News Archive
National | Thu, Feb 7, 2013

Feb. 8 (Bloomberg) -- West Texas Intermediate oil traded near a two-week low, heading for the first weekly decline in nine weeks. Saudi Arabia kept production near 9 million barrels for a second month, helping to maintain OPEC output at close to the group’s official ceiling.

American consumers are starting to regain confidence as an improving job market eases the strain caused by a higher payroll tax.

Feb. 7 (Bloomberg) -- Yelp Inc., owner of a website that lets consumers review local businesses, slipped after posting a wider quarterly loss than analysts estimated as it boosted spending on expansion into new markets.

Verizon Communications Inc. said Thursday that the CEO of Walgreen Co., the largest drugstore chain in the U.S., will join its board on March 1.

With its annual meeting looming and its stock on the decline, Apple is facing a rebellion from an influential investor who wants the company to stop stockpiling cash and give it to shareholders instead.

Gov. Jerry Brown waded into potentially hostile territory Wednesday, as he pitched his $14 billion plan to reshape California's water-delivery system by building massive tunnels below the Sacramento-San Joaquin Delta.

Oh, the poor suckers at Citigroup Inc. and Bank of America Corp., fooled about the stench of their own garbage by those sneaky credit raters at Standard & Poor’s.

Feb. 7 (Bloomberg) -- Oil fell in New York as European Central Bank President Mario Draghi said the euro’s strength could hamper an economic recovery, curbing fuel demand.

The euro fell sharply on Thursday after the European Central Bank said it would monitor the currency's value and economic impact, while global stock markets tracked lower after Wall Street's open.

Feb. 7 (Bloomberg) -- Confidence among American consumers rose last week for the first time this year, a sign the strain on households from a higher payroll tax is easing.

U.S. worker productivity shrank in the final three months of 2012 although the decline was caused by temporary factors.

Fewer Americans sought unemployment benefits last week, indicating companies continue to hire at a modest but steady pace.

Feb. 7 (Bloomberg) -- U.S. stock-index futures were little changed after jobless claims decreased less than economists estimated and worker productivity fell more than projected, pushing labor expenses up.

European Central Bank president Mario Draghi pledged Thursday to keep a close eye on the economic impact of the rise of the euro, a move that surprised many in the markets and sent Europe's single currency skidding lower.

Feb. 7 (Bloomberg) -- Cemex SAB dropped the most in more than four months after the largest cement maker in the Americas reported a fourth-quarter loss that Deutsche Bank AG called a disappointment.

Back in 2007, Toyota trumpeted its bulked-up Tundra as a game-changer that would cut into Detroit's dominance of the U.S. pickup truck market.

For many of the richest people in Hong Kong, one of Asia's wealthiest cities, home is a mansion with an expansive view from the heights of Victoria Peak. For some of the poorest, like Leung Cho-yin, home is a metal cage.

Drug developer Eli Lilly and Co. is stopping clinical testing of an experimental rheumatoid arthritis treatment because it wasn't working.

Shares of Bunge Ltd. tumbled Thursday after the agribusiness and food company said it posted a loss for the fourth-quarter and that its CEO plans to retire.

Feb. 7 (Bloomberg) -- Billionaire Carlos Slim is taking Mexican retailer Grupo Sanborns SAB public as revenue surges from sales to consumers looking to shop at its Saks Fifth Avenue stores and buy Apple Inc. iPads.

The retailer Ann said Thursday that its fiscal fourth-quarter revenue came in weaker than expected, as bright colored merchandise at its Loft stores fell flat over the holidays.

Feb. 7 (Bloomberg) -- Apple Inc., the world’s most valuable technology company, was urged by David Einhorn’s Greenlight Capital Inc. to return more of its $137.1 billion in cash to shareholders.

Feb. 7 (Bloomberg) -- Charles Schwab Corp., the largest independent U.S. brokerage, plans to expand commission-free trading in exchange-traded funds by partnering with State Street Corp. and Invesco Ltd., two of the top four U.S. ETF providers.

