Business | MyFOX Spokane

Earnings propel Dow to its biggest jump in a month

Submitted by Fox First at Ten on October 16th

By JOSHUA FREEDAP Business Writer Inflation is low, earnings are high, investors are happy. Stocks shot higher Tuesday, giving the market its biggest gain in a month. Results at Mattel, Goldman Sachs, and Johnson & Johnson were all above expectations. It was the second day of broad gains

Battery maker A123 files for bankruptcy protection

Submitted by Fox First at Ten on October 16th

By TOM KRISHERAP Auto Writer DETROIT (AP) - After years of struggling in the nascent market for electric cars, battery maker A123 Systems Inc. filed for bankruptcy protection Tuesday. The filing drew criticism from Republicans who claim the Obama administration has wasted millions of taxpayer

Gap announces management restructuring

Submitted by Fox First at Ten on October 16th

By ANNE D'INNOCENZIOAP Retail Writer NEW YORK (AP) - Gap has announced a management overhaul aimed at enabling the retailer to respond more quickly to customers' needs across the globe. The change will put the North American, international, online, outlet and franchise divisions under a

Stocks open higher on Wall Street; Mattel jumps

Submitted by Fox First at Ten on October 16th

By The Associated Press Stocks are opening higher on Wall Street after several big-name U.S. companies posted strong results for the third quarter. The Dow Jones industrial average was up 70 points at 13,491 shortly after the opening bell Tuesday. The Standard & Poor's 500 index rose

Text of memo from Citi incoming CEO

Submitted by Fox First at Ten on October 16th

By The Associated Press Text of a memo sent to Citigroup employees Tuesday by incoming CEO Michael Corbat: Dear Colleagues: I am both humbled by the confidence the Board has placed in me, and excited by the prospect of working closely with our management team and the Board to take our Company

Citi CEO to workers: 'Couldn't be more optimistic'

Submitted by Fox First at Ten on October 16th

By The Associated Press Text of a memo sent Tuesday to Citigroup's 262,000 employees by Vikram Pandit, who resigned as CEO: After five extraordinary years, I have decided to step down as CEO of Citi. It has been a privilege and an honor to serve Citi since December 7, 2007. Only you can

US industrial output rises but factories stay weak

Submitted by Fox First at Ten on October 16th

By MARTIN CRUTSINGERAP Economics Writer WASHINGTON (AP) - U.S. industrial production increased only modestly in September, held back by weak growth in factory output. The Federal Reserve said Tuesday that output at factories, mines and utilities rose 0.4 percent in September. That followed a 1.

More expensive gas pushes US consumer prices up

Submitted by Fox First at Ten on October 16th

By CHRISTOPHER S. RUGABERAP Economics Writer WASHINGTON (AP) - Higher gas costs drove up U.S. consumer prices in September for the second straight month. Outside energy, there was little sign of inflation. The Labor Department said Tuesday that the consumer price index rose a seasonally

PNC net income rises in 3Q as revenue jumps

Submitted by Fox First at Ten on October 16th

PITTSBURGH (AP) - The PNC Financial Services Group Inc.'s net income rose solidly in the third quarter, boosted by a one-time gain from a sale of Visa shares and higher fees from corporate clients. The bank's income from interest on loans increased, bucking an industry-wide trend, because

A123 Systems expects to default of some debt

Submitted by Fox First at Ten on October 16th

WALTHAM, Mass. (AP) - A123 Systems says a default on some of its debt is likely and it may be heading for bankruptcy protection. Just two months ago, the electric vehicle battery maker announced a $450 million lifeline from a Chinese company to stay afloat. It is getting a waiver on that debt for