Yahoo! News: Business

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• S&P rises for seventh day but 1,500 too steep a climb
• Microsoft profit dips ahead of Office revamp
• Starbucks profit rises on strength in U.S
• Whitman Capital founder gets two years for insider trading
• AT&T revenue, subscriber growth beats estimates
• Morgan Stanley CEO Gorman made $6 million for 2012: source
• Bankruptcy expert sees defense, media as vulnerable in 2013
• JPMorgan looks to block shareholder proposal on bank break-up
• United, Southwest results top estimates, bookings solid
• U.S. regulators: Boeing 787 probe far from complete
• Obama picks former prosecutor to head SEC
• AT&T gains customers in 4Q, posts big loss
• Starbucks profit climbs as US cafes prosper
• Buoyed by Obama, leaders press for climate action
• Apple's sales slowdown tugs Nasdaq index lower
• Cameron: I don't want a country called Europe
• Analysts to Apple: Bend your knee to Wall Street
• Microsoft's 2Q earnings dip despite Windows 8 lift
• Belkin to buy Linksys router maker from Cisco
• Netflix stocks soars 41 pct after strong 4Q report
• Bankruptcy expert sees defense, media as vulnerable in 2013
• Apple Succumbs to the $500B Market Cap Curse
• Apple's weak results spark fresh round of price target cuts

S&P rises for seventh day but 1,500 too steep a climb Posted: 24 Jan 2013 01:45 PM PST NEW YORK (Reuters) - The smallest of gains gave the Standard & Poor's 500 its seventh straight winning day on Thursday, but the index failed to hold above the 1,500 line, restrained by Apple's worst day in more than four years. Apple Inc slid 12.4 percent to $450.50 a day after it posted revenue that missed Wall Street's forecast as iPhone sales were poorer than expected. The sharp drop wiped out nearly $60 billion in Apple's market capitalization to less than $423 billion, leaving the company vulnerable to losing its status as the most valuable U.S. ...

Microsoft profit dips ahead of Office revamp Posted: 24 Jan 2013 01:42 PM PST SEATTLE (Reuters) - Microsoft Corp said its quarterly profit fell as Office software sales slowed ahead of a new launch, offseting a solid start for its new Windows 8 operating system. Profit at the world's largest software company slid to $6.4 billion, or 76 cents per share, in the fiscal second quarter, from $6.6 billion, or 78 cents per share, in the year-ago quarter. Wall Street had expected 75 cents per share, on average, according to Thomson Reuters I/B/E/S. Overall sales rose 3 percent to $21.5 billion, Microsoft said on Thursday, in line with analysts' estimates. ...

Starbucks profit rises on strength in U.S Posted: 24 Jan 2013 01:49 PM PST (Reuters) - Starbucks Corp reported higher quarterly profit on Thursday, after customers in the United States, its top market, spent more than expected during the winter holiday season, when consumers worried about the budget standoff in Washington. The world's biggest coffee chain reported net earnings of $432.2 million, or 57 cents per share, for the fiscal first quarter that ended December 30, matching the average analyst estimate compiled by Thomson Reuters I/B/E/S. That was up from $382.1 million, or 50 cents per share, a year earlier. Overall revenue jumped almost 11 percent to $3. ...

Whitman Capital founder gets two years for insider trading Posted: 24 Jan 2013 03:13 PM PST NEW YORK (Reuters) - California hedge fund manager Doug Whitman was sentenced on Thursday to two years in prison, after he became the first defendant in a broad U.S. crackdown on insider trading to take the stand to convince jurors of his innocence. U.S. District Judge Jed Rakoff in Manhattan imposed the sentence, which was less than half the 4-1/4 to 5-1/4 years that federal prosecutors wanted. Whitman, the founder of Whitman Capital LLC in Menlo Park, was convicted in August of securities fraud and conspiracy over his involvement in two insider trading schemes between 2006 and 2009. ...

AT&T revenue, subscriber growth beats estimates Posted: 24 Jan 2013 03:37 PM PST NEW YORK (Reuters) - AT&T Inc's fourth-quarter revenue rose faster than expected and the telephone company promised more growth this year even if the economy does not improve. Along with growth from its existing business, Chief Executive Randall Stephenson said on Thursday that AT&T is also eyeing overseas opportunities. He said the idea would be to profit from wireless expansion in countries where services are not yet as advanced as in the United States. ...

Morgan Stanley CEO Gorman made $6 million for 2012: source Posted: 24 Jan 2013 02:57 PM PST (Reuters) - Morgan Stanley Chief Executive Officer James Gorman received lower compensation for 2012 after profits declined but the bank showed progress in reshaping its businesses. Gorman received $6 million in total compensation for 2012, including $800,000 in salary, $2.6 million in deferred cash and $2.6 million in stock options, a person familiar with the matter said on Thursday. He did not receive a cash bonus. Gorman made $8.56 million for 2011, when counting salary, deferred cash and restricted stock grants. ...

Bankruptcy expert sees defense, media as vulnerable in 2013 Posted: 24 Jan 2013 03:00 PM PST NEW YORK (Reuters) - Mid-market defense contractors as well as media and coal companies could be at risk of tumbling into bankruptcy in 2013, credit market guru and New York University professor Edward Altman said on Thursday. With the U.S. government mulling significant cuts to the defense budget, smaller companies that contract with the government for defense projects could suffer, Altman told a group of restructuring professionals at his 12th annual Corporate & Sovereign Credit Market Outlook luncheon. ...

