News Archive
National | Wed, Feb 6, 2013

Last August Michael Dell approached the board of the computer company he had founded in 1984. He had a proposition: He wanted to take Dell Inc. private and told the board he was the right person to do so, according to people familiar with the matter.

Nasdaq OMX Group Inc. is moving to put its role in Facebook Inc.’s botched public debut behind it as talks with federal regulators progress and the firm awaits a decision on a settlement with brokers.

NEW YORK (AP) — Gretel-Ann Fischer already told customers that she won't accept credit cards for purchases under $5 at her Vermont bakery. The last thing she wants to do is anger them by passing along the transaction fee she has to pay each time they use plastic.

The Pentagon is cutting its aircraft carrier presence in the Persian Gulf region from two carriers to one, the Defense Department said Wednesday, in a move that represents one of the most significant effects of budget cuts on the U.S. military presence overseas. The decision comes as Washington struggles to find a way to avoid sharp automatic spending cuts set to strike the Pentagon and domestic programs next month.

Oil rebounded as an Energy Information Administration report showed a drop in inventories at Cushing, Okla., the delivery point for West Texas Intermediate crude traded in New York.

Riding a U.S. housing recovery and a booming stock market, Boise Cascade, a maker of plywood and other building materials, jumped 25 percent in its market debut Wednesday.

Ralph Lauren Corp. posted a 27 percent increase in its fiscal third-quarter profit as the designer clothing company enjoyed continued momentum in spending among its affluent shoppers in the U.S. and improving trends in Europe during the crucial winter holidays.

Feb. 6 (Bloomberg) -- Yelp Inc., owner of a website that lets consumers review local businesses, said fourth-quarter sales rose 65 percent as more merchants paid to advertise goods and services to its growing user base.

Sales of single-tenant retail properties -- buildings leased to fast-food joints, pharmacies and other store operators -- have soared to a 6-year high, as investors seek real estate that performs better than bonds.

Stocks drifted lower on Wall Street as the latest round of earnings reports failed to give investors an impetus to push the market's recent rally forward.

Mortgage applications in the U.S. rose last week as home purchases and refinancing increased.

Feb. 6 (Bloomberg) -- Oil dropped to a two-week low in New York as U.S. inventories climbed last week, helping send the discount to Brent crude to the steepest level this year.

The financially struggling U.S. Postal Service said Wednesday it will stop delivering mail on Saturdays but continue to disburse packages six days a week, an apparent end-run around an unaccommodating Congress.

Japan's Nikkei's was the standout stock market Wednesday as jitters over the political situation in Italy and Spain prompted a renewed bout of jitters elsewhere.

Feb. 6 (Bloomberg) -- U.S. stock futures fell, after the Standard & Poor’s 500 Index jumped the most in a month yesterday, as investors awaited a European Central Bank policy meeting tomorrow, offsetting corporate earnings that beat analysts’ estimates.

Feb. 6 (Bloomberg) -- Oil fell to its lowest in 13 days in New York, widening its discount to Brent crude to the most this year. U.S. crude and gasoline stockpiles rose last week, an industry report showed.

Time Warner Inc. said Wednesday that net income grew 51 percent in the last three months of 2012 even as revenue was largely unchanged. Rising fees from cable and satellite companies and higher ad revenue at the TV networks offset revenue declines at the movie studio and magazine businesses.

Cummins net income slid 31 percent in the fourth quarter as the recession in Europe and slowing growth elsewhere cut into demand for its engines, but it did better than most had expected and shares rose in morning trading Wednesday.

The Federal Reserve says an internal website was briefly breached by hackers but no critical Fed operations were affected.

Feb. 6 (Bloomberg) -- Republican lawmakers say they will seek changes at the financially troubled Federal Housing Administration as a first step toward a broader overhaul of the U.S. government role in housing finance.

Feb. 6 (Bloomberg) -- President Barack Obama said he has selected Sally Jewell, chief executive officer of Recreational Equipment Inc., to be secretary of the U.S. Interior Department in his second-term Cabinet.

The North Carolina House resumed its effort Wednesday to get a constitutional amendment on the ballot that makes clear governments can't condemn someone's land solely for private economic development.

Grants for homeowners to fix their properties, spending to install generators at public housing complexes and competitions to create new storm-resilience technology are among the city's plans for some of its federal Superstorm Sandy aid money, Mayor Michael Bloomberg announced Wednesday.

A government report showing a smaller-than-expected increase in U.S. crude supplies led to a turnaround in the price of oil Wednesday.

IAC/InterActiveCorp's net income slid during the fourth quarter as the Internet and services company logged restructuring charges across several segments, while revenue rose across every division.

Feb. 6 (Bloomberg) -- Zynga Inc., the biggest maker of online social games, reported fourth-quarter profit and sales that surpassed analysts’ estimates as it cut costs faster than demand fell for virtual goods.

