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CNBC Utilities Page Latest Business News Wires - Business Headlines


  • One Direction, NFL's Drew Brees join Pepsi for ad Tuesday, 9 Oct 2012 | 8:43 PM ET

    The soda company is partnering with the boy band and NFL star Drew Brees for an ad that will debut this week. PepsiCo Inc. increased its media spending in the United States by more than 40 percent during the second quarter compared with a year ago. In the past, Pepsi has filmed ads with Michael Jackson, Britney Spears and Beyonce.

  • Moody's targets Calif. cities for downgrades Tuesday, 9 Oct 2012 | 8:40 PM ET

    Moody's Investors Service will scrutinize the ratings of various types of bonds in 30 California cities. "California cities operate under more rigid revenue raising constraints than cities in many other parts of the country," Eric Hoffmann, who heads Moody's California local government ratings team, said in a statement. "

  • On the Call: Alcoa CEO Klaus Kleinfeld Tuesday, 9 Oct 2012 | 8:17 PM ET

    There has been some speculation recently that Alcoa might better off if it were divided into separate, distinct businesses. Alcoa Chairman and CEO Klaus Kleinfeld discussed the idea Tuesday during a call with analysts to review the company's third-quarter results.

  • Cummins plans to cut 1,500 jobs by end of 2012 Tuesday, 9 Oct 2012 | 8:02 PM ET

    COLUMBUS, Ind.-- Indiana- based engine maker Cummins Inc. plans to cut as many as 1,500 jobs by the end of the year. The Columbus- based company has factories in Indiana, Minnesota, New Mexico and North Carolina, and several overseas.

  • Top US ag negotiator: Farm exports likely down $1B Tuesday, 9 Oct 2012 | 7:55 PM ET

    STUTTGART, Ark.-- The nation's top agricultural negotiator said Tuesday that he expects farm exports to be down between $1 billion and $2 billion this year because of the drought. He added that he doesn't believe a one-year dip would lead to a lasting slowdown in sales to Asia, where China is a major buyer of U.S. dairy and meat, or elsewhere.

  • Obama signs order implementing new Iran sanctions Tuesday, 9 Oct 2012 | 7:04 PM ET

    WASHINGTON-- President Barack Obama has signed an executive order that carries out new sanctions against Iran that Congress approved and that he signed this summer. The sanctions seek to deter Iran from pursuing a nuclear weapons program.

  • News Summary: Chevron expects earnings drop in 3Q Tuesday, 9 Oct 2012 | 6:59 PM ET

    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.

  • Summary Box: Yum Brands reports 3rd-qtr results Tuesday, 9 Oct 2012 | 6:54 PM ET

    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.

  • News Summary: Alcoa posts $143 million loss in 3Q Tuesday, 9 Oct 2012 | 6:50 PM ET

    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 cuts demand outlook, posts $143M loss Tuesday, 9 Oct 2012 | 6:48 PM ET

    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.

  • Lawmakers seek more regulation of compounded drugs Tuesday, 9 Oct 2012 | 6:45 PM ET

    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.

  • News Summary: Wal-Mart unveils same-day delivery Tuesday, 9 Oct 2012 | 6:37 PM ET

    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.

  • Wal-Mart to give analysts look at business plans Tuesday, 9 Oct 2012 | 6:17 PM ET

    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.

  • Rates rise at weekly Treasury auction Tuesday, 9 Oct 2012 | 6:16 PM ET

    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.

  • *News Summary: Best Buy CFO to leave Tuesday, 9 Oct 2012 | 6:06 PM ET
  • Wal-Mart to give investors look at business plans Tuesday, 9 Oct 2012 | 6:02 PM ET

    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.

  • Neb. corn and soybean harvest well ahead of normal Tuesday, 9 Oct 2012 | 5:58 PM ET

    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.

  • Cracker Barrel backs incoming chairman Bradford Tuesday, 9 Oct 2012 | 5:56 PM ET

    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."

  • Cancer patient asked to lift bandages at airport Tuesday, 9 Oct 2012 | 5:56 PM ET

    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.

  • New Mexico pleads not guilty in Cheyenne fire Tuesday, 9 Oct 2012 | 5:51 PM ET

    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.