AP Financial News Summary at 2:08 p.m. EDT
Stocks Slip on Alaska Oil Field Shutdown
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NEW YORK (AP) _ The shutdown of a major Alaskan oil field sent oil prices to record levels Monday and prompted investors to sell stocks on inflation fears, one day before the Federal Reserve’s next decision on interest rates.
Oil Prices Spike More Than $2 a Barrel
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NEW YORK (AP) _ Oil prices jumped more than $2 on Monday, surpassing $77 a barrel following a shutdown at an Alaskan oil field that accounts for about 8 percent of daily U.S. production.
BP: Oil Output to Drop 400,000 Barrels
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ANCHORAGE, Alaska (AP) _ Oil company BP scrambled Monday to assess the pipeline corrosion that will shut shipments from the nation’s biggest oil field, removing about 8 percent of daily U.S. crude production and driving oil and gasoline prices sharply higher.
Martha Stewart Settles SEC Charges
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Homemaking diva Martha Stewart will pay about $195,000 and cannot serve as the director of a public company for five years under a settlement announced Monday on civil insider trading charges with the Securities and Exchange Commission.
Northwest 2nd-Quarter Loss Widens
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EAGAN, Minn. (AP) _ Northwest Airlines Corp., which has been operating under Chapter 11 bankruptcy protection, on Monday posted a wider second-quarter loss as restructuring costs mount.
Amerisource, Kindred in Pharmacy Pact
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NEW YORK (AP)_ AmerisourceBergen Corp. and Kindred Healthcare Inc. said Monday they have tentatively agreed to combine their institutional pharmacy operations into a company that will be one of the largest providers of drugs to hospitals, nursing homes and other health-care facilities.
El Paso Earnings Up, but Shares Dip
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HOUSTON (AP) _ El Paso Corp., the nation’s largest natural gas pipeline company, said it swung to a $141 million profit in the second quarter because of gains in pipeline income and pre-tax gains on derivatives used to hedge an increase in oil and gas production prices.
Deutsche Boerse Says Euronex Bid Is $10B
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FRANKFURT, Germany (AP) _ Deutsche Boerse AG on Monday valued its bid for Euronext NV at a little more than 8 billion euros ($10.2 billion) and said it was still trying to sway the company’s shareholders to form a pan-European bourse.
Forbes Sells Stake to Equity Group
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NEW YORK (AP) _ The privately held Forbes said Monday it sold a minority stake in its media holdings to private equity firm Elevation Partners, which includes the singer Bono as a partner, for an undisclosed amount.
Court Sides With IBM in Pension Case
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BOSTON (AP) _ IBM Corp. did not commit age discrimination when it changed its pension coverage in the 1990s, a federal appeals court ruled Monday in a case that Big Blue had agreed to settle for up to $1.4 billion if it had lost the appeal.