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- Stocks fall on growth worries
NEW YORK – U.S. blue chips fell for a fourth day yesterday and the Nasdaq slid more than 1 percent after a report showed manufacturing growth slowed to a near standstill, raising concerns the economy won't expand at a pace strong enough to support robust corporate profits.
- Economy continues to droop
WASHINGTON – Manufacturing expanded at the slowest pace in more than three years, and construction spending declined as housing continued to suffer through its longest stretch of weakness since 1995.
- Cable deal helps Time Warner profits
NEW YORK – Time Warner Inc. reported sharply higher earnings yesterday thanks to a cable deal with Adelphia and an emerging turnaround at its AOL unit, but investors fretted over slower growth in phone customers in its cable operations.
- Agreement reached in file-sharing-network suit
Sharman Networks Ltd., owner of the Kazaa file-sharing network, settled a class-action lawsuit brought by music publishers who claimed the company enabled users to illegally download songs.
- BUSINESS BRIEFING
Claims classes established
Stakeholders in Metabolife International's bankruptcy filed a memorandum of understanding in Bankruptcy Court that lays out basic terms of a settlement agreement to resolve personal injury and other claims against the company.
- On the move
- EARNINGS ROUNDUP
MasterCard profits rise in 3rd quarter
MasterCard Inc., owner of the nation's second-largest credit card brand, said yesterday third-quarter profit climbed 82 percent, reflecting increased revenue and a higher number of purchases worldwide. Its shares climbed nearly 15 percent.
- Research home financing, Bernanke advises
WASHINGTON – With the explosion of financial choices, consumers must continually sharpen their assessments of whether certain mortgages or other investment products make sense for them, Federal Reserve Chairman Ben Bernanke recommended yesterday.
- The King's earnings leap 82%
MIAMI – Burger King Holdings Inc., the world's second-largest burger chain, said yesterday that first-quarter earnings jumped 82 percent, a result of North American growth driven by sales of its Value Menu items and Stacker sandwich and by new restaurant openings.
- Callaway 3rd-quarter loss comes as no surprise
Callaway Golf Co. yesterday reported results in line with estimates it provided last month as the company's losses for the third quarter more than doubled from last year.
- Holiday sales could increase 6.5% this year
U.S. consumers might spend 6.5 percent more during the holidays than a year earlier as lower gasoline prices and a jump in the stock market encourage buying, accounting firm Ernst & Young LLP said.
- Donnelley to spend a billion for Banta
MENASHA, Wis. – R.R. Donnelley & Sons Co. will acquire Banta Corp. in a $1.3 billion deal combining two Midwestern printing firms with histories dating back more than a century.
- Strong October sales for GM, Toyota, Ford
DETROIT – Lower gas prices boosted truck sales in October, helping two of the domestic Big Three and Toyota Motor Corp. post sales gains compared with a dismal October last year.
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