Feb. 6 (Bloomberg) -- BlackBerry said its new Z10 smartphone was selling almost three times better in the U.K. than any of its previous models in the first week they hit store shelves.

Feb. 6 (Bloomberg) -- Google Inc., which is being probed by several tax agencies around the world, is planning litigation against the U.S. Internal Revenue Service over the company’s 2003 or 2004 tax bill, according to a company filing.

Feb. 6 (Bloomberg) -- Home Depot Inc. plans to add more than 80,000 temporary workers ahead of its busiest season, about 14 percent more than a year ago, as a housing rebound spurs spending on remodeling and landscaping.

Feb. 6 (Bloomberg) -- Take-Two Interactive Software Inc., publisher of the “Grand Theft Auto” video games, rose the most in almost five years after third-quarter results beat analysts’ estimates on sales of its latest basketball title.

Visa says its profit jumped 25 percent in the last three months of 2012 as consumers racked up more credit card debt and used their debit cards more often.

Green Mountain Coffee's net income rose 3 percent in its most recent quarter as it sold more single-serve coffee packs and brewers.

Feb. 6 (Bloomberg) -- GameStop Corp., the chain that gets almost half its profit from used video games, fell the most in a month after a website reported Microsoft Corp.’s next console will block users from reselling titles.

Feb. 6 (Bloomberg) -- Visa Inc., the world’s biggest payments network, posted a fiscal first-quarter profit that beat analysts’ estimates as consumer card purchases climbed.

A lawsuit challenging plans to take troubled personal computer maker Dell Inc. private is being filed in Delaware.

Media conglomerate News Corp. says earnings for the last three months of 2012 grew, helped by higher revenue at its pay TV networks and gains from larger stakes in businesses abroad.

Feb. 6 (Bloomberg) -- Treasury 30-year bond losses exceeded 5 percent in 2013 after the Federal Reserve’s preferred measure of inflation expectations approached 3 percent for the first time in more than a year.

Feb. 6 (Bloomberg) -- A gauge of U.S. corporate credit risk rose for the second time this week after increasing the most in five weeks on Feb. 4.

U.K. pharmaceutical company GlaxoSmithKline is looking to cut costs further this year as it reported a sharp drop in fourth-quarter profit on the back of problems in Europe.

Just 16 percent of eligible workers took time off under the Family and Medical Leave Act last year to recover from an illness, care for a new child or tend to a sick relative, according to a government report released on the law's 20th anniversary Tuesday. Most employers said the absences did not hamper productivity or profitability.

The Food and Drug Administration is warning doctors about another counterfeit version of the cancer drug Avastin distributed in the U.S., the third case involving the best-selling Roche drug in the past year.

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

Two of the Great Lakes have hit their lowest water levels ever recorded, the U.S. Army Corps of Engineers said Tuesday, capping more than a decade of below-normal rain and snowfall and higher temperatures that boost evaporation.

Big changes are in store for the nation's forests as global warming increases wildfires and insect infestations, and generates more frequent floods and droughts, the U.S. Department of Agriculture warns in a report released Tuesday.

Feb. 6 (Bloomberg) -- Chrysler Group LLC, the automaker controlled by Fiat SpA, agreed to make a U.S. unit of Banco Santander SA its preferred provider for auto loans, replacing Ally Financial Inc.

ArcelorMittal SA, the world's largest steelmaker, posted a near $4 billion loss for the fourth quarter, hurt by its ailing European business and a drop in the value of its assets.

Penske Automotive Group Inc. said Wednesday that its fourth-quarter net income rose 2 percent, helped by steep jumps in vehicle demand in the U.S. and abroad.

Feb. 6 (Bloomberg) -- The U.S. Postal Service plans to end Saturday mail delivery as soon as August to cut financial losses, a change Postmaster General Patrick Donahoe said it can make without Congress’s approval if necessary.

The answer to the trivia question will be: “Monkey Drums (Goskel Vancin Remix) by Chase Buch.” That's the 25-billionth song purchased on iTunes.

MoneyGram International Inc., a money transfer company, said its fourth quarter net income jumped as its fee revenue rose.

A Picasso painting of his muse has fetched 28.6 million pounds ($44.9 million) at a London auction.

The Irish government says an agreement with the European Central Bank is imminent to reduce the annual cost of the country's colossal bank bailout, an issue that could help to reduce Ireland's deficits and ease its escape from international aid.

Britain's Royal Bank of Scotland became the third major bank to be caught up in a global probe of interest rate manipulation Wednesday, but what makes the $610 million fine against the lender so remarkable is how it will be paid: by the bankers themselves.

Netflix won't miss Saturday mail delivery, even though the weekend service helped keep its DVD-by-mail subscribers happy.

Wed, Feb 6, 2013