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Group: Housing slowdown may hurt economy
Jan 25 2006 11:52PM (CT)
WASHINGTON (AP) - The five-year housing boom is showing increased signs of cooling, and that's likely to mean slower growth for the entire national economy. The big question now is whether home prices will come crashing to earth with even more severe consequences.
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Court says Dow can't get back taxes refund
Jan 25 2006 11:13PM (CT)
CINCINNATI (AP) - A federal appeals court has ruled that Dow Chemical Co. cannot get a refund for $22.2 million in back taxes the company paid after claiming deductions on life insurance policies it took out on more than 21,000 employees.
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Ameriprise notifies clients of data theft
Jan 25 2006 10:54PM (CT)
MINNEAPOLIS (AP) - Ameriprise Financial Inc. said Wednesday it has notified about 226,000 people that their names and other personal data were stored on a laptop computer that was stolen from an employee's vehicle.
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Kerkorian buys back 12 million GM shares
Jan 25 2006 10:53PM (CT)
DETROIT (AP) - Billionaire investor Kirk Kerkorian is acquiring 12 million shares of General Motors Corp. stock, matching the number of shares he sold in December, a federal regulatory filing showed on Wednesday.
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DuPont to try to reduce chemical in Teflon
Jan 25 2006 10:36PM (CT)
DOVER, Del. (AP) - The Environmental Protection Agency on Wednesday asked DuPont and seven other chemical companies to work to eliminate use of a chemical that is a key ingredient in the production of Teflon but may pose potential health risks to humans.
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Boston Scientific wins battle for Guidant
Jan 25 2006 10:19PM (CT)
INDIANAPOLIS (AP) - Guidant Corp. jilted longtime suitor Johnson & Johnson Wednesday in favor of a $27.2 billion offer from rival Boston Scientific Corp., ending one of the most highly charged bidding wars in years.
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Automakers play big role in Super Bowl
Jan 25 2006 9:38PM (CT)
DETROIT (AP) - When the Motor City won the right to host the 2006 Super Bowl six years ago, Detroit's automakers were enjoying record profits and booming sales of sport utility vehicles. Now, the Big Three face the challenge of squaring their costly sponsorship roles with the downbeat news of losses and employee layoffs.
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Japanese stocks rally in early trading
Jan 25 2006 8:12PM (CT)
TOKYO (AP) - Japanese stocks rallied in early trading Thursday led by gains in electronics shares. The dollar was higher against the yen.
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Wednesday's commodities roundup
Jan 25 2006 6:56PM (CT)
NEW YORK (AP) - Silver futures soared Wednesday on market speculation that Barclays Global Investors may eventually win approval from the Securities and Exchange Commission to launch a silver exchange-traded fund.
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Abbott stands to benefit in Guidant deal
Jan 25 2006 6:53PM (CT)
CHICAGO (AP) - Abbott Laboratories Inc. took a leap forward in the medical devices industry Wednesday with the acquisition via Boston Scientific Corp. of some of Guidant Corp. businesses that will quadruple its annual sales in the growing vascular products market.
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Analysts see J&J in cardiac device market
Jan 25 2006 6:51PM (CT)
TRENTON, N.J. (AP) - Johnson & Johnson lost the bidding war for medical device maker Guidant Corp. on Wednesday, but analysts said the world's most diversified health care company is likely to turn its sights on other, smaller players in the $10.3 billion cardiac device market.
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World Airways, pilots resume negotiations
Jan 25 2006 6:43PM (CT)
WASHINGTON (AP) - Negotiations between World Airways Inc. and its pilots resumed Wednesday, a day after union leaders said the two sides were at an impasse in the face of a weekend deadline for reaching a new contract.
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WellPoint 4Q profit grows to $652 million
Jan 25 2006 6:27PM (CT)
INDIANAPOLIS (AP) - Health insurer WellPoint Inc. nearly tripled its fourth-quarter profits, meeting its earnings expectations for the year following the merger of Anthem Inc. and WellPoint Health Networks Inc.
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CBS raises quarterly dividend 14 percent
Jan 25 2006 6:10PM (CT)
NEW YORK (AP) - CBS Corp. announced late Tuesday that it was raising its quarterly dividend from 14 cents to 16 cents, a jump of 14 percent.
