NEW YORK, Oct 6- William Ackman, head of hedge fund firm Pershing Square Capital Management, said on Tuesday that financial market volatility was being driven by short-term money without regard to long-term economic fundamentals and that Valeant Pharmaceuticals International Inc was the most undervalued stock among his top holdings.» Read More
Among the stock activity stories for Tuesday, Oct. 9, from AP Business News:. _ Shares of Baidu Inc. slid after a Credit Suisse analyst downgraded the Chinese Internet company, citing concerns over a weaker-than-expected advertising market and growing competition.
MINNEAPOLIS-- Best Buy says its chief financial officer is leaving, the latest executive departure for the struggling electronics chain. The news comes as Best Buy's founder and former chairman Richard Schulze mulls an offer for the company, which is attempting to improve results amid tough competition.
LOS ANGELES-- Online video streaming service Hulu said Tuesday that it will start allowing its paying subscribers to watch the most recent episodes of Nickelodeon shows such as "iCarly" and "Teenage Mutant Ninja Turtles" 21 days after they first run on television.
LET STAND: The Supreme Court is leaving in place a federal law that gives telecommunications companies legal immunity for helping the government with its email and telephone eavesdropping program.
BENSALEM, Pa.-- Healthcare Services Group Inc., which provides housekeeping and food services to hospitals and nursing homes, said Tuesday that its net income rose 15 percent in the third quarter. Healthcare Services earnings totaled $11.5 million, or 17 cents per share. Shares of Healthcare Services Group fell 31 cents to close at $23.52.
STALL: The International Monetary Fund says the world economy has weakened further and will grow more slowly than previously expected this year and next year. REASONING: The IMF cited the risk of recession in advanced economies in Europe and in the U.S., and said the malaise is spreading to emerging economies including China.
DALLAS-- Neiman Marcus rolled out its annual Christmas catalog Tuesday, offering a set of "his and hers" watches paired with a trip to Paris and Geneva for just over $1 million to shoppers who aren't worried about a holiday budget. One face shows a woman on the observation deck of the Eiffel Tower, gazing toward Notre Dame.
Aluminum manufacturer Alcoa Inc. said Tuesday that it lost $143 million in the third quarter due to hefty one-time charges but the results topped Wall Street estimates. Alcoa's loss amounted to 13 cents per share. Excluding $175 million in charges, Alcoa earned $32 million, or 3 cents per share.
FARGO, N.D.-- John Deere Electronic Solutions in Fargo has completed work on a $22 million expansion. The company was established in 1987 as Phoenix International. The 90,000- square-foot expansion gives the company more than 300,000 square feet in Fargo, where it employs more than 900 people.
CHEYENNE, Wyo.-- Interior Secretary Ken Salazar on Tuesday authorized what he described as potentially the largest wind energy project in the United States, if not the world: A Wyoming wind farm with up to 1,000 turbines that would provide electricity to some 1 million homes.
NEW YORK-- Stocks that moved substantially or traded heavily Tuesday on the New York Stock Exchange and Nasdaq Stock Market:. Spectrum Brands Holdings Inc., up $4.88 at $46.04. Owens Corning, down $2.83 at $31.12.
LOUISVILLE, Ky.-- For the owner of the Taco Bell, Pizza Hut and KFC chains, it was a profitable combo _ higher demand in the U.S. and a quick turnaround in its fast-growing China division. Operating profit in China rose 22 percent, when adjusted for currency fluctuations.
NEW YORK-- The federal government has sued Wells Fargo in a New York court, accusing the nation's largest mortgage lender of misrepresenting the quality of thousands of loans in order to be eligible for federal loan insurance.
SIOUX FALLS, S.D.-- South Dakota's row crop harvest advanced again last week with the soybean harvest nearing completion. The U.S. Agriculture Department says in its weekly crop and weather report that light showers teased parts of the state over the weekend but make no significant dent in the growing season precipitation deficits.
FARGO, N.D.-- Rain and snow that moved into North Dakota last week slowed fieldwork but has also replenished topsoil moisture in many areas. The U.S. Agriculture Department says in its weekly crop, livestock and weather report that harvest of the state's late season crops was already seeing good progress before the moisture moved in.
DES MOINES, Iowa-- Iowa regulators have approved a settlement on MidAmerican Energy's plans to increase electric rates to cover rising costs. The Iowa Utilities Board says Tuesday the deal allows MidAmerican to increase annual revenue by $38.7 million, or 4 percent, in 2012. The utility temporarily raised rates in March.
NEW YORK-- Stocks slumped Tuesday on Wall Street after the International Monetary Fund predicted weaker world economic growth and as investors waited for what they expected to be lower corporate earnings. The slide came on the five-year anniversary of record high closes for the Dow and S&P 500.
NEW YORK-- Shares of BioLineRx jumped nearly 11 percent Tuesday after the company released results from a new clinical trial of its schizophrenia drug. The company reported the initial results from the study in September 2009. BioLineRx shares gained 32 cents to $3.35.
STOCKS FINISH LOWER: The Dow Jones industrial average lost 110 points after the International Monetary Fund cut its forecast for world economic growth. FIVE YEARS ON: The slide came on the fifth anniversary of the stock market's all-time high. The price of oil jumped because of supply concerns in the North Sea and the Middle East.
Aluminum manufacturer Alcoa Inc. says it lost $143 million in the third quarter due to charges, but otherwise topped Wall Street's expectations. Alcoa said Tuesday that the loss amounted to 13 cents per share. But excluding $175 million in charges, Alcoa earned $32 million, or 3 cents per share.