HONG KONG— Most Asian stock markets dipped on Friday following a big sell-off on Wall Street but losses were limited by optimistic reports on China's economy. KEEPING SCORE: Japan's benchmark Nikkei 225 index dropped 0.3 percent to 15,572.38 and Hong Kong's Hang Seng fell 0.5 percent to 24,623.90.» Read More
SLIDING: Oil giant Chevron Corp. said Tuesday that third-quarter earnings will be "substantially lower" than in the second quarter. In addition, results from refining and marketing dropped off as a fire damaged Chevron's refinery in Richmond, Calif., and Hurricane Isaac disrupted production at a refinery in Mississippi.
YUMMY: Third-quarter profit at Yum Brands Inc. rose 23 percent, thanks to rebounding profit growth in China and strong demand in the U.S. at its Taco Bell, Pizza Hut and KFC chains. CHINESE FOOD: Third-quarter operating profit rose 22 percent in China. Yum expects to open at least 750 new restaurants in China this year, up from its prior forecast of 700 new stores.
BY THE NUMBERS: Alcoa reported a third-quarter loss of $143 million, or 13 cents per share, largely on one-time charges. WHY IT MATTERS: Alcoa produces aluminum for a wide range of businesses. ECONOMIC EFFECT: Alcoa lowered its 2012 forecast for growth in global aluminum demand to 6 percent from 7 percent, citing China's economic slowdown.
Alcoa Inc. has slightly lowered its aluminum demand expectations for the rest of the year largely because of China's economic slowdown. Alcoa, which makes aluminum for a wide range of businesses, predicted aluminum demand would grow 6 percent this year, down from 7 percent in the previous quarter.
WASHINGTON-- Two Democratic lawmakers on Tuesday called for stricter federal oversight of compounding pharmacies in the wake a deadly meningitis outbreak linked to contaminated injections made by a Massachusetts specialty pharmacy.
WAL-MART'S SAME-DAY DELIVERY SERVICE: Wal-Mart is testing a same-day delivery service in select markets for customers who buy popular items online during the holiday shopping season. THE DETAILS: Wal-Mart's tests started this month in northern Virginia and Philadelphia.
NEW YORK-- Wal-Mart Stores Inc. executives are expected to brief Wall Street analysts Wednesday on topics ranging from the retailer's plans to expand its small stores to its strategies for improving profitability in its overseas business.
WASHINGTON-- Interest rates on short-term Treasury bills rose in Tuesday's auction with rates on six-month bills climbing to the highest level since early July. The Treasury Department auctioned $32 billion in three-month bills at a discount rate of 0.100 percent, up from 0.085 percent last week.
NEW YORK-- Wal-Mart Stores Inc. executives are expected to brief investors Wednesday on topics ranging from the retailer's plans to expand its small stores to its strategies for improving profitability in its overseas business.
LINCOLN, Neb.-- Nebraska's corn and soybean harvest remains ahead of schedule but the drought is slowing winter wheat development. The U.S. Department of Agriculture said Tuesday that the corn harvest is about two-thirds done and a month ahead of schedule.
LEBANON, Tenn.-- Cracker Barrel Old Country Store Inc. defended its incoming chairman on Tuesday, saying statements it made about James Bradford's background were not clear, but Bradford never misrepresented himself and his experience is "beyond reproach."
SEATTLE-- A Michigan woman dying of leukemia hopes her embarrassing experience at a Seattle airport changes the way the Transportation Security Administration treats travelers with medical conditions. Michelle Dunaj, 34, was making what she expects will be the last trip of her life on Oct. 2 as she departed for Hawaii.
CHEYENNE, Wyo.-- A New Mexico man pleaded not guilty Tuesday to federal charges in a 2010 fire that destroyed a landmark Wyoming hotel. District Judge Nancy Freudenthal in Cheyenne. The establishment had been a favorite lodge and watering hole for Wyoming lawmakers for decades.
TORRANCE, Calif.-- Honda Motor Co. is giving fuel cards worth $3,000 to customers who buy natural gas-powered Honda Civics before the end of this year. Honda began selling the natural gas Civic last fall, but sales have been slow. Honda has sold 1,576 natural gas Civics so far this year.
"The IGB's staff has done a tremendous job to... bring this new industry to Illinois," board Chairman Aaron Jaffe said in a written statement. Jeff Glover, manager of Chino's Pizzeria in the Chicago suburb of Justice, said he'd just finished mopping when he saw the restaurant's three terminals activated around 11:30 a.m..
MINNEAPOLIS-- Best Buy said Tuesday that 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.
NEW YORK-- Oil giant Chevron Corp. said Tuesday that third-quarter earnings will be "substantially lower" than in the second quarter. In addition, results from refining and marketing dropped off as a fire damaged Chevron's refinery in Richmond, Calif., and Hurricane Isaac disrupted production at a refinery in Mississippi.
Among the earnings stories for Tuesday, Oct. 9, from AP Business News:. _ Aluminum manufacturer Alcoa Inc. said that it lost $143 million in the third quarter due to hefty one-time charges but the results topped Wall Street estimates.
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.