Warren Buffett plays salesman-in-chief for Berkshire Hathaway while selling Dairy Queen treats
May 20, 2013 6:35 PM CDT
Billionaire Warren Buffett isn't just Berkshire Hathaway's chairman and CEO. He's also the chief salesman. Buffett visited a Dairy Queen in Ralston, Neb., Monday evening to serve up the restaurant chain's new S'mores Blizzard flavor that will be available nationwide June 1. Then he ate ice cream for the cameras. Berkshire owns Minneapolis-based Dairy Queen, so Buffett's always happy to talk about his favorite treats. Dairy Queen CEO John Gainor presented Buffett with a jersey labeling him the...
Young entrepreneurs pitch ideas to investor Warren Buffett, win prizes for their businesses
May 20, 2013 5:50 PM CDT
Meeting Warren Buffett was exciting, but 10-year-old Matthew Meyer said winning $5,000 and 10 shares of stock in Buffett's company made Monday the best day of his life. Matthew said he never expected to make the finals in Omaha, much less win the entrepreneurial contest tied to "The Secret Millionaire's Club" cartoon that drew nearly 4,000 entries online. The Cincinnati boy said his winnings make him "rich-ish" because $5,000 is quite a lot. "I've wanted to be an investor all my life, so this...
Actavis buying Warner Chilcott in all-stock transaction valued at about $8.5 billion
May 20, 2013 5:33 PM CDT
Actavis is buying Warner Chilcott in an all-stock deal valued at about $8.5 billion that would create the third-biggest specialty pharmaceutical company in the U.S. market. The announcement Monday comes after the companies said earlier this month that they were in talks about a possible pairing of one of the world's largest generic drugmakers, Actavis Inc., with an Irish company that has a portfolio of established, branded drugs. The combined company will be incorporated in Ireland, and analysts...
Small company stocks are a bright spot as Russell 2000 index climbs above 1,000 for first time
May 20, 2013 4:53 PM CDT
Small-company stocks were a bright spot in a subdued start to the week for Wall Street. The Russell 2000, an index of small-company stocks, climbed above 1,000 points for the first time and ended higher Monday, even as the Dow Jones industrial average, the Standard & Poor's 500 index and the Nasdaq composite index all edged lower. The gains for the smaller companies are encouraging for the broader stock market because they show that investors are becoming more comfortable about the economy...
Summary Box: Small-company stocks are a bright note on Wall Street; major indexes edge lower
May 20, 2013 4:47 PM CDT
SMALL IS BEAUTIFUL: Small company stocks were a bright spot for the market in a subdued start to the week for Wall Street. The Russell 2000 index climbed above 1,000 points for the first time and ended higher Monday, even as the Dow Jones industrial average and the Standard & Poor's 500 index edged lower. FED AHEAD: Stock trading was subdued as investors waited on more information about the Federal Reserve's economic stimulus program. On Wednesday Fed Chairman Ben Bernanke will appear before...
How the Dow Jones industrial average and other major indexes fared Monday
May 20, 2013 4:42 PM CDT
The Dow Jones industrial average and the Standard & poor's 500 index edged lower on Monday as investors waited on more information about the Federal Reserve's economic stimulus program. On Wednesday Fed Chairman Ben Bernanke will appear before Congress and the central bank will release minutes of its most recent policy meeting. Both stock indexes are close to record levels after ending Friday with a fourth straight week of gains. The Dow Jones industrial average fell 19.12 points, or 0.1...
US Treasury bond market at a glance
May 20, 2013 4:39 PM CDT
Key barometers in the Treasury market late Monday, compared with late Friday. Price changes in the 10-year note and 30-year bond are per $100 invested: Prices Today Previous Session 10-year note _9.4 cents _62.5 cents 30-year bond _12.5 cents _$1.28 Yields --- --- 1-month bill 0.02 0.04 3-month bill 0.03 0.03 6-month bill 0.08...
Red Hat, JA Solar, Xenoport, Tellabs are big market movers on Monday
May 20, 2013 4:06 PM CDT
Stocks that moved substantially or traded heavily Monday on the New York Stock Exchange and the Nasdaq Stock Market: NYSE Chesapeake Energy Corp., up 53 cents at $20.80 The natural gas company named Anadarko Petroleum Corp. executive Robert Douglas Lawler as its new chief executive officer. Red Hat Inc., down $2.34 at $52.65 A BMO Capital Markets analyst downgraded the software company's shares after a big share-price increase in May. WPX Energy Inc., down $1.30 at $19.76 Hedge fund Taconic...
Figures on government spending and debt
May 20, 2013 3:24 PM CDT
Figures on government spending and debt (last six digits are eliminated). The government's fiscal year runs Oct. 1 through Sept. 30. Total public debt subject to limit May 17 16,699,396 Statutory debt limit N/A Total public debt outstanding May 17 16,737,328 Operating balance May 17 34,216 Interest fiscal year 2013 through April 147,814 Interest same period 2012 ...
Dollar and precious metals at a glance
May 20, 2013 2:56 PM CDT
Key currency exchange rates Monday, compared with late Friday in New York: Dollar vs: Exchange Rate Pvs Day Yen 102.29 103.18 Euro $1.2897 $1.2829 Pound $1.5269 $1.5173 Swiss franc 0.9661 0.9729 Canadian dollar 1.0229 1.0284 Mexican peso 12.2798 12.3411 Metal Price (troy oz.) Pvs Day NY Merc Gold $1384.30 $1364.90 NY HSBC Bank US $1388.50 $1362.50 ...
News Summary: United Airlines resumes 787 flying after 4-month halt
May 20, 2013 2:12 PM CDT
BACK IN THE AIR: United Flight 1 flew from Houston to Chicago, the first passenger flight on the airline's 787 since they were grounded in January. WHO IS FLYING NOW: Ethiopian Airlines restarted 787 flights on April 27, and Qatar Airways and Air India have, too. WHAT'S NEXT: United will use its six 787s on domestic flights for now. It plans to restart international flights June 10.
News Summary: Chesapeake names new CEO
May 20, 2013 1:43 PM CDT
THE NEW GUY: Chesapeake Energy named Anadarko Petroleum executive Robert Douglas Lawler as its new CEO. Lawler is a petroleum engineer with 25 years of experience in the exploration and production industry. THE OLD GUY: Founder and former CEO Aubrey McClendon left the company last month. He and the board cited "philosophical differences." McClendon departed less than a year after a plan that allowed him to invest in the energy company's wells came under fire. THE CHALLENGE: Lawler must continue...
