AP Financial News Summary at 5:01 p.m. EST
Disney to Acquire Pixar for $7.4 Billion
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LOS ANGELES (AP) _ The Walt Disney Co. said Tuesday it is buying longtime partner Pixar Animation Studios Inc. for $7.4 billion in a deal that could restore Disney’s clout in animation while vaulting Pixar CEO Steve Jobs into a powerful role at the media conglomerate.
UPN, WB to Shut Down; New Network Formed
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NEW YORK (AP) _ Two small, long-struggling television networks _ UPN and The WB _ will shut down this fall and programming from both will be used to launch a new network aimed mainly at young and minority viewers.
Dow Closes Up 23, Nasdaq Finishes Up 17
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NEW YORK (AP) _ Stocks rose moderately for a second consecutive session Tuesday on strong earnings at United Technologies Corp. and McDonald’s Corp.
Group: Public Skeptical About Economy
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WASHINGTON (AP) _ People are skeptical about the economy despite recent encouraging signs, with worries about the costs of gas, heating oil and health care.
Oil Prices Settle at $67 Per Barrel
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WASHINGTON (AP) _ Oil prices fell by more than $1 a barrel Tuesday despite lingering concerns about oil supplies in view of Iran’s nuclear ambitions and militant attacks in Nigeria.
McDonald’s Stock Soars on 4Q Earnings
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CHICAGO (AP) _ Strong momentum at its U.S. restaurants and improved sales in Europe helped McDonald’s Corp.’s fourth-quarter income rise 53 percent, sending the fast-food chain’s stock to a 5 1/2-year high Tuesday.
Cingular Wireless Posts 4Q Profit of $204M
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ATLANTA (AP) _ Cingular Wireless LLC’s position as the nation’s largest cell phone company is threatened by the growth of rival Verizon Wireless, despite strong subscriber and revenue gains that led Cingular to report Tuesday it swung to a profit in the fourth quarter.
J&J 4Q Earnings Soar to $2.2 Billion
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TRENTON, N.J. (AP) _ Health care conglomerate Johnson & Johnson posted a 79 percent increase in fourth-quarter profit Tuesday, mainly due to lower overhead costs and a large tax charge a year ago.
3M Shares Fall Despite Rise in 4Q Profit
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MINNEAPOLIS (AP) _ The new chief executive of 3M Co. sought to reassure analysts Tuesday, even as shares of the diversified manufacturer fell more than 2 percent after its fourth-quarter earnings and sales came in slightly below analysts’ expectations.