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Best Buy, Nucor lead decline
NEW YORK - U.S. stocks fell after disappointing earnings from electronics chain Best Buy Inc. and a weak forecast from steel maker Nucor Inc. dented confidence in the outlooks for the holiday shopping season and corporate profits. Best Buy, down almost 5 percent, was among the biggest drags on the S&P 500. Shares of Best Buy fell 4.9 percent, or $2.62, to close at $51.30 on the New York Stock Exchange. Steel maker Nucor's stock lost 7.4 percent, or $4.75, to $59.60 on the NYSE after it warned that fourth-quarter profit would slide well below Wall Street's projections. Nucor was the S&P 500's third-biggest loser, with its decline pulling down steel and related stocks. A brief attempt at a rally after the Federal Reserve left benchmark rates unchanged, as expected, stalled when investors focused instead on the central bank's dour view of the slowdown in the housing market.
http://news.yahoo.com/s/nm/20061212/bs_nm/markets_stocks_dc_21
 
About 450 AOL Workers Are Laid Off As Firm Continues Restructuring Away From Dial-Up Internet
McLEAN, Va. - About 450 workers at the Dulles headquarters of AOL were laid off Wednesday as the company continues restructuring away from its traditional roots as a subscription-based provider of dial-up Internet access. AOL announced in August that it planned to cut about 5,000 jobs -- or roughly a fourth of its global workforce -- as it embarked on major changes designed to shift the company's revenue stream from subscription fees to online advertising. Many of AOL's key features, like e-mail accounts, are now available for free.
http://biz.yahoo.com/ap/061213/aol_job_cuts.html?.v=5
 
Lettuce Suspected As Probable Cause of E. Coli Outbreak Linked to Taco Bell, Officials Say
WASHINGTON - Health officials on Wednesday zeroed in on lettuce as the likely suspect in the E. coli outbreak linked to Taco Bell, though tracing the vegetable's source may prove difficult. The outbreak apparently has run its course after 71 confirmed cases of the disease in five states, primarily New Jersey, New York and Pennsylvania, officials said. Investigators considered cheddar cheese and ground beef as possible contaminated ingredients before settling on lettuce. The company first believed green onions were responsible, but follow-up testing by the government failed to confirm that. Interviews with patients and other investigative work pointed toward lettuce as the culprit. :sick:
http://biz.yahoo.com/ap/061213/e_coli_outbreak_taco_bell.html?.v=12
 
Engineer Indicted in Alleged Plot to Sell Military Trade Secrets to Asian Governments
SAN JOSE, Calif. - A Chinese engineer was charged Thursday with stealing trade secrets from a Silicon Valley company that made military training software and attempting to sell them to Asian governments. Xiaodong Sheldon Meng, 42, a Chinese national with Canadian citizenship, was indicted on 36 felony counts, including the rare charge of economic espionage to benefit a foreign government and various violations of military technology export laws. In an unrelated but similar economic espionage case, two other engineers pleaded guilty Thursday to stealing proprietary computer chip designs from four technology companies and attempting to smuggle them to China. Prosecutors say Meng stole the code for software made by his former employer, Quantum3D Inc., that's used to train military fighter pilots, and tried to sell it to the Royal Thai Air Force, the Royal Malaysian Air Force and a company with ties to China's military.
http://biz.yahoo.com/ap/061214/economic_espionage.html?.v=11
 
Investment Banks Lehman Brothers, Bear Stearns Report Record Earnings, Bonuses in 2006
NEW YORK - Lehman Brothers and Bear Stearns sent a not-so-subtle message to Wall Street on Thursday when announcing 2006 results -- the word "record" appears a combined 37 times in their earnings reports. Surging stock and bond markets, coupled with an unprecedented level of takeover activity, has turned the big investment houses into corporate cash machines. It is also delivering stratospheric bonuses to top employees, with Goldman Sachs Group Inc. doling out a staggering $16 billion this year. For all of fiscal 2006, Lehman Brothers Holdings Inc. reported record net income of $4 billion, up 23 percent from the previous year. Bear Stearns Cos.'s profit for the year soared 40 percent to $2.1 billion. Goldman Sachs said Tuesday its full-year profit soared 70 percent to $9.4 billion, and Morgan Stanley Inc. is set to deliver strong results when it reports next Tuesday. For chief financial officers, closing the books on 2006 has been an eye popping experience. They remain enthusiastic about 2007, though don't expect to see a repeat as the economy begins to moderate.
http://biz.yahoo.com/ap/061214/earns_investment_banks.html?.v=7
 
Adobe Matches Expectations With Record 4Q Revenue
SAN FRANCISCO - Adobe Systems Inc. reported record fourth-quarter revenue and an increase in profit of 16 percent, thanks in part to strong sales of the newest version of digital document software Acrobat. The report - and bullish comments from executives about the current quarter - sent Adobe stock up $2.21 in after-hours trading. Shares closed at $40.81, up 51 cents or 1 percent from Wednesday on the Nasdaq Stock Market.
http://biz.yahoo.com/ap/061214/earns_adobe_systems.html?.v=5
 