Special K churning out new products as part of shift into a weight management tool
May 20, 2013 12:57 PM CDT
Special K was once just a line of cereals. Today, it's a diet food empire. The brand first hit shelves in 1955 as a no-frills breakfast alternative but now caters to dieters who see its airy chips and pastries as a way to beat cravings and lose weight. And this summer, Kellogg Co. is building on its biggest moneymaker with a "hot cereal" called Special K Nourish that's made with quinoa and other grains. The new line, which promises to fill people up with 8 grams of protein and 5 grams of fiber,...
Bankruptcy judge in Delaware gives final approval confirming A123 reorganization plan
May 20, 2013 12:47 PM CDT
A Delaware bankruptcy judge has given final approval to the reorganization plan of failed battery maker A123 Systems Inc., which was the recipient of a $249 million Department of Energy grant. Monday's court hearing resolved minor outstanding issues following the sale of most of the company's assets to the U.S. arm of Chinese auto parts conglomerate Wanxiang Group Corp. for nearly $257 million. One issue was approval of a settlement involving the Waltham, Mass.-based company, now known as B456...
FDA says Merck drug helps treat insomnia but may cause daytime drowsiness and driving issues
May 20, 2013 10:43 AM CDT
Federal health regulators say an experimental insomnia drug from Merck can help patients fall asleep, but it also carries worrisome side effects, including daytime drowsiness and suicidal thinking. The Food and Drug Administration on Monday released its review of the company's sleep aid, suvorexant, ahead of a public meeting on Wednesday. The pill works by temporarily blocking chemical messengers that keep people awake. The FDA said company trials show suvorexant is better than placebo at helping...
Chesapeake appoints Anadarko Petroleum's Robert Douglas Lawler as its new CEO
May 20, 2013 8:05 AM CDT
Chesapeake Energy has named Anadarko Petroleum executive Robert Douglas Lawler as its new CEO. The appointment of the 46-year-old Lawler comes after a tough year during which Chesapeake's board ousted its founder and the company worked to shore up its finances. The new CEO takes over as Chesapeake continues selling assets to pare down an enormous debt burden. Chesapeake intends to sell $4 billion to $7 billion in assets this year. It has sold about $2 billion so far in deals that have either...
US futures subdued as investors weigh gains, how much further bull market has to run
May 20, 2013 6:40 AM CDT
U.S. stock futures are relatively flat as investors take a breather and some analysts wonder how long the bull-market run can last. Dow Jones industrial average futures are down 7 points to 15,308. The broader S&P 500 is down less than a point at 1,662.3. Nasdaq futures are down 2.75 points to 3,020. Investors will be looking forward to Federal Reserve Chairman Ben Bernanke's testimony to Congress, scheduled for Wednesday. The Federal Reserve's super-easy monetary policy has been a factor...
In survey, economists says consumers poised to boost spending, offset government cuts
May 20, 2013 5:19 AM CDT
Consumer spending is likely to pick up this year, while government spending declines at a faster rate, according to a survey of business economists. The economists predict that the U.S. economy will grow 2.4 percent this year and 3 percent next year. That's unchanged from their forecast in February. But they are more bullish on consumer spending and housing than they were three months ago, in part because of a more positive view about unemployment. The survey was released Monday by the National...
In survey, economists says consumers poised to boost spending, offset government cuts
May 19, 2013 11:04 PM CDT
Consumer spending is likely to pick up this year, while government spending declines at a faster rate, according to a survey of business economists. The economists predict that the U.S. economy will grow 2.4 percent this year and 3 percent next year. That's unchanged from their forecast in February. But they are more bullish on consumer spending and housing than they were three months ago, in part because of a more positive view about unemployment. The survey was released Monday by the National...
The Narcissus Trade: Corporate America is buying back record amounts of its own stock
May 19, 2013 1:37 PM CDT
It's the narcissist rally. Sure, there are plenty of forces pushing stocks higher _ record corporate earnings, small investors finally buying again, signs the U.S. economy may be strengthening, central banks flooding the financial system with money. But you may want to spare a thought, and a healthy dose of worry, for what is one of the biggest, and least appreciated, reasons for the rally: buybacks. Flush with cash and a world of opportunity at their doorstep, companies have decided there's...
Facebook's timeline: A history of the social network's hits and misses
May 19, 2013 8:24 AM CDT
Facebook made its debut on the stock market a year ago on May 18 in one of the largest IPOs in history and the biggest for any Internet company. The social network's market value was more than $100 billion. Now, Facebook's stock is trading roughly 30 percent lower and has not hit its IPO price of $38 per share. Today, Facebook is valued at around $63 billion. In the year since its initial public offering, Facebook has launched a slew of new features, including search features and a deep integration...
The Narcissus Trade: Corporate America is buying back record amounts of its own stock
May 17, 2013 5:18 PM CDT
It's the narcissist rally. Sure, there are plenty of forces pushing stocks higher _ record corporate earnings, small investors finally buying again, signs the U.S. economy may be strengthening, central banks flooding the financial system with money. But you may want to spare a thought, and a healthy dose of worry, for what is one of the biggest, and least appreciated, reasons for the rally: buybacks. Flush with cash and a world of opportunity at their doorstep, companies have decided there's...
US stocks rise on hopeful signs for the US economy, including a jump in consumer confidence
May 17, 2013 4:40 PM CDT
Encouraging news about the U.S. economy extended the stock market's rally Friday. Small-company stocks rose the most, a sign that investors are taking on more risk. Two companies soared in their stock-market debuts in the latest indication that the market for initial public offerings is reviving. A gauge of future economic activity rose more than analysts had expected, as did a measure of consumer confidence, adding to evidence that the economy is steadily recovering. Stocks closed higher for...
US Treasury bond market at a glance
May 17, 2013 4:35 PM CDT
Key barometers in the Treasury market late Friday, compared with late Thursday. Price changes in the 10-year note and 30-year bond are per $100 invested: Prices Today Previous Session 10-year note _62.5 cents +46.9 cents 30-year bond _$1.28 +$1.09 Yields --- --- 1-month bill 0.04 0.00 3-month bill 0.03 0.03 6-month bill ...
J.C. Penney, Stage Stores, ViaSat, Brocade Communications are big market movers on Friday
May 17, 2013 4:23 PM CDT
Stocks that moved substantially or traded heavily Friday on the New York Stock Exchange and the Nasdaq Stock Market: NYSE J.C. Penney Co., down 78 cents at $18.01 Still reeling from its former CEO's turnaround plan, the department-store chain said that its loss in the first quarter widened. Stage Stores Inc., down $1.89 at $24.19 The department-store operator's first-quarter loss widened as it spent to consolidate some facilities and struggled to get shoppers in its doors. Nordstrom Inc.,...
