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[January 29, 2013]
AP Business NewsBrief at 5:25 p.m. EST
(Associated Press Via Acquire Media NewsEdge) Stocks advance, pushing Dow toward 14,000NEW YORK (AP) _ Pfizer helped keep the stock market rally alive Tuesday. The drugmaker's stock gained after posting strong earnings, pushing the Dow closer to 14,000. The Dow Jones industrial average rose 73 points to close at 13,954.42 points, ending higher for the seventh day in eight. The Standard and Poor's 500 also rose, adding eight points to 1,507.84 points. The Nasdaq composite dropped less than a point to 3,153.66.
Amazon.com posts lower 4Q net incomeNEW YORK (AP) _ Amazon.com says its fourth-quarter net income fell 45 percent, as higher revenue failed to keep pace with increased spending on order fulfillment and digital content. Revenue, along with revenue guidance for the current quarter, missed Wall Street's expectations _ but investors still sent the world's top online retailer's stock up more than 10 percent in after-hours trading.
Adver-teasers: Super Bowl viewers get peek at adsNEW YORK (AP) _ Super Bowl advertisers are learning the art of the tease. Supermodel Kate Upton appears in an online Mercedes-Benz video in a low-cut top. An unknown man wakes up with his face covered in smeared lipstick and his hands bound in furry handcuffs in a Gildan Activewear clip. And "30 Rock" star Tracy Morgan seemingly curses in a spot for Kraft's Mio flavored drops.
Microsoft retools Office for touch screen, Web useSAN FRANCISCO (AP) _ Microsoft is aiming its redesigned Office software at the growing number of people who expect their favorite applications to be at their fingertips, wherever there's an Internet connection. In an attempt to extend a lucrative franchise beyond personal computers, the world's biggest software maker is selling a retooled version of Office as an online subscription service to consumers for the first time. It's a departure from Microsoft's traditional approach of granting permission to install Office on solitary machines for a one-time fee.
Oil jumps above $97 with economy in focusNEW YORK (AP) _ The price of oil climbed above $97 a barrel Tuesday for the first time in four months, and analysts said it could go higher if upcoming reports on jobs and U.S. economic growth are positive. Benchmark oil for March delivery rose $1.13, or 1.2 percent, to close at $97.57 on the New York Mercantile Exchange. Oil hadn't closed above $97 in New York since Sept. 14. It is now up more than $5 a barrel this year and U.S. drivers are finding higher prices at the gas pump.
Reid: Replace automatic cuts in short incrementsWASHINGTON (AP) _ The top Democrat in the Senate said Tuesday that lawmakers should redouble their efforts to replace looming across-the-board cuts to the Pentagon and domestic programs with alternative spending cuts and tax hikes. The comments by Majority Leader Harry Reid came amid increasing resignation among both Democrats and Republicans that the across-the-board cuts will soon take effect. The cuts were an element of the so-called fiscal cliff that was partially averted this month with the extension of Bush-era tax cuts.
Ford shares down as 4Q profit eclipsed by EuropeDEARBORN, Mich. (AP) _ Ford is posting record profits in North America, but it's not enough to quell unease about the company's prospects elsewhere. Ford's shares dropped nearly 5 percent Tuesday after the company said it expects to lose more money in Europe this year and break even in Asia and South America. The final straw for investors: Ford said sales will increase next year but profits should remain about the same, dashing hopes that margins will continue to grow.
Glance: 5 teasers to watch before the Super BowlAt least 15 advertisers are expected to launch teasers for their ads running during Super Bowl XLVII. The goal is to create interest for ads without spilling the beans on the Game Day spot. Here are 5 teaser ads to seek out online before the game on Sunday: 1. Mercedes-Benz: In a spot that has gotten 5.4 million views on Youtube.com, supermodel Kate Upton wears a low-cut tank top as she oversees football players washing her car.
Grandson of oil tycoon T. Boone Pickens diesFORT WORTH, Texas (AP) _ A spokesman for T. Boone Pickens says a grandson of the oil tycoon has died. Pickens' spokesman Jay Rosser said Tuesday that the death of Thomas Boone Pickens IV is an "unspeakable family tragedy." He asked that the family be allowed to grieve in private.
Wanxiang says panel approves A123 saleDOVER, Del. (AP) _ Chinese auto parts conglomerate Wanxiang Group Corp. said Tuesday that a federal panel has approved its purchase of most assets of failed battery maker A123 Systems Inc. The approval by the Committee on Foreign Investment in the United States (CFIUS) came more than a month after a Delaware bankruptcy judge signed off on the deal, valued at nearly $257 million.
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