WASHINGTON, Oct 1- The U.S. State Department has approved a $1.75 billion sale to Saudi Arabia to upgrade its Patriot air defense system with PAC-3 missiles, a deal that would benefit Lockheed Martin Corp and Raytheon Co, the Pentagon said Wednesday.» Read More
NEW YORK-- In the latest effort to beat Amazon.com at its game, Target says that for the first time it will match prices that customers find on identical products at select online competitors this holiday season.
PROFIT DROP: Third-quarter net income dropped 7 percent for health care giant Johnson& Johnson, to $2.97 billion, or $1.05 per share, but after adjusting for one-time charges, it beat Wall Street expectations. SALES CLIMB: Revenue rose 6.5 percent to $17.05 billion.
NEW ORLEANS-- A federal magistrate judge has ordered NFL Commissioner Roger Goodell to provide the court with documents related to the league's bounty investigation of the New Orleans Saints. NFL spokesman Greg Aiello said league officials have already discussed the order with Knowles and have agreed to comply.
INDIANAPOLIS-- The Indianapolis Symphony Orchestra and its musicians agreed a new contract Tuesday to end a weekslong lockout and clear the way for the resumption of concerts.
HAMILTON, Bermuda-- Hurricane Rafael is expected to unleash heavy winds and rain as it passes east of Bermuda late Tuesday en route to open sea, where it is expected to lose strength. It was located 225 miles south of Bermuda late Tuesday morning, moving north-northeast at 24 mph.
YOUNG AT WORK: Electronics manufacturer Foxconn said it found underage interns as young as 14 working at one of its factories in China. China's minimum legal working age is 16.. THE COMPANY: Foxconn, owned by Taiwan's Hon Hai, is best known as the manufacturer of Apple's iPhone but said the factory in question had no connection with its work for Apple.
Parliament must approve the measures within the next few weeks so that Greece can keep receiving bailout money it desperately needs to stay solvent.
THE DEAL: In Softbank Corp. President Masayoshi Son's latest mega-deal, the Japanese company is taking 70 percent stake in Sprint Nextel Corp. for $20 billion. THE DEAL-MAKER: The biggest foreign acquisition in the history of Japan Inc. underlines Son's unusual status in a corporate culture that has long favored stability over risk-taking.
Among the stock activity stories for Tuesday, Oct. 16, from AP Business News:. _ State Street Corp. shares rose on after the custody bank's third-quarter earnings topped Wall Street expectations due to expense cutting and growth in investment management revenue.
KALAMAZOO, Mich.-- Medical device maker Stryker Corp. said Tuesday that it reached a deal to buy privately held Surpass Medical Ltd. for $100 million in cash, plus up to $35 million in milestone payments.
Among the stock activity stories for Tuesday, Oct. 16, from AP Business News:. _ Shares of WD-40 Co. fell after the maker of spray lubricant and cleaning products reported disappointing quarterly results and a sharp decline in sales to European customers.
THE DEAL: A Hong Kong media magnate highly critical of China, Jimmy Lai, is selling one of his Taiwanese companies to a group headed by Jeffrey Koo Jr., a local businessman whose family has substantial interests on the mainland, for about $580 million.
NEW YORK-- Share of Questcor Pharmaceuticals Inc. climbed Tuesday after the hedge fund Deerfield Management Co. disclosed a stake in the beleaguered company. THE SPARK: Deerfield President James Flynn disclosed ownership of 3.5 million Questcor shares, or a 5.8 percent stake in the Anaheim, Calif., drugmaker.
LITERARY ACTOR: Johnny Depp will help run a HarperCollins Publishers book imprint with the same name as his production company, Infinitum Nihil, meaning "Nothing is forever." WRITING ABOUT MUSICIANS: Set for release in 2015 is "The Unraveled Tales of Bob Dylan." It will be based in part on interviews with Dylan by best-selling historian Douglas Brinkley.
NEW YORK-- Kythera Biopharmaceuticals Inc. said Tuesday that it has completed its initial public offering of 5.1 million shares. Kythera is based in Calabasas, Calif., company, and it is developing an injectable treatment for double chins called ATX-101. Shares of Kythera rose $2.63, or 12.7 percent, to $23.38 in afternoon trading.
CAREER: Pandit joined Morgan Stanley as an associate in 1983. Seven years later, he was named head of Morgan Stanley's U.S. stock business. In 2005 he left Morgan Stanley and a year later helped found a hedge fund, Old Lane. Citigroup bought the fund in April 2007 and fast-tracked him to replace Charles Prince as CEO in December of that year.
New Cleveland Browns owner Jimmy Haslam III said Tuesday that Holmgren was out as team president, although the Super Bowl-winning coach will remain with the franchise to help in the transition. Haslam was introduced as the Browns' new boss after the 32 NFL owners unanimously approved his $1 billion purchase of the team from Randy Lerner.
SAN FRANCISCO-- In a case seeking to stop California's first-in-the-nation mandate requiring fuel producers to reduce greenhouse gas emissions, federal justices on Tuesday focused their questions on whether the law discriminates against out-of-state businesses.
Shares of Fossil jumped Tuesday after a Citi upgraded its rating on the retailer. THE SPARK: Analyst Oliver Chen sees earnings and stock growth ahead for the company. THE ANALYSIS: Fossil Inc. is already showing signs of growth and the analyst expects it should make bolder gains in 2013..