AP Financial News Summary at 4:11 p.m. EDT
AT&T Gets DOJ OK on BellSouth Buyout
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WASHINGTON (AP) _ AT&T’s $78.5 billion buyout of BellSouth Corp. won Justice Department approval Wednesday, a decision that sets the stage for further reuniting modernized parts of the old Ma Bell phone monopoly broken up by the government in 1984.
Stocks Pull Back After Fed Minutes
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NEW YORK (AP) _ Stocks pulled back Wednesday following an inauspicious start to earnings season and after minutes from the Federal Reserve’s last meeting revealed the central bank had an easier time deciding to stand pat on interest rates last month. In late afternoon trading, the Dow Jones industrial average was down 24.89, or 0.21 percent, at 11,842.28.
McAfee, CNet CEOs Out Over Options
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SAN FRANCISCO (AP) _ The chief executives of McAfee Inc. and CNet Networks Inc. stepped aside Wednesday to atone for stock-option chicanery that occurred on their watch, expanding the list of business leaders swept up in a messy scandal that is erasing profits and spurring government investigations.
Nobel Winners Call for Minimum Wage Hike
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NEW YORK (AP)_ More than 650 economists, including five winners of the Nobel Prize for economics, called Wednesday for an increase in the minimum wage, saying the value of the last increase, in 1997, has been ``fully eroded.″
Oil Falls to 8-Month Low Below $58
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WASHINGTON (AP) _ Oil prices fell to a new eight-month low below $58 a barrel on Wednesday as doubts grew that there is a consensus within OPEC for an immediate output cut.
Slowing Economy Helped Fed Retain Rates
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WASHINGTON (AP) _ A slowing economy and retreating energy prices made it somewhat easier for the Federal Reserve to hold interest rates steady last month.
Visa to Go Public in Restructuring Move
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NEW YORK (AP) _ Following the lead of MasterCard Inc., competitor Visa announced Wednesday that it plans to restructure its organization to create a new company and then sell shares in an initial public offering.
Report: Harrah’s Buyout Bid Raised
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LAS VEGAS (AP) _ Casino operator Harrah’s Entertainment Inc. reportedly received a sweetened buyout bid amounting to more than $15.5 billion.
Alcoa Shares Fall As Profit Disappoints
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PITTSBURGH (AP) _ Alcoa Inc. shares fell nearly 6 percent Wednesday after the aluminum maker’s strong profit rise for the third quarter still disappointed Wall Street.
Gannett, Media General Disappoint in 3Q
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NEW YORK (AP) _ Newspaper industry bellwether Gannett Co. reported third-quarter earnings in line with expectations Wednesday, but the company’s shares slumped after reporting a 3.9 percent decline in September advertising. Shares in Media General Inc. also fell after that company missed earnings estimates.