for approval of odanacatib in the first half of this year, it won't do so until 2014. That will allow Merck time to finish an extension of an odanacatib study that includes about 8,200 women, so that Merck can also submit those longer-term results to regulators -- apparently a strategy to improve chances the drug will be approved.

Curbing guns can't ensure an end to mass slayings like December's killings of 20 first-graders in Newtown, Conn., but it will reduce firearm deaths, Vice President Joe Biden said Thursday.

Construction began Thursday on a consumer-data company's new $122 million headquarters in the heart of downtown Cincinnati, a development being touted for deepening the city's ongoing transformation from a declining Rust Belt dinosaur to a region pulsing with new development and revitalization.

Auto parts supplier Lear Corp. said Friday that its fourth-quarter net income surged, boosted by a hefty tax benefit and an uptick in global automotive production.

Feb. 1 (Bloomberg) -- BlackBerry’s new Z10 smartphone is attracting bids of as much as $1,725 on EBay Inc.’s auction site, a sign of early demand for the device in the U.S., where it doesn’t go on sale till next month.

A legislator critical of Gov. Sean Parnell's plan to overhaul Alaska's oil tax structure says 2012 profits by ConocoPhillips shows the system is working.

General Motors Co. said Friday that its January U.S. sales rose 16 percent, led by the Chevrolet Silverado and GMC Sierra pickup trucks.

Money manager Legg Mason Inc. on Friday posted a loss for its fiscal third quarter after it wrote down the value of some of its assets.

Feb. 1 (Bloomberg) -- Manufacturing in the U.S. expanded more than forecast in January, reaching a nine-month high and showing the industry is starting to improve.

Chevron Corp. posted a 41 percent gain in net income for the fourth quarter as the company produced more oil and gas, improved the performance of its refinery business and realized a gain from swapping assets in an Australian natural gas field.

When Jed York attended his first football game at age 3, he had already developed an eye for watching the way his uncle ran the San Francisco 49ers during their glory days.

Ford's U.S. sales rose 22 percent in January on strong sales of pickup trucks and new vehicles.

The CEO of St. Louis-based Build-A-Bear Workshop Inc. is retiring, 16 years after she founded the kid-friendly chain that now has more than 400 outlets worldwide.

A federal court has awarded nearly $35 million to the Sacramento Municipal Utility District because of the federal government's failure to build a permanent home to store nuclear waste.

Energy Secretary Steven Chu, who won a Nobel Prize in physics but came under questioning for his handling of a solar energy loan, is stepping down.

Commuters and day-trippers may do a double-take at the gas station after the biggest one-day pop in pump prices in nearly two years.

Bank of America says its online banking website crashed Friday, leaving customers unable to access their accounts.

The Dow stock market index closed above 14,000 for the first time since before the financial crisis rocked the world economy.

Feb. 1 (Bloomberg) -- Johnson & Johnson’s DePuy unit failed to consider the harmful effects of chromium and cobalt debris in designing the 93,000 all-metal hip implants J&J later recalled, a toxicologist testified in a California courtroom.

Google will help French news organizations increase their online advertising revenue and also set up a (euro) 60 million ($82 million) fund to finance digital publishing innovation, settling a dispute over whether the Internet giant should pay to display news content in its search results.

Feb. 1 (Bloomberg) -- Chevron Corp., the second-largest U.S. energy company, said fourth-quarter profit increased 41 percent to a record $7.25 billion as it reported stronger refining results and a gain from an Australian natural gas field swap.

One Republican proposal would ban state enforcement of federal gun laws.

Google's stock climbed to a new high Friday as Wall Street's best known indexes approached record territory, too.

Feb. 1 (Bloomberg) -- Franklin Resources Inc., manager of the Franklin and Templeton mutual funds, said fiscal first- quarter profit rose 7.3 percent as a rally in global stock markets boosted assets under management.

Feb. 1 (Bloomberg) -- BlackBerry’s new Z10 smartphone is attracting bids of as much as $1,775 on EBay Inc.’s auction site, a sign of early demand for the device in the U.S., where it doesn’t go on sale till next month.

The stock market may have packed much of its fun for the year into one exhilarating January.

Feb. 1 (Bloomberg) -- A California man pleaded guilty to operating a Ponzi scheme that took more than $80 million from 300 investors, many of whom he met at his church, federal prosecutors said.

Feb. 1 (Bloomberg) -- The cattle herd in the U.S., the world’s largest beef producer, probably shrank to the smallest in 61 years as drought ravages pastures from Texas to Nebraska and boosts feed costs.

Feb. 1 (Bloomberg) -- California’s first credit upgrade in six years shows how curbs on pension costs, a voter-backed tax boost and an improving economy have allowed it to exit Wall Street’s basement, leaving Illinois as the lowest-rated state.

Shares of Dell Inc. rose 7 percent in premarket trading on new reports that the computer company is nearing a deal to sell itself to a group including its CEO, a major private equity firm and Microsoft Corp. in a deal that could mark the largest leveraged buyout since the Great Recession.

The chief executive of Britain's scandal-hit Barclays bank says he's giving up his 2012 bonus amid a string of high-profile scandals over mis-selling products and market-fixing.

Greek dock workers extended a 48-hour strike for a further two days on Friday, leaving ferries tied up in port over the weekend, while Athens doctors walked off the job in the latest backlash against austerity measures.

Feb. 1 (Bloomberg) -- Treasuries erased losses after a report showed the U.S. January unemployment rate unexpectedly increased.

U.S. residents now make up the largest wine market in the world, consuming 13 percent of all that's produced globally, according to an analyst who spoke Wednesday at a major wine industry gathering.

Spain's Economy Minister Luis de Guindos has been called by the National Court to testify in a probe into alleged fraud at one of the country's major banks.

Feb. 1 (Bloomberg) -- LEG Immobilien AG, which completed the largest initial public offering for a German property company yesterday, unchanged on its first day of trading as analysts questioned whether its homes will grow in value.

Feb. 1 (Bloomberg) -- Banco Bilbao Vizcaya Argentaria SA, Spain’s second-biggest bank, posted a 20 million-euro ($27.3 million) fourth-quarter profit as a revenue boost helped offset costs of completing a cleanup of Spanish real estate assets.

Shares of Green Dot Corp. rose Friday after prepaid debit card issuer posted a better-than-expected fourth-quarter profit.

Shares of respiratory drug maker KaloBios Pharmaceuticals are inching higher on the first day of trading.

Exxon Mobil Corp. nearly set a record for annual profit. The oil giant reported Friday that 2012 net income was $44.88 billion, just $340 million _ less than 1 percent -- short of the company's record set in 2008, when crude oil prices hit an all-time high. Exxon's profit for the last 10 years totals $343.4 billion.

Sony is poised to unveil the next PlayStation at an event in New York City in Feb. 20.

Senate Republicans say they will oppose President Barack Obama's nominee to head the Consumer Financial Protection Bureau, unless the office created after the 2008 financial meltdown is significantly changed.

Around the Super Bowl and its host city with journalists from The Associated Press bringing the flavor and details of everything surrounding the game:

Schoolchildren joined NASA managers and relatives of the lost crew of space shuttle Columbia on Friday to mark the 10th anniversary of the tragedy and remember the seven astronauts who died.

Fri, Feb 1, 2013