Latest Business News Wires - Business Headlines


  • Drought strains Minnesota's water resources Friday, 19 Oct 2012 | 10:22 AM ET

    MINNEAPOLIS-- Drought conditions are straining water supplies in the Land of 10,000 Lakes, leading Minnesota officials on Thursday to urge residents to cut back on their water use. "We're encouraging all nonessential uses to really be curtailed and stopped," Department of Natural Resources official Dave Leuthe said during a conference call with reporters. "

  • Feds probe complaints that Jeep Patriots stall Friday, 19 Oct 2012 | 10:21 AM ET

    Chrysler Group LLC, the maker of Jeeps, sold another 18,000 in Canada. In one complaint, a Subaru driver told NHTSA that on May 2, a Patriot's engine died while it was on Interstate 5 on the West Coast. The Subaru was behind the Patriot when it happened, and the woman driving the SUV did not hit the brakes, according to the complaint. "

  • Earnings from McDonald's, Microsoft sink stocks Friday, 19 Oct 2012 | 10:19 AM ET

    NEW YORK-- Poor earnings reports from three companies in the Dow Jones industrial average _ Microsoft, General Electric and McDonalds _ sent indexes down sharply Friday, marking a sour end to an otherwise strong week in the stock market. McDonald's led a broad drop in the Dow, falling 3 percent.

  • Cooper Industries 3Q net income rises 18 pct Friday, 19 Oct 2012 | 10:19 AM ET

    NEW YORK-- Cooper Industries' third-quarter profit rose 18 percent with the electrical component seeing greater demand from industrial and oil and gas markets. The company, which is being acquired by Eaton Corp., earned $188.4 million, or $1.16 per share, up from $160.2 million, or 98 cents per share, in the same quarter last year.

  • US home sales dip 1.7 percent on tight inventory Friday, 19 Oct 2012 | 10:08 AM ET

    WASHINGTON-- U.S. sales of previously occupied homes fell in September after hitting a two-year high in August, in part because there were fewer homes available for sale. The National Association of Realtors said Friday that sales dipped 1.7 percent to a seasonally adjusted annual rate of 4.75 million.

  • Celanese to buy back $400M in shares Friday, 19 Oct 2012 | 10:05 AM ET

    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.

  • ADM now owns 15 pct of Australia's GrainCorp Friday, 19 Oct 2012 | 10:02 AM ET

    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.

  • MagicJack posts 3Q profit, reversing loss Friday, 19 Oct 2012 | 9:56 AM ET

    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.

  • Czech brocade becomes hit in western Africa Friday, 19 Oct 2012 | 9:55 AM ET

    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.

  • KMG Chemicals chairman to retire, successor named Friday, 19 Oct 2012 | 9:55 AM ET

    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.

  • Experts, travelers say fear of flying is treatable Friday, 19 Oct 2012 | 9:50 AM ET

    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.

  • GP of America in NJ postponed until 2014 Friday, 19 Oct 2012 | 9:49 AM ET

    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..

  • Dutch bank pulls out of cycling sponsorship Friday, 19 Oct 2012 | 9:48 AM ET

    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.

  • Scott: No agreement near with DirecTV Friday, 19 Oct 2012 | 9:47 AM ET

    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.

  • *Longshore union sues over Seattle arena plan Friday, 19 Oct 2012 | 9:45 AM ET
  • News Summary: McDonald's 3Q net income slips Friday, 19 Oct 2012 | 9:44 AM ET

    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.

  • Cleveland BioLabs shares plummet after stock offer Friday, 19 Oct 2012 | 9:41 AM ET

    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.

  • Weakness from Microsoft, Google rattle markets Friday, 19 Oct 2012 | 9:41 AM ET

    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.

  • On thin ice: Optimism lost in NHL labor talks Friday, 19 Oct 2012 | 9:31 AM ET

    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.

  • Ahead of the Bell: Riverbed Technology Friday, 19 Oct 2012 | 9:27 AM ET

    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.