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Nymex prices IPO at $59, expects $383.5M
Nov 16 2006 10:59PM (CT)
NEW YORK (AP) - The New York Mercantile Exchange on Thursday said it expects to raise $383.5 million in one of the most eagerly anticipated initial public offerings of the year, with shares of the commodities market pricing at $59 each.
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SEC orders formal probe in HP case
Nov 16 2006 10:22PM (CT)
SAN JOSE, Calif. (AP) - The Securities and Exchange Commission has upgraded its informal inquiry of Hewlett-Packard Co.'s boardroom spying probe into a formal investigation, according to a regulatory filing Thursday.
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Starbucks 4Q earnings drop 5 percent
Nov 16 2006 9:33PM (CT)
SEATTLE (AP) - Starbucks Corp. said Wednesday its fourth-quarter profit slipped 5 percent, but only because of changes in accounting rules. Despite solid revenue growth and a record number of new store openings, the results sent the stock sinking in after-hours trading.
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Hewlett-Packard 4Q results quadruple
Nov 16 2006 9:32PM (CT)
SAN JOSE, Calif. (AP) - Hewlett-Packard Co. said Thursday its fourth-quarter earnings quadrupled, beating Wall Street expectations, on higher sales of laptop computers and printers. The computer and printer maker also cracked $90 billion in annual revenue for the first time, accelerating the competition with IBM Corp. for the distinction of being the world's largest technology vendor in terms of sales.
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Seeing money can change behavior
Nov 16 2006 8:59PM (CT)
WASHINGTON (AP) - "Show me the money," demanded Cuba Gooding Jr., in the movie "Jerry McGuire." He meant pay me the money, of course, but it turns out that merely showing it to people can change their behavior.
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Clear Channel agrees to $18.7B buyout
Nov 16 2006 8:42PM (CT)
SAN ANTONIO (AP) - Three weeks. That's how long it took radio giant Clear Channel Communications Inc. to accept the third-largest buyout offer ever in the U.S., after announcing in late October that it was considering "strategic alternatives."
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Oil sinks $2.50 for lowest level in year
Nov 16 2006 8:31PM (CT)
WASHINGTON (AP) - The price of oil sank by more than $2 a barrel Thursday, settling at its lowest level in a year as traders focused on the bearish aspects of conflicting market trends. OPEC is cutting output, but the U.S. economy is slowing; winter is near, but the country has an abundance of home heating fuels.
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Economist Milton Friedman dies at 94
Nov 16 2006 8:25PM (CT)
SAN FRANCISCO (AP) - Milton Friedman, a Nobel Prize-winning economist who championed individual freedom, influenced the economic policies of three presidents and befriended world leaders, died Thursday. He was 94.
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Congress seen passing price-gouging law
Nov 16 2006 7:04PM (CT)
WASHINGTON (AP) - The head of the Federal Trade Commission predicted Thursday that Congress would pass a gasoline price-gouging law despite her warnings that the country doesn't need one and it might cause fuel shortages.
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Toyota building trucks in Lonestar State
Nov 16 2006 6:48PM (CT)
HOUSTON (AP) - Toyota Motor Corp.'s latest effort in the U.S. automotive industry is considered its most important, and what a place for it: deep in the heart of Texas, where American pickups have crowded backroads and highways for decades.
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Stores unveil holiday window displays
Nov 16 2006 6:09PM (CT)
NEW YORK (AP) - Manhattan's store windows are being transformed into winter wonderlands again _ and retailers hope they will put shoppers in a spending mood.
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Retailers use phone to tout sales events
Nov 16 2006 6:02PM (CT)
PITTSBURGH (AP) - This holiday season, the next marketing call consumers receive may not be from a credit card company or a politician.
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WTO members meet to discuss halted talks
Nov 16 2006 5:35PM (CT)
GENEVA (AP) - The WTO's 149 members discussed stalled global commerce talks for the first time in four months on Thursday, spurred by a pledge from the United States, Japan and other Pacific Rim countries to break the impasse on farm trade that scuttled negotiations in July.
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Enron's Skilling has Dec. 12 prison date
Nov 16 2006 5:20PM (CT)
HOUSTON (AP) - Former Enron Chief Executive Officer Jeffrey Skilling, convicted of fraud and conspiracy in the biggest corporate scandal in U.S. history, was ordered to report next month to a low-security federal prison in Minnesota.
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Justice Department supports AT&T merger
Nov 16 2006 5:07PM (CT)
WASHINGTON (AP) - The Justice Department's top antitrust official on Thursday defended the agency's unconditional approval of AT&T's $82 billion buyout of BellSouth Corp. as "pretty straightforward" despite criticism from Democratic regulators and lawmakers.
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Elpida exec pleads guilty in chip probe
Nov 16 2006 4:47PM (CT)
WASHINGTON (AP) - A former executive at a Japanese computer chip maker is the latest person to agree to plead guilty in a global Justice Department price-fixing probe, the government said Thursday.
