AP Financial News Summary at 7:53 p.m. EST
Yahoo 4Q Profit Misses Views; Shares Fall
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SAN FRANCISCO (AP) _ Yahoo Inc.’s fourth-quarter profit nearly doubled as advertisers continued to shift their spending to the Internet, but it wasn’t enough to live up to the lofty expectations for the Web’s most heavily trafficked destination.
Guidant Favors Bid From Boston Scientific
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BOSTON (AP) _ Medical device maker Guidant Corp. abandoned its support for a $24.2 billion acquisition bid from Johnson & Johnson in favor of Tuesday’s far richer $27.2 billion offer from Boston Scientific Corp.
Dow Ends Down 64, Nasdaq Closes Down 14
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NEW YORK (AP) _ Stocks skidded Tuesday as oil prices rose past $66 a barrel and Wells Fargo & Co. and other bank earnings disappointed the market.
Intel Misses 4th-Quarter Profit Forecast
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SAN JOSE, Calif. (AP) _ Intel Corp.’s fourth-quarter profit and sales rose but missed Wall Street expectations Tuesday as the world’s largest chip maker faced difficulties in meeting demand for some products and lower-than-expected average selling prices.
IBM Earns $3.19B in 4Q to Beat Estimates
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BOSTON (AP) _ A new line of mainframe computers and positive trends in the chip business boosted fourth-quarter results at International Business Machines Corp., where net profits rose 13 percent and beat Wall Street expectations Tuesday.
Industrial Production Posts Gains in Dec.
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WASHINGTON (AP) _ The nation’s industrial output posted a solid increase in December as recovery in production of Gulf Coast oil and gas wells offset a slump in auto manufacturing.
SEC Seeks More Disclosure on Execs’ Pay
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WASHINGTON (AP) _ Regulators moved Tuesday to require companies to provide far greater detail about executives’ pay and perks in an effort to bring more openness to an area that has provoked investor anger.
Shoppers to Challenge Retailers in 2006
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NEW YORK (AP) _ Shoppers who frustrated the nation’s retailers by being choosy and waiting until the last minute for bargains during the winter holidays are expected to continue challenging merchants in 2006, particularly discounters and mid-level department stores.
Northwest, Union Reach Tentative Deal
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NEW YORK (AP) _ Northwest Airlines Corp. told a New York bankruptcy court on Tuesday it has reached a tentative agreement with the union representing ground workers, but talks with pilot and flight attendants unions appeared to be deadlocked.
Airbus Jet Orders for 2005 Hit Record
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PARIS (AP) _ Airbus announced a record number of jet orders for 2005 on Tuesday, unexpectedly beating Boeing’s tally for a fifth straight year, but the European plane maker fell behind its rival on order value as sales of its larger planes failed to keep pace. Airbus announced a review of its long-range A340 airliner in the wake of disappointing orders.