NEW YORK— Sometimes a little fear is healthy for stock investors. Nine days ago, after a series of sharp sell-offs, the Standard& Poor's 500 index was down 7.4 percent from its September record as fears of a global economic slowdown intensified. "It's important to have these periods of scare and fear," says Joe Quinlan, chief market strategist for U.S. Trust.» Read More
THE LOWDOWN: The average U.S. rate on a 30- year fixed mortgage has fallen to near its record low set earlier this month. HOW THEY RATE: The rate on the 30- year loan, the most popular mortgage, dipped to 3.37 percent from 3.39 percent last week.
PALO ALTO, Calif.-- Shares of Anacor Pharmaceuticals Inc. tumbled Thursday after the drug developer announced pricing for a public offering of stock at a discounted rate to the current trading price. The Palo Alto, Calif., drug developer said that it priced an offering of 4 million shares at $6 per share.
WASHINGTON-- The Carlyle Group LP on Thursday completed its acquisition of a controlling stake in Getty Images Inc. in a deal worth about $3.3 billion. The private equity firm partnered with Getty's co-founders, Mark Getty and Jonathan Klein, and with the Getty family in buying the company from another private equity firm, Hellman& Friedman.
CHARLOTTE, N.C.-- Nucor Corp.' s third-quarter net income plunged 39 percent on lower sales and prices as demand for steel fell in the sluggish global economy. Nucor said Thursday that it earned $110.3 million, or 35 cents per share, in the July-through-September quarter.
NEW YORK-- Shares of Mellanox Technologies Ltd. tumbled Thursday, after the semiconductor maker issued a disappointing revenue outlook for the current quarter and full year.
BOLINGBROOK, Ill.-- Beauty retailer Ulta Beauty said Thursday that Bruce L. Hartman has resigned as chief financial officer and will be replaced by Scott Settersten on a temporary basis. The company earned $35 million, or 54 cents per share, for the quarter ended July 28.
NEW YORK-- Gasoline prices have finally begun their seasonal slide. That's 13 cents below the fall peak of $3.87 reached on Sept. 14, although still higher than ever for this time of year. Tom Kloza, Chief Oil Analyst at the Oil Price Information Service, predicts drops of 5 cents to 15 cents per week for the next three weeks.
BRUSSELS-- European Union leaders are tussling over how much power they want to cede to central authorities during a summit meeting in Brussels focused on how to ensure their debt crisis never repeats itself.
Tobacco companies including Philip Morris International Inc. have ventured into smokeless tobacco and other nicotine products as tax increases, health concerns, smoking bans and stigma cut into demand for cigarettes.
FRANKFORT, Ky.-- Kentucky is reporting a slight decline in its jobless rate in September despite a major loss of manufacturing jobs. The Office of Employment and Training released new unemployment figures on Thursday showing the jobless rate at 8.4 percent.
TROY, Mich.-- Chemical giant DuPont Co. is opening an innovation center in suburban Detroit that's aimed at speeding the introduction of new products for the automotive industry. It is DuPont's eighth-such center and is located at its Automotive Development Center in Troy.
NEW YORK-- Shares of Lindsay Corp. reached their highest point in more than a year on Thursday after the irrigation system maker said its fourth-quarter net income surged on higher demand from farmers.
Among the earnings stories for Thursday, Oct. 18, from AP Business News:. _ Morgan Stanley reported higher revenue and net income for its third quarter Thursday thanks to gains in its bonds and asset management businesses.
ST. PAUL, Minn.-- Minnesota's unemployment rate remains a full two percentage points better than the national average. Figures for September show the seasonally adjusted jobless rate for Minnesota fell to 5.8 percent, a tick lower than September.
VALENCIA, Calif.-- Shares of MannKind Corp. lost nearly a quarter of their value Thursday after the company announced plans to sell up to 140 million shares of stock. MannKind will use the funds to pay for new trials of its inhaled diabetes drug Afrezza and cancel more than $200 million in debt owed to its CEO.
The benefit of recent downpours was more pronounced in states such as Iowa, the nation's biggest corn producer. Thursday's update showed that 63.9 percent of Iowa still is in extreme or exceptional drought _ the worst two classifications _ in what marked an improvement of nearly 12 percentage points from a week earlier.
BOSTON-- Massachusetts gained an estimated 5,100 jobs in September even as the state's unemployment rate crept up two-tenths of a point to 6.5 percent, officials said Thursday. Massachusetts remains below the U.S. unemployment rate, which stood at 7.8 percent in September.
LISBON, Portugal-- Portugal's government says Latin American company Synergy Aerospace is the only candidate in the running to buy state airline TAP Air Portugal. The airline's main appeal is its more than 70 weekly flights from Portugal to Brazil and about the same number to Africa. Synergy Aerospace owns Colombia's Avianca.
NEW YORK-- The price of oil is falling on expectations that China is less likely to roll out a stimulus program for its improving economy. U.S. benchmark oil fell 94 cents, or 1 percent, to $91.18 a barrel in morning trading. Brent crude, which many U.S. refiners use to make gasoline, fell $1.42, or 1.3 percent, to $111.80 in London.
WASHINGTON-- The Carlyle Group on Thursday completed its acquisition of a controlling stake in Getty Images Inc. in a deal worth about $3.3 billion. The private equity firm partnered with Getty's co-founders, Mark Getty and Jonathan Klein, and with the Getty family in buying the company from another private equity firm, Hellman& Friedman.