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AP Business NewsBrief at 11:54 a.m. EST
(Associated Press Via Acquire Media NewsEdge) Stocks jump as services sectors grow for 2nd monthNEW YORK (AP) _ Investors are moving into stocks as stronger reports on service industries and employment ease two of the biggest worries about the economy. The Institute for Supply Management says Wednesday the service industry activity grew for a second straight month in October. The ADP National Employment Report found 203,000 private sector jobs were lost in October, down from 227,000 in September.
Chrysler: cash up more than $1B from JuneAUBURN HILLS, Mich. (AP) _ Chrysler CEO Sergio Marchionne says the automaker is on firmer financial footing as it attempts to revive the company's sagging fortunes. Chrysler is announcing a new business plan at a daylong event Wednesday, including the introduction of three new Dodge cars by 2013 and new exteriors, interiors and engines on most of its current lineup.
NY files antitrust suit against chip maker IntelNEW YORK (AP) _ New York's attorney general has filed an antitrust lawsuit against Intel Corp., claiming the company used "illegal threats and collusion" to dominate the marketplace for computer microprocessors. Attorney General Andrew Cuomo claims that the world's biggest computer chip maker tried to prevent the sale of competitors' products by paying billions of dollars in kickbacks to computer manufacturers. The attorney general also says Intel retaliated against companies that did too much business with its rivals.
GM's Opel move raises anger, new uncertaintyBERLIN (AP) _ General Motors Co.'s decision to scrap the sale of European subisidiary Opel raised new uncertainty Wednesday over the unit's future, astonishing politicians in Germany and Russia and prompting workers to plan walkouts in protest. The GM board's unexpected decision to call off the sale to auto parts maker Magna International Inc. and Russian lender Sberbank was a startling end to months of haggling in which Chancellor Angela Merkel and other German leaders had strongly backed the deal.
ISM's service sector index grows again in OctoberNEW YORK (AP) _ The U.S. service sector grew for a second straight month in October, but at a slower pace than in September, as a broad economic recovery creeps along. The Institute for Supply Management said Wednesday that its service index dipped to 50.6 last month from 50.9. Any reading above 50 signals growth. Analysts polled by Thomson Reuters had expected a 51.5 for the index that tracks the country's hospitals, retailers, financial services companies and truckers.
House panel votes to give SEC more money, powerWASHINGTON (AP) _ The House Financial Services Committee voted Wednesday to give federal regulators more power and money to police major players in the stock market, four months after Bernard Madoff was sentenced for the biggest investment scam in history. The 41-28 vote was the panel's latest move to try to rein in abuses on Wall Street. It would give the Securities and Exchange Commission new enforcement powers, including the ability to offer bounty money to tipsters on fraud cases and the power to bar violators of the law from employment in any securities-related industry.
Time Warner 3Q profit drops, boosts outlookNEW YORK (AP) _ Media conglomerate Time Warner Inc. reported a 38 percent drop in third-quarter profit, hurt by declines at its AOL and publishing segments. Even so, the results beat expectations and the company boosted its full-year earnings forecast. And Time Warner said it is still on track to spin off AOL.
Merck, now No. 2 drugmaker, set for future buysTRENTON, N.J. (AP) _ The new Merck & Co. has become the world's second-biggest drugmaker overnight, with a fat wallet to fund future deals. That's after the maker of vaccines and cholesterol and diabetes drugs on Tuesday closed its acquisition of New Jersey neighbor Schering-Plough Corp. for $41.1 billion.
Pulte Homes posts $361.4M loss for Q3Pulte Homes Inc. lost $361.4 million in the third quarter, but with the acquisition of Centex Corp., the homebuilder's new orders increased by more than a third. Pulte completed its purchase of Centex in August, turning the Bloomfield Hills, Mich.-based company into the nation's largest builder. The deal gave Pulte more communities with cheaply priced homes for first-time buyers, as well as desirable land in Texas and the Carolinas.
Comcast 3Q profit up 22 pct, but growth slowsPHILADELPHIA (AP) _ Comcast Corp. reported a 22 percent increase in third-quarter earnings, buoyed by an investment gain and lower tax rate as it stepped up promotions on its bundled video, phone and Internet plans. The nation's largest cable TV operator also surpassed AT&T Inc. in the quarter as the country's largest Internet service provider.
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