Oil price falls below $86 on mixed economic data (AP)

NEW YORK – Oil prices fell Thursday after a series of reports pointed to higher demand and growing supplies in coming months. Here's how energy contracts traded. On the New York Mercantile Exchange: Crude fell 81 cents to end at $85.30 per barrel. Gasoline rose less than a penny to finish at $2.6755 per gallon. Heating oil added 4.89 cents to end at $3.0301 per gallon. Natural gas increased 4.4 cents to finish at $3.630 per 1,000 cubic feet. On the ICE Futures exchange in London: Brent crude rose $1.37 to end the day at $109.76 per barrel....

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Wall St. edges higher; Europe anxiety remains (Reuters)

NEW YORK (Reuters) – Stocks ended with modest gains on Thursday, shifting back and forth on incremental developments in Europe where leaders sought to reassure investors that a solution to the debt crisis would come soon. The S&P has alternated gains and losses for seven days at the close and has kept to a tight range as markets watch for the latest news out of Europe. Germany and France released a statement on Thursday saying leaders would now hold two summits to discuss the debt crisis, with a solution in place by Wednesday's second meeting. "The statement was enough for us to come off the lows, but there is still a long way to go," said Robert Pavlik, chief market strategist at Banyan Partners LLC in New York. Market anxiety remained elevated. The CBOE Volatility Index VIX (.VIX),...

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Occupy Wall Street becomes NYC tourist stop (AP)

NEW YORK – Shawn Lahey, a ruler factory worker from Poughkeepsie, was watching the show. A dancing man held a pole marked "corporation," attached to a noose marked "financial system" — from which another dancing man was "hanging." Masked drummers provided a thumping soundtrack. Times Square? Nope. He was all the way down in Manhattan's financial district, where the Occupy Wall Street protesters have camped out for more than a month. Zuccotti Park has become a hub for more than demonstrators. Visitors, curious to see protest in action, are regular arrivals. Some take photographs of themselves, protesters and their signs in the background. On a typical day they clog the pedestrian traffic in the area, which is often bustling with financial district employees pushing their way through. "I think...

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Exclusive: Nasdaq hackers spied on company boards (Reuters)

(Reuters) – Hackers who infiltrated the Nasdaq's computer systems last year installed malicious software that allowed them to spy on the directors of publicly held companies, according to two people familiar with an investigation into the matter. The new details showed the cyber attack was more serious than previously thought, as Nasdaq OMX Group had said in February that there was no evidence the hackers accessed customer information. It was not known what information the hackers might have stolen. The investigation into the attack, involving the FBI and National Security Agency, is ongoing. "God knows exactly what they have done. The long term impact of such attack is still unknown," said Tom Kellermann, a well-known cyber security expert with years of experience protecting central banks...

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Ford Invests $200 Million, 1,200 New Jobs at Illinois Plants (ContributorNetwork)

This Wednesday, Illinois Gov. Pat Quinn announced that Ford Motor Company will be expanding its operations in Illinois and bringing more opportunities for residents and the state's economy. * Ford Motor Company will be investing $200 million into expanding its Chicagoland facilities, specifically on the city's far south side at its assembly plant and at the company's Chicago Heights stamping plant. * The company's investment will also help create approximately 1,200 jobs at its facilities in Chicago and Chicago Heights. * Currently the assembly plant produces several Ford models, including the Explorer, Taurus, and Lincoln MKS. * Gov. Quinn commented on the importance of Ford's decision to expand in the state, "Creating jobs for Illinois workers is our number one priority. This...

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Factory, jobs data offer hope for economy (Reuters)

WASHINGTON (Reuters) – Factory activity in the Mid-Atlantic region rebounded in October and the number of Americans claiming new jobless benefits fell last week in fresh signs that the economy was likely to duck a new recession. Optimism over the economy was tempered, however, by other data on Thursday showing a drop in sales of previously owned homes and only a small rise in a gauge of future growth. "The numbers we have seen today provide some hints that the domestic economy is doing a little bit better, even with the challenges that are unfolding in Europe," said Michael Strauss, chief economist at Commonfund in Wilton, Connecticut. Initial claims for state unemployment benefits slipped 6,000 to 403,000 last week, the Labor Department said. A four-week average, which smoothes out weekly...

