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Latest Business News Wires - Business Headlines


  • Dollar weakens on strong US economic reports Wednesday, 17 Oct 2012 | 2:30 PM ET

    Moody's decision to forgo downgrading Spain's government debt rating also made traders more comfortable owning the euro. The euro rose to $1.3127 from $1.3043 late Tuesday and the British pound rose to $1.6154 from $1.6113. The dollar fell to 97.78 Canadian cents from 98.71 Canadian cents and to 0.9219 Swiss francs from 0.9270 Swiss franc.

  • McDonald's 3Q should indicate economic pressures Wednesday, 17 Oct 2012 | 2:26 PM ET

    NEW YORK-- McDonald's Corp. reports its third-quarter results Friday, which should give a glimpse of how the world's biggest hamburger chain is coping with intensifying competition and the challenging global economy. WHAT TO WATCH FOR: After outperforming its rivals for years, some analyst think McDonald's may be entering a period of slower growth.

  • Diamondback Energy IPO is complete Wednesday, 17 Oct 2012 | 2:10 PM ET

    MIDLAND, Texas-- Diamondback Energy said Wednesday that completed an initial public offering of 12.5 million shares. It raised $218.8 million in the IPO, which was priced at $17.50 apiece. Diamondback Energy Inc. had projected a price of $17 to $19 per share.

  • News Summary: SEC proposes rules for derivatives Wednesday, 17 Oct 2012 | 1:55 PM ET

    MINIMUM CAPITAL: U.S. regulators proposed setting minimum capital levels that banks and other firms that trade derivatives must hold as a cushion against risk.

  • Earnings preview: GE resurgence to continue in 3Q Wednesday, 17 Oct 2012 | 1:54 PM ET

    NEW YORK-- General Electric is expected to show progress on its plan to cut costs and focus on its roots as a manufacturer when it reports earnings for the third quarter on Friday. At the same time GE has worked to reduce its non-industrial assets by selling NBC, shrinking its banking division and selling commercial real estate holdings.

  • Uruguay Senate legalizes abortion Wednesday, 17 Oct 2012 | 1:46 PM ET

    MONTEVIDEO, Uruguay-- The Uruguayan Senate voted 17-14 on Wednesday to legalize all first trimester abortions in a groundbreaking step in Latin America. The Senate had already approved a more liberal version of the proposed law, but concessions made to gain the votes of more socially conservative members of Uruguay's lower house forced a second vote.

  • Exxon buys Celtic Exploration for $2.6B Wednesday, 17 Oct 2012 | 1:45 PM ET

    CALGARY, Alberta-- A Canadian subsidiary of Exxon Mobil is acquiring the oil and gas exploration firm Celtic Exploration Ltd. for $2.63 billion. ExxonMobil Canada gets access to 649,000 acres in two shale formations, the Montney and Duvernay, as well as additional acreage in other parts of Alberta, the company said.

  • *CME Group to acquire KCBT in $126 million deal Wednesday, 17 Oct 2012 | 1:42 PM ET
  • News Summary: AMR loses $238M in 3rd quarter Wednesday, 17 Oct 2012 | 1:40 PM ET

    RED SKIES: AMR Corp. lost $238 million in the third quarter due to charges associated with its reorganization in bankruptcy court. That compares with a loss of $162 million in the year-earlier quarter. ASIDE FROM THAT: The parent of American Airlines said otherwise it performed well in the three-month period.

  • Cree shares rise on fiscal 1Q and 2Q outlook Wednesday, 17 Oct 2012 | 1:33 PM ET

    NEW YORK-- Shares of Cree Inc. jumped Wednesday after the LED product maker reported solid fiscal first-quarter results and offered a second-quarter forecast close to Wall Street estimates. The light-emitting diode products maker said net income rose 26 percent in the first quarter, to $16.1 million, or 14 cents per share.

  • SEC launches inquiry of bankrupt San Bernardino Wednesday, 17 Oct 2012 | 1:27 PM ET

    SAN BERNARDINO, Calif.-- Federal regulators are looking into the finances of San Bernardino as the city makes its way through bankruptcy proceedings. The U.S. Securities and Exchange Commission has launched an informal inquiry, the Los Angeles Times reported Wednesday.

  • Apollo Group shares plunge on 4Q results, closures Wednesday, 17 Oct 2012 | 1:21 PM ET

    Apollo Group Inc.' s shares plunged Wednesday after the for-profit education company reported a disastrous fourth-quarter and announced plans to close some of its University of Phoenix schools. THE SPARK: Apollo Group reported late Tuesday that its fourth-quarter profit fell 60 percent due to higher costs and declining enrollment.

  • US box office gains momentum in 4Q Wednesday, 17 Oct 2012 | 1:20 PM ET

    LOS ANGELES-- A stronger than expected start to movie theater attendance in the fourth quarter and a smaller decline in the third quarter than forecast prompted a Nomura analyst to tweak his profit estimate for Regal Entertainment Group on Wednesday.

  • Satcon files for Chapter 11 bankruptcy protection Wednesday, 17 Oct 2012 | 1:19 PM ET

    BOSTON-- Satcon Technology Corp. on Wednesday filed for Chapter 11 bankruptcy protection following years of financial struggles and a severe downturn in the solar power industry.

  • Analyst lowers rating on PNC Financial Services Wednesday, 17 Oct 2012 | 1:13 PM ET

    NEW YORK-- An analyst downgraded PNC Financial Services' rating on Wednesday, saying the bank's third-quarter net interest margin compressed more than expected and its preferred dividends will likely rise considerably next year.

  • Tunisian journalists strike over govt interference Wednesday, 17 Oct 2012 | 1:10 PM ET

    TUNIS, Tunisia-- Tunisia's journalists are holding a daylong strike to protest what they call government interference. Several hundred journalists gathered Wednesday outside union headquarters in the capital of Tunis, chanting for freedom of the press.

  • CC remains a distinctive Volkswagen Wednesday, 17 Oct 2012 | 1:05 PM ET

    Volkswagen's upscale CC compact sedan is nicely put together with a coupe silhouette, pretty lines, a taut, refined ride, well-crafted interior and for 2013, seats for five.

  • Fact sheet: 2013 Volkswagen CC Wednesday, 17 Oct 2012 | 1:05 PM ET

    BASE PRICE: $30,610 for Sport with manual. TYPE: Front engine, front-wheel-drive, five-passenger, compact sedan. ENGINE: 2- liter, double overhead cam, turbocharged, direct-injection, inline four cylinder with TFSI.

  • Check Point Software posts higher 3Q earnings Wednesday, 17 Oct 2012 | 1:03 PM ET

    SAN CARLOS, Calif.-- Check Point Software Technologies Ltd. said Wednesday that its third-quarter net income and revenue grew thanks to growing demand for its Internet security software.

  • Ozzie Smith to auction Gold Gloves Wednesday, 17 Oct 2012 | 11:59 AM ET

    LAGUNA NIGUEL, Calif.-- Hall of Famer Ozzie Smith is planning to auction his 13 Gold Gloves and a pair of World Series rings he received from the St. Louis Cardinals in retirement.