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Latest Business News Wires - Business Headlines


  • Eli Lilly, Owens Corning are market movers Tuesday, 9 Oct 2012 | 4:42 PM ET

    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.

  • Yum gains from rebounding performance in China Tuesday, 9 Oct 2012 | 4:38 PM ET

    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.

  • US sues Wells Fargo over FHA-insured loan defaults Tuesday, 9 Oct 2012 | 4:36 PM ET

    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.

  • Row crop harvest advances, soybeans near complete Tuesday, 9 Oct 2012 | 4:34 PM ET

    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.

  • Rain, snow slow fieldwork in ND, replenish topsoil Tuesday, 9 Oct 2012 | 4:33 PM ET

    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.

  • Iowa regulators OK MidAmerican rate adjustment Tuesday, 9 Oct 2012 | 4:33 PM ET

    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.

  • Stocks slide, and investors wait for earnings Tuesday, 9 Oct 2012 | 4:26 PM ET

    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.

  • BioLineRx rises on new schizophrenia drug data Tuesday, 9 Oct 2012 | 4:25 PM ET

    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.

  • News Summary: Stocks end lower; Dow loses 110 Tuesday, 9 Oct 2012 | 4:17 PM ET

    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.

  • Alcoa posts $143M loss; revenue tops estimates Tuesday, 9 Oct 2012 | 4:13 PM ET

    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.

  • NJ clears way for portable gambling devices in AC Tuesday, 9 Oct 2012 | 4:12 PM ET

    ATLANTIC CITY, N.J.-- New Jersey has cleared the way for casino patrons to gamble on their iPads, smartphones and other mobile devices. Most importantly in this process was the development of regulations that provided safeguards to prevent underage gambling, and to continually ensure the integrity and security of mobile gaming in New Jersey. "

  • Optimer Pharma falls on Dificid sales concerns Tuesday, 9 Oct 2012 | 4:07 PM ET

    NEW YORK-- Shares of Optimer Pharmaceuticals tumbled 6 percent Tuesday as Wall Street weighed in on the company's marketing strategy and sales of its antibacterial drug Dificid. On Tuesday Oppenheimer& Co. analyst Christopher Holterhoff downgraded Optimer shares to "Perform" from "Outperform," and said he is not convinced the plan will work.

  • Wall Street ends lower; focus shifts to earnings Tuesday, 9 Oct 2012 | 4:04 PM ET

    NEW YORK-- Stocks are ending lower on Wall Street after a weak forecast for global growth from the International Monetary Fund. Now investors turn their attention to corporate earnings reports. Aluminum company Alcoa is set to report its results first.

  • Global economic fears push dollar higher Tuesday, 9 Oct 2012 | 4:04 PM ET

    In its latest forecast, the International Monetary Fund said Tuesday that the global economy is weakening and will grow more slowly in the next year. The euro fell to $1.2880 in late trading Tuesday from $1.2967 late Monday. The dollar rose to 0.9404 Swiss franc from 0.9330 Swiss franc and to 97.76 Canadian cents from 97.66 Canadian cents.

  • Surveys: Small biz owners optimistic about future Tuesday, 9 Oct 2012 | 3:55 PM ET

    NEW YORK-- Small business owners may be pessimistic about the economy and their own companies right now, but they're getting optimistic about the future. A survey released Tuesday by the National Federation of Independent Business shows that owners became more pessimistic during September as employment and sales remained weak.

  • News Summary: Alcoa, Aluminum Bahrain settle suit Tuesday, 9 Oct 2012 | 3:52 PM ET

    CASE RESOLVED: Alcoa agreed to pay $85 million to Aluminum Bahrain BSC, or Alba, to settle a bribery lawsuit without admitting liability. THE DETAILS: Bahrain- controlled Alba sued Alcoa and associated companies in 2008, alleging they paid millions of dollars in bribes to Bahrain officials and others.

  • AO Smith names new chief executive Tuesday, 9 Oct 2012 | 3:44 PM ET

    MILWAUKEE-- A.O. Smith appointed its chief operating officer as CEO Tuesday. President and COO Ajita Rajendra, the new CEO, joined A.O. Smith in 2005 as president of its Water Products Co., which makes residential and commercial water heaters and boilers. Shares of A.O. Smith Corp. fell 40 cents to $57.45 in afternoon trading.

  • Fla. Board of Education seeking budget increases Tuesday, 9 Oct 2012 | 3:39 PM ET

    The State Board of Education voted Tuesday to seek a $643 million, or 4.4 percent, spending increase next year for Florida's public schools and colleges. The total $15.6 billion spending request for the budget year beginning July 1, 2013, includes $9.88 billion in basic funding for kindergarten through 12th grade.

  • News Summary: Protests greet German leader Tuesday, 9 Oct 2012 | 3:36 PM ET

    CHILLY RECEPTION: German Chancellor Angela Merkel's first visit to Greece since its debt crisis erupted three years ago sparked mostly peaceful protests attended by some 50,000 demonstrators Tuesday in Athens.

  • NY comptroller: Wall Street health still volatile Tuesday, 9 Oct 2012 | 3:35 PM ET

    ALBANY, N.Y.-- Although profits continue to grow on a still rocky Wall Street, jobs are declining along with tax revenue that's vital to the state and New York City, according to a key annual earnings and employment report released Tuesday by New York state Comptroller Thomas DiNapoli.