News Summary: Positive outlook for economy gives stock market a boost
May 17, 2013 3:56 PM CDT
THE FUTURE IS BRIGHT: Positive reports on leading economic indicators and consumer confidence gave the stock market a boost on Friday, helping stocks to their fourth consecutive week of gains. ONE YEAR ON: On the anniversary of its much-hyped initial public offering, Facebook edged higher to close up 12 cents, or 0.5 percent, at $26.25. That's still more than 30 percent below its IPO price of $38. HOW IT'S DONE: Tableau Software showed Facebook how it's done, surging $19.75, or 64 percent, to...
Report finds Gen Xers lost almost half their wealth in recession, questions retirement savings
May 17, 2013 3:51 PM CDT
A research report by the Pew Charitable Trusts says younger baby boomers and Generation Xers face an uncertain retirement because of reduced savings, high levels of debt, and losses during the Great Recession. The study found that members of Generation X, who are now between 38 and 47 years old, lost almost half their wealth between 2007 and 2010. Young baby boomers, who are between 48 and 57, lost more money but a smaller portion of their overall wealth. The report says both of those groups are...
Figures on government spending and debt
May 17, 2013 3:49 PM CDT
Figures on government spending and debt (last six digits are eliminated). The government's fiscal year runs Oct. 1 through Sept. 30. Total public debt subject to limit May 16 16,696,865 Statutory debt limit N/A Total public debt outstanding May 16 16,734,809 Operating balance May 16 35,791 Interest fiscal year 2013 through April 147,814 Interest same period 2012 ...
US stocks rise on hopeful signs for the US economy; market rises for a fourth week straight
May 17, 2013 3:48 PM CDT
Encouraging news about the U.S. economy is extending the stock market's rally. U.S. stock indexes rose for the fourth week in a row and are at record levels. A gauge of future economic activity rose more than analysts had expected, as did a measure of consumer confidence. The Dow Jones industrial average rose 121 points to close at 15,354 Friday, an increase of 0.8 percent. The Standard & Poor's 500 climbed 15.65 points, or 1 percent, to 1,666.12. The Nasdaq composite rose 33 points to...
How the Dow Jones industrial average and other major indexes fared Friday
May 17, 2013 3:41 PM CDT
Encouraging news about the U.S. economy pushed stock prices higher on Wall Street Friday. A gauge of future economic activity rose more than analysts had expected, as did a measure of consumer confidence, adding to evidence that the economy is steadily recovering. The Dow Jones industrial average and the Standard & Poor's 500 index ended higher for a fourth straight week. The Dow Jones industrial average rose 121.18 points, or 0.8 percent, to close at 15,354.40. The Standard & Poor's...
Bill clears House to put stricter requirements on SEC for cost vs benefit analyses of rules
May 17, 2013 3:30 PM CDT
Legislation cleared the House on Friday that would place stricter requirements on the federal agency overseeing Wall Street to assess the costs and benefits of its regulations before they are issued. The bill passed on a 235-161 vote mostly on party lines. It was the latest salvo against the Securities and Exchange Commission by House Republicans, who opposed the 2010 financial overhaul legislation expanding the SEC's powers and have resisted increasing its budget. Congress enacted the regulatory...
Cyprus exempts international clients of another 8 foreign banks from capital controls
May 17, 2013 3:01 PM CDT
Cyprus on Friday got rid of limits on money transfers and withdrawals for international clients of another eight foreign banks doing business in the debt-laden country. The Finance Ministry said in a new decree the capital control exemptions now apply to Lebanon's Banque Bemo, BBAC, Credit Libanais and Bank of Beirut, France-based Banque SBA, Britain's Barclays, Jordan's Ahli Bank and the Ukraine's Privatbank. This raises the number of exempted foreign banks to 12, although limits, such as a...
Business events and economic reports scheduled for the coming week
May 17, 2013 2:52 PM CDT
TUESDAY, May 21 WASHINGTON _ Senate Finance Committee hearing on the Internal Revenue Services and the increased scrutiny of certain tax-exempt groups. Best Buy Co. Inc. reports quarterly financial results. The Home Depot Inc. reports quarterly financial results. WEDNESDAY, May 22 WASHINGTON _ National Association of Realtors releases existing home sales for April, 10 a.m.; Federal Reserve releases minutes from April interest-rate meeting; Federal Reserve Chairman Ben Bernanke testifies about...
Mexico cuts growth outlook from 3.5 to 3.1 percent
May 17, 2013 2:45 PM CDT
The Mexican government says it has cut its economic growth forecast for 2013 from 3.5 percent to 3.1 after exports stagnated and first-quarter GDP figures came in weak. The Treasury Department says growth in the first quarter was only 0.8 percent, in part because Easter vacations fell in March instead of April as they did in 2012. Industrial production fell by 1.5 percent in the first quarter. Non-oil exports were largely unchanged, as compared to the same quarter of the previous year.
Wheat and oat futures fall, while corn and soybean futures rise on the CBOT
May 17, 2013 2:43 PM CDT
Grains futures were mixed Friday on the Chicago Board of Trade. Wheat for July delivery fell 4.5 cents to $6.8325 a bushel July corn rose 11.25 cents to $6.5275 a bushel July oats slipped 2.25 cents to $3.755 a bushel while July soybeans jumped 21 cents to $14.485 a bushel. Beef and pork prices fell on the Chicago Mercantile Exchange. June live cattle fell 0.50 cent to $1.1940 a pound August feeder cattle fell 1.75 cent to $1.4337 a pound June lean hogs fell 1.35 cent to 91.52...
Dollar and precious metals at a glance
May 17, 2013 2:20 PM CDT
Key currency exchange rates Friday, compared with late Thursday in New York: Dollar vs: Exchange Rate Pvs Day Yen 103.18 102.06 Euro $1.2829 $1.2907 Pound $1.5173 $1.5307 Swiss franc 0.9729 0.9614 Canadian dollar 1.0284 1.0168 Mexican peso 12.3411 12.2659 Metal Price (troy oz.) Pvs Day NY Merc Gold $1364.90 $1387.10 NY HSBC Bank US $1362.50 $1386.00...
Treasury Secretary Lew says administration will start procedures to avoid defaulting on debt
May 17, 2013 2:14 PM CDT
Treasury Secretary Jacob Lew told Congress on Friday that the administration will begin taking steps next week to avoid a default on the nation's debt until Congress votes to raise the government's borrowing limit. Lew said those measures should provide enough maneuvering room to let the government keep borrowing until after Labor Day. Private economists have estimated that the government will be able to keep from breaching the debt limit until late October or November. In part, that's because...
