Yahoo! News: Business

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• S&P up for sixth day, Apple slip could halt rally
• Apple revenue, iPhone sales disappoint; shares dive
• Netflix shares soar after surprise profit
• Debt limit extension bill passes House
• Still no timetable for returning Boeing 787 to flight
• Goldman cleared of all charges in doomed Dragon sale
• Bank of America appoints two new directors
• Manufacturers say demand up after fiscal cliff fight
• For Japan's ANA, Boeing 787 grounding may dent growth plan
• Goldman seeks to block vote on independent chairman
• US officials defend handling of Boeing 787 mishaps
• IBM's results lift Dow average to a 5-year high
• Apple's profit rocket hits air pocket
• 53 senators urge approval of Keystone XL pipeline
• Strong results from Google, IBM lift tech stocks
• Unions suffer sharp decline in membership
• Netflix's 4Q restores company's investment luster
• Utah governor unveils outdoor recreation plan
• Amgen 4Q profit drops 16 pct. on higher spending
• Netflix's stock soars on big 4Q subscriber gains

S&P up for sixth day, Apple slip could halt rally Posted: 23 Jan 2013 02:35 PM PST NEW YORK (Reuters) - The S&P 500 rose for a sixth day on Wednesday after stronger-than-expected profits from IBM and Google but the rally could be halted as Apple's after-hours miss sent its shares lower. The S&P was just 4.7 percent from its all-time closing high as IBM's and Google's earnings, released after Tuesday's close, followed on the heels of stronger U.S. economic data. "People were kind of nervous about earnings coming into this quarter but numbers have shown so far strength in earnings," said King Lip, chief investment officer at Baker Avenue Asset Management in San Francisco. ...

Apple revenue, iPhone sales disappoint; shares dive Posted: 23 Jan 2013 03:43 PM PST SAN FRANCISCO (Reuters) - Apple Inc missed Wall Street's revenue forecast for the third straight quarter as iPhone sales came in below expectations, fueling investors' worries that its dominance of the mobile industry was slipping. Shares of the world's largest tech company fell 10 percent to $463 after-hours, wiping out some $50 billion of its market value from its $514 close. On Wednesday, Apple said it shipped a record 47.8 million iPhones in the December quarter, up 29 percent from the year-ago period but below the 50 million shipments that analysts on average had expected. ...

Netflix shares soar after surprise profit Posted: 23 Jan 2013 03:06 PM PST (Reuters) - Netflix Inc surprised Wall Street on Wednesday with a quarterly profit after the video subscription service added nearly 4 million customers in the United States and abroad, sending its shares 34 percent higher. The dominant U.S. video rental company had warned three months ago that it expected a loss for the October to December period as it paid startup costs for an aggressive expansion into Scandinavia and other foreign markets. Netflix beat that guidance by reporting $8 million in net income for the fourth quarter, or 13 cents per share. Revenue rose to $945 million. ...

Debt limit extension bill passes House Posted: 23 Jan 2013 12:07 PM PST WASHINGTON (Reuters) - The House of Representatives on Wednesday passed a Republican plan to allow the federal government to keep borrowing money through mid-May, clearing it for fast enactment after the top Senate Democrat and White House endorsed it. The vote in the Republican-controlled House was 285-144, with no votes coming from 33 Republicans and 111 Democrats. The measure avoids for the time being a repeat of the 2011 debt ceiling standoff that rattled markets and resulted in a downgrade of the government's triple-A credit rating. ...

Still no timetable for returning Boeing 787 to flight Posted: 23 Jan 2013 03:16 PM PST TOKYO/WASHINGTON (Reuters) - Japanese regulators have joined their U.S. counterparts in all but ruling out overcharged batteries as the cause of recent fires on the Boeing Co 787 Dreamliner, which has been grounded for a week with no end in sight. Solving the battery issue has become the primary focus of the investigation, though the head of the U.S. Federal Aviation Administration said on Wednesday there are still no firm answers as to the cause and no clear timetable yet for returning the plane to flight. ...

Goldman cleared of all charges in doomed Dragon sale Posted: 23 Jan 2013 03:07 PM PST (Reuters) - A federal jury on Wednesday gave Goldman Sachs Group Inc a sweeping legal victory in the $580 million sale of Dragon Systems Inc to Lernout & Hauspie, saying the Wall Street bank was not negligent in arranging a deal that ultimately collapsed 13 years ago. The jury cleared Goldman of claims of negligence, intentional misrepresentation and breach of fiduciary duty, and others, in the civil case, according to the verdict announced in U.S. District Court in Boston. ...

Bank of America appoints two new directors Posted: 23 Jan 2013 02:49 PM PST (Reuters) - Bank of America Corp on Wednesday appointed two new directors as the second-largest U.S. bank continues to revamp a board that is likely to lose members to retirement this year. The Charlotte, North Carolina-based bank now has 18 directors with the addition of Arnold Donald, the former chief executive of sweetener manufacturer Merisant Co, and Lionel Nowell II, a former treasurer of PepsiCo Inc . In August, the board named four new directors in what the bank said was anticipation of directors reaching retirement age when their terms expired this spring. ...

