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WASHINGTON-- Regulators say they have closed two small banks in Florida, bringing to 45 the number of U.S. bank failures this year. The Federal Deposit Insurance Corp. seized GulfSouth Private Bank, based in Destin, and First East Side Savings Bank, based in Tamarac. GulfSouth had about $159.1 million in assets and $151.1 million in deposits as of June 30.
CINCINNATI-- The U.S. Air Force said Friday it has awarded a $349.7 million contract to General Electric Co.' s aviation division to help develop new aircraft engines with longer range and better performance. The work is expected to be completed by Sept. 30, 2016, and will be used on aircraft after 2020..
The deal would value American Greetings at around $581 million. American Greetings' shares fell 7 cents to close at $16.99 Friday. American Greetings' brands include Carlton Cards, Recycled Paper Greetings and Papyrus.
NEW YORK-- The Defense Department said Friday that United Technologies Corp. received a $335 million contract with the Air Force. United Technologies is receiving orders for the Air Force's Adaptive Engine Technology Development Program. Shares of United Technologies lost $1.24 to close at $77.99 amid a broad market decline.
IRVINE, Calif.-- Edwards Lifesciences Corp. lowered its annual net income guidance on Friday, as it announced third-quarter results, citing disappointing sales of its Sapien heart valve.
LAS VEGAS-- A Japanese billionaire has dropped his campaign to win seats for his allies on the board of Wynn Resorts Ltd., ending a chapter in a feud with casino mogul CEO Steve Wynn. It was a legal setback for Okada, a former Wynn friend and business partner, who once was Wynn Resorts' single largest shareholder.
CRAZY WEATHER: Warm spring weather in the Northeast and Midwest tricked apple trees into budding early this year, and then a late frost damaged the blossoms. CROPS CRIMPED: Crops in apple-producing states like New York and Michigan shrank, falling off as much as 90 percent.
The Federal Deposit Insurance Corp. seized GulfSouth Private Bank, based in Destin, Fla.. The failure of GulfSouth Private Bank, which had four branches, is expected to cost the deposit insurance fund $36.1 million. GulfSouth Private Bank is the sixth FDIC- insured institution in Florida to fail this year.
WASHINGTON-- A proposed settlement in a class-action lawsuit brought by retailers and trade groups against Visa Inc. and MasterCard Inc. fails to protect merchants from abuse by credit card companies, a national retail group says.
NEW YORK-- Standard& Poor's Ratings Services on Friday lowered its rating on solid waste services company Waste Connections Inc. because of its plan to acquire R360 Environmental Solutions Inc. for about $1.3 billion in cash. S&P lowered its corporate credit rating on Waste Connections one step from "BBB" to "BBB-," which is still investment grade.
NEW YORK-- Shares of Healthways Inc. slumped Friday after the wellness program operator posted disappointing third-quarter revenue and cut is annual net income guidance because of the costs associated with new contracts. Analysts expected Healthways to report net income of 13 cents per share and $172.5 million in revenue, according to FactSet.
OKLAHOMA CITY-- The unemployment rate in Oklahoma has risen slightly for the third consecutive month _ although the number of Oklahomans with a job also increased. The Oklahoma Employment Security Commission said Friday that unemployment for September was 5.2 percent _ up from 5.1 percent in August and 4.9 percent in July.
NEW YORK-- Stocks that moved substantially or traded heavily Friday on the New York Stock Exchange and Nasdaq Stock Market:. McDonald's Corp., down $4.14 at $88.72. Chipotle Mexican Grill Inc., down $42.93 at $243.
VIRGINIA BEACH, Va.-- A new study says the statewide economic impact of an NBA team moving to Virginia Beach would be more than $500 million a year. Virginia Beach is considering whether to build a new arena near the oceanfront in hopes of luring an NBA or NHL team to town.
PITTSBURGH-- Shares Calgon Carbon Corp. fell sharply in Friday trading after the company, which makes water and air filtration systems, said it expects to report a third-quarter net loss.
MCLEAN, Va.-- Newspaper publisher and TV station owner Gannett Co. said Friday that it bought Rovion, a company that makes a self-service platform for advertisers to create rich media and mobile ads without requiring programming expertise. Rovion, which was owned by Local Corp., will become part of Gannett's PointRoll, which provides marketing services.
TRIPLE WHAMMY: Poor earnings reports from three big-name companies, all of them members of the Dow Jones industrial average, helped sink the stock market Friday. McDonald's, GE and Microsoft turned in disappointing third-quarter results and paid the price: stock declines of between 3 and 4 percent.
Poor corporate earnings reports pounded the stock market Friday in a sour end to an otherwise strong week of trading. Disappointing results from three giants of the Dow _ Microsoft, General Electric and McDonald's _ were to blame. The S&P 500 is up 4.60 points, or 0.3 percent.
FARGO, N.D.-- Milk production in North Dakota during July, August and September totaled 85 million pounds, up 2 percent from the third quarter of 2011..
CLEVELAND-- Unemployment rates fell last month in nearly all of the battleground states that will determine the presidential winner, giving President Barack Obama fresh fodder to argue that voters should stick with him in an election focused squarely on the economy.