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April 17, 2013 05:38 PM

Wednesday Evening Business Brief

Investors are turning cautious on Wall Street just one week after the stock market hit an all-time high. Stocks fell amid new signs of weakness in Europe's economy. Poor earnings news from Bank of America and an apparent drop in demand for some Apple products contributed to the selling. The Dow lost 138 points. The S&P 500 fell 22 points and the Nasdaq was down 60.

  • Oil is down again today. It's the latest in a series of declines. The latest negative news for oil investors is an Energy Department report that suggests more drivers are staying home, giving them no reason to fill up their tanks. Benchmark crude dropped $2.04, or 2.3 percent, to close at $86.68 a barrel today in New York. Brent crude also dropped $2.22 to $97.69.
  • EBay reports its earnings and revenue grew in the first quarter thanks to growth in its PayPal business and its e-commerce sites. But the results fell shy of Wall Street's expectations. EBay says it earned $677 million, or 51 cents per share, in the January-March period. Revenue grew 14 percent to $3.75 billion, slightly below Wall Street's expectations.
  • A panel of respiratory experts has voted in favor of approving an experimental inhaler drug from GlaxoSmithKline and Theravance for treating chronic lung disease. A majority of Food and Drug Administration panelists voted that the Breo Ellipta inhaler is safe and effective for patients with chronic obstructive pulmonary disorder or COPD. The FDA isn't required to follow the group's recommendation, though it often does. A decision is expected by May 12.
  • Google says it will take over a troubled municipal fiber-optic system and make Provo, Utah, the third city to get its high-speed Internet service via fiber-optic cables. Google Fiber was rolled out in Kansas City, Mo., last year. The company announced earlier this month Austin, Texas, will be the second city to get it. The Provo deal is the first time Google is acquiring an existing system.
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