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  • In a surprise, Pandit steps down as Citigroup CEO Tuesday, 16 Oct 2012 | 5:32 PM ET

    Vikram Pandit, who steered Citigroup through the 2008 financial crisis and the choppy years that followed, abruptly left the bank on Tuesday, stepping down as CEO and as a director. The move shocked Wall Street, and Citigroup offered no explanation.

  • University of Phoenix closing 115 locations Tuesday, 16 Oct 2012 | 5:29 PM ET

    Apollo Group Inc. said Tuesday that its fiscal fourth-quarter net income tumbled 60 percent, hurt by higher costs and declining enrollment at the University of Phoenix.

  • News Summary: Kroger lifts long-term guidance Tuesday, 16 Oct 2012 | 5:09 PM ET

    ATTENTION SHOPPERS: Kroger Co. is forecasting stronger growth in the years ahead, as company executives outlined plans to expand into new and existing markets, as well as grow the core business. CASHING IN: The Cincinnati- based company now expects earnings per share to grow 8 to 11 percent, up from the previous forecast of 6 to 8 percent.

  • FDA panel votes to support NPS Pharma bowel drug Tuesday, 16 Oct 2012 | 5:03 PM ET

    NEW YORK-- A Food and Drug Administration advisory panel on Tuesday recommended that the FDA approve NPS Pharmaceuticals Inc.' s experimental bowel drug Gattex. The positive recommendation from the Gastrointestinal Drugs Advisory Committee makes it more likely the FDA will approve Gattex, although does not guarantee approval.

  • Nielsen's top prime-time programs for Oct. 8-14 Tuesday, 16 Oct 2012 | 4:59 PM ET

    2. "NCIS," CBS, 18.51 million. 4. "NCIS: Los Angeles," CBS, 15.18 million. 5. "The Big Bang Theory," CBS, 14.23 million.

  • Varied returns for 3 Wed. shows; CW's 'Arrow' tops Tuesday, 16 Oct 2012 | 4:58 PM ET

    ABC, NBC and the CW all debuted new dramas last Wednesday to varied receptions. NBC's " Chicago Fire" was a disappointment in the same time slot. NBC continued its best start in a decade in the ratings.

  • Watson Pharma climbs as FTC approves Actavis deal Tuesday, 16 Oct 2012 | 4:58 PM ET

    PARSIPPANY, N.J.-- Shares of Watson Pharmaceuticals Inc. reached new highs Tuesday after the Federal Trade Commission cleared its acquisition of Swiss drugmaker Actavis Group. Watson and Actavis will sell three approved products to Sandoz, a unit of Novartis AG, including generic versions of the antidepressant Wellbutrin XL and the anxiety drug Ativan.

  • Mattel, Murphy Oil, WD-40 are market movers Tuesday, 16 Oct 2012 | 4:57 PM ET

    NEW YORK-- Stocks that moved substantially or traded heavily Tuesday on the New York Stock Exchange and Nasdaq Stock Market:. Murphy Oil Corp., up $4.74 at $63.74. Murphy Oil is spinning off its retail gasoline business into a separate company to focus on oil exploration and production.

  • J&J 3Q net income drops 7 percent on higher costs Tuesday, 16 Oct 2012 | 4:56 PM ET

    Johnson& Johnson's third-quarter profit fell 7 percent as litigation and acquisition costs and factory upgrade expenses related to its consumer product recalls offset higher medicine and medical device sales.

  • Citigroup picks veteran to replace Pandit as CEO Tuesday, 16 Oct 2012 | 4:54 PM ET

    NEW YORK-- In picking Michael Corbat to take over as CEO of Citigroup, the board of directors chose a low-profile veteran of the bank _ a sharp contrast to Vikram Pandit, his suddenly departed predecessor. Corbat, 52, has spent his entire career at Citigroup and its affiliated businesses.

  • Dirty shoes? How did steroids get contaminated? Tuesday, 16 Oct 2012 | 4:51 PM ET

    There are lots of ways fungus could have gotten inside the Massachusetts compounding pharmacy whose steroid medication has been linked to a lethal outbreak of a rare fungal form of meningitis. Company spokesman Andrew Paven said by email that criminal investigators from the Food and Drug Administration were at the pharmacy in Framingham, Mass., on Tuesday.

  • HCP to acquire 133 senior housing communities Tuesday, 16 Oct 2012 | 4:48 PM ET

    LONG BEACH, Calif.-- HCP Inc. is buying 133 senior housing communities for $1.73 billion from a joint venture between Emeritus Corp. and an affiliate of The Blackstone Group L.P.. Emeritus is also buying nine remaining properties from the joint venture for $62 million, which includes $10 million in cash and a $52 million four-year loan from HCP.

  • Realogy IPO raises $1.2 billion, after expenses Tuesday, 16 Oct 2012 | 4:45 PM ET

    Realogy priced 40 million shares at $27 apiece, and the stock soared more than 25 percent in its trading debut on Thursday. Realogy on Tuesday announced the IPO's closing, and said that the $1.2 billion raised was net of underwriters' discounts and commissions, as well as estimated offering expenses.

  • CSX 3Q rail profit dips 2 pct. on volume shift Tuesday, 16 Oct 2012 | 4:43 PM ET

    OMAHA, Neb.-- CSX Corp. reported a 2 percent dip in its third-quarter profit and revenue Tuesday because the railroad delivered fewer carloads of coal and crops, and fuel surcharge revenue declined. The Jacksonville, Fla.- based railroad made $455 million, or 44 cents per share. That's down from $464 million, or 43 cents per share in the same period a year ago.

  • Citigroup at a glance Tuesday, 16 Oct 2012 | 4:43 PM ET

    2011 net income _ $11.1 billion. Citigroup revenue breakdown in 2011:. Citi Holdings, which manages various Citi assets _ $12.9 billion.

  • New Citi CEO says no change of direction Tuesday, 16 Oct 2012 | 4:41 PM ET

    NEW YORK-- The new CEO of Citigroup says the departure of Vikram Pandit doesn't mean a change of direction for the bank. Corbat says: "Today's changes do not reflect any desire to alter the strategic direction of Citi, which we believe to be the right one." The chairman of Citi's board, Michael O'Neill, says the decision was Pandit's and there is not "another shoe to drop."

  • Experts list many ways funguses can taint drugs Tuesday, 16 Oct 2012 | 4:40 PM ET

    NEW YORK-- Experts say there are many ways funguses could have gotten inside the Massachusetts pharmacy at the center of the nation's deadly outbreak of fungal meningitis.

  • Fla. Attorney General not budging on settlement Tuesday, 16 Oct 2012 | 4:35 PM ET

    TALLAHASSEE, Fla.-- Florida Attorney General Pam Bondi is refusing to back down in her feud with the GOP- controlled Legislature when it comes to $300 million intended to help homeowners. She did not ask for spending approval over the state's share of a national $25 billion settlement with five of the nation's largest mortgage lenders.

  • News Corp shareholder protest votes defeated Tuesday, 16 Oct 2012 | 4:32 PM ET

    LOS ANGELES-- News Corp. managed to avoid rowdy protests at its annual shareholders meeting, but that didn't stop stockholders from voicing complaints about the grip founder and CEO Rupert Murdoch and his family have on the company.

  • S&P revises Penn State's outlook over lawsuits Tuesday, 16 Oct 2012 | 4:23 PM ET

    HARRISBURG, Pa.-- The ratings agency Standard& Poor's has revised Penn State University's outlook to negative from stable, citing litigation against the school over the Jerry Sandusky child molestation scandal, but affirmed its long-term bond rating.