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Wall St. falls from records, led by technology stocks

Traders works on the floor of the New York Stock ExchangeNEW YORK (Reuters) - U.S. stocks finished down on Tuesday, a day after the S&P and Dow hit records, and the Nasdaq retreated with technology stocks.

Tue, 03 Mar 2015 16:38:51 -0500
Pimco CIO Ivascyn says 'late decision-makers' behind withdrawals

PIMCO-Ivascyn-Dan-Main_cropPimco's top investment officer said on Tuesday that "late decision makers" are largely behind a rush of withdrawals from its flagship bond fund some five months after the departure of longtime manager Bill Gross, but the outflows should taper off before long. Dan Ivascyn, group chief investment officer for Pimco, said in an interview that many institutional investors take months to decide on and execute a reallocation from one fund or firm to another. Ivasycn's comments came as the firm reported another $8.6 billion of outflows in February from the Pimco Total Return Fund, bringing withdrawals to $76.6 billion since Gross moved from Pimco to Janus Capital Group Inc. "Not surprised by the outflows," Ivascyn said by phone from the firm's Newport Beach, California, headquarters.

Tue, 03 Mar 2015 17:13:48 -0500
Apple exploring settlement with electric car battery maker

The leaf on the Apple symbol is tinted green at the Apple flagship store on 5th Ave in New YorkApple is exploring how to make an electric car and has been hiring engineers with deep expertise in automobile systems. Around June 2014 Apple began aggressively poaching A123 engineers tasked with leading some of the company's most critical projects, A123's lawsuit said. Representatives for Apple and A123 could not immediately be reached for comment. A123 filed the breach of contract lawsuit in February against Apple and five former A123 employees.

Tue, 03 Mar 2015 18:34:45 -0500
United Airlines expects to use its cash pile to buy aircraft this year

United Continental Airlines CFO John Rainey speaks during Reuters Aerospace and Defense Summit in WashingtonUnited Airlines expects to dip into its cash pile to help fund the purchase of new aircraft this year and rely less on debt financing, reflecting the U.S. airline industry's dramatic financial turnaround, the carrier's Chief Financial Officer John Rainey said in an interview. While cash-rich companies have been under pressure from shareholders to increase dividends, United, the fourth-largest U.S. carrier by market capitalization, has said it is focused on finishing a $1 billion share buyback program and that there are no current plans to restore a dividend. How to efficiently use excess cash is a relatively new issue for U.S. airlines.

Tue, 03 Mar 2015 18:41:42 -0500
Springleaf to buy Citi's OneMain to become top U.S. subprime lender

A Citi sign is seen at the Citigroup stall on the floor of the New York Stock ExchangeSpringleaf Holdings Inc said it would buy Citigroup Inc's OneMain Financial Holdings Inc for $4.25 billion in cash, creating the largest subprime lender in the United States. Citigroup has been seeking to hive off OneMain since at least 2011 as part of the No. 3 U.S. bank's plan to sell unwanted assets and focus on wealthier clients. The deal will create a lender with $15 billion in assets and nearly 2,000 branches, serving the large and growing population of non-prime customers in the United States. Springleaf shares soared 38 percent to a record $52.44 on Tuesday.

Tue, 03 Mar 2015 13:07:00 -0500
U.S. CEOs modestly more upbeat on economy, spending: survey

Stephenson Chairman and CEO of AT&T speaks during session at World Economic Forum in Davos"The U.S. economy and the job outlook are starting the year in a stronger position than 2014," said Randall Stephenson, chairman of Business Roundtable and CEO of AT&T Inc . Passage of tax-extender legislation late last year gave companies greater confidence to invest, Stephenson said.

Tue, 03 Mar 2015 11:23:52 -0500
Sluggish February U.S. car sales blamed on blustery weather

Fiat Chrysler's Dodge minivans move down the final production line at the Windsor Assembly Plant in Windsor, OntarioFor the second year in a row, ferocious winter weather slowed U.S. vehicle sales in February, causing the major automakers to miss analysts' bullish projections. "Mother Nature was just not nice to us," said Fred Diaz, U.S. chief for the Nissan brand. Total U.S. sales in February rose 5.3 percent to 1,257,619 vehicles, according to research firm Autodata. The industry finished with an annualized sales rate in February of 16.23 million vehicles, far below the 16.7 million that economists polled by Thomson Reuters had expected.

Tue, 03 Mar 2015 15:12:01 -0500
Apple plans fix next week for newly uncovered Freak security bug

The Apple logo is pictured on the front of a retail store in the Marina neighborhood in San FranciscoApple Inc and Google Inc said on Tuesday that they have developed fixes to mitigate the newly uncovered 'Freak' security flaw affecting mobile devices and Mac computers. The vulnerability in web encryption technology could enable attackers to spy on communications of users of Apple's Safari browser and Google Inc's Android browser, according to researchers who uncovered the flaw. Apple spokesman Ryan James said the computer had developed a software update to remediate the vulnerability, which would be pushed out next week.

Tue, 03 Mar 2015 17:29:51 -0500
Oil up as Netanyahu blasts Iran, Libya forces strike terminals

An oil well is seen near DenverOil rebounded on Tuesday as Israeli Prime Minister Benjamin Netanyahu warned the Obama administration against accepting a weak nuclear deal with Iran, while rival Libyan forces targeted oil terminals in the African nation. Higher prices imposed by Saudi Arabia on its crude buyers in Asia, the United States and northwest Europe was another positive development, traders said, although some had expected benchmark Brent and U.S. oil futures to rally even more on that. U.S. crude futures were volatile on concerns that oil inventories in the United States had hit record highs. Industry group American Petroleum Group (API), however, indicated that last week's crude builds could be smaller than initially thought.

Tue, 03 Mar 2015 17:26:05 -0500
Target to cut thousands of jobs, eyes $2 billion in cost cuts

A Target logo is seen during the going-out-of-business sale at Target Canada in Toronto(Reuters) - U.S. retailer Target Corp on Tuesday said it planned to cut several thousand jobs, mainly from headquarters locations, as part of a restructuring that will cut $2 billion in costs over two years. The cost-cutting forms a key plank of a revival plan outlined by Chief Executive Officer Brian Cornell, who is seeking to narrow the retailer's focus to a handful of key product lines and bolstering its online business to rejuvenate sales.

Tue, 03 Mar 2015 16:25:18 -0500
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