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News Summary: US stocks endure torrid week

Submitted by Fox First at Ten on November 9th

By The Associated Press INVESTOR VERTIGO: The U.S. is approaching the "cliff" and investors don't like what they see ahead. Stocks slumped this week as investors turned their focus to spending cuts and tax hikes that might kick in at the beginning of next year unless Congress acts.

Lockheed Martin ousts new CEO for relationship

Submitted by Fox First at Ten on November 9th

BETHESDA, Md. (AP) - Lockheed Martin Corp. has ousted its president and future CEO over a relationship with a subordinate. The defense company said Friday that its board of directors asked for and received the resignation of Christopher Kubasik from his role as vice chairman, president and chief

Beyond the 'fiscal cliff,' reasons for optimism

Submitted by Fox First at Ten on November 9th

By CHRISTINA REXRODE and MATTHEW CRAFTAP Business Writers NEW YORK (AP) - Forget about the "fiscal cliff." That might be hard, considering the drama of last week. The stock market had its worst two-day plunge in a year after voters returned President Barack Obama, a Republican House and a

CFTC says ex-Goldman trader hid $8.3B position

Submitted by Fox First at Ten on November 9th

By MARCY GORDONAP Business Writer WASHINGTON (AP) - The U.S. government has filed civil fraud charges against a former Goldman Sachs trader for hiding a trade that cost his employer more than $118 million. The Commodity Futures Trading Commission has sued Matthew Marshall Taylor in federal

Soybean prices fall sharply on crop forecast

Submitted by Fox First at Ten on November 9th

By The Associated Press Soybean prices ended lower Friday after the U.S. government increased its estimate of how big the crop would be. Soybeans for January delivery fell 44.5 cents to settle at $14.5125 a bushel. That's a loss of 3 percent. Corn and wheat futures also fell, but not as

US economic growth was likely stronger in Q3

Submitted by Fox First at Ten on November 9th

By MARTIN CRUTSINGERAP Economics Writer WASHINGTON (AP) - The U.S. economy appears to have grown over the summer faster than first thought. U.S. companies sold more goods overseas in September, helping narrow the nation's trade gap substantially. And wholesale companies boosted their

Oil ends higher, above $86 a barrel

Submitted by Fox First at Ten on November 9th

By The Associated Press The price of oil rose Friday as legislators began postelection talks on how to avoid the so-called fiscal cliff, and a report showed Americans' view of the economy is improving. On the New York Mercantile Exchange: Benchmark crude rose 98 cents to finish at $86.07

Figures on government spending and debt

Submitted by Fox First at Ten on November 9th

WASHINGTON (AP) - Figures on government spending and debt (last six digits are eliminated). The government's fiscal year runs Oct. 1 through Sept. 30.

Google's services unable to reach much of China

Submitted by Fox First at Ten on November 9th

MOUNTAIN VIEW, Calif. (AP) - Google says its search engine and other Internet services have been cut off from much of China just as the country's ruling party picks new leaders. Data posted on Google's website shows its services in China became largely inaccessible beginning around 1 a.m.

Precision Castparts buys Titanium Metals for $2.9B

Submitted by Fox First at Ten on November 9th

By The Associated Press Precision Castparts Corp. is buying Titanium Metals Corp. in a deal worth roughly $2.9 billion, the companies announced Friday. Precision, based in Portland, Ore., will pay $16.50 per share in cash for the Dallas-based titanium melted and milled products company, a 44