Tuesday Evening Business Brief
January 21, 2014, 6:31 PM
- A mixed batch of earnings reports held back stocks today. Health-care giant Johnson & Johnson slipped after it warned that pressure to keep prices low would likely mean slightly lower profits than forecast. Delta Air Lines gained after reporting a better-than-expected profit in the fourth quarter as fares and traffic rose. The Dow finished the day with a loss of 44 points, closing at 16,414, while the S&P 500 logged a 5-point gain and the Nasdaq added 28.
- IBM says its fourth-quarter net income grew 6 percent, despite a drop in revenue. IBM's adjusted earnings were $6.13 per share in the latest quarter. Revenue fell 5.5 percent to $27.7 billion. Analysts had expected higher revenue but smaller earnings.
- Verizon says it hopes to make its full lineup of FiOS TV channels available on phones someday soon. To that end, Verizon Communications today announced that it's buying Intel Media, a division of Intel Corp. that's been preparing to launch a service that streams TV channels over the Internet. Currently, Verizon FiOS video subscribers can stream just a limited number of live channels over mobile devices.
- Blackberry plans to sell most of its Canadian real estate holdings as it works to shore up its business under new management. The company says it remains committed to Waterloo, Ontario, as its headquarters. The smartphone maker has been hammered in recent years by competition from the iPhone as well as Android-based rivals.
- Janet Yellen will make one small but symbolic change when she takes over the leadership of the Federal Reserve on Feb. 1. Yellen has decided to use the gender-neutral title of chair, rather than chairman or chairwoman, when she becomes the first woman to lead the Fed.
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