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Wednesday Evening Business Brief

February 12, 2014, 7:02 PM by Chris Dexter

Wednesday Evening Business Brief

NEW YORK (AP) - Major U.S. stock indexes are ending mostly lower as a four-day rally peters out. By the close of trading the Dow Jones industrial average was down nearly 31 points, or 0.2 percent, at 15,963.The Standard & Poor's 500 index edged down half a point to 1,819. The Nasdaq composite increased 10 points, or 0.2 percent, to 4,201.

  • The price of oil is above $100 a barrel. That's because OPEC predicted faster growth in oil demand this year and China reported record imports of crude oil. The gains were tempered by an increase in U.S. supplies. Benchmark crude for March delivery rose 43 cents to $100.37 a barrel on the New York Mercantile Exchange.
  • Mondelez is reporting a fourth-quarter profit shy of Wall Street expectations as the cookie and cracker maker struggled with weak cookie sales in China. For the quarter, it earned $1.77 billion, or $1 per share. Revenue slipped slightly to $9.49 billion. The company says it expects its core revenue to grow about 4 percent for the year ahead.
  • Whole Foods Market is reporting fiscal first-quarter profits and revenue that fell below analysts' forecasts. The Austin, Texas-based grocery chain earned a profit of $158 million, or 42 cents per share, in the quarter that ended on Jan. 19.. Revenue rose 10 percent to $4.24 billion in the quarter. But the chain has lowered its earnings projections for the year.
  • About 3,000 Verizon Wireless workers will have to transfer to different offices or find new jobs. The changes announced today are part of a reorganization affecting Verizon offices in California, Pennsylvania, Connecticut, Maryland and Georgia. Verizon says it is closing customer service centers in some of those states and changing the types of jobs in other states.

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