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Today's News
News Summary: Best Buy reports 1Q loss
53 minutes ago
THE NEWS: Best Buy Co. on Tuesday reported a loss for its fiscal first quarter as it sold its stake in Best Buy Europe and works on a turnaround plan that includes cutting costs and closing some stores. WHAT'S NEXT: The company did not give an earnings projection but said it expects tough price competition to continue in the second quarter.
Medtronic rises on better-than-expected 4Q results
55 minutes ago
Medtronic shares rose 5 percent Tuesday after the company reported better-than-expected fourth quarter earnings on sales of implantable heart defibrillators and pacemakers. That was better than estimates of analysts polled by FactSet who predicted earnings per share of $1.03 on revenue of $4.38 billion.
Felman to temporarily idle furnace at W.Va. plant
57 minutes ago
Felman Production LLC plans to temporarily idle one of three electric arc furnaces at its ferroalloys plant in New Haven and lay off union workers. The company says in a news release that several management and contract positions already have been eliminated. Felman attributes the cuts to a decline in silicomanganese prices and increasing manufacturing costs. The company says the furnace could remain shut down until market conditions improve.
Eminem's publisher sues Facebook over song usage
57 minutes ago
Eminem's song publisher is suing Facebook and an ad agency, saying they copied music from one of the rapper's songs. The Detroit Free Press ( http://on.freep.com/10LFB2N ) reports that the ad was featured in a webcast by Facebook founder Mark Zuckerberg to announce Facebook Home, an interface for Android phones. http://on.freep.com/10LFB2N The complaint says Portland, Ore., ad agency Wieden+Kennedy copied Eminem's music "in an effort to curry favor" with Facebook by catering to Zuckerberg's personal likes and to "invoke the same irreverent theme" of the song.
