More states add jobs, but many for temporary staff
WASHINGTON (AP) -- In a
sharp improvement, more than half of U.S. states added jobs in October, though
economists said many of the gains likely occurred in temporary employment.
That's customarily a
positive a sign. Employers usually hire temporary workers before they add
full-time jobs. But in this case, the temporary hiring may be inflated by the
auto sector, which has boosted production to replace depleted inventories. As a
result, the increase might not be sustainable.
Some of last month's job
gains also were in sectors such as education, health care and government, which
have fared relatively well during the recession. By contrast, there's little
evidence that companies in hard-hit industries are hiring permanent staff.
D.R. Horton sees 26 perecent
spike in 4Q orders
Homebuilder D.R. Horton
Inc., saw new home orders spike 26 percent from a year ago in the latest
quarter as buyers raced to close deals and take advantage of a federal tax
credit. But a wider-than-anticipated loss fueled by write-downs sent shares
tumbling more than 15 percent Friday.
The surge in orders came as
many first-time homebuyers sought to qualify for an $8,000 tax credit that was
set to expire at the end of this month before Congress extended it into next
year.
D.R. Horton, which caters
primarily to first-time buyers, and other builders have seen home orders
improve thanks to the incentive. But the tax credit also has raised concerns
that it has merely pulled sales forward.
Stocks fall for 3rd day as
dollar strengthens
NEW YORK (AP) -- The stock
market ended a down week with light selling as investors grew uneasy about a
rising dollar and spiking demand for the safest government debt.
After two strong weeks,
investors tried unsuccessfully to extend the market's rally after major stock
indexes closed at 13-month highs on Tuesday. Disappointing reports on housing
and worries about flagging demand at technology companies sapped strength from
the market's eight-month rally.
The Dow Jones industrial
average slipped 14.28 to 10,318.16 and ended the week with a 0.5 percent gain
but broader indexes slid.
J.M. Smucker 2nd-quarter
profit soars on coffee
PORTLAND, Ore. (AP) -- J.M.
Smucker Co. nearly tripled its profit in the second quarter as the addition of
Folgers coffee gave a jolt to its lineup and lower commodity prices fattened
its profit margins.
The company also raised its
outlook for the year, sending its shares soaring Friday.
Smucker -- which makes
products such as Jif peanut butter, Pillsbury frosting and its namesake jams
and jellies -- said it continues to benefit during tough times as consumers are
eating at home more and placing greater emphasis on value.
The company, based in
Orrville, Ohio, earned $140 million, or $1.18 per share, for the quarter, up
sharply from $51.5 million, or 94 cents per share, earned last year.
Chase drops arbitration from
card contracts
BOSTON (AP) -- JPMorgan
Chase & Co. said Friday it is dropping a clause from its credit card
contracts that required disputes with customers to be handled through binding
arbitration, a move that could lead to consumers filing class-action and other
lawsuits.
A spokesman for the New
York-based bank's Chase Card Services unit confirmed the change after a law
firm that sued banks over arbitration clauses announced a tentative settlement
with JPMorgan Chase.
Chase decided to stop
sending credit-card disputes to arbitration in July, and now is removing the
arbitration clause, spokesman Paul Hartwick said.
Natural gas plunges 12
percent this month
NEW YORK (AP) -- Natural gas
prices have dropped by more than 12 percent in the past month as the country
continues to sip at its energy reserves and a balmy November allowed homeowners
to leave the heat off.
Retail prices for natural
gas, or what many consumers will pay to heat their homes, are expected to be
substantially lower this year.
Spot prices for natural gas
have dropped to almost half of what they were last year, though they've
increased slightly this month, according to the Energy Information Administration.
The recession has kept
natural gas demand low most of the year. With manufacturers shuttering
factories and closing offices, the country is using less electricity and power
plants are burning less natural gas.
EU extends Oracle/Sun review
deadline until Jan 27
BRUSSELS (AP) -- European
Union regulators said Friday that they have extended until Jan. 27 a deadline
to wrap up their antitrust review of Oracle Corp.'s planned $7.4 billion
takeover of Sun Microsystems Inc.
The European Commission said
Oracle had asked for more time "in order to have the opportunity to
further develop its arguments in response to the Commission's concerns."
The EU executive gave them
an extra six working days.
Regulators sent a formal
charge sheet to Oracle earlier this month laying out competition problems that
they see with the deal, claiming Oracle's purchase of open-source database
software MySQL could eliminate a crucial rival and hike prices.
GE, Vivendi talks over NBC
Universal stretch on
PHILADELPHIA (AP) -- A deal
for Comcast Corp. to buy a controlling stake in NBC Universal and create one of
the most powerful media companies in the world is taking longer than expected
as the current owners tussle over price.
Comcast, the largest cable
TV operator in the United States, wants NBC Universal largely for its lucrative
cable channels, but it isn't likely to raise its offer to General Electric Co.,
which first needs Vivendi SA to sell its minority stake.
If GE had to pay Vivendi
more for that stake, it would have to absorb the additional cost because
Comcast's agreement with GE is "set" and separate from the Vivendi
talks, according to a person familiar with the situation, speaking on condition
of anonymity because the person is not authorized to disclose private negotiations.
Sony hopes online service
will build brand loyalty
TOKYO (AP) -- Sony's new
online service connecting the whole range of its gadgets to downloadable
content like movies and games should help build brand loyalty, a top executive
said Friday.
Executive Vice President
Kazuo Hirai said the service, set for launch next year, highlights an advantage
that Sony has over rivals like Samsung Electronics Co. and other manufacturers
that don't produce their own content. Sony's business empire spans gaming, electronics,
movies and music.
The online service will
include games, movie downloads and other interactive entertainment, which will
be accessible on Sony products, such as Bravia TVs, Cyber-shot digital cameras
and Reader electronic books.
Flurry of IPOs signals IPO
rebound to continue
NEW YORK (AP) -- The flurry
of initial public offerings this week is confirmation that this fall's rebound
in the market wasn't a fluke and sets the stage for more companies to raise
money through IPOs in 2010. But the response to two of the newly public
companies shows that investors continue to be careful about where they place
their bets.
This week was the
second-biggest for new issues -- with five IPOs -- since the market began
heating up in mid-September. There have been 22 new offerings so far this
quarter, compared to just one in the final three months of last year. There are
more than 90 companies in the 2010 IPO pipeline.
By The Associated Press
The Dow slipped 14.28, or
0.1 percent, to 10,318.16.
The broader Standard &
Poor's 500 index fell 3.52, or 0.3 percent, to 1,091.38, while the Nasdaq fell
10.78, or 0.5 percent, to 2,146.04.
Benchmark crude also dropped
Friday, giving up 74 cents to settle at $76.72 a barrel on the last trading day
for the December contract. Crude prices for January delivery lost 58 cents to
settle at $77.47.
In other Nymex trading,
heating oil fell 2.08 cents to settle at $1.9756 a gallon. Gasoline for
December delivery added 1.11 cents to settle at $1.9806 a gallon. Natural gas
added 8.2 cents to settle at 4.424 cents per 1,000 cubic feet.
In London, Brent crude for
December delivery fell 42 cents to $77.22 on the ICE Futures exchange.