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Monday Evening Business Brief

January 28, 2013, 5:25 PM

Monday Evening Business Brief
  • Wall Street has paused its rally that sent the Standard & Poor's 500 index above 1,500 for the first time since December 2007. The S&P 500 closed two points lower today at 1,500. The Dow Jones industrial average fell 14 points to 13,881. The Nasdaq composite index rose four points to 3,154.
  • A watchdog says the U.S. Treasury Department disregarded its own guidelines and allowed large pay increases for executives at three firms that had received taxpayer-funded bailouts during the financial crisis. The special inspector general for the Troubled Asset Relief Program says Treasury approved 18 raises for executives at American International Group, General Motors and Ally Financial. The largest was $1 million.
  • Yahoo's fourth-quarter earnings have topped analyst estimates, as an upturn in its international investments helped end a three-year slump in revenue. The results announced today covered Yahoo's first full quarter under CEO Marissa Mayer, who was lured away from Google in mid-July.
  • Hostess has picked the maker of Little Debbie as the lead bidder to buy its Drake's cakes. According to a filing in U.S. bankruptcy court, McKee Foods has offered $27.5 million in cash for the cake brands, which include Devil Dogs, Funny Bones and Yodels. The fate of Twinkies and other Hostess cakes is still being negotiated with other bidders. The bid by McKee will set off an auction process that lets competitors make better offers.
  • Kevin Tsujihara has been named the next chief executive of the Warner Bros. studio, one of the largest producers of TV shows and movies in Hollywood. Tsujihara has been president of the studio's home entertainment division since 2005. He'll take over from Barry Meyer on March 1.

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