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Wednesday Afternoon Business Brief

May 14, 2014, 3:09 PM

Wednesday Afternoon Business Brief
  • Stocks have edged lower in midday trading, a day after the stock market closed at a record high. The Standard & Poor's 500 index fell nearly four points to 1,894. The Dow Jones industrial average dropped 59 points to 16,656. The Nasdaq composite fell 8 points, or 0.3 percent, to 4,122.
  • Deere reports a 9.5 percent decline in second-quarter net income on lower demand for farming equipment and cut its sales forecast for the year. The company beat Wall Street's quarterly expectations on both profit and revenue, but the sales outlook weighed on shares. With farmer income projected to decline, Deere said sales of its agriculture and turf equipment could fall 7 percent for the full year. It had projected a 6 percent decrease in February.
  • Google is once again selling its Internet-connected eyewear to anyone in the U.S. The latest release of Google Glass comes a month after a one-day sale gave U.S. residents their first chance to buy the hottest accessory in geek fashion.  As has been the case since Google began selling Glass to a select group in 2012, the device costs $1,500. It's only available on Google's website for now.
  • Citigroup's Mexican bank subsidiary says it has fired 11 employees for not following proper procedures in dealing with a Mexican oil services company that allegedly defrauded Citigroup of up to $400 million. Grupo Financiero Banamex says in a statement that the 11 employees of various ranks "did not follow the supervisory standards expected as part of their responsibilities." It says more employees may face sanctions.
  • The federal agency tasked with managing oil and gas development is acknowledging it needs to do more to improve oversight of drilling. A spokesman for the Interior Department's Bureau of Land Management points to a lack of funding as a reason it has failed to inspect oil and gas wells it considers potentially high risks for water contamination. Jeff Krauss notes his agency has worked hard to keep up with the nation's energy boom, which has included the increased use of hydraulic fracturing, or fracking.

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