NEW YORK-- The Dow Jones industrial average is finishing sharply lower after downbeat reports from two stocks in the average, Alcoa and Chevron. Alcoa, the aluminum company, beat Wall Street earnings estimates on Tuesday night but cut its demand expectation for the year, mostly because of a slowdown in China.
By Richard Leong and Luciana Lopez. While traders had sold off earlier in the day to prepare for the $21 billion sale of 10- year notes, part of this week's $66 billion in coupon-bearing offerings, Treasuries retraced that lost ground after the auction.
NEW YORK, Oct 10- The S&P 500 fell for a fourth day on Wednesday, weighed down by disappointing news from Chevron and Alcoa as earnings season got under way. Based on the latest available data, the Dow Jones industrial average slid 128.56 points, or 0.95 percent, to end unofficially at 13,344.97.
NEW YORK, Oct 10- Ruby Tuesday Inc:.
NEW YORK-- DRINK UP: A small Coke bottler in Minnesota says it will no longer make the 6.5- ounce returnable, glass bottles it had been making since 1932.. The Coca-Cola Co. notes that its 8- ounce recyclable glass bottles are nearly identical and still widely available.
NEW YORK-- The fall TV season has claimed its first victim: the CBS series "Made in Jersey." CBS announced Wednesday the legal drama had been pulled from the Friday lineup after just two airings. The network, which is part of CBS Corp., is replacing it with the fourth season of the reality series "Undercover Boss," starting Nov. 2.
*Turkey warns Syria about cross-border shelling. Oil markets, which have been balancing concerns of lower global fuel demand against the risk of supply disruptions in the Middle East and loading delays in crude from the North Sea, were also closely watching forecasts from the U.S. government and the Organization of the Petroleum Exporting Countries.
By Soyoung Kim and Nadia Damouni and Greg Roumeliotis NEW YORK, Oct 10- McGraw-Hill Companies Inc's. McGraw-Hill, which is running the auction as an alternative to its planned spin-off of the business, wants to get more than $3 billion and could still decide against a sale if the bids fail to meet its price expectations, the people said this week.
NEW YORK, Oct 10- Bill Gross's PIMCO Total Return Fund, the world's largest mutual fund, trimmed its exposure to mortgage securities and U.S. government debt in September after the U.S. PIMCO, Pacific Investment Management Co, which had $1.82 trillion in assets as of June 30, noted on its website that the flagship fund's holdings of government debt include U.S.
NEW YORK-- Shares of AuRico Gold surged more than 17 percent on Wednesday, as the Canadian gold mining company announced that it is selling the Ocampo mine, adjacent exploration projects and half of the Orion development project for $750 million.
NEW YORK-- Shares of auto parts retailers declined Wednesday after Sterne Agee& Leach downgraded Penske Automotive Group and Group 1 Automotive Inc., after their stock had gained value for months. Group 1 shares lost $1.34, or 2.1 percent, to $63.04 in afternoon trading and Penske stock lost 86 cents, or 2.7 percent, to $31.
NEW YORK-- The price of oil finished lower Wednesday after some mixed economic signals. Benchmark crude rose early in the day after the government reported wholesale stockpiles rose, and sales were up for the first time in four months. The Labor Department said Wednesday that job openings dropped by 32,000 to 3.56 million in August.
*Cotton market awaits USDA supply/demand report Thursday. The cotton market was awaiting the U.S. Department of Agriculture's monthly report due on Thursday for any signs of damage to new crops in west Texas, the major U.S. growing region, after recent wet weather.
Analyst Sung Ji Nam said that for now, the major sources of growth for companies including Illumina Inc. and Life Technologies Corp. will be sales of new, more advanced gene-sequencing products and disposable items used in testing, and their biggest clients will remain academic and clinical customers.
NEW YORK, Oct 10- McGraw-Hill Companies Inc's. McGraw-Hill, which is running the auction as an alternative to its planned spin-off of the business, wants to get more than $3 billion and could still decide against a sale if the bids fail to meet its price expectations, the people said. McGraw-Hill, Cengage, Apollo, THL and Providence declined to comment.
NEW YORK, Oct 10- Brent crude futures eased on Wednesday in choppy trading as concerns about slowing economic growth hit Wall Street equities and pulled oil lower, after prices had received an early lift from tension in the Middle East.
A small Coke bottler in Minnesota says it's stopping production of the bottles, which customers could return to get back a 20- cent deposit. The company in Winona, Minn., had been refilling the returnable bottles since 1932 but said it no longer makes business sense to continue doing so.
NEW YORK-- Shares of several oil refining companies fell Wednesday after Chevron Corp. said its third-quarter results will be substantially lower than its second-quarter earnings.
NEW YORK, Oct 10- Wal-Mart Stores Inc:. *Shares were up 1.9 percent, easing from earlier in the day, even as its CFO made upbeat comments on the company, including that it is as financially strong as it has ever been. The stock hit a high of $76.81 earlier in the day.
Oct 10- Fitch Ratings has assigned a rating of' BBB' to Ares Capital Corporation's. $230 million issuance of 4.75% unsecured convertible notes. Headquartered in New York, NY, Ares is an externally managed business development company, organized on April 16, 2004.