Hubbub Over ITunes Sales Reports
SAN JOSE, Calif. - Headlines this week that claimed sales at Apple Computer Inc.'s iTunes Music Store were "collapsing" have sparked a series of rebuttals from Wall Street to Main Street. Shares of Apple, which dipped about 3 percent to $86.32 on Tuesday following the gloomy media portrayals, have since rebounded. They closed Thursday at $88.55. The hubbub stemmed from a report Forrester Research distributed to the media Monday. After analyzing 2,791 U.S. iTunes debit and credit card purchases, the technology consulting firm concluded that the number of monthly transactions declined 58 percent between January and June 2006.
http://news.moneycentral.msn.com/provider/providerarticle.aspx?Feed=AP&Date=20061214&ID=6279004
 
Australia regulator says examining Qantas takeover
SYDNEY - Australia's competition regulator said on Friday it has started a review into an $8.7 billion buyout offer for Qantas Airways Ltd. from a group led by Macquarie Bank Ltd. and private equity firm Texas Pacific Group. The Australian Competition and Consumer Commission said it will assess the likely effect of the proposed acquisition on competition, including how the proposed acquisition would affect customers, suppliers and other competitors in the air transport industry.
http://news.moneycentral.msn.com/provider/providerarticle.aspx?Feed=OBR&Date=20061214&ID=6278972
 
Alcon Announces Voluntary Recall of Systane(R) Free LIQUID GEL Lubricant Eye Drops in the United States, Including Puerto Rico
Alcon Laboratories, Inc., a subsidiary of Alcon, Inc. ACL, announced today a voluntary recall of Systane(R) Free LIQUID GEL lubricant eye drops. This product is distributed only in the United States, including Puerto Rico. No other formulations of Systane(R) lubricant eye drops are included in this recall. This voluntary recall is in response to 11 consumer reports citing the presence of foreign material. Alcon has distributed over 5 million bottles of Systane(R) Free LIQUID GEL since its introduction in January 2006. After testing particles from the opened, partially used bottles that were returned to Alcon, the company identified the foreign material as mold. However, because of the characteristics of these molds, the development of an infection is considered unlikely. In fact, Alcon has received no reports of fungal infections associated with the 11 reports. The company is taking this action to voluntarily recall Systane(R) Free LIQUID GEL because eye drops that become contaminated after opening the bottle may cause eye infections. Alcon has notified the U.S. Food and Drug Administration of this voluntary action.
http://news.moneycentral.msn.com/provider/providerarticle.aspx?Feed=BW&Date=20061214&ID=6278981
 
Pratt & Whitney Rocketdyne Rocket Engine Repeats History - and Lifts Another Satellite into Space
CANOGA PARK, Calif. - A Pratt & Whitney Rocketdyne RS-27A rocket engine, generating 200,000 pounds of thrust, lifted a Delta II rocket into the skies today over Vandenberg Air Force Base in California carrying a classified satellite. For the RS-27A, this was a repeat performance of successful launches that now reach back more than three decades. Built by PWR -- a business unit of United Technologies Corp. UTX -- the RS-27A is the latest version of the RS-27 family of engines, which enjoys a 100 percent success record since its introduction in the early 1970s.
http://news.moneycentral.msn.com/provider/providerarticle.aspx?Feed=PR&Date=20061214&ID=6278975
 
It's about time!

http://biz.yahoo.com/ap/061215/immigration_raids_meatpackers.html?.v=5

Swift & Co. said its meatpacking plants were running at reduced levels a day after nearly 1,300 employees were arrested in a massive immigration sweep that temporarily halted operations.
The last time a major shift in the nation's meatpacking industry occurred was in the 1960s and 1970s when the industry shifted away from the urban areas in the Midwest and located to the Great Plains, where they drew more on immigrant labor.

During the 60s and 70s meatpacking wages were relatively higher than at manufacturing plants, running about 14 to 18 percent above manufacturing wages at that time, Mintert said. By 2002, meatpacking wages were running 25 percent below manufacturing wages. Accompanying the wage drop was the decline of unions in the plants. In the late 1970s, about 45 percent of the meatpacking industry was unionized. By the late 1980s, that had dropped to 21 percent as more immigrants took jobs in the industry, Mintert said.
 
Black & Decker guides Q4 below consensus, cites weak U.S. demand, sees challenges in 1H of Y07 (BDK) 86.92 : Co issues downside guidance for Q4 (Dec), sees EPS of $1.30-1.35 vs. $1.85 Reuters Estimates consensus. Co sees Q4 sales to decline 8%, cites weak conditions in the U.S.. CEO states, "The demand environment has weakened compared to recent quarters. In addition, orders from key retailers have decreased much more sharply than sell-through. Therefore, our U.S. sales have been significantly lower than we anticipated.... Looking ahead, we expect the housing market and weaker demand for discretionary goods will put pressure on our sales into 2007. While we do not expect that retailers will continue reducing inventory as they have this quarter, they will likely remain cautious. Considering this environment, ongoing commodity cost pressure and the strong results we posted in early 2006, we face significant challenges in the first half of 2007. We will provide detailed guidance for 2007 when we announce our fourth-quarter results in January".
 
