The family decided to take a lump sum payment of $14 million, which is worth about $10 million after taxes.» Read More
*Baidu jumps as net profit soars. NEW YORK, July 25- Disappointing earnings from Amazon and Visa dragged U.S. stocks lower on Friday in a broad selloff led by consumer discretionary shares.
The PHLX housing sector index fell 2.36 percent, with shares of D.R. Horton Inc, the No. 1 U.S. homebuilder, dropping more than 3 percent. D.R. Horton spooked investors on Thursday when it reported a 23- percent drop in third-quarter profit.
PARSIPPANY, N.J.— Wyndham Worldwide Corp. on Thursday reported earnings that rose by 15 percent in its second quarter, and topped analysts' expectations. The Parsippany, New Jersey- based company said profit increased to $153 million, or $1.20 per share, from $133 million, or 98 cents per share, in the same quarter a year ago.
July 24- Shares of radio station operator Townsquare Media LLC fell as much as 7 percent in their market debut, valuing the company at about $172 million. The Greenwich, Connecticut- based company's IPO raised about $91.3 million, after its offering of 8.3 million Class A shares was priced at $11, below its expected price range of $14- $16.
The FAA's ban, imposed out of concern for the risk of planes being hit by Hamas rockets, became a hot button topic in both U.S.-Israeli diplomacy and Washington politics. Chicago- based United Airlines is set to resume service to Tel Aviv with a 4:45 p.m. eastern flight from Newark, New Jersey.
WASHINGTON— Applications for U.S. unemployment benefits plunged last week, a sign that the economy is building strength. The Labor Department said Thursday that applications for jobless aid fell 19,000 to a seasonally adjusted 284,000. The fewest people sought benefits since February 2006, almost two years before the start of the Great Recession.
WASHINGTON— The Federal Aviation Administration has lifted its ban on U.S. flights in and out of Israel.
BOSTON, July 23- New rules announced on Wednesday will likely drive safety-oriented retail investors away from some money market funds because they highlight risks and make it harder to pull cash out when market turmoil strikes.
WASHINGTON, July 23- Wages may be growing at a faster clip than envisaged by U.S. policymakers, with a recent raft of business surveys showing an increase in the number of companies raising compensation.
ATLANTIC CITY, N.J.— Atlantic City's mayor said Wednesday there are six potential buyers for the Revel Casino Hotel, which is up for sale next month at a bankruptcy auction. However, a deed restriction as part of the sale from Caesars Entertainment to a Florida firm prohibits the building from being used again as a casino.
SAN FRANCISCO— Facebook and most other social networks are built on the premise that just about everything should be shared— except the money those posts produce. At least two services are trying to change that.
CHARLOTTE, N.C.— Fortune 500 packaging company Sealed Air Corp. will consolidate management operations from several states and relocate its New Jersey headquarters to the Charlotte area, where it plans to employ nearly 1,300 jobs in three years.
July 23- Eagle Pharmaceuticals Inc said the U.S. Food and Drug Administration approved its drug to treat an inherited life-threatening condition called malignant hyperthermia. Eagle Pharmaceuticals is also testing Ryanodex for use in exertional heatstroke.
NEW YORK, July 23- Lauren Greutman felt sick. She and her husband Mark were about $40,000 in debt, and were having trouble paying their monthly bills. As recent homebuyers, the couple from Syracuse, New York, were already underwater on the mortgage and getting by on one income as Lauren focused on being a stay-at-home mom.
James Whelan, a former Atlantic City mayor, and Assemblymen Vince Mazzeo and Chris Brown wrote Tuesday to the state Casino Control Commission asking for the delay.
RALEIGH, N.C.— An information technology consulting company plans to create 250 jobs in Charlotte within five years as it hopes to serve the city's big banks.
NEWARK, N.J.— Federal officials say United Airlines repeatedly put workers at Newark Liberty International Airport in danger of being injured by falls or by falling objects and other workplace hazards. OSHA said some of the citations are for repeat violations that were first cited in 2011..
*EU threatens Russia with more sanctions, but words ring hollow. NEW YORK, July 22- U.S. stocks rose on Tuesday as inflation data was seen keeping the Federal Reserve in an equities-friendly tone, while hopes rose for an easing of tensions in Ukraine.
When U.S. and European airlines quickly canceled flights to Israel Tuesday, they showed both a skittishness and a new sense of urgency in dealing with global trouble spots following last week's downing of a passenger plane over Ukraine.
NEW YORK— CIT Group will buy privately owned OneWest Bank in a $3.4 billion cash-and-stock deal. IMB shareholders will receive $2 billion in cash and 31.3 million CIT Group shares that are currently valued at $1.4 billion. OneWest will merge with CIT Group's banking subsidiary CIT Bank, and all locations will operate under the CIT Bank sign.