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Saturday Business Brief

July 12, 2014, 1:01 PM

Saturday Business Brief

NEW YORK (AP) - U.S. stocks ended with a small gain yesterday, but it wasn't enough to prevent the market's biggest weekly drop since April. Investors became more cautious this week as corporate earnings for the April-June period began trickling in. Worrisome news about a Portuguese bank also revived fears about the European debt crisis. That weighed on stocks, which had closed out the previous week at record highs.

  • Another Atlantic City casino is cashing out. The owners of the Trump Plaza say they'll notify employees on Monday that they expect to shut down the boardwalk casino in mid-September. Atlantic City could lose a third of its casinos and a quarter of its casino workforce in less than nine months. The Atlantic Club closed in January, the Showboat is closing next month and Revel might do likewise if a buyer can't be found in bankruptcy court.
     
  • U.S. authorities have charged a Chinese businessman with hacking into the computer systems of U.S. companies with large defense contracts, including Boeing, and stealing data on military projects. Authorities say suspect Su Bin worked in cahoots with two unnamed Chinese hackers to get the data between 2009 and 2013, and that Su attempted to sell some of the information to state-owned Chinese companies.
     
  • The U.S. government has imposed duties on imports of steel pipe from South Korea, India and seven other countries. The Commerce Department ruled in favor of U.S. steel producers and unions that had complained those countries were unfairly flooding the American market.
     
  • With Argentina and Germany facing off in the World Cup final tomorrow, investors in both countries would do well to watch for potential drops on their stock markets in case of defeat. Alex Edmans, professor of finance at London Business School, says his research shows defeats have generally resulted in day-after declines greater than, or counter to, the performance of the wider global market.

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