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July 13, 2013 11:25 AM

Saturday Midday Business Brief

  • Amid mixed economic signals, Wall Street closed the week with small gains - just enough to post new record highs. Stocks rallied at the last minute and the Dow finish with a gain of three points at 15,464, while the S&P 500 added 5 to 1680, both new thresholds. The gains come as a sign investors believe the market's rally this year may not be over yet.
  • AT&T Inc. says it has agreed to acquire Leap Wireless International Inc., the pre-paid cellphone carrier that operates under the Cricket brand, for about $1.19 billion in cash, or $15 a share. The purchase gives the nation's No. 2 cellphone carrier a leg-up in serving customers who prefer not to have lengthy contracts. Leap's Cricket service has 5 million subscribers who pay monthly without a contract.
  • Among the earnings reports due next week are quarterly financial results for Citigroup, CSX Corp. and Coca Cola. Reports also are due for the Goldman Sachs Group, Inc., Johnson & Johnson, Yahoo, American Express, Verizon, Bank of America, eBay Inc., and International Business Machines Corp.
  • A fire aboard an empty 787 at Heathrow Airport spooked Boeing investors Friday, as they feared the re-emergence of battery problems that grounded the plane for months earlier this year. At one point, a rapid sell-off had knocked $6 billion off Boeing's market value. The stock recovered slightly as speculation about the cause of the fire shifted away from the batteries. Shares closed down $5.01, or 4.7 percent, to $101.87.
  • Oilfield services company Baker Hughes Inc. says the number of rigs actively exploring for oil and natural gas in the U.S. increased by two this week to 1,759. The Houston-based company said Friday in its weekly report that 1,391 rigs were exploring for oil and 362 for gas. Six were listed as miscellaneous. A year ago there were 1,953 active rigs.
  • Business
  • Economy/Stocks

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