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May 29, 2013 05:35 PM

Wednesday Evening Business Brief

It's a bit of a down day on Wall Street. Stocks closed lower as investors cut their holdings of high-dividend stocks and sought alternatives such as Treasury's. The yield on the 10-year note is near the highest it's been in 13 months. The Dow Jones industrial average lost 106 ½ points to close 15,302. The S&P 500 fell nearly 12 points to 1,648 and the Nasdaq composite lost 21. The price of crude oil for July delivery fell $1.88 to $93.13 a barrel in New York today, a loss of 2 percent.

  • Berkshire Hathaway's MidAmerican Energy utility is buying Nevada electric and natural gas company NV Energy for $5.6 billion in a deal that the companies say will marry MidAmerican's expertise in renewable energy with Nevada's solar and wind resources. MidAmerican is paying $23.75 per share. Including debt, the deal is valued at about $10.1 billion.
  • A federal judge has approved a settlement in which United Technologies will sell some of its assets as part of its $18.4 billion purchase of aerospace-parts maker Goodrich, the largest merger in aircraft industry history. Assets to be sold include those used in the production of electrical power systems and aircraft engine control systems.
  • CME Group says it's hired a firm to assist in the sale of the NYMEX building, the headquarters of the New York Mercantile Exchange The 16-story building is in New York's downtown district overlooking the Hudson River. CME Group announced last year that it had sold two of three buildings that make up the Chicago Board of Trade complex for $151.5 million.
  • A healthy number of HBO subscribers appear to have been curious about Michael Douglas' performance as Liberace in the TV movie "Behind the Candelabra." The Nielsen company says the 2.4 million people who tuned in to the premiere over the Memorial Day weekend represented the network's biggest audience for one of its original movies since "Something the Lord Made" in 2004.
  • Business
  • Economy/Stocks

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