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Thursday Evening Business Brief

August 14, 2014, 6:56 PM

Thursday Evening Business Brief

NEW YORK (AP) - The stock market is closing slightly higher following some strong corporate earnings. The Dow Jones industrial average gained 62 points, or 0.4 percent, to close at 16,713. The Standard & Poor's 500 index rose eight points, or 0.4 percent, to 1,955. The Nasdaq composite climbed 19 points, or 0.4 percent, to 4,453.

  • The price of oil is down. It fell sharply today on speculation that economic weakness in Europe would lead to lower demand for fuel. Benchmark U.S. crude dropped $2.01 to close at $95.58 a barrel on the New York Mercantile Exchange, its lowest close since Jan. 21.
  • Coca-Cola will acquire a 16.7 percent stake in Monster Beverage Corp. for $2.15 billion. Under the terms of the deal, Monster will receive Coke's energy drink business, which includes the Full Throttle and Relentless brands. Coca-Cola will take over Monster's non-energy drink offerings, including its Hansen's Natural Soda line of drinks and Peace Tea.
  • Banana distributor Chiquita Brands says it's rejecting the $611 million buyout offer from investment firm Safra Group and Brazil's Cutrale Group. Instead, Chiquita says it will focus on an agreed merger with Fyffes of Ireland. If that deal is finalized, Chiquita's headquarters would move from Charlotte, North Carolina, to Dublin, a more tax-efficient corporate base.
  • Billionaire Warren Buffett's company is revealing a new stake in Charter Communications. Berkshire says it owned 2.3 million shares of Charter at the end of June. Berkshire also bought more shares of GM, Verisign, USG and IBM during the second quarter. It reduced its stakes in DirecTV, Liberty Media and National Oilwell Varco. It also eliminated an investment in Starz.

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