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Monday Afternoon Business Brief

January 27, 2014, 1:44 PM

Monday Afternoon Business Brief

A mixed day on Wall Street has the Dow bouncing between positive and negative territory. Caterpillar has helped push the blue-chip index higher, after reporting a jump in profits during the fourth quarter. By mid-afternoon, the Dow had moved back into positive territory, up about 40 points. However, the broader indexes remain lower.

  • Southwest Airlines is expanding beyond the continental United States. The airline began selling tickets this morning for flights to the Caribbean, starting in July. Southwest will fly to Aruba, the Bahamas and Jamaica from three U.S. airports: Atlanta, Baltimore and Orlando.
  • Google says that it has purchased a British startup called DeepMind. The artificial intelligence company specializes in algorithms and machine learning. Google's London office confirmed a deal has been made, but it's not revealing for how much. The purchase price is reportedly in the neighborhood of $500 million.
  • Microsoft is renaming its cloud storage service "OneDrive." British broadcaster BSkyB took issue with the former name, "SkyDrive." The rebranding brings the name more in line with other company brands. Last July, Microsoft re-organized its corporate structure to focus on providing both devices and services in a strategy it called "One Microsoft." Its latest game console is called "Xbox One."
  • The Supreme Court says steelworkers do not have to be paid for time they spend putting on and taking off protective gear. The court was unanimous in ruling in favor of United States Steel over workers' claims. Justice Antonin Scalia says the labor agreement between the company and the union does not call for workers to be paid for time spent changing clothes, and most of the safety gear, such as earplugs, glasses and respirators, count as clothing.

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