July 22- McDonald's Corp reported a lower-than-expected quarterly profit as comparable sales in its struggling U.S. business fell for the third straight quarter and sales in Europe declined for the first time in four quarters.» Read More
DALLAS-- Celanese Corp., which makes specialty materials and chemicals, said Friday that it increased its share buyback program by $264 million. Celanese, based in Dallas, has been facing lower pricing in its acetyl intermediates business, a weakened European economy and slower growth in Asia. Shares of Celanese fell 83 cents to $37.38 in morning trading.
NEW YORK-- Agribusiness conglomerate Archer Daniels Midland, seeking to acquire Graincorp, said Friday that it now owns nearly 15 percent of the Australian grain handler. Archer Daniels Midland Co. purchased a 10 percent stake in GrainCorp Ltd. Thursday night, adding to its existing 4.9 percent holding.
WEST PALM BEACH, Fla.-- Internet phone company MagicJack VocalTec Ltd. reported a third-quarter profit on Friday, reversing a small loss a year earlier, thanks to sharply higher revenue and lower expenses. Israel- based MagicJack earned $15.1 million, or 78 cents per share, for the three months ended Sept. 30.
BROUMOV, Czech Republic-- When the managers of a textile factory in northern Czech Republic declared they would focus sales on Africa, their bankers, insurers and suppliers shook their heads in disbelief.
HOUSTON-- KMG Chemicals Inc. said Thursday that its chairman, company founder David Hatcher, will retire in December and be replaced by another member of the company's board. KMG Chemicals shares fell 12 cents to $17.98 in morning trading Friday. They have traded in a 52- week range of $12.69 almost a year ago to $19.72 in early July.
NEW YORK-- Earlier this month, NBA rookie Royce White disclosed that he is afraid to fly and said he expects to travel by bus to play in at least some of the basketball games for his team, the Houston Rockets.
PARIS-- Formula One's inaugural Grand Prix of America slated to be run in New Jersey has been postponed until 2014.. The race is planned for a spectacular course along the Hudson River across from Manhattan through the towns of Weehawken and West New York, N.J..
THE HAGUE, Netherlands-- Dutch bank Rabobank is ending its long sponsorship of professional cycling, saying "the trust in the cycling world has gone" following the publication of the U.S. Anti-Doping Agency's report on Lance Armstrong. The bank said Friday it will halt sponsorship of its men's and women's professional teams at the end of 2012 after 17 years.
TEMPE, Ariz.-- Pac-12 Commissioner Larry Scott says DirecTV officials "have dug in their heels" and he sees no reason for optimism that the satellite provider will add the new Pac-12 networks to their service.
THE NEWS: McDonald's Inc. said Friday that its third-quarter net income fell nearly 4 percent as the stronger dollar hurt international results and the chain faced tough competition in the U.S. Revenue was nearly flat at $7.15 billion.
Microsoft and McDonald's are leading a broad decline in the stock market after both companies posted sub-par results for the third quarter. Microsoft's income fell 22 percent as PC sales took a dive and as troubles in Europe took their toll. McDonald's profit fell 4 percent as a strong dollar hurt international results.
BUFFALO, N.Y.-- Shares of Cleveland BioLabs plummeted in morning trading Friday, after the biotech company said it would sell $15 million of its stock in a public offering. Cleveland BioLabs said underwriters will have 30 days to purchase up to 1,250,000 additional shares and warrants for 562,500 shares to cover overallotments.
TORONTO-- The NHL and the players' association agree on one thing: Thursday was a bad day at the negotiating table. Any optimism that existed following the NHL's offer earlier this week of a 50-50 split of hockey-related revenue was dashed when the union countered with three proposals that were quickly rebuffed.
NEW YORK-- Shares of Riverbed Technology climbed more than 10 percent in premarket trading on Friday as the networking company's third-quarter results topped Wall Street's view. For the fourth quarter, Riverbed Technology foresees adjusted earnings of about 29 cents per share on revenue in a range of $230 million to $236 million.
NEW YORK-- Shares of SanDisk Corp. advanced in premarket trading Friday after the maker of flash-memory chips posted stronger-than-expected results for the third quarter. SanDisk's earnings and revenue declined due to lower demand for its memory chips from gadget makers.
NEW YORK-- Ingersoll-Rand PLC said Friday its third-quarter net income more than tripled, helped by easy comparisons to a prior-year quarter hurt by charges related to the sale of a business.
PITTSBURGH-- A man who claims his girlfriend once had a "physical relationship" with retired Pittsburgh Steelers wide receiver Hines Ward was in custody Friday on charges he tried to extort $15,000 from the player by threatening to release evidence the player had paid for sex.
The FDA is not required to follow the committee's advice, though it often does. In its review posted ahead of the meeting, the FDA said Kynamro was linked to both benign and cancerous tumors. Jefferies analyst Eun Yang expects "very limited use of Kynamro if approved," due to the safety concerns brought up at the FDA meeting.
HOUSTON-- Schlumberger's exposure to global markets separated it from the pack as the world's biggest oilfield service company posted a 10 percent jump in net income during the third quarter.