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Tuesday Afternoon Business Brief

November 13, 2012, 2:10 PM

Tuesday Afternoon Business Brief

The stock market has been mixed today. It was given a boost by a better-than-expected earnings report from Home Depot, helping the Dow industrials average.

  • Home Depot profit rose in the latest quarter. The continuing housing market recovery and preparations for Superstorm Sandy helped offset costs of closing stores in China.
  • AAA says slightly more Americans will hit the road this Thanksgiving. In its annual Thanksgiving travel forecast, the auto club says Americans will take shorter trips to save on gas and other costs as household budgets remain tight.
  • New York's attorney general says authorities have reached a $210 million settlement with BNY Mellon subsidiary Ivy Asset Management for advising clients to invest with Wall Street swindler Bernard Madoff. And the settling of suits filed by the state, the Labor Department and private plaintiffs provides for another $9 million or so in payments by other defendants.
  • Bowling center operator AMF Bowling Worldwide says it has filed for Chapter 11 bankruptcy reorganization. The process allows it to implement a pre-arranged restructuring agreement. It expects to continue normal operations and to exit the Chapter 11 process in about five months.

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