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American execs see higher revenue in 2006
Jan 25 2006 6:02PM (CT)
FORT WORTH, Texas (AP) - American Airlines officials said Wednesday conditions are good for increased revenue this year but stopped short of saying whether the nation's largest carrier would earn a profit largely because of high fuel prices.
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Traffic.com stock rises in trading debut
Jan 25 2006 5:57PM (CT)
WASHINGTON (AP) - Traffic-information provider Traffic.com Inc. rose moderately in its first day of trading as a public stock Wednesday, after its shares were sold through an IPO auction.
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Norfolk Southern posts higher 4Q profit
Jan 25 2006 5:55PM (CT)
NORFOLK, Va. (AP) - Norfolk Southern Corp., the nation's fourth biggest railroad operator, reported a 37 percent profit increase Wednesday for the fourth quarter, surpassing Wall Street estimates amid strong demand for freight rail transportation. Its shares rose 4 percent.
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Sun shares end up after posting 2Q loss
Jan 25 2006 5:51PM (CT)
SAN JOSE, Calif. (AP) - Sun Microsystems Inc. shares closed higher Wednesday, a day after the server and software maker reported a fiscal second-quarter loss but made optimistic statements about demand.
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Bonds decline on weak two-year note sale
Jan 25 2006 5:50PM (CT)
NEW YORK (AP) - U.S. Treasury prices slumped Wednesday, rocked by a poorly received two-year note sale amid investor concern over next week's meeting of the Federal Reserve and forthcoming supply in February.
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Eli Lilly dodges woes bedeviling industry
Jan 25 2006 5:38PM (CT)
NEW YORK (AP) - Eli Lilly and Co. has been largely immune from many of the woes bedeviling the pharmaceutical industry, and the company's chief executive can tick off the reasons why.
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ConocoPhillips, Amerada-Hess 4Q profits up
Jan 25 2006 5:30PM (CT)
HOUSTON (AP) - Thanks to soaring oil and gas prices, ConocoPhillips posted a 51 percent surge in fourth-quarter profits on Wednesday, providing a glimpse of what is expected to be an earnings-season bonanza for the entire industry.
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Plantronics 3Q results top views; stock up
Jan 25 2006 5:27PM (CT)
NEW YORK (AP) - Shares of Plantronics Inc. rose sharply Wednesday, after the maker of telephone headsets posted unexpectedly strong earnings for the latest quarter.
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Oil prices fall below $66 per barrel
Jan 25 2006 5:24PM (CT)
WASHINGTON (AP) - Crude oil futures fell more than $1 a barrel Wednesday as U.S. supplies of gasoline rose last week and above-normal winter temperatures in the U.S. kept demand for home-heating fuels in check.
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BMW posts jump in 2005 sales, tops views
Jan 25 2006 5:22PM (CT)
BERLIN (AP) - German automaker BMW AG reported a 5.2 percent rise in 2005 net sales to 46.66 billion euros ($57.28 billion), exceeding analysts' expectations.
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Federated to enhance Internet businesses
Jan 25 2006 5:21PM (CT)
PORTLAND, Tenn. (AP) - Federated Department Stores Inc. said Wednesday it will invest about $130 million in capital over the next two years to enhance its Internet and mail-order businesses.
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SAP 4Q profit climbs 14 percent to $760M
Jan 25 2006 5:19PM (CT)
BERLIN (AP) - German software maker SAP AG said Wednesday its fourth-quarter profit rose 14 percent and predicted continuing strong sales growth and higher profits in 2006, sending shares soaring.
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St. Jude shares plunge on 4Q results
Jan 25 2006 5:16PM (CT)
MINNEAPOLIS (AP) - Shares of heart device maker St. Jude Medical Inc. fell Wednesday after it reported fourth-quarter profit plummeted 96 percent on acquisition costs and that sales of a key line of implantable devices were below expectations.
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N.Y. thrift shareholders OK acquisition
Jan 25 2006 5:15PM (CT)
PHILADELPHIA (AP) - Shareholders of a New York thrift on Wednesday overwhelmingly approved the company's acquisition by Sovereign Bancorp, handing top executives a lucrative compensation package and closing one end of a three-way deal that has been the subject of lawsuits.