Nice work if you can get it!!!

NEW YORK (AP) -- Morgan Stanley Inc., the second-largest U.S. investment house, gave chief executive John Mack $40 million in stock and options for 2006, reflecting the largest bonus awarded to a Wall Street CEO.
 
Diners Ill After Eating at Indiana Olive Garden
INDIANAPOLIS - More than 160 people claim they became ill after eating at an Olive Garden restaurant last weekend, health officials said Friday. Patrons at the Olive Garden on East 82nd Street in Indianapolis reported becoming ill after eating there Saturday, Sunday and Monday, he said. They said they had symptoms including nausea, vomiting, fever and diarrhea. Inspectors met with restaurant managers on Tuesday and found no health code violations. Health officials were collecting leftover food and stool samples from those stricken to try to pinpoint the source of the illness, Althardt said. A spokesman for the restaurant chain based in Orlando, Fla., and owned by Darden Restaurants Inc. (DRI), was not immediately available for comment Friday. :sick:
http://foxnews.smartmoney.com/bn/ON/index.cfm?story=ON-20061215-000936-1021
 
Westinghouse Signs Deal to Build 4 Nuclear Reactors in China
BEIJING — China and the United States signed an agreement today that paves the way for Westinghouse Electric Co. to build four civilian nuclear reactors in China, a multi-billion dollar coup for U.S. business over French and Russian competitors. A memorandum of understanding supporting the transfer of nuclear technology to China was signed by China's Minister for the National Development and Reform Commission Ma Kai and U.S. Energy Secretary Samuel Bodman. "This is an exciting day for the U.S. nuclear industry," Bodman said at the ceremony. "It is an example that if we work together we can advance not only our trade relations but also our common goal of energy security." The agreement capped several days of top-level trade talks between China and the U.S. that otherwise yielded few concrete results. It was signed on the sidelines of a closed-door meeting of five major oil importing nations hosted by China.
http://www.foxnews.com/story/0,2933,236940,00.html
 
R&D Shale Oil Extraction Leases Granted
DENVER — The Interior Department granted leases Friday for shale oil extraction experiments, a step allowing companies to determine how to tap into an estimated 100-year supply of oil locked in rock formations under Colorado, Utah, and southwest Wyoming. The leases, the first granted in 30 years, were issued two decades after companies abandoned large-scale commercial efforts in western Colorado because coaxing oil out of rock was laborious and expensive. The Interior Department issued 10-year leases for Shell Frontier Oil & Gas Co., Chevron USA and EGL Resources Inc. for 160-acre parcels for research and development projects in northwest Colorado.
http://www.foxnews.com/wires/2006Dec15/0,4670,OilShaleLeases,00.html
 
Spain Suspends Air Madrid's License
MADRID — Spain suspended the flying license of Air Madrid airline hours after the troubled carrier announced it was halting operations, leaving thousands of passengers stranded in Spain and abroad. The Civil Aviation authority rejected Air Madrid's proposals to resolve problems with repeated flight delays and security issues. "This decision has been taken with total independence of the absolutely irresponsible and unilateral behavior of the company," a Civil Aviation statement said. The two-year-old carrier, which mainly flies between Spain and Latin America, announced Friday that it was suspending operations. The company's statement made no mention of going out of business, but did not say when flights may resume. It blamed falling ticket sales on government announcement last Tuesday that threatened the suspension. Air Madrid officials did not give figures, but Spanish National Radio said up to 300,000 ticket-holders could be affected. The low-cost airline has come under criticism in recent months for delays that have left hundreds of passengers stranded at Madrid's Barajas international airport for days.
http://www.foxnews.com/wires/2006Dec16/0,4670,SpainAirMadrid,00.html
 
Strikers Picket 150 Goodyear Stores
LINCOLN, Neb. — Union members battling Goodyear Tire & Rubber Co. took their picket lines to about 150 tire retailers in the U.S. and Canada on Saturday, making their case directly to consumers for health care and retirement benefits. In Lincoln, about 50 United Steelworkers members protested at two Goodyear retailers, decrying the company's use of replacement workers during the 2-month strike. "We know what it takes to build tires, and unskilled workers just can't do it," said Gary Schaefer, 54, vice president of the United Steelworkers Local 286 in Lincoln. "We do not want the general public riding their lives on temporary workers." Goodyear spokesman Ed Markey said the protests do not affect plans to return to the bargaining table, scheduled to resume Monday in Pittsburgh for the first time since meetings broke off Nov. 17.
http://www.foxnews.com/wires/2006Dec16/0,4670,GoodyearSteelworkers,00.html
 
Fivetears said:
Health officials were collecting leftover food and stool samples from those stricken to try to pinpoint the source of the illness
Click to expand...

What a job. I wonder if any of those health officials are TSP participants on this board...

Who in here is collecting stool samples??
 
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