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Sears triples 3Q profit on investments
Nov 16 2006 4:28PM (CT)
CHICAGO (AP) - Sears Holdings Corp. said Thursday it more than tripled its third-quarter profits on a big investment gain and the benefits of cost-cutting, but sales at its Kmart and Sears stores spiraled ever lower and the results disappointed Wall Street.
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HCA holders approve $21.3B buyout
Nov 16 2006 4:27PM (CT)
NASHVILLE, Tenn. (AP) - HCA Inc. shareholders on Thursday overwhelmingly approved a $21.3 billion leveraged buyout _ the second largest ever in the U.S. _ to take the nation's No. 1 for-profit hospital chain private.
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Barnes & Noble reports 3Q loss
Nov 16 2006 4:25PM (CT)
NEW YORK (AP) - Barnes & Noble Inc., the nation's largest bookseller, reported on Thursday a $2.7 million loss in the third quarter as sales edged higher.
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Reader's Digest to be sold for $1.6B
Nov 16 2006 4:24PM (CT)
NEW YORK (AP) - Reader's Digest Association Inc., an iconic publishing and direct marketing company, has agreed to be purchased by an investor group led by Ripplewood Holdings LLC, a private equity firm, for $1.6 billion.
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Citigroup-led group wins China bank bid
Nov 16 2006 12:17PM (CT)
NEW YORK (AP) - Citigroup Inc., America's largest banking institution, confirmed on Thursday that a Citigroup-led consortium has been selected to acquire a majority stake in one of China's biggest regional financial institutions, Guangdong Development Bank.
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Falco named chairman, CEO of AOL unit
Nov 16 2006 8:24AM (CT)
NEW YORK (AP) - Time Warner Inc. named a veteran television executive Wednesday to head its AOL division at a time the online unit is evolving to become more of a media company supported by advertising dollars.
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Dell shares fall on postponed 3Q results
Nov 16 2006 8:19AM (CT)
DALLAS (AP) - Shares of Dell Inc. fell Thursday after the company delayed its third-quarter earnings report and said federal regulators had begun a formal investigation into the computer company
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Bank of Japan leave rates unchanged
Nov 16 2006 6:47AM (CT)
TOKYO (AP) - The Bank of Japan decided Thursday to keep monetary policy steady, judging that recent data about the nation's robust recovery doesn't warrant tighter credit.
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Cisco OK's $7 billion share buyback
Nov 16 2006 6:45AM (CT)
SAN JOSE, Calif. (AP) - Networking equipment maker Cisco Systems Inc. said late Wednesday that its board has authorized the repurchase of an additional $7 billion in common stock, marking the latest expansion of a massive buyback program launched five years ago.
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Hertz IPO debuts at $15 per share
Nov 16 2006 5:19AM (CT)
MOUNT LAUREL, N.J. (AP) - Hertz went public Wednesday at $15 per share, less than the $16 to $18 range that had been discussed earlier. But the companies that bought the world's largest car rental company last year from Ford Motor Co. still made a huge profit.
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Mergers could follow Delta-US Airways
Nov 16 2006 5:17AM (CT)
MINNEAPOLIS (AP) - Whether or not US Airways manages to buy Delta Air Lines, more airline mergers could be on the way, analysts said.
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Japanese stocks fall; dollar up vs. yen
Nov 16 2006 3:56AM (CT)
TOKYO (AP) - Japanese stocks fell Thursday led by technology, electronics and bank stocks as investors took profits from early gains. The dollar was higher against the yen.
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N.D.'s hemp-growing rules move forward
Nov 16 2006 3:53AM (CT)
BISMARCK, N.D. (AP) - State rules for growing industrial hemp are close to taking effect, although federal drug agents will have the final say on whether farmers may cultivate it, Agriculture Commissioner Roger Johnson said.
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Jury clears Merck in latest Vioxx trial
Nov 16 2006 1:06AM (CT)
NEW ORLEANS (AP) - Evidence brought out the trial in 11th case alleging that Merck & Co. covered up dangers of its painkiller Vioxx shows just why the company wants to try each of the thousands of lawsuits on its own, company attorneys say.
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Last top Enron exec given 5 1/2 years
Nov 16 2006 12:49AM (CT)
HOUSTON (AP) - Richard Causey, the last of the top Enron Corp. executives to learn his punishment, was sentenced Wednesday to five and a half years in prison for his role in one of the biggest corporate scandals in U.S. history.
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Peruvian president seeks U.S. trade deal
Nov 16 2006 12:13AM (CT)
LIMA, Peru (AP) - President Alan Garcia is sending seven Cabinet ministers to Washington and plans to speak with President Bush in hopes of winning approval for a trade agreement Peru sees as critical to its economy.
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CompUSA to reopen on Thanksgiving night
Nov 16 2006 12:09AM (CT)
DALLAS (AP) - The heck with that pumpkin pie, electronics retailer CompUSA is opening its doors on Thanksgiving night to give holiday shoppers a head-start on Black Friday madness.
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