Unemployment rates for each US state in April, compared with March and a year earlier
May 17, 2013 1:59 PM CDT
Steady hiring helped lower unemployment rates in 40 U.S. states in April, the most in five months. The declines show the job market's recent improvement has been widespread. Unemployment rates increased in only three states, the Labor Department said Friday: Louisiana, Tennessee and North Dakota. Rates were unchanged in seven states. Here are the unemployment rates for each state, compared with the previous month and a year earlier: April 2012 March 2013 April 2013 Alabama ...
Steady hiring pushes down unemployment rates in 40 US states in April; only 3 report increases
May 17, 2013 12:28 PM CDT
Solid hiring helped lower unemployment rates in 40 U.S. states last month, the most since November. The declines show the job market is improving throughout most of the country. The Labor Department said Friday that unemployment rates increased in only three states: Louisiana, Tennessee and North Dakota. Rates were unchanged in seven states. California, New York and South Carolina all reported the largest unemployment rate declines in April. Each state's rate fell by 0.4 percentage points. The...
Products of a falling yen: Lower-priced imports from Japan and a more affordable Tokyo
May 17, 2013 12:17 PM CDT
Attention, bargain-hunters around the world: Japanese goods _ from cars to televisions _ are going on sale. Credit Japan's drive to pump cash into its economy to stimulate growth. The extra money flooding its financial system is helping shrink the value of the yen. A U.S. dollar now buys about 100 yen. Last fall, it bought fewer than 80. When the yen's value falls, many Japanese goods become less expensive worldwide. Toyotas become cheaper in Germany, the United States and South Korea. So do...
US stocks rise on hopeful signs for the US economy, including a jump in consumer confidence
May 17, 2013 10:46 AM CDT
Encouraging news about the U.S. economy is helping push stock prices higher on Wall Street. A gauge of future economic activity rose more than analysts had expected, as did a measure of consumer confidence, adding to evidence that the economy is steadily recovering. The Dow Jones industrial average was up 63 points at 15,296 at noon Eastern Daylight Time Friday, an increase of 0.4 percent. The Standard & Poor's 500 was up eight points at 1,658, or 0.5 percent. The Nasdaq composite rose...
European car sales rise in April, ending 18-month streak of declines
May 17, 2013 6:12 AM CDT
The European auto industry may be showing the first signs of a slowdown in its sales free-fall, according to data from the European automaker's association. New car registrations in April were up 1.7 percent on the same time last year, the ACEA's latest figures show. Although the April rise has more to do with the two extra work days last month due to an early Easter, sales figures for the year so far gave some cause for hope. Last month, the ACEA showed registrations for the first three months...
Average US mortgage rates this week and for the past year, at a glance
May 16, 2013 6:57 PM CDT
Average U.S. mortgage rates rose this week but remained near historic lows. . Here's a look at rates for fixed and adjustable mortgages this week and over the past year: Current avg. Last week 52-week high 52-week low 30-year fixed 3.51 3.42 3.78 3.31 15-year fixed 2.69 2.61 3.04 2.56 5-year adjustable 2.62 2.58 2.84 2.56 1-year adjustable 2.55 2.53 2.79 2.52...
J.C. Penney 1Q loss widens from a year ago as sales keep falling
May 16, 2013 6:34 PM CDT
The legacy of J.C. Penney's former CEO is being felt at the department-store chain. Penney on Thursday reported that it widened its loss in the first quarter on a 16 percent drop in revenue. It marks the fifth-straight quarter that the company has posted large declines. The company's stock fell 2 percent in extended trading after the earnings report was published. The results show that J.C. Penney Co. Inc. is still reeling from the turnaround plan orchestrated by its former CEO Ron Johnson,...
AB InBev rules out plans to buy Czech brewer Budejovicky Budvar, rival over Budweiser brand
May 16, 2013 6:14 PM CDT
Brewing giant Anheuser-Busch InBev says it no longer has plans to acquire Czech brewer Budejovicky Budvar, with whom it has been fighting a long legal battle over the use of the "Budweiser" brand. Frank Hellwig, legal director for AB InBev, says "we don't have any plans, or intention, or desire to buy Budvar" as a way of solving the dispute. Hellwig said Thursday that such an acquisition, which it had considered in the past, doesn't make commercial sense since AB InBev is doing well registering...
Money fund assets fell by $1.04 billion to $2.582 trillion in most recent week
May 16, 2013 5:56 PM CDT
Total U.S. money market mutual fund assets fell $1.04 billion to $2.582 trillion for the week that ended Wednesday, according to the Investment Company Institute. Assets of the nation's retail money market mutual funds fell $1.30 billion to $892.45 billion, the Washington-based mutual fund trade group said Thursday. Assets of taxable money market funds in the retail category fell $910 million to $705.2 billion. Tax-exempt retail fund assets fell $380 million to $187.24 billion. Meanwhile assets...
William Lyon Homes rise 2 percent in 1st day of trading on the New York Stock Exchange
May 16, 2013 5:49 PM CDT
Shares of homebuilder William Lyon Homes rose 2 percent after the company's stock was sold to the public Thursday. The stock, which had been trading over the counter before its debut Thursday on the New York Stock Exchange, closed at $25.50, up 50 cents from its starting price of $25. Shares of William Lyons that had traded over the counter closed at $29.70 Wednesday after a reverse stock split, which reduced the amount of shares available. The reverse stock split gave investors 1 new share for...
American Airlines to let passengers with just a personal carry-on item board sooner
May 16, 2013 5:16 PM CDT
In a quest to speed up the boarding process, American Airlines is letting passengers board sooner if they travel lightly. The airline said Thursday that people carrying just a personal item that fits under the seat _ no rolling suitcases _ will be allowed to board before most other passengers. American said that the change will allow flights to take off sooner, helping the airline improve its on-time performance. Airline officials say boarding times have increased in the last few years. The...
Average US rate on 30-year mortgage rises to 3.51 percent; 15-year up to 2.69 percent
May 16, 2013 4:37 PM CDT
Average U.S. rates on fixed mortgages rose this week but stayed near their historic lows. Cheaper mortgages have helped the economy by spurring more home-buying and refinancing. Mortgage buyer Freddie Mac said Thursday that the average rate for the 30-year loan increased to 3.51 percent from 3.42 percent last week. That's still near the average of 3.31 percent reached in November, the lowest on records dating to 1971. The average on the 15-year loan rose to 2.69 percent. That's up from 2.61 percent...
Nordstrom 1st quarter net income falls on weaker demand for spring goods
May 16, 2013 4:37 PM CDT
Nordstrom Inc. said Thursday its first-quarter net income fell 3 percent, hurt by weak demand for spring merchandise and softer performance in the Northeast and Midwest. The results were below Wall Street estimates, a rare miss for the luxury retailer given that higher-end spenders have generally kept shopping in the lackluster economy. The company's stock fell more than 3 percent in aftermarket trading. Nordstrom said it had lower sales trends in seasonal products, as well as in the Northeast,...
