DOS PALOS, Calif.-- Cannon Michael is a folk hero across California's agriculture heartland, where these days the price of scrap metal influences a farmer's bottom line as much that of the fine pima cotton he grows.
Lloyd Shapley of UCLA and Alvin Roth, a Harvard University professor currently visiting at Stanford University, found ways to make markets work when traditional economic tools fail. Unlike some recent Nobel prizes _ such as the Peace Prize that went to the embattled European Union last week _ this year's economics award did not seem to send a political message.
NEW YORK-- Delcath Systems Inc. says its potential treatment for a form of liver cancer has been accepted by the Food and Drug Administration for a standard review. Delcath submitted its application on Aug. 15. Shares of Delcath fell 22 cents, or 10.5 percent, to $1.87 in premarket trading Monday.
NEW YORK-- Citigroup said Monday that it beat Wall Street predictions for quarterly earnings after stripping out a big loss on its retail brokerage and other one-time charges. That amounts to $1.06 per share, beating the 96 cents predicted by analysts polled by financial data provider FactSet.
Companies ranging from Alcoa to Wells Fargo put up numbers that were hardly weak but still gave investors reason to pause. On Monday, Citigroup easily beat Wall Street expectations for the third quarter, posting net income of $3.3 billion.
NEW YORK-- Pizza Hut is rethinking its contest daring people to ask "Sausage or Pepperoni?" at the presidential debate Tuesday. The pizza delivery chain had offered the prize _ a pie a week for 30 years or a check for $15,600 _ to anyone who posed the question to either President Barack Obama or Republican candidate Mitt Romney during the live Town Hall- style debate.
NEW YORK-- An analyst continues to believe that Urban Outfitters will be able to turn around its business during the second half of the year, driven by fewer markdowns and better products at its stores.
NEW YORK-- PepsiCo Inc. should give investors a snapshot of the company's progress in bolstering its flagship brands this year when it reports its third quarter results Wednesday. As a result, PepsiCo this year launched a major marketing campaign enlisting pop stars and athletes to rejuvenate the image of its namesake soda.
_ 2010: Americans Peter Diamond and Dale Mortensen and Christopher Pissarides, of Britain and Cyprus, for their analysis of markets with search frictions. _ 2005: Robert J. Aumann, of Israel and the United States, and American Thomas C. Schelling, for their work in game-theory analysis.
STOCKHOLM-- Americans Alvin Roth and Lloyd Shapley were awarded the Nobel economics prize on Monday for research that helps explain the market processes at work when doctors are assigned to hospitals, students to schools and human organs for transplant to recipients. Roth, 60, is a professor at Harvard University in Boston.
WASHINGTON-- U.S. businesses likely increased their stockpiles in August, a sign of higher confidence in the economy. The Commerce Department will release the report at 10 a.m. EDT on Monday. Total business stockpiles rose to $1.59 trillion in July.
WASHINGTON-- Retail sales likely showed a gain in September, helped by solid demand at auto dealerships. Economists were expecting overall sales to increase 0.8 percent in September, according to FactSet. The Commerce Department will release the report at 8:30 a.m. EDT on Monday.
MILAN-- U.S. farm and industrial vehicle group CNH has rejected a merger proposal from its parent, Fiat Industrial, the Italian company said in a statement Monday.
BANGKOK-- European stocks rose and some Asian markets staged a comeback Monday as investors looked ahead to the release of U.S. earnings reports and Softbank's $20 billion deal for Sprint showed optimism amid economic turbulence.
BAKU, Azerbaijan-- Azerbaijan's top energy official urged further scrutiny of the international consortium developing the Caspian Sea nation's main oil field amid mounting irritation at a slump in output.
While the global economic crisis that began in 2008 has shown few signs of abating in pockets, particularly in Europe, the luxury sector overall has been in recovery since 2010, when high-end consumers resumed their easy spending habits.
LEWISTON, Maine-- A Maine brewery is planning an expansion that will quadruple its capacity over time. Baxter Brewing Co. said Monday its brewery in Lewiston will grow from 8,000 barrels to more than 33,000 barrels by the time the expansion is complete.
HARRISBURG, Pa.-- Pennsylvania state agencies and local governments in places where drilling for natural gas is occurring learned Monday how much money they will get out from a fund that has already collected more than $200 million in "impact fees" from drillers.
NEW YORK-- New York City's transit authority unveiled its latest fare and toll proposals for rails, bridges and subways on Monday, including one that would raise the 30- day unlimited subway MetroCard from $104 to $125. The Metropolitan Transit Authority has said the 2013 hike would bring in $450 million a year to support the nation's largest transit system.
In midday trading, benchmark crude oil was down 99 cents, or 1.1 percent, to $90.87. The Commerce Department says retail sales rose 1.1 percent last month. On Friday, the International Energy Agency issued a new report predicting slower growth in demand for oil over the next five years.