Business Roundup for 1/13/14
Business roundup for Monday, January 13.
NEW YORK (AP) — Stocks have been mixed in early trading, wavering between small gains and losses. The Dow, the S&P 500 and the Nasdaq had all moved into positive territory after the first hour of trading, but the gains are small.
NEW YORK (AP) — Shares of Lululemon Athletica have plunged on Wall Street this morning, after the company lowered its fiscal fourth-quarter forecasts below analysts’ estimates. Lululemon points to declining traffic and sales in January for the revision.
DEERFIELD, Ill. (AP) — Suntory Holdings is buying the maker of Jim Beam and Maker’s Mark bourbons. The Japanese company announced today it will acquire Beam Inc. for more than $13.6 billion. Beam’s CEO says the company’s current management will continue to run the business. Beam shares jumped 24 percent in early trading. The deal needs approval from Beam stockholders.
WILMINGTON, Del. (AP) — A group led by Hong Kong billionaire Richard Li is offering $55 million at auction for Fisker Automotive. The offer comes just days after a judge rejected a private sale of the failed electric-vehicle manufacturer and ordered a competitive auction. Hybrid Technology’s conditional offer includes $30 million cash and $25 million in credit for what it’s owed as Fisker’s senior secured lender. Hybrid also says at least $5.5 million will go to Fisker’s unsecured creditors.
DETROIT (AP) — The Corvette Stingray has been named North American Car of the Year at the North American International Auto Show, while the Chevy Silverado has taken honors as the Truck of the Year. The Chevrolet sweep came after General Motors made the most appearances on this year’s list of finalists.
NEW YORK (AP) — Wall Street is starting off the week with a tail wind. Stock indexes ended mostly higher Friday after wavering for much of the day. The government’s disappointing December jobs report was brushed off by most investors as an aberration. The S&P 500 rose four points. The Nasdaq climbed 18. The Dow, which fell 8 points, would have risen slightly if Chevron hadn’t slumped. Futures point to losses at this morning’s opening.
BEIJING (AP) — International stock markets were mostly higher today as investors shrugged off weak U.S. employment figures as a fluke and looked forward with optimism to earnings season. The dollar fell against the yen and gained against the euro. Benchmark crude oil fell below $92.50 per barrel.
UNDATED (AP) — There’s only one government economic report due out today. It’s December’s federal budget from the Treasury Department. But tomorrow, investors will learn how retailers fared in December when the Commerce Department releases last month’s sales data. Commerce will also report on business inventories for November.
WASHINGTON (AP) — Defense contractor Honeywell International says it is cooperating with a Department of Justice probe into the overseas production of equipment it provided for a U.S. fighter jet. The government inquiry involves electronics that Honeywell manufactured for the government’s advanced new F-35 fighter planes. Honeywell says the component was produced in China “for a short period of time,” but then voluntarily moved to the U.S.
BEIJING (AP) — A graft probe in China that has focused on foreign pharmaceutical makers has widened to include China’s biggest drug distributor. The company says two former executives are the target of the corruption investigation. Investigations last year focused on foreign drug makers suspected of paying doctors or other hospital employees to encourage use of their products.
(Copyright 2014 The Associated Press. All Rights Reserved)