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Update on the latest business

Nov 27, 2012 3:26am

WALL STREET

Stocks see mixed Monday trading

NEW YORK (AP) — Stocks saw mixed trading Monday on Wall Street.

The Dow fell 42 points, or 0.3 percent, to close at 12,967. The S&P dropped 3 points to 1,406, while the Nasdaq composite rose nearly 10 points to 2,977.

WORLD MARKETS

Asia stocks rise

BANGKOK (AP) — Asian stock markets rose today after talks over Greece's financial crisis ended with an agreement on how to reduce its debt load, paving the way for the cash-strapped country to receive the next installment of a bailout loan.

Greece has endured five years of recession and a 25 percent unemployment rate. It has been locked out of the international long-term debt market by exceptionally high interest rates demanded for its bonds since 2010, and has been relying on funds from rescue loans by other euro countries and the IMF.

Benchmark crude oil rose to near $88 per barrel. The dollar fell against the euro and the yen.

ECONOMY-DAY AHEAD

Consumer confidence, home price data due

WASHINGTON (AP) — On today's economic calendar, the Commerce Department releases October durable goods. Also due, the S&P/Case-Shiller home price index and consumer confidence from the Conference Board.

NINTENDO-SALES

Nintendo: more than 400,000 Wii Us sold in US

NEW YORK (AP) — Nintendo says it has sold more than 400,000 of its new video game console, the Wii U, in its first week on sale in the U.S.

The Wii U launched was first sold in the U.S. Nov. 18, with a base price of $300. Nintendo says the sales figure, based on internal estimates, is through Nov. 24.

Six years ago, Nintendo Co. sold 475,000 of the original Wii in that console's first seven days in stores. The original Wii remains available, and Nintendo says it sold more than 300,000 of them last week, along with roughly 250,000 handheld Nintendo 3DS units and about 275,000 of the Nintendo DS.

One estimate from an analyst suggests Nintendo will ship 1 million to 1.5 million Wii Us in the U.S. through the end of January.

AUTO LOANS-LATE PAYMENTS

TransUnion: Late auto-loan payments rose in 3Q

LOS ANGELES (AP) — New consumer credit data show that more Americans fell behind on their auto-loan payments in the third quarter, when back-to-school shopping and other needs traditionally put a strain on consumers' wallets.

Credit reporting company TransUnion said Tuesday that the rate of U.S. auto-loan payments at least 60 days overdue rose to 0.38 percent from 0.33 percent in the second quarter.

The July-to-September delinquency rate was down 19 percent from the 0.47 percent rate a year earlier.

TransUnion says the uptick is likely only a seasonal blip.

The auto-loan delinquency rate has fallen on an annual basis for 12 consecutive quarters.

Since the housing collapse in 2007 and recession that followed, many borrowers have made keeping up with car payments a priority above paying their mortgage or other financial obligations.

SUPERSTORM-NY COSTS

Cuomo: Sandy cost NY, NYC $32B in damage and loss

ALBANY, N.Y. (AP) — Gov. Andrew Cuomo has announced that Superstorm Sandy ran up a bill of $32 billion in the state and the nation's largest city.

The cost is for repairs and restoration and does not include an additional accounting of over $9 billion to head off damage in the next disastrous storm, including steps to protect the power grid and cellphone network.

New York Mayor Michael Bloomberg had announced earlier on Monday that Sandy caused $19 billion in losses in New York City — part of the $32 billion estimate Cuomo used.

Cuomo met with New York's congressional delegation to discuss the new figures and present "less than a wish list." The delegation, Cuomo and Bloomberg will now draw up a request for federal disaster aid.

EUROPE-FINANCIAL CRISIS

Euro officials reach deal to reduce Greek debt

BRUSSELS (AP) — A European Union official tells The Associated Press that a deal has been reached under which Greece's debt would be reduced to 124 percent of GDP by 2020.

The original goal had been 120 percent of GDP.

The agreement would pave the way for indebted Greece to receive the next installment of its much-needed bailout loans.

