DETROIT (AP) — The sale of General Motors stock is expected to raise about $10 billion in an initial public offering that will reduce the U.S. government's stake in the automaker below 50 percent, three people briefed on the sale said Monday. GM common stock is expected to sell for between $26 and $29 a share when the IPO takes place around Nov.
NEW YORK (AP) — Pharmaceutical giant Pfizer Inc. said Tuesday that revenue in the third quarter jumped 39 percent due to its acquisition of fellow drugmaker Wyeth, but hefty charges related to that $68 billion purchase dragged its profit down 70 percent. The New York-based maker of cholesterol blockbuster Lipitor and impotence pill Viagra says net income was $866 million, or 11 cents per share.
SALT LAKE CITY (AP) — Authorities say 12 workers were hurt when a steam pipe burst at the University of Utah and sprayed scalding water on subcontractors in an underground utility vault. Fire Capt. Michael Harp told The Associated Press the men were blasted by 380-degree steam that erupted from the end of a pipe opened Monday during upgrade work.
LONDON (AP) — BP PLC says the cost of the devastating Gulf of Mexico oil spill has grown to $40 billion, dragging down its third quarter net profit by more than 60 percent despite higher oil and gas prices. The London-based company said Tuesday it returned to profit for the first time since the April spill, though the $1.
WASHINGTON (AP) — In these angry political times, Democrats and Republicans agree on next to nothing. China is one exception. Democrats and Republicans alike are accusing each other of cozying up to Beijing and backing policies that send U.S. jobs and IOUs to the world's second-largest economy.
NEW YORK (AP) — Apple is suing Motorola for infringing on patents related to its smart phones. Apple Inc. said in a filing on Friday that Motorola's Droid, Cliq, BackFlip and other phones violate its patents related to the iPhone's touch screen and user interface. Apple says it wants Motorola Inc.
SEATTLE (AP) — They cost clothing chain Abercrombie & Fitch $1 million in fines, tripped up Meg Whitman's campaign for California governor, prompted mass layoffs across the country and have been at the center of countless other workplace immigration disputes. An obscure federal document called the I-9 form has emerged as a contentious element in the national immigration debate since the Obama administration vowed to go after employers who hire undocumented workers.
TUPELO, Miss. (AP) — A Toyota supplier in north Mississippi is taking applications for about 300 jobs at its Baldwyn facility. The job listings for Auto Parts Manufacturing Mississippi were posted on the Mississippi Department of Employment Security website Thursday. The company is looking for about 250 hourly workers and 50 supervisors that will work on salary.
DETROIT (AP) — Pontiac, whose muscle cars drag-raced down boulevards, parked at drive-ins and roared across movie screens, is going out of business on Sunday. The 84-year-old brand, moribund since General Motors decided to kill it last year as it collapsed into bankruptcy, had been in decline for years.
WASHINGTON (AP) — The manufacturing sector likely grew in October for the 15th straight month, but at the slowest pace in almost a year. Economists expect that the Institute for Supply Management's index of manufacturing activity will drop to 54, according to a survey from Thomson Reuters, from 54.
WASHINGTON (AP) — Halliburton Co. acknowledged that it skipped a critical test on the final formulation of cement used to seal BP's oil well before it blew out catastrophically in the Gulf of Mexico. The company, which was BP's cementing contractor, came under increased scrutiny when investigators from the president's oil spill commission revealed Thursday that tests performed by the company before the deadly blowout showed the cement to be unstable.
TOKYO (AP) — Japanese automakers Honda and Mazda posted hefty profits despite a strengthening yen as the global recovery and government incentives for green cars drove sales higher. Honda, the manufacturer of the Insight hybrid, Accord sedan and Asimo human-shaped robot, said Friday its second quarter profit more than doubled to 135.
NEW YORK (AP) — Specialty vehicle maker Oshkosh Corp. on Thursday reported lower net income for its fiscal fourth-quarter that missed Wall Street expectations. For the three months ended Sept. 30, the Oshkosh, Wis., company earned $116.6 million, or $1.28 per share. That's compared with $140.
SUSSEX, Wis. (AP) — The Wisconsin company that prints Newsweek, Sports Illustrated and L.L. Bean catalogs says it plans to hire hundreds of people immediately. Quad/Graphics is restarting equipment in Wisconsin that was shut down during the recession. The Sussex company is closing plants in Ohio, Mississippi, Tennessee and Nevada and moving production to Wisconsin.
SOUTH BEND, Ind. (AP) — As the Notre Dame football team drilled on its practice field, Declan Sullivan stood high above the turf in a hydraulic lift, videotaping the session so players could get an aerial view of their performance. Suddenly, the wind, already whipping so much that Sullivan tweeted that it was "terrifying," surged as high as 51 mph.
SEATTLE (AP) — A swell of spending by businesses on new computers, software and servers helped push Microsoft Corp.'s earnings for the most recent quarter past Wall Street's expectations. Business spending on technology slowed to a trickle during the economic downturn. Microsoft's report, released after the market closed Thursday, is the most recent evidence that corporate spending is back in full swing.
PHOENIX (AP) — A Phoenix man and the company he heads have been indicted by a grand jury for violating federal arms export laws by shipping military aircraft engines to the Venezuelan air force and providing training on how to maintain them. The indictment announced on Thursday alleges that Floyd D.
SOUTH SAN FRANCISCO, Calif. (AP) — The forest green algae bubbling in a stainless steel fermenting tank in a suburban warehouse may look like primordial pond scum, but it is a promising new source of domestically produced fuels being tested on the nation's jets and warships. In a laboratory just a few steps away from the warehouse, white-coated scientists for a company called Solazyme are changing the genetic makeup of algae to construct a new generation of fuels.
HONOLULU (AP) — There's a story behind the blue, white and green plastic covering the surface of the Pacific Ocean vacuum cleaner. They're tiny bits of plastic collected from one of Hawaii's dirtiest beaches, Kahuku, where waves dump trash from the Pacific all day long. The machine made by Electrolux AB is fully functional and can suck up dirt from a rug like any other vacuum.
MOUNT PLEASANT, Wis. (AP) — It's another day off for production workers at the Case plant in Racine County. A tornado tore a section of the roof off the plant in Mount Pleasant Tuesday, sending workers scrambling for cover. Two employees suffered minor injuries. Case spokesman Duane Nelson says the temporary shutdown includes all three plant functions; manufacturing, the North American parts operation and service training.