AP Financial News Summary at 4:39 p.m. EDT
Stocks Narrowly Mixed, Dow Nears Record
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NEW YORK (AP) _ Stocks were narrowly mixed in the final hour of trading Wednesday as the Dow Jones industrial average tried to hold onto gains after earlier coming within a few points of its record high close. In late afternoon trading, the Dow was up 13.44, or 0.12 percent, at 11,682.83, about 40 points shy of its best-ever close of 11,722.98.
McDonald’s Raises Dividend 49 Percent
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CHICAGO (AP) _ McDonald’s Corp. shares jumped to a new six-year high Wednesday after the world’s largest fast-food chain raised its annual dividend 49 percent and said it expects to return more cash to shareholders over the next two years.
7-Eleven Dropping Venezuela-Backed Citgo
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DALLAS (AP) _ 7-Eleven Inc. is dropping Venezuela-backed Citgo as its gasoline supplier after more than 20 years as part of a previously announced plan by the convenience store operator to launch its own brand of fuel.
Aug. Home Sales Gains Seen As Temporary
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WASHINGTON (AP) _ Sales of new homes, after falling for three months, rose in August. But the gain was expected to be temporary as the battered housing industry struggles with a near-record level of unsold homes.
Federated Says Icahn Wants More Shares
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CINCINNATI (AP) _ Billionaire investor Carl Icahn, known for challenging the management of various corporations, wants to acquire up to $500 million in additional shares of Federated Department Stores Inc., the operator of Macy’s and Bloomingdale’s said on Wednesday. Federated shares rose 2 percent by late afternoon.
Oil Jumps Almost $2; Natural Gas Plunges
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WASHINGTON (AP) _ Oil prices jumped almost $2 Wednesday after briefly dropping to nearly $60-a-barrel, while natural gas futures plunged to their lowest level since December 2002.
Univision Shareholders OK $12.3B Sale
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LOS ANGELES (AP) _ Univision Communications Inc. shareholders on Wednesday approved selling the Spanish-language broadcaster to a private investor group for $12.3 billion, the company said.
Late Credit Card Payments Edge Higher
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WASHINGTON (AP) _ Late payments on credit card bills edged up this past spring, when high energy prices were squeezing the finances of some people and making it hard to pay bills on time.
Peugeot-Citroen Is Cutting 10,000 Jobs
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PARIS (AP) _ French carmaker PSA Peugeot-Citroen is cutting 10,000 jobs, or 7 percent of its European work force, and is imposing a hiring freeze as it tries to cut costs amid a sales slump in Europe.
Ex-Comverse Technology CEO Is Captured
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NEW YORK (AP) _ The fugitive former chief executive of leading voicemail software maker Comverse Technology Inc. has been captured in Africa following a two-month international manhunt, U.S. officials announced Wednesday.