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Monday Evening Business Brief

April 28, 2014, 6:12 PM

Monday Evening Business Brief
  • Stocks have ended mostly higher, with a possible merger in the health care industry and bad news from Bank of America pulled the market in different directions. Pfizer rose 4 percent after renewing its push to buy rival drugmaker AstraZeneca. Bank of America slid 6 percent after a financial error forced the bank to suspend plans to increase its dividend and buy back stock. The Dow gained 87 points to close at 16,448, while the S&P 500 rose six points to 1,869, and the Nasdaq composite edged down a point to 4,074.
  • Toyota is moving its U.S. headquarters from California to Texas. The automaker says it will break ground this year on a new headquarters in the Dallas suburb of Plano. The new campus will bring together approximately 4,000 employees from sales, marketing, engineering, manufacturing and finance who are now scattered around the country. Toyota says it will continue to have about 2,300 employees in California and 8,200 employees in Kentucky, where it makes the Avalon and Camry.
  • Advertisers are backing away from the Los Angeles Clippers over racist comments attributed to the NBA team's owner. Used car dealership chain CarMax and airline Virgin America say they are ending their sponsorships of the Clippers. Kia Motors America says it's suspending its advertising and sponsorship activities with the team, and State Farm says it will be pausing its relationship with the organization.
  • A tentative deal on a contract between Detroit and some unions could speed up the city's bankruptcy process. The city and the Coalition of Detroit Unions announced today they have agreed in principle on "major aspects" of a five-year collective bargaining agreement. A spokesman for the city's emergency manager says the deal with the unions and recent agreements with other creditors "will allow the city to exit from bankruptcy sooner and financially solvent."
  • Google, Jay Z and crowdfunding site Kickstarter are among the winners of this year's Webby Awards. The awards are presented by the International Academy of Digital Arts and Sciences, a group of about 1,000 Web experts and Internet professionals. Judges included Tumblr founder David Karp and "House of Cards" actor Kevin Spacey.

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