Latest Business News Wires - Business Headlines


  • Battery maker A123 files for bankruptcy protection Tuesday, 16 Oct 2012 | 9:52 AM ET

    DETROIT-- After years of struggling in the nascent market for electric cars, battery maker A123 Systems Inc. filed for bankruptcy protection Tuesday. The filing drew criticism from Republicans who claim the Obama administration has wasted millions of taxpayer dollars on alternative energy companies like A123.

  • Stocks open higher on Wall Street; Mattel jumps Tuesday, 16 Oct 2012 | 9:48 AM ET

    Toy maker Mattel jumped 4 percent after reporting that brisk sales of American Girl dolls and Fisher-Price toys sent the company's profit well above analysts' forecasts. The stock was up $1.20 to $36.62. Johnson& Johnson rose 93 cents to $59.63 after its revenues came in ahead of Wall Street's forecasts.

  • Text of memo from Citi incoming CEO Tuesday, 16 Oct 2012 | 9:47 AM ET

    Text of a memo sent to Citigroup employees Tuesday by incoming CEO Michael Corbat:. Together with our talented employees around the world, I am confident that we can realize Citi's full potential while serving clients and creating rewarding new opportunities for our employees.

  • State Street 3rd-qtr profit rises, revenue slips Tuesday, 16 Oct 2012 | 9:45 AM ET

    BOSTON-- State Street Corp., one of the largest custody banks in the U.S., reported higher net income but a slight revenue decline on Tuesday, saying that while equity markets have improved, its clients are still conservative in their investments.

  • Citi CEO to workers: 'Couldn't be more optimistic' Tuesday, 16 Oct 2012 | 9:37 AM ET

    Text of a memo sent Tuesday to Citigroup's 262,000 employees by Vikram Pandit, who resigned as CEO:. After five extraordinary years, I have decided to step down as CEO of Citi. It has been a privilege and an honor to serve Citi since December 7, 2007.

  • NPS shares halted as FDA panel reviews bowel drug Tuesday, 16 Oct 2012 | 9:37 AM ET

    NEW YORK-- Trading of NPS Pharmaceuticals Inc. shares was halted Tuesday as a Food and Drug Administration advisory panel began discussing NPS' experimental bowel drug Gattex. NPS will discuss Gattex with the FDA's Gastrointestinal Drugs Advisory Committee. NPS Pharmaceuticals shares trade on the Nasdaq Global Market.

  • Mass. tightens spending after revenue misses mark Tuesday, 16 Oct 2012 | 9:33 AM ET

    Deval Patrick's administration on Monday ordered tighter controls on state spending and hiring but opted not to revise its revenue estimate for the current fiscal year in the face of lagging tax collections.

  • Entergy nuke plant hearings start with tech talk Tuesday, 16 Oct 2012 | 9:32 AM ET

    TARRYTOWN, N.Y.-- A federal hearing that could decide the future of an Entergy Corp. nuclear plant in the New York City suburbs began Monday on a less-than-dramatic note. The hearing was dominated by a highly technical discussion about how to predict where corrosion might occur in the miles of piping at the Indian Point nuclear plant.

  • Ala. gov outlines retirement incentive proposal Tuesday, 16 Oct 2012 | 9:28 AM ET

    He said it would either pay 100 percent of monthly premiums for health insurance for five years or offer $15,000 in cash payments in two $7,500 installments. He said the program would help retiring workers while also saving taxpayers between $18 million and $26 million a year.

  • Grainger 3Q profit falls 15 pct, misses Street Tuesday, 16 Oct 2012 | 9:25 AM ET

    CHICAGO-- W.W. Grainger Inc., which sells power tools and other industrial equipment, said Tuesday that its third-quarter net income fell 15 percent, in part because it set aside money for an anticipated settlement related to some government contracts.

  • *United Tech selling power systems unit for $400M Tuesday, 16 Oct 2012 | 9:23 AM ET
  • Merkel defends costly switch out of nuclear power Tuesday, 16 Oct 2012 | 9:20 AM ET

    BERLIN-- German Chancellor Angela Merkel on Tuesday defended her government's decision to phase out nuclear power and switch to renewable energies within a decade, but acknowledged the need to overhaul and speed up the transition plan.

  • US industrial output rises but factories stay weak Tuesday, 16 Oct 2012 | 9:18 AM ET

    WASHINGTON-- U.S. industrial production increased only modestly in September, held back by weak growth in factory output. That followed a 1.4 percent decline in August, which partly reflected precautionary shutdowns before Hurricane Isaac hit the Gulf Coast.

  • Murphy to split into separate E&P, retail company Tuesday, 16 Oct 2012 | 9:18 AM ET

    EL DORADO, Ark.-- Murphy Oil is splitting in two in order to better focus on the separate tasks of exploration and production, and the sale of gasoline and other goods through its retail locations. Murphy will become an independent oil exploration and production company focused on the U.S., Canada and Malaysia.

  • Nokia expected to slide further in Q3 Tuesday, 16 Oct 2012 | 9:14 AM ET

    HELSINKI-- Nokia Corp. is expected on Thursday to report a plunge in sales and further loss of market share as investors await next week's launch of Microsoft's Windows Phone software 8, which the struggling company has called an "important catalyst" for its ailing smartphone devices.

  • Goldman Sachs' earnings soar, but caution rules Tuesday, 16 Oct 2012 | 9:12 AM ET

    NEW YORK-- Goldman Sachs turned in third-quarter earnings Tuesday that easily beat analysts' estimates, but the bank's mood seemed more cautious than celebratory. Trading for clients in mortgages also propelled Goldman's results higher, echoing what Wells Fargo and JPMorgan Chase reported last week as mortgage refinancing surged.

  • *Wolverine's 3Q results miss Wall Street's view Tuesday, 16 Oct 2012 | 9:09 AM ET
  • Brown & Brown 3Q profit up on higher commissions Tuesday, 16 Oct 2012 | 9:04 AM ET

    DAYTONA BEACH, Fla.-- Insurance broker Brown& Brown Inc. said Tuesday its third-quarter net income rose 12 percent, boosted by a jump in commissions and fees. Brown& Brown said its retail division continued to grow, which could mean that economic conditions are improving for its clients. Brown& Brown shares rose 5 cents to $26.35 in premarket trading.

  • McNamara's personal effects coming to auction Tuesday, 16 Oct 2012 | 9:04 AM ET

    The silver and wood-framed memento was given by President John F. Kennedy to Secretary of Defense Robert McNamara to mark the October 1962 Cuban missile crisis. Sotheby's is opening the collection for public viewing on Tuesday, and the auction is scheduled for Oct. 23.

  • NYC aims to lure more tourists from Mexico Tuesday, 16 Oct 2012 | 9:02 AM ET

    After the estimated number of Mexicans visiting the city nearly doubled in six years, tourism arm NYC& Co. is ramping up its presence in Mexico City, part of its series of far-flung tourism offices. "We want to be visible and make sure we're top of mind" to Mexican travelers, NYC& Co. chief executive George Fertitta said.