AP Financial News Summary at 10:17 a.m. EST
Ford’s 4Q Earnings Rise on Hertz Unit Sale
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DEARBORN, Mich. (AP) _ Ford Motor Co., the nation’s second biggest automaker, said Monday that it earned $124 million in the fourth quarter, up 19 percent from the previous year thanks to the sale of its Hertz Corp. rental division and improved profits for its luxury brands. The company said it earned $2 billion for the year, down 42 percent from a year earlier but still its third consecutive yearly profit.
Stocks Are Mixed After Friday Selloff
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NEW YORK (AP) _ Bargain hunters propped up stocks Monday after last week’s major selloff, but disappointing earnings in the financial sector kept stocks narrowly mixed as concerns about corporate profits grew.
Group to Buy Albertson’s in $9.7B Deal
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BOISE, Idaho (AP) _ Albertson’s Inc., the nation’s second biggest traditional grocery store, said Monday it has agreed to sell the company for about $9.7 billion in cash and stock to an investment group including supermarket chain Supervalu Inc. and drugstore chain CVS Corp.
Nike CEO Resigns Amid Conflict With Founder
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BEAVERTON, Ore. (AP) _ Nike Inc., the world’s largest athletic-shoe company, on Monday said CEO William D. Perez resigned over differences with company founder and chairman Philip Knight and was replaced by Mark Parker, co-president of the Nike brand.
Economy’s Leading Indicators Edge Higher
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NEW YORK (AP) _ A closely watched gauge of future economic activity edged higher in December, a smaller-than-expected rise that could portend uneven growth in the year ahead, a private research group said Monday.
Bank of America Misses Earnings Projections
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CHARLOTTE, N.C. (AP) _ Bank of America Corp., the nation’s second-largest bank by assets, posted lower fourth-quarter earnings Monday, saying its numbers were hurt by increases in bankruptcy filings and weaker trading results. The profits were far below Wall Street expectations, and its shares skidded on the New York Stock Exchange.
Livedoor CEO Takafumi Horie Is Arrested
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TOKYO (AP) _ Takafumi Horie, chief executive of Japanese Internet portal Livedoor, was arrested Monday for alleged securities law violations in a scandal that has caused a week of turmoil in Japan’s stock market.
Merrill Lynch Hires Former Fed Bank Chief
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NEW YORK (AP) _ William J. McDonough, former president of the New York Federal Reserve Bank, has joined Wall Street investment bank Merrill Lynch & Co. as vice chairman and special adviser to the chairman on business development, the company said Monday.
Ford Employees Bracing for Big Job Cuts
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DEARBORN, Mich. (AP) _ Ford Motor Co. employees are bracing for thousands of jobs cuts in North America as the company embarks on a new restructuring plan.
Elan, Biogen Anticipate Regulators’ Verdict
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DUBLIN, Ireland (AP) _ Drug makers Elan Corp. PLC and Biogen Idec Inc. said Monday they expect U.S. regulators to decide in March whether their suspended multiple-sclerosis treatment Tysabri can return to the American market.