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Latest Business News Wires - Business Headlines


  • Oshkosh board rejects Icahn offer as 'inadequate' Friday, 26 Oct 2012 | 1:09 PM ET

    NEW YORK, Oct 26- The board of truck maker Oshkosh Corp unanimously rejected billionaire investor Carl Icahn's offer to buy the company, calling it ``inadequate,'' the company said on Friday. The board ``unanimously concluded that Mr.

  • US consumer confidence at highest level in 5 years Friday, 26 Oct 2012 | 1:08 PM ET

    WASHINGTON-- A survey shows consumer confidence rose this month to the highest level in five years, an encouraging sign for the still-weak economy. The University of Michigan's final index of October consumer sentiment rose to 82.6 from 78.3 in September. That's the highest since September 2007 _ three months before the Great Recession began.

  • Weak earnings reports weigh on stocks Friday, 26 Oct 2012 | 1:08 PM ET

    Stocks closed mostly lower Friday after investors found little to like in weak corporate earnings reports and news of only tepid growth in the U.S. economy in the third quarter. The morning gains came after the Commerce Department estimated that the U.S. economy expanded at a 2 percent annual rate from July through September.

  • Oct 26- U.S. auto parts supplier American Axle and Manufacturing Holdings Inc reported a surprise quarterly loss, hurt by restructuring and debt refinancing costs. American Axle reported a net loss of $8.2 million, or 11 cents per share, compared with a profit of $22.6 million, or 33 cents per share, a year earlier.

  • *Whole Foods to buy leases from family grocer Friday, 26 Oct 2012 | 1:06 PM ET
  • 'RoboCop' remake OK'd for state film incentives Friday, 26 Oct 2012 | 1:05 PM ET

    "RoboCop," which has been filming in Toronto, was approved for $294,000 in incentives on $1 million in anticipated in-state spending. The reboot of the classic 1987 cult film with Peter Weller will include shots of Detroit and its landmarks. Eminem's "Detroit Rubber" was approved for $53,000 on nearly $170,000 of projected Michigan spending.

  • UPDATE 2-Tax gains lift Merck, but sales disappoint Friday, 26 Oct 2012 | 1:05 PM ET

    *3rd- qtr EPS, excluding items, $0.95, vs $0.92 forecast. Oct 26- Merck& Co Inc reported a higher-than-expected third-quarter profit, as a favorable tax rate and lower merger costs helped offset plunging sales of its former flagship product, Singulair, an asthma drug that began facing cheaper generics in August.

  • NEW YORK, Oct 26- U.S. stock index futures trimmed earlier declines and pointed to a steady open for Wall Street on Friday after data showed economic growth picked up at a faster pace than expected in the third quarter.

  • Government to measure impact of arts on economy Friday, 26 Oct 2012 | 1:04 PM ET

    WASHINGTON-- Federal agencies are planning the first official measure of the arts and culture sector's impact on the nation's economic growth. The National Endowment for the Arts announced a partnership Friday with the U.S. Bureau of Economic Analysis to identify and calculate the contributions of the creative sector to U.S. gross domestic product.

  • Arch Coal posts surprise profit, shares jump Friday, 26 Oct 2012 | 11:58 AM ET

    Oct 26- Arch Coal Inc, one of the world's top five coal producers, reported a surprise profit as cost cuts paid off, and the company said thermal coal shipments were improving. Net profit rose to $45.8 million, or 22 cents per share, in the third quarter, from $8.9 million, or 4 cents per share, a year earlier.

  • FOREX-Euro falls as concerns over Greece flare up Friday, 26 Oct 2012 | 11:56 AM ET

    LONDON, Oct 26- The euro hit a two-week low against the dollar and fell against the yen on Friday, with traders citing concerns that Greece may miss its austerity targets and political uncertainty in Athens.

  • Oct 26- Asset manager Legg Mason Inc said on Friday quarterly profit soared more than 42 percent, topping expectations, as the company reported its first quarterly net inflows of client funds since 2007..

  • *Storm causes deaths in Cuba, Haiti and Jamaica. NASSAU, Oct 26- Hurricane Sandy pounded the Bahamas with battering winds and rain on Friday, sweeping over the island chain after killing 21 people across the Caribbean and posing a menacing threat to the U.S. East Coast.

  • IMF says Spain's banks making good progress Friday, 26 Oct 2012 | 11:51 AM ET

    MADRID-- The International Monetary Fund says Spain's banking sector has made good and timely progress in meeting the terms of its bailout.

  • Omega Healthcare 3Q FFO rises on acquisitions Friday, 26 Oct 2012 | 11:48 AM ET

    HUNT VALLEY, Md.-- Health care real estate investment trust Omega Healthcare Investors Inc. said Friday that its funds from operations grew 27 percent in the third quarter as it boosted its rental income with acquisitions. The company said its funds from operations increased to $56.7 million, or 52 cents per share, from $44.5 million, or 43 cents per share.

  • Rockwell Collins posts lower quarterly profit Friday, 26 Oct 2012 | 11:48 AM ET

    Oct 26- Rockwell Collins Inc posted a lower quarterly profit on Friday, as weaker government sales overshadowed stronger commercial aerospace sales. Net income was $152 million, or $1.06 a share, for the fiscal fourth quarter ended Sept. 30, compared with $175 million, or $1.13 a share, a year before, the avionics supplier said.

  • SD pipe-making plant to supply ND oil industry Friday, 26 Oct 2012 | 11:48 AM ET

    RAPID CITY, S.D.-- A Texas- based pipe maker has started construction on a manufacturing plant in Rapid City, South Dakota. WL Plastics Director Mike Dahl says the South Dakota plant will help supply North Dakota's oil industry. WL Plastics also has facilities in Texas, Kentucky, Utah, Wyoming and the Canadian province of Alberta, Canada.

  • Oct 26- Interpublic Group of Cos, home to advertising agencies McCann Erickson and Draftfcb, reported a fall in revenue on lower spending by customers and some account losses in 2011..

  • News Summary: Oshkosh rejects Icahn tender offer Friday, 26 Oct 2012 | 11:47 AM ET

    NEW YORK-- DECISION TIME: Oshkosh Corp. rejected a buyout offer Friday from billionaire investor Carl Icahn Friday. QUARTERLY RESULTS: Oshkosh also reported fiscal fourth-quarter adjusted earnings from continuing operations of 65 cents per share on revenue of $2.06 billion.

  • Mich. counties get disaster designations Friday, 26 Oct 2012 | 11:47 AM ET

    LANSING, Mich.-- The U.S. Department of Agriculture says further disaster designations have been issued for Michigan's Bay and Saginaw counties due to heavy August rains. Senator Debbie Stabenow of Michigan announced the determination, which follows heavy rains Aug. 4 through Aug. 22.