Monday Evening Business Brief
September 23, 2013, 7:13 PM
- Concerns about the strength of the economy and the potential for a budget fight in Washington have been weighing on the stock market. The Dow closed nearly 50 points lower for its third straight losing session. It closed at 15,401. The S&P 500 dropped eight points to 1,701, and the Nasdaq lost nine, finishing at 3,765.
- The European Central Bank is moving to keep borrowing rates low and bolster Europe's fragile economic recovery. ECB President Mario Draghi says the bank is ready to provide another round of cheap long-term loans to banks if necessary, telling EU lawmakers the recovery still "needs to be firmly established."
- Microsoft is introducing new Surface tablet computers. The new models included the Surface Pro 2, targeted at professionals who want the full power of a laptop in a tablet-style device, with longer battery life and a redesigned kickstand intended to make it easier to use on laps.
- BlackBerry has agreed to sell itself for $4.7 billion to a group led by its largest shareholder, Fairfax. BlackBerry says a letter of intent has been signed and its shareholders will receive $9 in cash for each share. BlackBerry shares plunged after the company announced Friday a loss of nearly $1 billion and layoffs of 4,500 workers.
- Wonder bread is back on store shelves almost a year after it vanished. Flowers Foods bought Wonder from the now-defunct Hostess Brand, along with four other bread brands. The $355 million deal included Butternut, Home Pride and Merita, which are all returning to shelves along with Wonder. The fate of the Nature's Pride brand is up in the air.
© 2013 Associated Press. All rights reserved. Material may not be redistributed.