News Archive
National | Fri, Feb 8, 2013

A storm that forecasters warned could be a blizzard for the history books began clobbering the New York-to-Boston corridor on Friday, grounding flights, closing workplaces and sending people rushing to get home ahead of a possible 1 to 3 feet of snow.

The Standard & Poor’s 500 Index advanced for a sixth straight week, capping the longest winning streak since August, amid better-than-estimated corporate earnings as European leaders reached a budget agreement.

Dell Inc.'s decision to sell itself for $24.4 billion to a group led by its founder and CEO is being ridiculed as a rotten deal by a major shareholder who estimates the slumping personal computer maker is really worth $42 billion.

The Standard and Poor's 500 edged up to a five-year high Friday, extending a rally that started in January.

Are there guns in your investment portfolio?

Feb. 8 (Bloomberg) -- LinkedIn Corp., the biggest online professional-networking service, surged to a record after increased membership helped fourth-quarter profit and sales beat analysts’ estimates.

A jump in energy-related exports and a steep decline in oil imports lowered the U.S. trade deficit in December to nearly a three-year low.

Mexico’s largest home loan provider is locking in record-low interest rates, as it seeks to sell 10 billion pesos ($785 million) of debt and boost mortgage lending in a country where an estimated one in three families lack adequate housing.

Feb. 8 (Bloomberg) -- Oil climbed in New York while Brent crude surged to a nine-month high in London after stronger-than- expected trade data from China signaled increased fuel demand in the world’s second-biggest consuming country.

After a decade of struggles to assuage environmentalists, raise almost $1 billion and win permits, Poseidon Resources Group will finally answer a critical question: is converting seawater to drinking water a profitable venture in the U.S. when there are cheaper options?

The U.S. Postal Service lost $1.3 billion in the final three months of last year, despite a blizzard of campaign advertising for the fall political elections and a big holiday mail and shipping season.

The sales pitch for President Barack Obama’s nominee to run the Securities and Exchange Commission goes something like this:

Moody's fourth-quarter net income jumped 66 percent and revenue blew away expectations, but shares slid with many expecting the ratings agency will be the next target of the Justice Department, which filed a suit against a rival for its actions before the housing market collapse.

Feb. 8 (Bloomberg) -- Brent crude, headed for a fourth weekly advance, climbed to a nine-month high in London after stronger-than-expected trade data from China, the world’s second-biggest user.

Feb. 8 (Bloomberg) -- Record petroleum exports helped shrink the U.S. trade deficit to the smallest in two years as America moves closer to achieving energy self-sufficiency, a goal the nation has been pursuing since the 1973 Arab oil embargo.

Markets were ending the week strongly after better-than-expected Chinese figures shored up hopes over the world's second-largest economy.

McDonald's says a key sales figure dropped again in January as the world's biggest hamburger chain faced ongoing weakness in Japan and sales in China were hurt by a food scare and the timing of a holiday.

German steelmaker ThyssenKrupp says it will slash at least 2,000 jobs by 2015 as part of a cost-saving drive as the company copes with high commodity costs and the struggling European economy.

The Coca-Cola Co. reports its fourth-quarter results Tuesday, which should give a snapshot of how the company's flagship U.S. business is faring amid growing scrutiny over sugary drinks and intensifying competition from PepsiCo.

Feb. 8 (Bloomberg) -- Caesars Entertainment Corp., the largest owner of U.S. casinos, rose the most since its first day of trading a year ago after Nevada reported gambling on the Las Vegas Strip soared 13 percent in December.

Shares of Biogen Idec Inc. rose Friday after a Citi Investment Research analyst upgraded the stock, saying he expects Biogen to take a commanding share of the market for multiple sclerosis drugs.

Neurocrine Biosciences Inc.'s fourth-quarter earnings swelled, as the drug developer brought in more revenue from its collaboration on elagolix, an experimental treatment for endometriosis pain.

Feb. 8 (Bloomberg) -- International Business Machines Corp. turned its Watson computer into a virtual assistant to cancer doctors, showing how it’s converting the high-powered machine into a revenue generator.

The government has reached a proposed settlement with Holtzbrinck Publishers LLC, which does business as Macmillan, one of five major book publishers that allegedly conspired with Apple Inc. to raise e-book prices for consumers, the Justice Department announced Friday.

Hewlett-Packard Co., the world's largest personal computer maker, is vowing to crack down on its Chinese suppliers in an effort to reduce the use of low-paid student interns and other temporary workers.

Shares of Skullcandy Inc. tumbled Friday after the company, which makes headphones emblazoned with a skull logo, said its CEO was leaving to take another job.

American Axle & Manufacturing Holdings Inc. said Friday that its fourth-quarter net income soared, helped by a hefty tax benefit and an increase in vehicle production.

Shares of Microchip Technology Inc. climbed Friday after it posted earnings and an outlook that beat estimates.

