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Thursday Evening Business Brief

January 16, 2014, 5:41 PM

Thursday Evening Business Brief

Stocks are ending mostly lower after several companies turned in disappointing earnings news, including Best Buy, Citigroup and the railroad operator CSX. The Dow Jones industrial average dropped 65 points, or 0.4 percent, to 16,417. The S&P 500 index fell two points, or 0.1 percent, to 1,845. The Nasdaq composite edged up almost four points, or 0.1 percent, to 4,218.

  • The price of oil is lower today. Benchmark crude oil for February delivery slipped 21 cents today to close at $93.96 a barrel on the New York Mercantile Exchange. Yesterday, oil recorded its biggest gain of the new year. But there's good news for drivers. They're paying a little less for gas. The nationwide average price for a gallon of regular fell 1 penny today to $3.30.
  • Intel's fourth-quarter net income is pretty well in line with analysts' predictions. Net income for the world's largest chipmaker rose 6 percent, as higher sales of other products offset flat demand for its personal computer chips. Intel earned $2.63 billion, or 51 cents per share, up from $2.47 billion, or 48 cents per share, in the same quarter of 2012. Revenue rose 3 percent to $13.83 billion.
  • A panel of Food and Drug Administration experts is again opposing expanding use of Johnson & Johnson's blood thinner Xarelto to reduce dangerous blood clots in a new group of patients, those with acute coronary artery disease. The panel says too much information is missing from J&J studies to accurately gauge Xarelto's benefit. The FDA isn't required to follow the panel's advice, though it often does.
  • Time Warner says it has found a new home. The global media company says it's planning to move its New York headquarters from its current location in Manhattan's Columbus Circle to a complex being built on the borough's west side. Time Warner says it plans to consolidate its headquarters and its divisions at the end of 2018 in a 1,227 feet high tower at Hudson Yards.

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