News Summary: Stock market closes lower after a muddled day of trading
May 16, 2013 4:29 PM CDT
RARE DROP: Signs of a slowing economy combined with comments from a Federal Reserve official helped pull the stock market down Thursday. It was only the third drop for the S&P 500 index this month. THE NEWS: Applications for unemployment benefits rose last week and manufacturing slowed in the mid-Atlantic region. Wal-Mart Stores sank after warning of weaker earnings ahead. FINAL SCORE: The Dow Jones industrial average fell 42.47 points to 15,233.22, a loss of 0.3 percent. The Standard &...
US Treasury bond market at a glance
May 16, 2013 4:29 PM CDT
Key barometers in the Treasury market late Thursday, compared with late Wednesday. Price changes in the 10-year note and 30-year bond are per $100 invested: Prices Today Previous Session 10-year note +46.9 cents +34.3 cents 30-year bond +$1.09 +62.5 cents Yields --- --- 1-month bill 0.00 0.01 3-month bill 0.03 0.04 6-month bill ...
How the Dow Jones industrial average and other major indexes fared Thursday
May 16, 2013 4:20 PM CDT
Signs of a slowing economy combined with comments from a Federal Reserve official helped pull the stock market down Thursday. The news on the U.S. economy gave investors little to get excited about. Applications for unemployment benefits rose last week and manufacturing slowed in the mid-Atlantic region. Wal-Mart Stores sank after warning of weaker earnings ahead. The Dow Jones industrial average fell 42.47 points, or 0.3 percent, to close at 15,233.22. The Standard & Poor's 500 index fell...
Kohl's, Tesla, Cisco, Dillard's, Jack in the Box are big market movers on Thursday
May 16, 2013 4:19 PM CDT
Stocks that moved substantially or traded heavily Thursday on the New York Stock Exchange and the Nasdaq Stock Market: NYSE Kohl's Corp., up $2.35 at $52.03 The department store chain said that its first-quarter net income fell 5 percent, but its results still beat Wall Street predictions. Dillard's Inc., up $1.96 at $91.05 Because of higher sales the department store operator reported improved profit during its fiscal first quarter. Prestige Brands Holdings Inc., down 62 cent at $29.11...
Dow Chemical says it will appeal $1.2 billion order after price-fixing verdict
May 16, 2013 3:25 PM CDT
A federal judge has ordered Dow Chemical Co. to pay $1.21 billion in damages after it lost a class-action lawsuit that accused it of conspiring to fix prices. Dow says it will appeal. The Feb. 20 jury verdict in federal court in Kansas City, Kan., was for Dow to pay $400 million in damages. The jury decided that Dow had participated in a price-fixing conspiracy for the chemical urethane, which is used in a wide variety of products. Dow, based in Midland, Mich., had asked the judge for a new...
Only 2 of 13 small SUVs perform well in insurance institute front-end crash tests
May 16, 2013 3:24 PM CDT
Only two of 13 small SUVs performed well in front-end crash tests done by an insurance industry group, with several popular models faring poorly in the evaluations. Subaru's 2014 Forester was the only vehicle to get the top "good" rating in the results released Thursday. The 2013 Mitsubishi Outlander Sport was rated as "acceptable." But fast-selling models such as the Ford Escape, Honda CR-V and Jeep Wrangler received only "marginal" or "poor" ratings from the Insurance Institute for Highway Safety....
Figures on government spending and debt
May 16, 2013 3:15 PM CDT
Figures on government spending and debt (last six digits are eliminated). The government's fiscal year runs Oct. 1 through Sept. 30. Total public debt subject to limit May 15 16,727,099 Statutory debt limit N/A Total public debt outstanding May 15 16,765,041 Operating balance May 15 69,489 Interest fiscal year 2013 through April 147,814 Interest same period 2012 ...
News Summary: US housing starts fell in April but permits for new construction hit 5-year high
May 16, 2013 3:08 PM CDT
HOME BUILDING: U.S. builders broke ground on fewer homes in April, one month after topping the 1 million mark for the first time since 2008. Construction fell 16.5 percent in April, but most of the decline was in apartment construction, which tends to vary sharply from month to month. PERMITS UP: Applications for new construction, a good barometer of future activity, surged 14.3 percent to a seasonally adjusted annual rate of 1.02 million, the most since June 2008. OUTLOOK: Economists believe...
Dollar and precious metals at a glance
May 16, 2013 2:24 PM CDT
Key currency exchange rates Thursday, compared with late Wednesday in New York: Dollar vs: Exchange Rate Pvs Day Yen 102.06 102.32 Euro $1.2907 $1.2875 Pound $1.5307 $1.5220 Swiss franc 0.9614 0.9658 Canadian dollar 1.0168 1.0175 Mexican peso 12.2659 12.2296 Metal Price (troy oz.) Pvs Day NY Merc Gold $1387.10 $1396.50 NY HSBC Bank US $1386.00 $1395.00...
News Summary: Big drop in gas costs lowers US consumer prices in April by most in 4 years
May 16, 2013 1:39 PM CDT
BIG PRICE DROP: A plunge in the cost of gas drove down a measure of U.S. consumer prices last month by the most since December 2008. The consumer price index fell 0.4 percent in April from March. INFLATION TAME: Excluding fuel costs, prices were largely unchanged. And for the 12 months that ended in April, overall prices rose just 1.1 percent _ the smallest yearly increase in 2 1/2 years. FED WORRIES: Scant inflation allows the Federal Reserve to continue its extraordinary efforts to stimulate...
News Summary: Weekly US unemployment aid applications jump to 360,000, highest in 6 weeks
May 16, 2013 1:38 PM CDT
APPLICATIONS JUMP: The number of Americans seeking unemployment benefits rose 32,000 last week to a seasonally adjusted 360,000, the most since late March. Weekly applications are a proxy for layoffs. TREND IS LOWER: The jump came after applications had fallen to a five-year low in recent weeks. And the four-week average, a less volatile measure, rose only slightly last week, to 339,250. That level is consistent with steady job gains. VOLATILITY: The weekly applications figures can fluctuate...
News Summary: Already short of some foods, Venezuela is facing a toilet paper crisis
May 16, 2013 1:13 PM CDT
WIPED OUT: Blaming political opponents for the shortfall, as it does for other shortages, the embattled socialist government of Venezuela says it will import 50 million rolls of toilet paper to boost supplies. BOTTOM LINE: Economists say Venezuela's shortages stem from price controls meant to make basic goods available to the poorest parts of society and government controls on foreign currency. INTESTINAL FORTITUDE: Last month Venezuela's scarcity index reached its highest level since 2009, while...