JPMorgan looks to block shareholder proposal on bank break-up Posted: 24 Jan 2013 02:03 PM PST (Reuters) - A federation of U.S. labor unions is looking to force JPMorgan Chase's board to consider breaking up the company after the disastrous "London Whale" affair, but the bank is trying to ensure that its shareholders do not get to vote on the union's proposal. The largest U.S. bank is seeking permission from the U.S. Securities and Exchange Commission to omit the proposal from the measures that shareholders vote on this spring, according to a letter sent to the agency on January 14. ...

United, Southwest results top estimates, bookings solid Posted: 24 Jan 2013 11:54 AM PST (Reuters) - United Continental Holdings Inc recorded a bigger quarterly loss and Southwest Airlines Co posted lower profit on Thursday, but results topped expectations and the carriers said current bookings were solid. Shares of both carriers were up in afternoon trading. Southwest said bookings for the remainder of the current quarter were "strong" so far, while United said the percentage of available seats sold for the next six weeks was running higher for domestic, international and regional segments. ...

U.S. regulators: Boeing 787 probe far from complete Posted: 24 Jan 2013 03:15 PM PST WASHINGTON (Reuters) - U.S. safety regulators are nowhere near finishing an investigation into a battery fire on the Boeing Co 787 Dreamliner, a top official said on Thursday, raising the prospect of a prolonged grounding for the plane. Airlines have canceled hundreds of flights in the eight days since the plane was grounded, and Boeing has stopped deliveries of newly built jets. The full financial impact on the planemaker is still not clear. Still, Boeing shares are actually up 1. ...

Obama picks former prosecutor to head SEC Posted: 24 Jan 2013 02:11 PM PST WASHINGTON (AP) — President Barack Obama sent his strongest signal yet Thursday that he wants the government to get tougher with Wall Street, appointing a former prosecutor to head the Securities and Exchange Commission for the first time in the agency's 79-year history.

AT&T gains customers in 4Q, posts big loss Posted: 24 Jan 2013 01:37 PM PST NEW YORK (AP) — The launch of the iPhone 5 helped AT&T attract more new customers in the holiday quarter than it has in three years, but it posted a big loss because of an annual adjustment to its pension obligations.

Starbucks profit climbs as US cafes prosper Posted: 24 Jan 2013 02:24 PM PST NEW YORK (AP) — Americans still need their Starbucks fix even in the weak economy.

Buoyed by Obama, leaders press for climate action Posted: 24 Jan 2013 12:43 PM PST DAVOS, Switzerland (AP) — Hurricanes, floods, droughts and a newly climate-conscious Barack Obama are helping boost efforts around the world to fight climate change.

Apple's sales slowdown tugs Nasdaq index lower Posted: 24 Jan 2013 01:44 PM PST NEW YORK (AP) — A sharp drop in Apple's stock pulled the Nasdaq down with it after the tech giant warned of weaker sales. Other stock-market indexes eked out slight gains.

Cameron: I don't want a country called Europe Posted: 24 Jan 2013 01:23 PM PST DAVOS, Switzerland (AP) — British Prime Minister David Cameron wants nothing to do with a United States of Europe, an idea that's gaining currency as the countries that use the euro struggle to fix their debt crisis.

Analysts to Apple: Bend your knee to Wall Street Posted: 24 Jan 2013 03:26 PM PST NEW YORK (AP) — Apple needs to start making nice with Wall Street, analysts said Thursday as investors hammered the company's stock.

Microsoft's 2Q earnings dip despite Windows 8 lift Posted: 24 Jan 2013 03:39 PM PST SAN FRANCISCO (AP) — Microsoft's latest quarterly earnings slipped, even as the world's largest software maker showed modest progress adjusting to a shift away from the personal computers that have been its financial foundation for decades.

Belkin to buy Linksys router maker from Cisco Posted: 24 Jan 2013 03:08 PM PST PLAYA VISTA, Calif. (AP) — Belkin, a maker of smartphone cases and computing accessories, said Thursday that it is buying the home networking business unit of Cisco, including the Linksys router brand.

Netflix stocks soars 41 pct after strong 4Q report Posted: 24 Jan 2013 01:38 PM PST SAN FRANCISCO (AP) — Netflix's rollercoaster ride on Wall Street surged to new heights Thursday.

Bankruptcy expert sees defense, media as vulnerable in 2013 Posted: 24 Jan 2013 03:45 PM PST Mid-market defense contractors as well as media and coal companies could be at risk of tumbling into bankruptcy in 2013, credit market guru and New York University professor Edward Altman said on Thursday.

Apple Succumbs to the $500B Market Cap Curse Posted: 24 Jan 2013 03:39 PM PST Jeff Macke, co-host of Breakout on Yahoo! Finance, says Apple shares have peaked. "Now it's just a matter of whether or not [Apple] becomes one of the previous list of companies that obliterated shareholders since they hit over $500 billion," he says.

Apple's weak results spark fresh round of price target cuts Posted: 24 Jan 2013 03:35 AM PST (Reuters) - Weaker-than-expected holiday sales of Apple Inc's iPhone reinforced fears that it is losing its dominance in smartphones, driving down its shares and drawing another round of stock price target cuts early on Thursday. Shares of the company, which reported lower-than-expected revenue for the third straight quarter on Wednesday, were set to open 8 percent lower on the Nasdaq. Apple's Frankfurt-listed shares were down more than 7 percent. Seven brokerages including Barclays Capital, Mizuho Securities USA, Credit Suisse, Deutsche Bank, Raymond James, Robert W. ...

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