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Ameritrade closes TD Waterhouse unit deal
Jan 25 2006 5:13PM (CT)
OMAHA, Neb. (AP) - Online brokerage Ameritrade Holding Corp. said Wednesday it completed its acquisition of TD Waterhouse Group Inc.'s U.S. retail securities business, and promptly announced plans to close two of its five call centers and 40 of the 140 branch offices it picked up as part of the deal.
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Colgate-Palmolive 4Q profit up to $361.2M
Jan 25 2006 5:06PM (CT)
NEW YORK (AP) - Consumer products company Colgate-Palmolive Co. said Wednesday its fourth-quarter profit rose 24 percent, lifted by higher prices and higher volume.
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McClatchy 4Q earnings decline 5 percent
Jan 25 2006 5:04PM (CT)
SACRAMENTO, Calif. (AP) - Newspaper publisher The McClatchy Co. reported a 5 percent decline in fourth-quarter earnings Wednesday as weak advertising sales in December pulled results below expectations.
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Union: Delta actions may jeopardize deal
Jan 25 2006 5:01PM (CT)
ATLANTA (AP) - Delta Air Lines Inc.'s refusal to budge on its demand for $325 million in permanent pay and benefit cuts from its pilots could jeopardize the two sides' efforts to hammer out a comprehensive agreement by a March 1 deadline, a top union official said Wednesday.
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Bristol-Myers Squibb 4Q earnings balloon
Jan 25 2006 5:00PM (CT)
NEW YORK (AP) - Bristol-Myers Squibb Co. said Wednesday its fourth-quarter earnings more than tripled from a year ago despite falling sales because the drug maker's year-ago net income was depressed by a one-time charge.
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BellSouth fourth-quarter profit plummets
Jan 25 2006 4:43PM (CT)
ATLANTA (AP) - BellSouth Corp., the dominant local telephone provider in nine southeastern states, said Wednesday that heavy hurricane-related costs contributed to a more than 54 percent drop in fourth-quarter profit that occurred despite a slight increase in revenue and solid gains in DSL customers.
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Bristol-Myers earnings up; Abbott flat
Jan 25 2006 4:41PM (CT)
NEW YORK (AP) - Bristol-Myers Squibb Co. said Wednesday its fourth-quarter earnings more than tripled from a year ago despite falling sales because the drug maker's year-ago net income was depressed by a one-time charge.
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Netflix shares rise on strong 4Q earnings
Jan 25 2006 4:39PM (CT)
NEW YORK (AP) - Shares of Netflix Inc. climbed Wednesday, after the online video-rental company posted strong fourth-quarter earnings as it added, and held onto, more subscribers than it did in the prior year.
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Xerox 4Q earnings up 18 percent to $267M
Jan 25 2006 4:38PM (CT)
STAMFORD, Conn. (AP) - Xerox Corp. said Wednesday its fourth-quarter profit rose 18 percent as strong sales of new color products and cost cutting offset equipment sales hurt by a shift to lower cost machines.
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Hershey 4Q earnings up on higher prices
Jan 25 2006 4:37PM (CT)
HARRISBURG, Pa. (AP) - The Hershey Co.'s earnings rose 3.4 percent in the fourth quarter, reflecting new product sales, higher prices, acquisitions of smaller candy companies and a strong holiday season, the nation's largest candy maker said Wednesday.
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General Dynamics 4Q earnings up to $406M
Jan 25 2006 4:36PM (CT)
FALLS CHURCH, Va. (AP) - Defense conglomerate General Dynamics Corp. reported a 21 percent increase in fourth-quarter earnings Wednesday, thanks to revenue growth in all segments of its business.
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Ex-broker pleads guilty to felony charge
Jan 25 2006 4:19PM (CT)
ALBANY, N.Y. (AP) - A former Las Vegas securities broker pleaded guilty to a felony charge Wednesday in a mutual fund investigation in which investors were defrauded through improper late trading and market timing, according to New York Attorney General Eliot Spitzer.
