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  • California wades into national labor debate Wednesday, 3 Oct 2012 | 6:59 PM ET

    The battle over Proposition 32 on the November ballot follows conflicts in Wisconsin, Ohio, Indiana and elsewhere where efforts to dilute the strength of organized labor have produced political tumult, a flood of TV ads and widespread demonstrations.

  • Ocwen to buy Homeward Residential for $750 million Wednesday, 3 Oct 2012 | 6:27 PM ET

    ATLANTA-- Loan servicing company Ocwen Financial Corp. said Wednesday that it is buying Homeward Residential Holdings Inc. in a $750 million deal. Ocwen is buying the loan servicing company from private equity firm WL Ross& Co. LLC for $588 million in cash and $162 in Ocwen convertible preferred stock.

  • 3M ends $550M bid for Avery Dennison office unit Wednesday, 3 Oct 2012 | 6:19 PM ET

    NEW YORK-- 3 M Co. is ending its effort to buy Avery Dennison Corp.' s office and consumer products business, which would have given the company a huge portion of the U.S. labels market to go with its Post-It sticky notes business. 3 M agreed to buy the business in January for $550 million.

  • NuVasive cuts 3Q revenue outlook and stock sinks Wednesday, 3 Oct 2012 | 6:13 PM ET

    NEW YORK-- Orthopedic device maker NuVasive Inc. forecast disappointing third-quarter revenue on Wednesday, and its shares plunged in after-hours trading. NuVasive said it expects about $147 million in revenue in the third quarter. Shares of NuVasive dropped $5.63, or 24.9 percent, to $16.99 in late trading.

  • News Summary: US gas prices lower except on coasts Wednesday, 3 Oct 2012 | 6:11 PM ET

    PUMPED UP: Refinery and pipeline problems have shrunk gasoline supplies and driven up prices on both coasts. DOWN THE ROAD: Analysts predict average prices will be $3.50 per gallon or lower by Thanksgiving for most of the country. On the West Coast, the price is expected to be closer to $4 per gallon.

  • FDA: Ind. farm tied to salmonella outbreak unclean Wednesday, 3 Oct 2012 | 6:09 PM ET

    On Aug. 22, about a week after the FDA inspections, Chamberlain Farm Produce announced it had voluntarily recalled all of its cantaloupes due to concerns that some might be tainted with salmonella.

  • News Summary: T-Mobile, MetroPCS unite Wednesday, 3 Oct 2012 | 6:08 PM ET

    CONNECTED: T-Mobile and MetroPCS have agreed to combine their struggling cellphone businesses in a deal aimed at letting them compete better with their three larger rivals. MetroPCS shareholders will own the rest. :The combined company will stay No. 4 among U.S. wireless carriers behind Verizon Wireless, AT&T and Sprint Nextel.

  • American Airlines, pilots resume contract talks Wednesday, 3 Oct 2012 | 6:08 PM ET

    FORT WORTH, Texas-- American Airlines is making a peace offering to its pilots as the two sides resume contract talks. The changes could amount to "a few percentage points" of pay for about one-third of the union's members, said Allied Pilots Association spokesman Gregg Overman. AMR Corp.' s American Airlines and the union agreed to resume contract talks this week.

  • News Summary: American Airlines loses union ruling Wednesday, 3 Oct 2012 | 6:05 PM ET

    CLEARED FOR TAKEOFF: A federal appeals court overturned a ruling that would have blocked a union election for passenger-service agents at American Airlines. The Communications Workers of America wants to represent them in contract bargaining with the company. National Mediation Board, 12-10680 at the 5th U.S. Circuit Court of Appeals in New Orleans.

  • NY judge gives poker money man jail for bank fraud Wednesday, 3 Oct 2012 | 6:04 PM ET

    Las Vegas resident Chad Elie, 32, was sentenced by U.S. District Judge Lewis A. Kaplan, who also ordered him to forfeit $500,000. The judge rejected a recommendation by the federal Probation Department that Elie be sentenced to probation, six months of home confinement and community service.

  • News Summary: Marriott turns 3Q profit on prices Wednesday, 3 Oct 2012 | 5:28 PM ET

    CHECKING IN: Marriott turned a better-than-expected profit despite a slow global economy in the third quarter on higher prices and strong occupancy rates across its brands. Marriott said higher occupancy rates led to less last-minute discounts, which help boost rates.

  • Demolition on hold for Wright house in Phoenix Wednesday, 3 Oct 2012 | 5:26 PM ET

    PHOENIX-- The city of Phoenix and a developer who was poised to demolish a Frank Lloyd Wright- designed home have reached an agreement that will put any work on hold while a search continues for a buyer, a city official confirmed Wednesday.

  • Investor says Wet Seal backs out of agreement Wednesday, 3 Oct 2012 | 5:23 PM ET

    NEW YORK-- The Clinton Group Inc., which is in a proxy fight with Wet Seal Inc., said Wednesday that the retailer has reneged on an offer to give up majority control of its board. However the Clinton Group said that Wet Seal's banker contacted the firm on Tuesday and said "It appears you have won".

  • *Investors again retreat from stock mutual funds Wednesday, 3 Oct 2012 | 5:20 PM ET
  • Celgene says FDA panel won't review pomalidomide Wednesday, 3 Oct 2012 | 5:12 PM ET

    SUMMIT, N.J.-- Celgene Corp. said Wednesday that a Food and Drug Administration panel will not review its multiple myeloma drug pomalidomide in November. Celgene said in September that the FDA's cancer drug advisory committee would discuss the drug at a meeting on Nov. 8. Shares of Celgene rose 57 cents to close at $78.99.

  • US gas prices trickle lower except on coasts Wednesday, 3 Oct 2012 | 5:12 PM ET

    Motorists in California paid an average of $4.232 per gallon Wednesday. That's 45 cents higher than the national average and exceeded only by Hawaii among the 50 states. Prices in New York, Connecticut and New Hampshire are at or near highs for the year.

  • Netflix, DR Horton, DR Horton are market movers Wednesday, 3 Oct 2012 | 5:06 PM ET

    NEW YORK-- Stocks that moved substantially or traded heavily Wednesday on the New York Stock Exchange and Nasdaq Stock Market:. A Citi analyst maintained his "Buy" rating on the homebuilder's stock and raised his price target to $25 from $19 on margins.

  • Forecast: Kansas jobs to increase 1.8 percent Wednesday, 3 Oct 2012 | 5:04 PM ET

    WICHITA, Kan.-- Kansas will see employment growth of 1.8 percent next year, regardless of who wins the White House, as business picks up after the uncertainty of the November elections, economic researchers at Wichita State University said Wednesday.

  • Price of oil drops near $88 per barrel Wednesday, 3 Oct 2012 | 5:02 PM ET

    NEW YORK-- Oil prices fell the most in five months on Wednesday as China's slowing economy raised questions about the strength of global oil demand. On the New York Mercantile Exchange:. Benchmark crude fell $3.75, or 4.1 percent, to finish at $88.14 per barrel.

  • Marriott turned a profit in 3Q on higher prices Wednesday, 3 Oct 2012 | 5:00 PM ET

    NEW YORK-- Marriott International Inc. said Wednesday that it turned a bigger-than-expected profit in the third quarter on higher prices and strong occupancy rates. The results topped Wall Street's and Marriott's own expectations. Marriott is the first major hotel company to report earnings for the peak summer travel season.

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