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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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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Yahoo! News: Business

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• Banks, commodity stocks lift S&P 500 to five-year high
• Google's fourth quarter results shine after ad rate decline slows
• IBM fourth quarter earnings, revenue beat Street
• Wells Fargo increases quarterly dividend by 14 percent
• Pentagon, industry seek answers on issue that grounded F-35B
• Home resales fall, housing recovery still on track
• Ex-Goldman director Gupta seeks conviction reversal
• Stanford ex-CFO Davis gets five-year prison sentence
• McDonald's running low on quick fixes for U.S. sales
• Slumping pigment demand eats into DuPont's profit
• Can Apple maintain its shine?
• Google's 4Q earnings rise 7 pct; stock rises
• What holds energy tech back? The infernal battery
• US stocks rise as tech, industrial earns roll in
• Wal-Mart warns suppliers on stricter measures
• US home sales dip in Dec.; 2012 best in 5 years
• CSX railroad's 4Q profit slips on weak coal demand
• IBM reports higher 4Q net income, beats estimates
• White House: Obama wouldn't block GOP debt bill
• UN team evaluates Dominican mine expansion project

Banks, commodity stocks lift S&P 500 to five-year high Posted: 22 Jan 2013 02:51 PM PST NEW YORK (Reuters) - Bank and commodity shares led the benchmark Standard & Poor's 500 Index to a fresh five-year closing high on Tuesday on hopes that the global economy continues to mend. Travelers' shares climbed after the insurer's results and lifted the Dow Jones industrial average to a new five-year closing high. On Friday, both the Dow and the S&P 500 ended at five-year highs after the quarterly earnings season got off to a solid start. On Monday, the U.S. stock market was closed in observance of the Martin Luther King, Jr., holiday. ...

Google's fourth quarter results shine after ad rate decline slows Posted: 22 Jan 2013 02:04 PM PST SAN FRANCISCO (Reuters) - Revenue from Google Inc's core Internet business outpaced many analysts' expectations during the crucial holiday quarter and advertising rates fell less than in previous periods, pushing its shares up more than 4 percent. The world's largest Internet search company introduced new product listings during the fourth quarter - typically its strongest - and also benefited from business growth in international markets, analysts said. Excluding traffic-acquisition costs, the business generated net revenue of $9.83 billion, up from $8. ...

IBM fourth quarter earnings, revenue beat Street Posted: 22 Jan 2013 01:52 PM PST (Reuters) - IBM, the world's largest technology services company, reported fourth-quarter earnings and revenue that beat estimates on the back of growth in emerging markets. International Business Machines Corp said on Tuesday its quarterly net income rose 10 percent to $6.1 billion, or $5.39 a share from $4.71 a year earlier. Revenue dropped 1 percent to $29.3 billion. Analysts had expected the Armonk, New York-based company to report net income of $5.95 billion, or $5.25 a share, on revenue of $29.05 billion, according to Thomson Reuters I/B/E/S. ...

Wells Fargo increases quarterly dividend by 14 percent Posted: 22 Jan 2013 02:41 PM PST (Reuters) - Wells Fargo & Co on Tuesday raised its quarterly stock dividend by 14 percent as it awaits U.S. Federal Reserve permission to potentially return even more capital to shareholders in the coming year. The No. 4 U.S. bank by assets said in a statement that the increase of 3 cents to 25 cents per share was part of a capital plan that received approval from the U.S. Federal Reserve in 2012. Wells in March raised its quarterly dividend by 10 cents to 22 cents per share after the Fed completed annual stress tests on large U.S. banks. ...

Pentagon, industry seek answers on issue that grounded F-35B Posted: 22 Jan 2013 02:38 PM PST WASHINGTON (Reuters) - Pentagon and industry officials worked through the weekend to determine what caused the failure of a fuel line on the Marine Corps version of Lockheed Martin Corp's s F-35 fighter jet that prompted the plane's grounding on Friday. A spokesman for Pratt & Whitney, a unit of United Technologies Corp that builds the engines for the jets, said those involved included officials from Stratoflex, a unit of Parker Hannifin Corp that built the fuel line. No comment was immediately available from Stratoflex. ...

Home resales fall, housing recovery still on track Posted: 22 Jan 2013 01:43 PM PST WASHINGTON (Reuters) - Home resales unexpectedly fell in December, but the drop was not large enough to suggest the recovery in the housing sector is running out of steam. The National Association of Realtors said on Tuesday that existing home sales dropped 1.0 percent last month to a seasonally adjusted annual rate of 4.94 million units. That was still the second-highest rate of sales since November 2009, when sales were lifted by a federal tax credit for home buyers, and the data pointed to momentum in the housing market. ...

Ex-Goldman director Gupta seeks conviction reversal Posted: 22 Jan 2013 12:01 PM PST NEW YORK (Reuters) - Lawyers for former Goldman Sachs Group Inc board member Rajat Gupta are urging a federal appeals court to reverse his insider trading conviction, arguing that a judge shouldn't have allowed wiretaps to be heard at trial. In a brief filed Friday at the 2nd U.S. Circuit Court of Appeals in New York, Gupta's lawyers argued wiretaps of now-imprisoned hedge fund manager Raj Rajaratnam amounted to "hearsay statements" and should not have been presented to the jury. ...

