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Latest Business News Wires - Business Headlines


  • 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.

  • 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.

  • 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.

  • 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.

  • Legislation signed on Seattle arena deal Wednesday, 17 Oct 2012 | 11:58 AM ET

    SEATTLE-- King County Executive Dow Constantine and Seattle Mayor Mike McGinn signed legislation Tuesday on the funding plan for construction of an arena that could be used to lure the NBA back to Seattle. Other investors include Microsoft Chief Executive Steve Ballmer and two members of the Nordstrom department store family.

  • NHL releases details of latest offer to NHLPA Wednesday, 17 Oct 2012 | 11:56 AM ET

    TORONTO-- The NHL has released details of its latest collective bargaining proposal to the public. In an unprecedented move, the league has published the documents it handed over to the NHL Players' Association on Tuesday in an attempt to save a full 82- game season and end the third lockout of Commissioner Gary Bettman's tenure.

  • NC high court weighs status of video sweepstakes Wednesday, 17 Oct 2012 | 11:56 AM ET

    RALEIGH, N.C.-- North Carolina's highest court is deciding whether the state can outlaw video sweepstakes parlors as gambling halls, or whether the video screens give the owners constitutional free-speech rights.

  • EU mulls ways to reduce use of food-based biofuel Wednesday, 17 Oct 2012 | 11:55 AM ET

    BRUSSELS-- Europe is considering limiting the amount of food-based biofuels that can count toward its renewable fuel targets while a drought in the U.S. has pushed up food prices worldwide and millions around the world go hungry.

  • *Loan growth boosts US Bancorp's net income in 3Q Wednesday, 17 Oct 2012 | 11:54 AM ET
  • Stocks are mostly higher on housing market news Wednesday, 17 Oct 2012 | 11:54 AM ET

    A surprisingly strong housing report is pushing the stock market mostly higher even as weak earnings reports from Intel and IBM weighed on the Dow Jones industrial average. IBM's sales fell below Wall Street's expectations, and Intel warned that sales of personal computers will likely remain weak during the holiday season.