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Lawyers argue cause of death in Vioxx case
Jan 25 2006 4:16PM (CT)
RIO GRANDE CITY, Texas (AP) - Lawyers for the family of a 71-year-old man who died in 2001 opened their case Wednesday by arguing that his fatal heart attack was a sudden reaction to Merck & Co.'s painkiller Vioxx and not the end result of 23 years of heart disease as Merck lawyers contend.
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BB&T won't offer eminent domain loans
Jan 25 2006 3:07PM (CT)
CHARLOTTE, N.C. (AP) - Regional bank BB&T Corp., one of the nation's largest financial institutions, will make no loans to developers who plan to build commercial projects on land taken from private citizens by the government through the power of eminent domain, the company said Wednesday.
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Portman: Davos meeting vital for treaty
Jan 25 2006 2:55PM (CT)
DAVOS, Switzerland (AP) - A gathering this week of ministers from about 30 major economic powers is vital to regain momentum needed to forge a binding trade treaty by year's end, the U.S. trade chief said Wednesday.
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Lay, Skilling appeal judge's ruling
Jan 25 2006 2:40PM (CT)
HOUSTON (AP) - Enron Corp. founder Kenneth Lay and former CEO Jeffrey Skilling on Wednesday appealed a judge's rejection of their pleas to move their fraud and conspiracy case out of Houston, where they say a hostile jury pool obliterates their chance of a fair trial.
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CBRL Group up on news of alternatives study
Jan 25 2006 2:22PM (CT)
DES MOINES, Iowa (AP) - Shares of CBRL Group Inc., which operates the restaurant chains Cracker Barrel Old Country Store and Logan's Roadhouse, jumped Wednesday, after the company disclosed it was exploring strategic alternatives to boost shareholder value.
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China, India tout booming economies at WEF
Jan 25 2006 2:16PM (CT)
DAVOS, Switzerland (AP) - China and India touted their booming economies to the world's business and political leaders on Wednesday, and German Chancellor Angela Merkel conceded they posed tough competition as she strives to revive her country's sluggish economy.
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Reebok holders OK $3.8B Adidas buyout
Jan 25 2006 1:47PM (CT)
CANTON, Mass. (AP) - Shareholders of Reebok International Ltd. voted Wednesday to approve the $3.8 billion sale of the sports sneaker and apparel maker to Adidas-Salomon AG, a deal that seeks to challenge Nike Inc.'s market leadership.
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Defense firm QinetiQ names listing price
Jan 25 2006 1:36PM (CT)
LONDON (AP) - Defense company QinetiQ Group PLC said Wednesday it expects to be valued at up to 1.33 billion pounds ($2.34 billion; euro1.95 billion) when its shares hit the stock market next month, much higher than anticipated for the first full privatization by Britain's Labour government.
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ConocoPhillips profit surges on oil prices
Jan 25 2006 1:21PM (CT)
HOUSTON (AP) - ConocoPhillips Co., the nation's third-largest integrated oil and gas company, said Wednesday its fourth-quarter profit ballooned as prices and refining margins remained strong versus a year ago.
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Maxtor hit with holder suit over merger
Jan 25 2006 1:01PM (CT)
WASHINGTON (AP) - Maxtor Corp. shareholders are suing the disk-drive maker over its pending merger with Seagate Technology Inc., the company said in a regulatory filing Wednesday.
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SGX Pharmaceuticals cuts IPO price range
Jan 25 2006 1:00PM (CT)
WASHINGTON (AP) - SGX Pharmaceuticals Inc. on Wednesday said the potential value of its pending initial public offering shrank to $32 million after the offering managers slashed the estimated price range.
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Japan investors take hit from Livedoor
Jan 25 2006 12:49PM (CT)
TOKYO (AP) - Yoshikazu Tsugiyama is devastated that the value of his Livedoor shares have nose-dived _ one of the thousands of Japanese investors who had put their money on the Internet company's charismatic founder only to be stunned by his arrest.
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WEF: Demand for nurses likely to climb
Jan 25 2006 12:44PM (CT)
DAVOS, Switzerland (AP) - The jobs of tomorrow are here today _ there's just going to be a need for many more of them, officials at the World Economic Forum's annual meeting predicted Wednesday.