Global sales of luxury goods expected to slow in 2013 after 3 years of double-digit growth
May 16, 2013 11:35 AM CDT
Global sales of luxury goods are off to a slow start in 2013 and aren't expected to match the double-digit growth of the last three years, consultancy Bain & Co. said in a study released Thursday. Sales of luxury apparel, accessories, jewelry, cosmetics and art are expected to grow just 4 percent to 5 percent in 2013, to between 220 billion euros and 222 billion euros ($283 billion to $286 billion). They increased 10 percent in 2012, to 212 billion euros ($272 billion). Sales will reach...
Hess, Elliott Management reach a deal to end proxy fight, install new board members
May 16, 2013 10:09 AM CDT
Hess has reached a deal with a major investor to end a bitter fight over the management and direction of the oil and gas company. The investor, Elliott Management, a hedge fund based in New York that holds 4.5 percent of Hess shares, accused CEO and Chairman John Hess of badly mismanaging the company's assets and consistently making poor strategic decisions. It highlighted the personal ties of Hess board members to the Hess family, and accused the board of lax oversight of the company. Hess has...
Government says natural gas reserves increased last week
May 16, 2013 9:54 AM CDT
The nation's natural gas supplies rose last week, the government said Thursday. The Energy Department's Energy Information Administration reported that natural gas in storage grew by 99 billion cubic feet to 1.964 trillion cubic feet for the week ended May 10. Analysts expected a rise of 93 billion to 97 billion cubic feet, according to a survey by Platts, the energy information arm of McGraw-Hill Cos. The inventory level was 4.1 percent below the five-year average of 2.047 trillion cubic feet,...
Royal Bank of Scotland announces further 1,400 retail banking job cuts in Scotland, England
May 16, 2013 9:15 AM CDT
Royal Bank of Scotland says it is cutting 1,400 jobs from its retail banking operations over the next two years. The bank says the latest round of cuts affects support staff. Around half of those affected are based in Edinburgh, and most of the rest are in London. The bank has already slashed thousands of jobs since it was rescued by the British government in 2008 during the financial crisis. RBS, which is 81 percent owned by the British taxpayer, said Thursday the cuts are part of an ongoing...
Big drop in gas costs pushes down US consumer prices in April by most in 4 years
May 16, 2013 8:32 AM CDT
A plunge in the cost of gas drove down a measure of U.S. consumer prices last month by the most since December 2008. Excluding the drop in fuel costs, prices were largely unchanged. The consumer price index fell 0.4 percent in April from March, the Labor Department said Thursday. The main reason the index fell was that gas prices plunged 8.1 percent. For the 12 months that ended in April, overall prices rose 1.1 percent _ the smallest year-over-year increase in 2 1/2 years. Excluding volatile...
Weekly US unemployment aid applications jump to 360,000, highest in 6 weeks
May 16, 2013 8:21 AM CDT
The number of Americans seeking unemployment benefits rose 32,000 last week to a seasonally adjusted 360,000, the most since late March. The jump came a week after applications had reached a five-year low. The less volatile four-week average rose just 1,250 to 339,250, the Labor Department said Thursday. That's a level consistent with modest job gains. "The underlying story in jobless claims continues to be one of gradual improvement," said Julia Coronado, an economist at BNP Paribas. Coronado...
Hess, Elliott Management reach a deal that will see a revamped board for the energy company
May 16, 2013 8:03 AM CDT
Hess and Elliott Capital Management say they have reached an agreement that gives board seats to three people nominated by the activist hedge fund. Hess Corp. said Thursday that in turn for getting its nominees on the board, Elliott will support five of Hess' nominees. The board's size will remain at 14 members. The announcement comes on the day of Hess' annual meeting in Houston. Elliott, which has a 4.52 percent stake in New York-based Hess, has battled for spots on the company's board while...
China's recovery losing steam, adding to pressure on leaders to shore up growth, help business
May 16, 2013 5:37 AM CDT
Global economic malaise has knocked the stuffing out of Luo Yan's business making toy animals. Sales of Hello Kitty dolls and plush rabbits have fallen 30 percent over the past six months, according to Luo, owner of Tongle Toy Enterprise, which employs 100 people in the southern city of Foshan, near Hong Kong. Orders from the United States and debt-crippled Europe are down 80 percent. "We don't talk about profits anymore," said Luo. China's shaky recovery is losing steam, adding to pressure...
JPMorgan asks Bloomberg for logs of employees checking on client log-in and usage data
May 15, 2013 7:45 PM CDT
Lawyers for JPMorgan Chase & Co. are asking financial news and data company Bloomberg LP to turn over any records it has of reporters looking up the log-in and usage data of JPMorgan employees. A formal letter was sent this week, a person familiar with the matter said. The person wasn't authorized to speak publicly and spoke on condition of anonymity. The letter seeks data going back to 2008 as the bank examines whether the seller of ubiquitous trading-data terminals was in breach of contract,...
Macy's 1Q profit up 20 percent on solid sales; raises dividend, adds $1.5B in buybacks
May 15, 2013 5:20 PM CDT
Macy's Inc. reported a 20 percent increase in first-quarter profit even though cool temperatures and economic worries dampened some of its shoppers' spending on spring clothes. The company, which also operates the upscale chain Bloomingdale's, is also raising its dividend to 25 cents from the current 20 cents. It also announced an additional $1.5 billion in stock buybacks. Macy's, a standout among its peers throughout the economic recovery, is the first of the major retailers to report first-quarter...
Business Highlights
May 15, 2013 5:20 PM CDT
___ Google unveils $10-a-month `All Access' music plan SAN FRANCISCO (AP) _ Google on Wednesday launched a subscription-based music service, allowing users of Android phones and tablets to listen to their favorite songs and artists for a monthly fee. The streaming service, called All Access, is available in the U.S. for $9.99 per month after a 30-day free trial. It will be available in other countries later. For those who start the trial by June 30, the monthly fee is $7.99. All Access will...
A cold spring and weak construction hurt Deere's 2013 sales prediction; 2Q profit up 3 percent
May 15, 2013 5:18 PM CDT
Deere & Co. said on Wednesday that bad weather and weak economies will hinder sales growth this year for lawnmowers and construction equipment. The company reported better-than-expected second-quarter earnings and maintained its full-year profit prediction. Sales of farm gear such as its big green John Deere tractors and combines are still strong and growing, the company said. But the lower overall sales outlook sent its shares skidding over 4 percent lower, down $4.13 to close at $89.64...