Feb. 8 (Bloomberg) -- AOL Inc., the Web publisher that owns the Huffington Post and TechCrunch, climbed the most in three months in New York trading after posting its first sales gain in eight years.

Feb. 8 (Bloomberg) -- RadioShack Corp. hired Joseph C. Magnacca as its fourth chief executive officer in three years, tapping a drugstore marketing expert to help revive the unprofitable electronics chain.

Shares of Molina Healthcare Inc. climbed Friday after the Medicaid coverage provider posted a strong fourth-quarter profit and forecast further gains in 2013.

Feb. 8 (Bloomberg) -- A U.S. appeals court specializing in patent law grappled today with questions about when computer programs should be eligible for legal protection, in a case that’s divided the judges and the software industry.

The pattern looks eerily familiar.

Feb. 8 (Bloomberg) -- U.S. stocks rose, sending the Standard & Poor’s 500 Index to the highest level since November 2007, as corporate earnings topped estimates and European leaders reached a budget agreement.

Mary Jo White, President Barack Obama's nominee to lead the Securities and Exchange Commission, has represented an A-list of banks and corporations that could raise conflict-of-interest questions during her confirmation hearing.

Feb. 8 (Bloomberg) -- The yen jumped the most since March 2011 against the dollar after Japanese Finance Minister Taro Aso told reporters the pace of its recent slide has been too rapid.

Feb. 8 (Bloomberg) -- European stocks advanced for the first time in three days, paring a weekly decline, as trade data from China exceeded estimates and European Union leaders prepared the first-ever cuts to the bloc’s budget. U.S. futures and Asian shares were little changed.

A multibillion-dollar “EuroVegas” casino resort will be built in the outskirts of Madrid, hopefully bringing much-needed jobs and investment, officials from Spain and Las Vegas Sands casinos said Friday.

Feb. 8 (Bloomberg) -- Treasury 10-year notes rose for a third day as efforts to trim the European Union budget added to concern the region’s economy will struggle to expand, boosting demand for safer assets.

With family members waving from a pier, sailors aboard a Navy destroyer left for an overseas mission with more uncertainty than ever about their homecoming as potentially massive budget cuts reshape military plans.

Advocates of all-natural food in Hawaii scored a partial victory when the House Committee on Agriculture passed a measure to require labeling on genetically modified food.

In the video, a shooter cradles a rifle equipped with a grenade launcher and 250-round magazine. But the star of this demonstration, posted online, is a deceptively low-tech plastic device that enables semi-automatics like this one to mimic the withering fire of weapons usually reserved for the military or police.

U.S. wholesalers cut their stockpiles slightly in December while their sales were unchanged, suggesting businesses were cautious at the end of a weak quarter.

The federal Housing and Urban Development secretary said Thursday the government plans to track how “every dollar” of Superstorm Sandy aid money is spent while New Jersey Gov. Chris Christie fielded more questions about contracts for storm cleanup and rebuilding.

Feb. 8 (Bloomberg) -- Canadian employers unexpectedly cut jobs in January while home builders slowed the pace of new construction to the least since 2009, suggesting a languid start to the new year for the country’s economy.

Feb. 8 (Bloomberg) -- The Brazilian government isn’t letting an economic slowdown, the World Cup or the Olympics get in the way of its efforts to help everyone from slum dwellers to young professionals buy homes.

Oil prices nudged above $96 a barrel on Friday after new reports showed better-than-expected trade data in China and the U.S. trade deficit shrank in December to the lowest point in three years.

President Obama's White House is trying to ratchet up pressure on Congress by putting out details of federal spending cuts it says will take place if a scheduled March 1 deadline for deep automatic, governmentwide spending cuts cannot be averted.

The euro is trading lower against the dollar a day after European Central Bank President Mario Draghi said he will keep a close eye on the impact of a stronger euro.

Strong demand from outside Europe pushed exports from Germany, Europe's biggest economy, to a record high last year, offsetting the effects of the economic troubles of its neighbors, official data showed Friday.

A bomb planted near a market in northwestern Pakistan killed 10 people and wounded 23 others Friday, the latest in an uptick in attacks in recent months, government officials said.

A criminal investigation is under way after a hacker apparently accessed private photos and emails sent between members of the Bush family, including both former presidents.

The last political polls to be published before Italy's national elections suggest that ex-Premier Silvio Berlusconi is gaining ground on the center-left candidate.

Feb. 8 (Bloomberg) -- Inventories at U.S. wholesalers unexpectedly fell in December for the first time in six months as companies tried to keep pace with cooling sales.

The worst of the flu season appears to be over.

Calling it “the honor of my life,” Defense Secretary Leon Panetta said farewell to the U.S. military Friday, capping a venerated public service career that spanned four decades and included stints as a lawmaker, a top White House official and the spy chief who oversaw the killing of Osama bin Laden.

Fri, Feb 8, 2013