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Vatican defends copyright protection
Jan 25 2006 11:43AM (CT)
VATICAN CITY (AP) - The Vatican is defending its imposition of a copyright on papal pronouncements but says there is no bar on dissemination and publication of the pope's works by the news media.
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EU clears Irish gov't grant for plant
Jan 25 2006 11:13AM (CT)
BRUSSELS, Belgium (AP) - Ireland got the green light Wednesday from the European Union to provide about $59.2 million to help a Johnson & Johnson subsidiary set up a new biopharmaceutical plant in County Cork.
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South Korea's economy slows in 2005
Jan 25 2006 10:44AM (CT)
SEOUL, South Korea (AP) - South Korea's economic growth slowed to 4 percent in 2005 as gains in consumer spending and capital investment failed to overcome a slowdown in exports, the central bank said Wednesday.
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Disney to acquire Pixar for $7.4B in stock
Jan 25 2006 8:29AM (CT)
LOS ANGELES (AP) - The Walt Disney Co.'s purchase of Pixar Animation Studios Inc. allows Disney to inject new creative life into its animation efforts, while Pixar can end its public run at the top of its game.
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Microsoft antitrust case to start Apr. 24
Jan 25 2006 7:43AM (CT)
BRUSSELS, Belgium (AP) - Microsoft Corp.'s legal challenge to the EU's 2004 antitrust ruling will be heard by the European Court of First Instance on April 24-28, the court said Wednesday.
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India to allow retailers to set up stores
Jan 25 2006 6:57AM (CT)
NEW DELHI (AP) - India has decided to let foreign brands open their own stores in a step toward liberalizing the country's booming retail trade _ a move that should pave the way for big names like Adidas and Marks & Spencer to set up shop.
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German business sentiment at 5-year high
Jan 25 2006 6:33AM (CT)
BERLIN (AP) - A widely watched index of German business sentiment rose sharply in January, beating economists' forecasts and hitting a five-year high.
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Deadline passes without J&J raising bid
Jan 25 2006 6:11AM (CT)
TRENTON, N.J. (AP) - Johnson & Johnson took no action Tuesday as a midnight deadline passed for it to raise its bid for heart device maker Guidant Corp. or let rival Boston Scientific Corp. claim the prize after upsetting J&J's plans for its biggest acquisition ever.
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Livedoor shares trade at a fifth of value
Jan 25 2006 5:56AM (CT)
TOKYO (AP) - Shares of Internet startup Livedoor traded Wednesday at a fifth of their value from early last week as the unfolding scandal sparked calls in Japan for stricter oversight for securities dealings and venture businesses.
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Taiwan lifts ban on U.S. beef imports
Jan 25 2006 5:53AM (CT)
TAIPEI, Taiwan (AP) - Taiwan said Wednesday it was lifting a ban on U.S. beef imports but warned it could reconsider the decision if steps aren't followed to prevent beef at higher risk of being infected with mad cow disease from entering the country.
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N.D. potatoe storage level low
Jan 25 2006 5:17AM (CT)
BISMARCK, N.D. (AP) - The amount of potatoes in storage in North Dakota is at its lowest January level in 16 years, and officials say the waning Atkins low-carb diet craze is one reason.
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China's economy grew 9.9 percent in 2005
Jan 25 2006 3:52AM (CT)
SHANGHAI, China (AP) - China's economy expanded by a stunning 9.9 percent in 2005 according to data released Wednesday that suggests it may now rank fourth-biggest in the world.
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UPN, WB to shut down; new network formed
Jan 25 2006 3:20AM (CT)
NEW YORK (AP) - UPN's "America's Next Top Model" and shows from The WB will air on the same channel after the two struggling networks decided to combine their assets under a new name.
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Court upholds patent award against Tyco
Jan 25 2006 1:49AM (CT)
IRVINE, Calif. (AP) - The Federal Circuit court of appeals in Washington upheld a $64.5 million judgment for patent infringement against Tyco International Ltd.'s U.S. Surgical Corp. unit.
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Ford introduces hybrid research vehicle
Jan 25 2006 12:32AM (CT)
WASHINGTON (AP) - Ford Motor Co., extending its push into hybrid technology, said Wednesday it was the first automaker to develop a hybrid research vehicle capable of running on ethanol-based fuels.
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