Feb. 7 (Bloomberg) -- The two biggest publicly traded gun manufacturers in the U.S. are poised to outstrip average profit growth by Standard & Poor’s 500 Index companies as the proposed tightening of regulations after a deadly elementary school shooting heightens demand for weapons.

Feb. 7 (Bloomberg) -- Cemex SAB dropped the most in more than seven months after the largest cement maker in the Americas reported a fourth-quarter loss that Deutsche Bank AG called a disappointment.

Sigma-Aldrich Corp. said Thursday that its fourth-quarter net income grew more than 7 percent on business from recent acquisitions.

A top federal safety official says the government should reconsider its approval of the kind of batteries used in the Boeing 787 Dreamliner because they can explode into fires, a specter that manufacturer testing did not pick up.

Feb. 7 (Bloomberg) -- This car seems alive. The engine crests 6,800 revolutions per minute and the entire frame of the Honda Accord coupe thrums as if awaiting release. My left foot drops onto the clutch and I shift to third.

Advance Auto Parts Inc. said Thursday that fourth-quarter net income fell 2 percent, as lackluster sales were offset by higher supply costs and growth-related expenses.

Feb. 7 (Bloomberg) -- The biggest Wall Street banks have spent more than $93 billion dealing with the fallout from the housing bust, settling disputes with the U.S. government and homeowners. Now they must face the Germans.

Stocks slumped on Wall Street Thursday, suggesting that the rally which has pushed indexes close to record levels may have run its course.

Feb. 7 (Bloomberg) -- Starwood Hotels & Resorts Worldwide Inc., owner of the luxury St. Regis and W brands, said fourth- quarter earnings declined as revenue growth slowed in Europe and costs rose.

Feb. 7 (Bloomberg) -- Microsoft Corp., the world’s biggest software maker, said it disrupted a cybercrime operation known as the Bamital botnet that took control of hundreds of thousands of personal computers by infecting them with malicious software.

Feb. 7 (Bloomberg) -- New York Times Co., the newspaper publisher controlled by the Ochs-Sulzberger family, posted fourth-quarter profit that beat analysts’ estimates as its advertising decline slowed and online readership grew.

Feb. 7 (Bloomberg) -- Coinstar Inc., owner of the Redbox DVD kiosks, posted a 27 percent drop in fourth-quarter profit and forecast results this quarter that fell short of analysts’ estimates. The stock tumbled.

Gov. Chris Christie vetoed a bill Thursday that would have made New Jersey the third state to legalize gambling over the Internet, but said he would sign it if it had a 10-year trial period and a higher tax rate on casinos.

Discount retailer Target Corp. says Thursday that a key revenue measure rose 3.1 percent in January as shoppers bought holiday clearance merchandise.

Feb. 7 (Bloomberg) -- LinkedIn Corp., the biggest online professional-networking service, reported fourth-quarter sales and profit that beat estimates as marketers bolstered spending on the website and the company added subscribers.

Hasbro's net income fell 6 percent in the fourth quarter, as the toymaker faced a challenging holiday season and incurred restructuring charges.

Feb. 7 (Bloomberg) -- Safeway Inc., the second-largest U.S. grocery-store chain, rose after the Globe & Mail reported that activist fund West Face Capital Inc. recently acquired a minority stake in the company.

Feb. 7 (Bloomberg) -- Microsoft Corp., the world’s biggest software maker, said it disrupted a cybercrime operation known as the Bamital botnet that took control of hundreds of thousands of personal computers by infecting them with malicious software.

Feb. 7 (Bloomberg) -- Michael Dell and Silver Lake Management LLC can walk away from their proposed $24.4 billion leveraged buyout of Dell Inc. if the deal isn’t completed by Nov. 5.