Mario Draghi, President of the European Central Bank, welcomed the agreement.

"It will certainly reduce the uncertainty and strengthen confidence in Europe and in Greece," Draghi said.

TAINTED PEANUT BUTTER

FDA halts operations at peanut butter plant

WASHINGTON (AP) — The Food and Drug Administration has halted operations of the country's largest organic peanut butter processor. It is cracking down on salmonella poisoning for the first time with a new enforcement authority the agency gained in a 2011 food safety law.

FDA officials found salmonella in Sunland's New Mexico processing plant after 41 people in 20 states were sickened by peanut butter manufactured at the plant and sold at Trader Joe's. The suspension will prevent the company from distributing any food.

The food safety law gave the FDA authority to suspend a company's registration when food manufactured or held there has a "reasonable probability" of causing serious health problems or death.

Sunland sold hundreds of products to many of the nation's largest grocery chains.

LEHMAN BROTHERS-ARCHSTONE ENTERPRISE

Lehman sells Archstone for $6.5 billion

NEW YORK (AP) — Lehman Brothers Holdings' bankruptcy estate is selling apartment-building owner Archstone Enterprise in a $6.5 billion cash and stock deal.

Lehman says it is selling Archstone to Equity Residential and AvalonBay Communities Inc. Archstone is Lehman Brothers' single largest asset.

Lehman owned about half Archstone until earlier this year when it bought full ownership for nearly $1.6 billion.

It will receive nearly $2.69 billion in cash for Monday's deal plus 34.5 million shares of Equity Residential's stock and 14.9 million shares of AvalonBay's stock that are worth about $3.8 billion combined.

Lehman, which collapsed in 2008 in the biggest corporate bankruptcy in U.S. history, described the deal as very positive for its creditors.

HEWLETT-PACKARD-SHAREHOLDER LAWSUIT

HP investor sues company for handling of 2 deals

SAN FRANCISCO (AP) — A Hewlett-Packard shareholder has filed a lawsuit alleging the troubled technology company's top executives misled investors about two key acquisitions that have caused billions of dollars in losses.

The complaint filed Monday in a San Francisco federal court comes after Hewlett-Packard Co. stunned Wall Street last week with its own allegations of accounting shenanigans at Autonomy, a business software maker it acquired for $10 billion last year.

The lawsuit filed by shareholder Allen Nicolow alleges HP management concealed the problems at Autonomy and another recent acquisition, Electronic Data Systems, in an attempt to boost HP's stock price.

The stock has lost more than half its value so far this year.

HP, which is based in Palo Alto, Calif., declined to comment on the suit.

YAHOO-STOCK

Yahoo's stock hits $19 for 1st time since 2010

SAN FRANCISCO (AP) — Yahoo's shares touched $19 Monday, the first time they have traded that high in more than two and half years.

The latest gains extend a rally that has been gaining momentum in recent weeks as Yahoo buys back its own stock and more investors bet on CEO Marissa Mayer's ability to turn around the long-struggling company.

Mayer, a former top executive at Internet search leader Google, became Yahoo's fifth CEO in less than a year when the company hired her in July. Since her arrival, Mayer has vowed to make Sunnyvale, Calif., company a better place to work, refine its online services and roll out more products tailored for smartphones and tablet computers.

Yahoo has also been trying to boost its stock price by spending most of money that it received from a recent deal to buy back its own shares.

After taxes, the company pocketed $4.3 billion by selling half its stake in Chinese Internet company Alibaba Group Ltd. Mayer has pledged to spend $3.6 billion buying back Yahoo's stock, including $600 million that had gone toward share repurchases before the Alibaba deal closed in mid-September.

Yahoo had spent $212 million buying back 13 million shares from Oct. 1 through Nov. 8, according to a recent regulatory filing, with $928 million spent so far this year.

Since Mayer made the buyback commitment, Yahoo's stock has climbed by nearly 20 percent. The shares hit $19 in Monday's early trading for the first time since April 2010.


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