Stanford ex-CFO Davis gets five-year prison sentence Posted: 22 Jan 2013 10:58 AM PST HOUSTON (Reuters) - James Davis, the government's top witness in convicted swindler Allen Stanford's fraud trial, was sentenced on Tuesday to five years in prison for his role in a $7 billion Ponzi scheme. Davis, 64, who pleaded guilty in 2009 to three charges and could have been sentenced to 30 years, told the court in a breaking voice: "I am ashamed and I am embarrassed." He added that he let down his family, co-workers and thousands of investors. Davis pleaded guilty to fraud, conspiracy to commit fraud and conspiracy to obstruct a Securities and Exchange investigation. ...

McDonald's running low on quick fixes for U.S. sales Posted: 22 Jan 2013 11:06 AM PST (Reuters) - McDonald's Corp is running out of quick-fix strategies for stemming declines in U.S. restaurant sales inflicted by tougher competition for customers who are pinching pennies in a weak economic recovery. The world's largest restaurant chain by revenue welcomed customers on Christmas Day and shifted the limited offering of its cult favorite McRib sandwich into December to avoid a big year-end decline in its U.S. restaurant business. But, it appears the company has exhausted its supply of such tactics. ...

Slumping pigment demand eats into DuPont's profit Posted: 22 Jan 2013 08:18 AM PST (Reuters) - Weak demand for paint pigment and solar panel parts eroded DuPont's fourth-quarter profit, with Chief Executive Officer Ellen Kullman tempering expectations for those once-lucrative markets due to "significant challenges." Demand fell most for DuPont's titanium dioxide pigment, which is used to color paper and plastics. In 2012, that unit's share of the company's overall profit declined to 28 percent from nearly a third in 2011. Titanium dioxide sales are closely linked to gross domestic product and often are a solid barometer of economic health. ...

Can Apple maintain its shine? Posted: 22 Jan 2013 01:11 PM PST NEW YORK (AP) — For many investors, Apple's best days are behind it. Competitors are catching up, they believe, and the latest iPhone is stumbling.

Google's 4Q earnings rise 7 pct; stock rises Posted: 22 Jan 2013 02:04 PM PST SAN FRANCISCO (AP) — Google's fourth-quarter earnings rose 7 percent as online advertisers spent more money in pursuit of holiday shoppers.

What holds energy tech back? The infernal battery Posted: 22 Jan 2013 02:38 PM PST WASHINGTON (AP) — As 21st century technology strains to become ever faster, cleaner and cheaper, an invention from more than 200 years ago keeps holding it back. It's why electric cars aren't clogging the roads and why Boeing's new ultra-efficient 787 Dreamliners aren't flying high.

US stocks rise as tech, industrial earns roll in Posted: 22 Jan 2013 01:48 PM PST Strong earnings reports from big U.S. companies helped push the Dow Jones industrial average to its eighth gain in nine sessions Tuesday.

Wal-Mart warns suppliers on stricter measures Posted: 22 Jan 2013 02:53 PM PST BENTONVILLE, Ark. (AP) — Wal-Mart Stores Inc. has alerted its global suppliers that it will immediately drop them if they subcontract their work to factories that haven't been authorized by the discounter.

US home sales dip in Dec.; 2012 best in 5 years Posted: 22 Jan 2013 09:47 AM PST WASHINGTON (AP) — U.S. sales of previously occupied homes dipped in December from November, in part because of a limited supply of available homes. But for all of 2012, sales rose to their highest level in five years.

CSX railroad's 4Q profit slips on weak coal demand Posted: 22 Jan 2013 02:28 PM PST OMAHA, Neb. (AP) — Railroad operator CSX Corp. said continued weak coal demand contributed to a 3 percent decline in fourth-quarter net income. The results still beat Wall Street expectations as other sectors improved.

IBM reports higher 4Q net income, beats estimates Posted: 22 Jan 2013 03:00 PM PST NEW YORK (AP) — IBM's fourth-quarter earnings grew 6 percent even as revenue was largely flat, as the company benefited from growing, lucrative software businesses such as Internet-based computing and data analytics.

White House: Obama wouldn't block GOP debt bill Posted: 22 Jan 2013 01:45 PM PST WASHINGTON (AP) — The Obama administration says it won't oppose a House Republican proposal to increase the nation's $16.4 trillion borrowing authority for only three months, even though President Barack last week decried such short-term measures as harmful to the economy.

UN team evaluates Dominican mine expansion project Posted: 22 Jan 2013 02:24 PM PST SANTO DOMINGO, Dominican Republic (AP) — A team of experts from the U.N. on Tuesday began evaluating a proposed nickel mine expansion in the Dominican Republic that has been halted by a court over environmental concerns.

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