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Jack Daniel's distillery targeted for more taxes (AP)

NASHVILLE, Tenn. – For decades, Jack Daniel's whiskey has celebrated its small Tennessee hometown of Lynchburg with folksy, black-and-white advertisements urging folks to slow down and have a sip. Now local officials want the maker of the world's top-selling whiskey to pay a bigger bar tab as they struggle with their budget. How does up to $5 million sound? A measure approved by the Moore County Council asks the Tennessee legislature to authorize a local referendum on whether the distillery should pay that much in new taxes on the 500,000 barrels it fills with whiskey each year. The 145-year-old distillery, tucked away on 1,700 hilly acres down the road from Lynchburg's quaint town square, now pays $1.5 million in local property taxes. If the barrel tax is approved, it would be a huge help...

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Capital One posts 3rd-qtr profit edges up 1 pct (AP)

NEW YORK – Capital One Financial Corp. on Thursday said its third-quarter profit edged up 1 percent, as it wrote more auto and commercial loans and defaults eased. A spike in marketing and operating expenses and an increase in a reserve set aside to handle claims against the bank related to soured mortgages tempered the gains. The McLean, Va.-based bank had net income for the quarter ended Sept. 30 of $813 million, or $1.77 per share, compared with $803 million, or $1.76 per share, in the year-ago period. Total revenue rose 3 percent to $4.15 billion, from $4.02 billion last year. Analysts, on average, were expecting profit of $1.68 per share on revenue of $4.04 billion, according to data provided by FactSet. Net interest income, or money earned from deposits and loans, rose 6 percent to...

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Feeble Windows holds back Microsoft profit (Reuters)

SEATTLE (Reuters) – Microsoft Corp's flagship operating system made only slight gains last quarter, largely due to business and emerging market spending, holding back profit growth for the world's largest software company. Sales of Windows, which still runs more than 90 percent of the world's personal computers, edged up only 2 percent from the year-ago quarter, in line with limp PC sales across the board. That broke the streak of three straight quarters of declines, but it fell short of some analysts' hopes. "We still had Windows miss again, although not by nearly as much as it has the last couple quarters," said Brendan Barnicle, an analyst at Pacific Crest Securities. Sales of Windows 7, Microsoft's latest system, have leveled off after a big launch in 2009. Growth is now dependent on...

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Free necklaces and shipping for holiday shoppers? (AP)

NEW YORK – Retailers are so desperate this holiday season that they're willing to lose money to get you to spend yours. Take online jeweler Stauer. It's offering a $249 amethyst necklace for free — provided customers pay the $24.95 it costs to ship it. Stauer will lose money on the deal, but it hopes to reel in new customers who will buy other jewelry. "In this economy, you have to be outrageous in your offers," said Michael Bisceglia, the president of Stauer who found that more than a third of customers who took advantage of a similar deal on a $179 pearl necklace in 2009 bought additional items. "You have to shake up the world a bit." Not every retailer will go as far as giving away merchandise during the holidays, but many will offer profit-busting incentives to lure cost-conscious consumers....

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California subpoenas BofA over mortgages: report (Reuters)

(Reuters) – The California attorney general's office subpoenaed Bank of America Corp this week about the sale and marketing of troubled mortgage-backed securities to investors in the state, the Los Angeles Times reported. The state is trying to determine whether the bank and Countrywide Financial had sold the securities to investors under false pretenses, the paper reported, citing a person familiar with the matter. Bank of America bought Countrywide in 2008, leaving itself with billions in losses from soured loans and lawsuits. The subpoenas come as state attorneys general and federal officials are negotiating a broad mortgage settlement with Bank of America and other major lenders. California reportedly walked away from those talks two weeks ago, although it is possible the state could...