Indexes head higher in afternoon trading even as manufacturing weakens and Europe slumps
May 15, 2013 5:07 PM CDT
Investors nudged the stock market to all-time highs Wednesday despite a handful of disappointing economic reports. Google's stock topped $900 for the first time after the company announced new versions of its prodcuts, and Macy's rose after beating Wall Street's profit estimates. The market headed lower at the start of trading, following news that U.S. manufacturing slowed last month and France entered a recession. It turned higher before noon, and was back to breakeven by 3 p.m. A late surge...
DDR buying 30 shopping malls from JV with Blackstone for $1.46B; offering up to $250M in stock
May 15, 2013 4:34 PM CDT
DDR Corp. is buying 30 of 44 U.S. shopping centers from a joint venture it has with private equity firm Blackstone Group LP in a deal worth $1.46 billion, saying it expects to make money by raising rents at the malls and redeveloping them. They include centers in Boston, Chicago, Washington and Minneapolis among others. DDR owns 445 shopping centers in the U.S. and Brazil. It will pay for the deal by assuming existing debt and by selling stock. It will hold a public offering for 32 million shares,...
US Treasury bond market at a glance
May 15, 2013 4:32 PM CDT
Key barometers in the Treasury market late Wednesday, compared with late Tuesday. Price changes in the 10-year note and 30-year bond are per $100 invested: Prices Today Previous Session 10-year note +34.3 cents _46.9 cents 30-year bond +62.5 cents _$1.13 Yields --- --- 1-month bill 0.01 0.00 3-month bill 0.04 0.04 6-month bill ...
News Summary: Stock market closes higher; Google tops $900
May 15, 2013 4:28 PM CDT
GOOGLE THIS: Google's stock topped $900 as the tech giant unveiled a music streaming service and a new Google Maps. Google's stock is up 50 percent over the past year. APPLE: Apple's stock took a sudden turn lower after reports said that a hedge fund run by the billionaire David Tepper slashed its holdings in the tech company. FINAL SCORE: The Dow Jones industrial average rose 60.44 points to close at 15,275.69, an increase of 0.4 percent. The Standard & Poor's 500 index gained 8.44 points...
US Treasury to halt sales of securities to state, local gov'ts to avoid breaching debt limit
May 15, 2013 4:21 PM CDT
The federal government says it will temporarily suspend sales of U.S. Treasury securities to state and local governments at noon on Friday, the first step to avoid breaching the nation's borrowing limit. The move announced Wednesday by Treasury officials is expected to be followed by other bookkeeping maneuvers, all of which have the same goal: To keep the government functioning until Congress decides whether to raise the $16.39 trillion borrowing limit. Earlier this year, Congress temporarily...
How the Dow Jones industrial average and other major indexes fared Wednesday
May 15, 2013 4:12 PM CDT
Investors nudged the stock market to all-time highs Wednesday despite a handful of disappointing economic reports. Google's stock topped $900 for the first time after the company announced several upgrades to its Android software for smartphones, and Macy's rose after beatings Wall Street's profit estimates. Apple fell, holding back the Nasdaq composite index. The Dow Jones industrial average rose 60.44 points, or 0.4 percent, to close at 15,275.69. The Standard & Poor's 500 index gained...
News Summary: US factories cut production 0.4 percent in April, third drop in 4 months
May 15, 2013 4:01 PM CDT
MANUFACTURING OUTPUT: Manufacturers cut production in April by 0.4 percent, the third decline in four months. Auto companies cranked out fewer cars, factories made fewer consumer goods and most other industries reduced output. INDUSTRIAL PRODUCTION: Total industrial production, which includes output at the nation's factories, mines and utilities, fell 0.5 percent in April, the biggest setback since August. Utility production plunged 3.7 percent, as power output returned to more normal levels after...
Jury convicts 5 people of selling worthless stock in Kansas City company to enrich themselves
May 15, 2013 3:51 PM CDT
A jury on Wednesday convicted the founder of a Kansas City company and four associates of cheating investors by selling them millions of dollars of worthless stock and spending the money on themselves. Petro America Corp. founder Isreal Owen Hawkins and his associates were accused of illegally selling unregistered stock in Petro America from 2008 through 2010, much of it to poor investors. Prosecutors said investors were told the company had $284 billion in assets and that they'd be rich once...
Google, Netflix, Deere, Aeropostale, Eastman Chemical are big market movers on Wednesday
May 15, 2013 3:50 PM CDT
Stocks that moved substantially or traded heavily Wednesday on the New York Stock Exchange and the Nasdaq Stock Market: NYSE Deere & Co., down $4.13 at $89.64 The maker of farm and construction equipment said that bad weather and weak economies will hurt its sales growth this year. Aeropostale Inc., up 64 cents at $16.02 A BMO Capital Markets analyst upgraded the teen retailer's stock to a "Buy," saying that its turnaround is taking hold. Computer Sciences Corp., down $4.78 at $44.71...
Expected retiree medical expenses fall in 2013, but still outpace many Americans' estimates
May 15, 2013 3:31 PM CDT
After years of increasing health care costs, the outlook is improving for seniors worried about paying their medical bills during retirement. For the second time in the last three years, estimated medical expenses for new retirees have fallen, according to a study released Wednesday by Fidelity Investments. A 65-year-old couple retiring this year would need $220,000 on average to cover medical expenses, an 8 percent decrease from last year's estimate of $240,000. The study assumes a life expectancy...
US wholesale prices fall 0.7 pct. in April, most in 3 years, driven lower by cheaper gas, food
May 15, 2013 3:27 PM CDT
Sharp drops in fuel and food costs reduced a measure of U.S. wholesale prices in April by the most in three years. Outside those volatile categories, inflation stayed tame. The producer price index, which measures price changes before they reach the consumer, fell a seasonally adjusted 0.7 percent in April from March, the Labor Department said Wednesday. It was the second straight monthly decline and the steepest since February 2010. Lower inflation means the Federal Reserve has more leeway to...
Gold futures slide back below $1,400 an ounce as the US dollar and stocks continue to recover
May 15, 2013 3:21 PM CDT
The price of gold fell again on Wednesday, closing under $1,400 an ounce for the first time in a month. Gold for June delivery fell $28.30 to settle at $1,396.20 an ounce, a decline of 2 percent. Another increase in the value of the dollar helped push gold prices lower. People often buy gold as an alternative to holding dollars, so when the U.S. currency appreciates, they'll often sell gold. The dollar strengthened to $1.288 versus the euro late Wednesday from $1.294 late Tuesday. Traders had...
Figures on government spending and debt
May 15, 2013 3:20 PM CDT
Figures on government spending and debt (last six digits are eliminated). The government's fiscal year runs Oct. 1 through Sept. 30. Total public debt subject to limit May 14 16,723,009 Statutory debt limit N/A Total public debt outstanding May 14 16,760,962 Operating balance May 14 91,647 Interest fiscal year 2013 through April 147,814 Interest same period 2012 ...
