AP
Business Highlights
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American
Apparel Inc Common Sto
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General
Motors Company Common S
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IntercontinentalExchange, Inc.
On Friday April 1, 2011, 6:09 pm EDT
WASHINGTON
(AP) -- The nation's unemployment rate dropped to its lowest level in two years
in March, and the outlook is brightening as major companies plan to add more
jobs. Increased
hiring cut the unemployment rate to 8.8 percent -- an encouraging sign for the
unemployed and for President Barack Obama's re-election prospects. Still,
the job gains haven't led many people who stopped looking for work during the
recession to resume their search. Fewer than two-thirds of American adults are
either working or looking for work -- the lowest participation rate in 25
years. Auto
sales up on jobs outlook, fuel-efficient cars DETROIT
(AP) -- U.S. sales of new cars and trucks rose in March, helped by a brighter
jobs outlook and rising sales of fuel-efficient vehicles. New
vehicle sales rose 11 percent at General Motors, 16 percent at Ford, 23 percent
at Honda and 27 percent at Nissan, all aided by sales of smaller, more
efficient cars and crossovers, which look like truck-based SUVs but are more
fuel efficient and nimble because they are built on car underpinnings. Of
major automakers, only Toyota Motor Corp. reported a decline, nearly 6 percent. Nasdaq,
ICE make $11.3 billion bid for NYSE Euronext NEW
YORK (AP) -- Nasdaq is teaming up with IntercontinentalExchange to make an
$11.3 billion counteroffer for the parent of the New York Stock Exchange. The
joint bid is a challenge to Deutsche Boerse, the owner of the Frankfurt stock
exchange, which has said it will buy NYSE Euronext for about $10 billion.
Nasdaq OMX Group Inc. and derivatives market IntercontinentalExchange Inc. said
Friday that their offer marks a 19 percent premium to Deutsche Boerse's bid. Dividends
come roaring back in 2011 NEW
YORK (AP) -- Big companies increased their dividends by a record amount in the
first quarter. Since
the start of the year, 117 companies in the Standard & Poor's 500 index
said they would raise or start paying dividends. The value of the new and
raised annual dividends announced by these companies amounted to a record $16.6
billion, according to Howard Silverblatt, senior index analyst at S&P. Just
78 companies raised their dividends in the same period a year ago. The
surge in dividends reflects a turning point in the long recovery from the financial
meltdown in 2008. After the meltdown many companies slashed or eliminated their
dividends and, like many Americans, put their cash in the bank and sat on it.
As a result, U.S. companies have amassed a record $940 billion in cash. February
construction activity drops 1.4 percent WASHINGTON
(AP) -- Builders started work on fewer homes, apartments and government
projects in February, pushing construction activity down to the lowest level in
more than a decade. Construction
spending tumbled for a third straight month, dropping 1.4 percent in February,
the Commerce Department said Friday. The weakness pushed total activity down to
a seasonally adjusted annual rate of $760.6 billion, the smallest total since
October 1999. That was below the previous recession low set back in August. Eurozone
joblessness below 10 pct despite headwind LONDON
(AP) -- Unemployment across the 17 euro countries fell below 10 percent in
February for the first time in over a year, official figures showed Friday, in
another sign the region is enjoying a fairly sturdy economic recovery despite
debt troubles in a number of countries. Eurostat,
the EU's statistics office, said unemployment fell by 77,000 in February,
helping to take the rate down to 9.9 percent -- the lowest since December 2009
-- from January's 10 percent. The January rate had previously been estimated at
9.9 percent but was revised up in Friday's report. Lower
unemployment is good for the wider economy as it could help ratchet up Europe's
perennially weak consumer spending levels. Drugmaker
slashes price of drug to prevent preemie births after outcry ATLANTA
(AP) -- The maker of an expensive drug to prevent premature births slashed the
price by more than half on Friday, following an outcry over the high cost and
moves by federal regulators to keep a cheap version available. The
drug is still pricey at $690 per weekly injection but it is a drastic reduction
from the $1,500 price charged by KV Pharmaceutical Co. when it went on the
market last month. The company also announced rebates and other steps to give
the drug to needy pregnant women at little or no cost. The
price cut came two days after federal officials said they would not stop
specialty pharmacies from continuing to make a generic version that sells for
$10 to $20 a dose, as has been done for years. American
Apparel warns it may file for bankruptcy NEW
YORK (AP) -- Troubled clothing chain American Apparel Inc., losing money and
faced with a cash crunch, says it may have to file for Chapter 11 bankruptcy
protection. The
Los Angeles company warned in a filing with the Securities and Exchange
Commission Thursday that it "may need to voluntarily seek protection under
Chapter 11 of the U.S. Bankruptcy Code" if it can't improve its sales or
cash position or find other sources of financing to keep it afloat. Norway's
Statoil in major oil find in Barents Sea OSLO,
Norway (AP) -- Norwegian Statoil ASA said Friday that it has made a major oil
discovery in the Barents Sea off the country's northern coast. The
state-controlled oil company described the find in the Arctic waters as one of
the most important during the last decade. The estimated volume of the
discovery is between 150-250 million recoverable barrels of oil equivalent. By
The Associated Press The
Dow Jones industrial average rose 56.99 points, or 0.5 percent, to 12,376.72.
The Standard & Poor's 500 index rose 6.58, or 0.5 percent, to 1,332.41. The
Nasdaq composite rose 8.53, or 0.3 percent, to 2,789.60. Benchmark
crude for May delivery rose $1.22 to settle at $107.94 per barrel on the New
York Mercantile Exchange. The price climbed as high as $108.05 per barrel at
one point. Oil hasn't been that high since September 2008. In
London, Brent crude added $1.21 to settle at $118.41 per barrel on the ICE
Futures exchange. In
other Nymex trading, heating oil added 3.27 cents to settle at $3.1452 per
gallon and the gasoline gained 4.36 cents to settle at $3.1513 per gallon.
Natural gas lost 2.7 cents to settle at $4.362 per 1,000 cubic feet. ·
Ford Tops G.M. as Auto Sales Rise for All but Toyota
- at New York Times ·
Nasdaq May Face Antitrust Obstacles in $11.3 Billion Bid
for NYSE Euronext - at Bloomberg ·
S&P 500 Posts Longest Winning Streak Since February
on Faster Jobs Growth - at Bloomberg ·
AIG, Ally, GM CEO compensation will not increase
- Reuters ·
UPDATE 1-AIG, Ally, GM CEO compensation will not increase
- at Reuters ·
Ally Financial Files for IPO - Zacks
·
GM Gets $3.8B from Delphi Sale - Zacks
·
GM Cruze's New Height in U.S. - Zacks
·
TDS Reaffirmed at Neutral - Zacks
·
Vodafone to Boost Stake in Essar - Zacks
·
American Apparel Inc Common Sto ·
General Motors Company Common S ·
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