Manufacturers say demand up after fiscal cliff fight Posted: 23 Jan 2013 09:52 AM PST BOSTON (Reuters) - Top U.S. manufacturers sounded a confident note about their expectations for 2013 on Wednesday as fears of the year-end "fiscal cliff" faded into memory. Textron Inc , whose Cessna unit is the world's biggest maker of corporate jets, laid out an earnings forecast that would represent growth of about 12 percent, while larger peer United Technologies Corp , which makes Otis elevators, Carrier air conditioners and Sikorsky helicopters among other products, reiterated a projection that its profit would rise about 13 percent. ...

For Japan's ANA, Boeing 787 grounding may dent growth plan Posted: 23 Jan 2013 12:59 PM PST TOKYO (Reuters) - All Nippon Airways , which currently has the biggest fleet of Boeing Co 787 Dreamliner jets, may have to scale back its next 2-year plan as it weighs the mounting cost of the new aircraft's grounding. Asia's biggest airline by revenue and a key launch customer for Boeing's newest plane, has put the technologically advanced 787 at the center of its growth strategy, keen to ally its brand to the lightweight, fuel-efficient jetliner. ...

Goldman seeks to block vote on independent chairman Posted: 23 Jan 2013 03:12 PM PST (Reuters) - Goldman Sachs Group Inc wants to block a shareholder vote on a proposal to require an independent chairman, trying to halt the latest effort to split the CEO and chairman positions, currently held by Lloyd Blankfein. Last year, the New York investment bank headed off a similar proposal from another group by appointing a lead independent director on the board. Beverly O'Toole, Goldman Sachs associate general counsel, sent a letter to the U.S. ...

US officials defend handling of Boeing 787 mishaps Posted: 23 Jan 2013 02:21 PM PST WASHINGTON (AP) — Obama administration officials struggled Wednesday to defend their initial statements that the Boeing 787 Dreamliner is safe while promising a transparent probe of mishaps involving the aircraft's batteries.

IBM's results lift Dow average to a 5-year high Posted: 23 Jan 2013 01:58 PM PST NEW YORK (AP) — Strong earnings from tech giants nudged the stock market to a five-year high Wednesday. Investors drew encouragement from a vote by the House of Representatives to let the government keep paying all of its bills for another four months.

Apple's profit rocket hits air pocket Posted: 23 Jan 2013 03:47 PM PST NEW YORK (AP) — Apple Inc. warned Wednesday that its blockbuster sales growth of the last five years is slowing drastically, as iPhone sales start to plateau and the company finds itself lacking in revolutionary new products.

53 senators urge approval of Keystone XL pipeline Posted: 23 Jan 2013 03:09 PM PST WASHINGTON (AP) — More than half the Senate on Wednesday urged quick approval of the Keystone XL oil pipeline, ramping up pressure on President Barack Obama to move ahead with the project just days after he promised in his inaugural address to respond vigorously to the threat of climate change.

Strong results from Google, IBM lift tech stocks Posted: 23 Jan 2013 01:09 PM PST NEW YORK (AP) — Technology stocks are leading Wall Street to a higher close following strong earnings reports from Google and IBM.

Unions suffer sharp decline in membership Posted: 23 Jan 2013 01:57 PM PST WASHINGTON (AP) — Union membership plummeted last year to the lowest level since the 1930s as cash-strapped state and local governments shed workers and unions had difficulty organizing new members in the private sector despite signs of an improving economy.

Netflix's 4Q restores company's investment luster Posted: 23 Jan 2013 03:49 PM PST SAN FRANCISCO (AP) — Netflix has re-emerged as a stock-market star after a fourth-quarter performance that demonstrated its success in broadening the appeal of its Internet video service amid stiffer competition.

Utah governor unveils outdoor recreation plan Posted: 23 Jan 2013 03:17 PM PST SALT LAKE CITY (AP) — Gov. Gary Herbert unveiled his long-awaited vision for outdoor recreation in the state Wednesday, calling for the creation of a government office devoted solely to the topic and laying out a broad-stroke plan to preserve Utah's natural jewels and cultivate outdoor recreation as a pillar of its economy.

Amgen 4Q profit drops 16 pct. on higher spending Posted: 23 Jan 2013 02:08 PM PST Drugmaker Amgen Inc. on Wednesday posted a 16 percent drop in fourth-quarter profit, as higher costs for production, marketing, research and other items offset higher sales for many of its biologic medicines. The results fell short of Wall Street expectations.

Netflix's stock soars on big 4Q subscriber gains Posted: 23 Jan 2013 02:34 PM PST SAN FRANCISCO (AP) — Netflix's Internet video service warded off stiffer competition to add 2 million U.S. subscribers during the final three months of the year to produce an unexpected profit for the company.

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