Stock market shrugs off an early slide and closes higher; Macy's, Google among winners
May 15, 2013 3:16 PM CDT
The stock market is closing higher after shaking off a morning slump. The Dow Jones industrial average rose 60 points to close at 15,275 Wednesday, a gain of 0.4 percent. The Standard & Poor's 500 index rose eight points to 1,658, or 0.5 percent. Both the Dow and S&P are at record highs. The Nasdaq composite rose nine points to 3,471, or 0.3 percent. Macy's rose after beating Wall Street's profit expectations, and Google rose after announcing a several upgrades to its Android operating...
More than 1 in 5 US flights arrived late in March as airlines' on-time performance worsens
May 15, 2013 3:03 PM CDT
The government says that fewer flights arrived on time and more were canceled in March than a year ago, but fewer passengers lodged formal complaints against the airlines. The Transportation Department said Wednesday that 79.8 percent of flights arrived within 14 minutes of schedule in March. That's down from 82.2 percent in March 2012. Hawaiian Airlines and Virgin America had the best on-time ratings at better than 87 percent, while regional carrier ExpressJet and JetBlue Airways had the worst...
Dollar and precious metals at a glance
May 15, 2013 2:58 PM CDT
Key currency exchange rates Wednesday, compared with late Tuesday in New York: Dollar vs: Exchange Rate Pvs Day Yen 102.32 102.24 Euro $1.2875 $1.2937 Pound $1.5220 $1.5222 Swiss franc 0.9658 0.9656 Canadian dollar 1.0175 1.0176 Mexican peso 12.2296 12.1989 Metal Price (troy oz.) Pvs Day NY Merc Gold $1396.50 $1424.70 NY HSBC Bank US $1395.00 $1427.00...
Sales of small businesses pick up as more boomers retire, buyers seek growth by acquisition
May 15, 2013 2:02 PM CDT
Baby boomers preparing for retirement are driving a surge in small business sales, as they find more and more buyers confident enough in the improving economy to expand their own businesses through acquisitions. In the first three months of this year, the number of sales that closed jumped 56 percent from the same time in 2012, according to BizBuySell.com, an online marketplace for small businesses. Retirement was the No. 1 contributor to business sales in the fourth quarter of last year and the...
Foreign holdings of US Treasury debt rose 0.7 percent to record $5.76 trillion
May 15, 2013 1:06 PM CDT
Foreign demand for U.S. Treasury securities rose to a record level in March, signaling further confidence in U.S. debt. The Treasury Department said Wednesday that total foreign holdings increased 0.7 percent in March from February to $5.76 trillion. Holdings have increased nearly 11.9 percent in the 12 months that ended in March. Demand increased even though the two largest buyers of U.S. debt reduced their holdings slightly in March. China trimmed its holdings 0.1 percent to $1.25 trillion....
Senators move ahead with bill to federally oversee large compounding pharmacies
May 15, 2013 12:53 PM CDT
Senate lawmakers are pushing ahead with a bill that would bring new federal oversight to large specialty pharmacies like the one that triggered a deadly meningitis outbreak last year. The bill introduced Tuesday by Democrats and Republicans would subject such large compounding operations to direct federal oversight by the Food and Drug Administration, rather than the state pharmacy boards that have traditionally overseen them. The effort responds to last year's outbreak tied to contaminated compounded...
Hellmann's enlists chef Mario Batali for the mayo brand's latest marketing campaign
May 15, 2013 11:58 AM CDT
A lot changes in 100 years, but the key to Hellmann's success may be that not much has changed for the mayonnaise. To celebrate Hellmann's centennial birthday, owner Unilever is launching a marketing campaign to drum up attention for the country's top-selling mayonnaise, whose formula remains almost the same as it was a century ago. Media spending is undisclosed, but it's the largest ever campaign for the brand. Unilever, a Dutch consumer goods company with brands ranging from Dove soaps to Magnum...
Calendar of major business events scheduled for Thursday
May 15, 2013 11:26 AM CDT
Major business events and economic events scheduled for Thursday: WASHINGTON _ Labor Department releases weekly jobless claims, 8:30 a.m. WASHINGTON _ Labor Department releases Consumer Price Index for April, 8:30 a.m. WASHINGTON _ Commerce Department releases housing starts for April, 8:30 a.m. WASHINGTON _ Freddie Mac, the mortgage company, releases weekly mortgage rates, 10 a.m. J.C. Penney Co. reports quarterly financial results. Nordstrom Inc. reports quarterly financial results. Wal-Mart...
Experts: Smartphones another avenue for hackers, thieves to steal financial info
May 15, 2013 11:23 AM CDT
Smartphones are increasingly popular not only with consumers, but also with thieves who see the devices as another way to tap into bank accounts and other sensitive information, experts say. Many consumers simply don't realize how vulnerable their Androids, iPhones and other devices can be. An April study by the Federal Reserve Bank of Atlanta said threats are proliferating, ranging from "phishing" _ where consumers click a phony email or text message and are tricked into handing over personal...
FDA approves Bayer Pharmaceuticals drug for prostate cancer that has spread to the bones
May 15, 2013 11:20 AM CDT
The Food and Drug Administration has approved a new injectable drug that uses radiation to treat advanced prostate cancer that has spread to the bones. The FDA said Wednesday it approved the drug, Xofigo from Bayer Pharmaceuticals, for men whose cancer has grown into bone tumors even after receiving medication or surgery to lower testosterone. The hormone spurs growth of prostate tumors. More than 238,000 U.S. men will be diagnosed with prostate cancer this year and 29,720 will die from the disease,...
News Summary: US homebuilder confidence rebounds in May from April as sales outlook improves
May 15, 2013 10:29 AM CDT
STRONGER FOUNDATION: The National Association of Home Builders/Wells Fargo builder sentiment index rebounded this month, reflecting improved sales trends during the spring home-selling season. BUILDING: The index, based on a survey of 290 builders, rose to 44 from 41 in April. It was the first monthly increase since December. Readings below 50 suggest negative sentiment about the housing market. TAKING MEASUREMENTS: Builders' outlook for sales over the next six months rose to its strongest point...
Energy Department says US crude oil supplies fell last week, gasoline inventories grew
May 15, 2013 10:01 AM CDT
The nation's crude oil supplies shrank last week, the government said Wednesday. Crude supplies declined by 600,000 barrels, or 0.2 percent, to 394.9 million barrels, which is 3.5 percent above year-ago levels, the Energy Department's Energy Information Administration said in its weekly report. Analysts expected an increase of 300,000 barrels for the week ended May 10, according to Platts, the energy information arm of McGraw-Hill Cos. Gasoline supplies grew by 2.6 million barrels, or 1.2 percent,...