Feb. 7 (Bloomberg) -- Apple Inc.’s board and management are actively discussing the return of more cash to shareholders and considering a proposal that it issue preferred stock.

Feb. 7 (Bloomberg) -- The union representing Hostess Brands Inc.’s fired bakery workers held talks with companies bidding for the Twinkie maker’s assets, the union’s leader said.

Feb. 7 (Bloomberg) -- US Airways Group Inc.’s merger talks with bankrupt American Airlines are intensifying as the sides try to agree on control of a combined company before confidentiality accords expire next week, people familiar with the matter said.

Feb. 7 (Bloomberg) -- Tanya Brown is spending hours making hailstones by hand, injecting rubber molds with a seltzer-and- water mixture and freezing them.

Sprint Nextel Corp., the country's third largest wireless carrier, on Thursday said it lost $1.3 billion in its fourth quarter, about the same as a year ago, as it revamped its network for a comeback versus bigger competitors.

Feb. 7 (Bloomberg) -- The euro rose toward a 14-month high against the dollar amid speculation European Central Bank President Mario Draghi will signal optimism about growth rather than concern at the currency’s strength at a news conference.

The utility that runs the troubled San Onofre nuclear power plant on the California coast sharply denied Thursday that it was aware of equipment problems linked to a 2012 tube break that released a trace of radiation.

more resistant to cyberattacks, freer from cybercrime and safer for children to use.

Starwood Hotels & Resorts Worldwide Inc. said Thursday that its fourth-quarter net income fell 15 percent, pulled down by a large charge. Its adjusted results and revenue topped Wall Street's view.

India forecast economic growth to slow to 5 percent for the fiscal year ending in March, the worst performance in a decade for Asia's third-largest economy.

Feb. 7 (Bloomberg) -- The productivity of U.S. workers fell more than projected in the fourth quarter as the economy shrank, pushing labor expenses up, showing companies are approaching the limit of how much efficiency they can wring from employees.

Feb. 7 (Bloomberg) -- Claims for U.S. unemployment insurance payments fell last week, returning to levels seen in the second half of 2012.

Stocks remained in a holding pattern Thursday. Major indexes edged lower after a report that showed the jobs market is maintaining a slow, but steady, recovery failed to inspire investors.

The average U.S. rate on the 30-year fixed mortgage was unchanged this week near historic lows, while the average rate on the 15-year loan fell. Low mortgage rates could help strengthen the housing recovery.

The devil is in the deals.

TJX Cos., the parent company of TJ Maxx and Marshalls clothing stores, said Thursday that its January sales at stores open at least a year rose 3 percent, falling short of Wall Street predictions,

Luxury retailer Nordstrom said Thursday that sales at stores open at least a year climbed 11.4 percent in January.

New England is bracing for a major winter storm expected to dump up to 2 feet of snow in some places from Friday into Saturday.

The Oakland Raiders are tarping off about 10,000 seats at the Coliseum to reduce capacity to approximately 53,250 next season.

Students may soon be able to receive college credit for the free online courses that are reshaping higher education.

Iran's state TV has broadcast footage allegedly extracted from the advanced CIA spy drone captured in 2011, the latest in a flurry of moves from Iranian authorities meant to underline the nation's purported military and technological advances.

Russia's Defense Ministry has rejected a claim by Japan that two Russian fighter jets have violated its airspace.

Sixteen stories below Grand Central Terminal, an army of workers is blasting through bedrock to create a new commuter rail concourse with more floor space than New Orleans' Superdome, just one of three audacious projects going on beneath New York City's streets to expand what's already the nation's biggest mass transit system.

A Dallas promotions company sued Lance Armstrong on Thursday, demanding he repay $12 million in bonuses and fees it paid him for winning the Tour de France.

Cruise passengers can overwhelm historic cities, causing congestion and chasing off other visitors who mean more to local economies, those attending an international conference on cruise tourism were told Thursday.

Thu, Feb 7, 2013