Ed Markey said Tuesday the Interior Department is moving too slowly on promised reforms. The Massachusetts Democrat has said undervalued coal sales might have cost taxpayers $200 million or more. In a letter first reported by The Boston Globe, U.S. Bureau of Land Management Director Neil Kornze agreed reforms are needed.» Read More
NEW YORK-- IBM's stock is down more than 5 percent after the company reported disappointing third-quarter revenue and suggested demand in key markets may be slowing. Shares are down $10.69, or 5.1 percent, to $200.31 in late afternoon trading. It came to $24.7 billion, $700 million less than analysts expected.
Benchmark oil gained 3 cents to $92.12. That was almost double what analysts had forecast, according to Platts, the energy information arm of McGraw-Hill Cos. Brent crude, which is used to price international varieties of oil, fell 78 cents to $113.22 per barrel on the ICE Futures exchange in London.
OMAHA, Neb.-- Irrigation system maker Lindsay Corp. said Wednesday that its fiscal fourth-quarter net income jumped 48 percent, boost by higher demand from farmers. For the quarter ended Aug. 31, the Omaha, Neb.- based company made $8.8 million, or 68 cents per share, up from $5.9 million, or 46 cents per share, in the same quarter last year.
CHICAGO-- Grains futures rose Wednesday on the Chicago Board of Trade. Wheat for December delivery gained 8.5 cents to $8.5625 per bushel; December corn rose 7.25 cents to $7.455 per bushel; December oats increased 3.25 cents to $3.9575 per bushel and November soybeans gained 15.5 cents to $15.0925 per bushel.
Cotton for December delivery surged 3 cents, its daily limit, to 77.86 cents per pound. Jack Scoville of Price Futures Group said the gain came on speculative buying and rumors of short supplies.
EXIT: Royal Bank of Scotland, which was rescued in Britain's biggest bank bailout, is leaving a government emergency insurance program that helped stabilize the company after it nearly collapsed.
NEW YORK-- Celebrating a design 40 years in the making, dignitaries on Wednesday dedicated a new memorial park to President Franklin Roosevelt overlooking the United Nations that he helped found.
NEW YORK-- Can't figure out how to dress as a binder full of women for Halloween? The Yellow One is flying off the shelves after Mitt Romney's threat to do away with government support for PBS.
NEW ORLEANS-- The NFL is again urging a federal judge to avoid interfering in Commissioner Roger Goodell's efforts to discipline four players for the Saints' cash-for-hits bounty pool.
NEW YORK-- Shares of St. Jude Medical Inc. declined Wednesday after the medical device maker cut its 2012 revenue estimate and said it may get a warning from federal regulators about a defibrillator plant in California.
Among the earnings stories for Wednesday, Oct. 17, from The Associated Press:. _ Medical device maker St. Jude Medical Inc. reported third-quarter earnings that beat expectations, though company shares slumped as the executives warned that the company could receive a regulatory warning over a California manufacturing plant.
Among the earnings stories for Wednesday, Oct. 17, from The Associated Press:. _ U.S. Bancorp's net income leapt 14 percent in the third quarter as the regional bank made more loans to companies and people seeking mortgages. _ Northern Trust Corp. said its third-quarter net income rose 5 percent due to higher fees from clients for managing their money.
Among the earnings stories for Wednesday, Oct. 17, from The Associated Press:. _ Halliburton Co. said a decline in revenue in its core North America market was largely responsible for a 12 percent decline in third-quarter profit.
CAIRO-- Syria's wealthy, long cultivated by President Bashar Assad as a support for his regime, are seeing their businesses pummeled by the bloody civil war. Assad may not have lost the backing of Syria's business elite, but some are losing faith.
CLEVELAND-- Parker Hannifin Corp., which makes industrial hoses, airplane wheels and other products, said Wednesday that it has agreed to buy Sea Recovery from Denmark's Danfoss A/S. Cleveland- based Parker Hannifin will assume ownership of the business on Nov. 1. Parker Hannifin shares rose $1.85, or 2.3 percent, to $83.82 in afternoon trading Wednesday.
Among the stock activity stories for Wednesday, Oct. 17, from The Associated Press:. _ Apollo Group Inc.' s shares plunged after the for-profit education company reported a disastrous fourth-quarter and announced plans to close many of its University of Phoenix schools.
AUSTIN, Texas-- As another budget-slashing session in the Texas Legislature potentially looms, aides to the state's chief accountant told lawmakers Wednesday that the Rainy Day Fund is about to be stocked with $8.1 billion and could climb higher next year.
THE SPARK: Late Tuesday, United Rentals reported net income of $73 million, or 70 cents per share, compared with $65 million, or 91 cents per share, in the third quarter of 2011. Excluding one-time items, the company said it posted an adjusted profit of $1.35 per share.
WASHINGTON-- Drug and medical device maker Abbott Laboratories reported a higher third-quarter profit Wednesday, edging past analyst expectations, even as revenue slipped. Spokeswoman Adelle Infante said that the layoffs were in Abbott's nutrition, medical devices, established pharmaceuticals and molecular diagnostics divisions.
Shares of Centene Corp. soared Wednesday after the health insurer said it will end a contract to administer Medicaid coverage in Kentucky that had hampered its performance. A Centene official said in a brief statement that they "do not believe there is a viable path to a sustainable managed care program in Kentucky."