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More cuts voted in Greece; riots leave 100 hurt (AP)

ATHENS, Greece – Greek lawmakers passed a deeply resented new austerity bill Thursday, caving in to the demands of international creditors in order to avoid a national bankruptcy, as a second day of riots left one protester dead and more than 100 people wounded. The austerity measures won 154-144 in the 300-member parliament despite dissent from a prominent Socialist lawmaker who voted against a key article of the bill. The vote was expected to pave the way for a vital euro8 billion ($11 billion) payout from creditors within weeks so Greece can stay solvent. Clouds of tear gas choked central Athens ahead of the vote as riot police intervened to separate rival demonstrators who fought for several hours with firebombs and stones outside parliament. A 53-year-old construction worker died of...

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HP loses strategy chief as overhaul rumbles on (Reuters)

SAN FRANCISCO (Reuters) – Hewlett-Packard Co's chief strategy and technology officer has retired, becoming the latest senior executive to leave the storied Silicon Valley giant struggling to restore its tarnished credibility. Shane Robison, 57, will step down on November 1, ending an 11-year term at the company, which is now pondering a sale or spinoff of its core personal computing division and trying to assure skeptical investors it can restructure to return to growth. HP appointed former California gubernatorial candidate Meg Whitman CEO just last month, after firing former leader Leo Apotheker for a series of missteps, including a poor run at convincing Wall Street he had not overpaid for British software firm Autonomy Plc. Robison, a pivotal figure in crafting long-term strategy for...

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Fed debate about more easing heats up (Reuters)

NEW YORK (Reuters) – Two top Federal Reserve officials are arguing the U.S. central bank should consider resuming controversial large-scale mortgage bond purchases to support a fragile economic recovery. In his first speech explicitly on the economic outlook since joining the Fed in 2009, Fed Governor Tarullo on Thursday said there was "ample room" for policymakers to do more. Tarullo said mortgage bond purchases should be on the table, a sentiment echoed by Boston Fed President Eric Rosengren in an interview with the Wall Street Journal on Wednesday. Tarullo and Rosengren's comments mark the first public discussion of the possibility of more mortgage bond purchases, which were a controversial part of the first round of quantitative easing in 2009. Other Fed officials said on Thursday the...

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Mortgage rates for the past 52 weeks, at a glance (AP)

The average rate on the 30-year fixed mortgage rose sharply this week after falling below 4 percent for the first time in history, Freddie Mac said Thursday. Here's a look at rates for fixed and adjustable mortgages over the past 52 weeks. Current week's average Last week's average 52-week high 52-week low 30-year fixed 4.12 3.94 5.05 3.94 15-year fixed 3.37 3.26 4.29 3.26 5-year adjustable 3.06 2.96 3.92 2.96 1-year adjustable 2.90 2.95 3.43 2.81 All values are in percentage points. Source: Freddie Mac Primary Mortgage Market Survey. ...

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Safeway 3Q profit climbs on improved revenue (AP)

PORTLAND, Ore. – Safeway Inc. says it coming up with new answers as it finds itself facing the same economic challenges that have plagued the grocery industry for years. It's a tough time for the grocers: shoppers are still carefully watching what they spend, food prices continue to rise and competition is intensifying. The chains that are succeeding have found new ways to do so. Safeway did not increase its sales volume during its most recent quarter and it saw fewer shoppers in its stores. But the company managed to increase its fiscal third-quarter profit as it increased its sales of private-label products and relied more on gasoline sales to drive its revenue. It also has also put a heavy emphasis on reducing product loss, due to breakage, theft or other means, to control costs and improve...

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Fitch downgrades UBS, puts other banks on review (Reuters)

(Reuters) – Fitch Ratings downgraded UBS AG (UBS.N) on Thursday and placed seven other U.S. and European banks on credit watch negative, citing challenges in the economy and financial markets, as well as the impact of new regulations. The ratings agency lowered UBS's long-term issuer default rating to A from A+. Fitch is also reviewing ratings for Barclays Bank Plc (BARCBB.UL), BNP Paribas (BNPP.PA), Credit Suisse Group AG (CSGN.VX), Deutsche Bank AG (DBKGn.DE), Societe Generale (SOGNNY.UL), Bank of America Corp (BAC.N), Morgan Stanley (MS.N) and Goldman Sachs Group Inc (GS.N) for further possible downgrades. The cuts would in most cases be one notch and in some cases two notches, Fitch said. A lower bond rating can make debt more expensive to issue and lead to higher collateral requirements....

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