AP Financial News Summary at 3:27 p.m. EDT
Oil Prices Fall Below $42 a Barrel
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WASHINGTON (AP) _ Oil prices dropped sharply Monday, falling below $42 a barrel, as last week’s selloff continued despite sabotage of Iraqi oil infrastructure that curbed exports.
Freer Spending Gives Hope for Recovery
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WASHINGTON (AP) _ Shoppers spent more freely in July, raising hopes that June’s economic lull could be coming to an end. The Commerce Department reported Monday that consumers, key shapers of U.S. economic activity, boosted spending by 0.8 percent in July from the previous month. Their appetite to spend was led by a rebound in demand for big-ticket goods, such as cars, helped by buyers’ incentives.
Stocks Dip on Consumer Income Report News
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NEW YORK (AP) _ A substantial drop in oil prices wasn’t enough to get investors off the sidelines Monday as a spate of profit-taking pushed stocks modestly lower in extremely light trading.
Tyson Lowers Earnings Outlook, Shares Fall
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SPRINGDALE, Ark. (AP) _ Tyson Foods Inc., the world’s largest meat company, tumbled more than 8 percent Monday after it lowered its earnings forecast for this fiscal year, citing expenses from plant closings and weaker demand for meat because of the discovery of a case of mad cow disease.
Japan Court Approves UFJ-Mitsubishi Talks
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TOKYO (AP) _ Japan’s Supreme Court on Monday said merger talks could proceed between troubled UFJ Holdings Inc. and Mitsubishi Tokyo Group Inc. despite a challenge from a rival which has offered more than $29 billion for UFJ.
Reports: Schwab May Sell SoundView to UBS
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NEW YORK (AP) _ The Swiss bank UBS AG is expected to purchase Charles Schwab Corp.’s capital markets and SoundView Technology stock-research operation for $265 million, The Wall Street Journal reported Monday.
Bacanovic Barred From Working for a Broker
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NEW YORK (AP) _ Peter Bacanovic, the former stockbroker convicted of helping Martha Stewart lie about a 2001 stock sale, has been barred by securities regulators from working for a broker or investment adviser.
Mylan Drops Authorized Generics Case
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MORGANTOWN, W.Va. (AP) _ Mylan Pharmaceuticals on Monday abruptly dropped its federal lawsuit against the U.S. Food and Drug Administration over an agency ruling that had forced the company to compete with so-called ``authorized generics.″
Interstate Bakeries Shares Falls on Delay
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KANSAS CITY, Mo. (AP) _ The stock price of Interstate Bakeries Corp. dropped more than a third in value Monday after the nation’s largest wholesale baker said it had missed another deadline for submitting its annual report.
LNR Property Agrees to Be Bought for $2B
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MIAMI BEACH, Fla. (AP) _ Commercial real-estate owner LNR Property Corp. has agreed to be acquired by a New York-based investment firm and one of its affiliates for about $2 billion.