Archive for October 10th, 2009

Could Cuba be ready to get rid of ration book? (AP)

Cuba may soon be saying adios to ration books. The system that allows islanders to buy food at deeply subsidized prices each month has long been one of the central building blocks of the country’s socialist system, providing everyone from surgeons to street-sweepers the same allotment of basic foods like rice, beans and a bit of chicken.

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Photo of U.S. Virgin Islands Governor John P. deJongh and U.S. Mint Deputy Director Andy Brunhart Available on Business Wire’s Web Site and AP PhotoExpress (Business Wire)

—-A photo of U.S. Virgin Islands Governor John P. deJongh and U.S. Mint Deputy Director Andy Brunhart is available on Business Wire’s Web Site and AP PhotoExpress.

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Business events scheduled for the coming week (AP)

MONDAY, Oct. 12 Columbus Day. Bond markets closed. TUESDAY, Oct. 13 WASHINGTON — Treasury releases federal budget for September and fiscal year 2009, 2 p.m.; Federal Reserve releases minutes of Federal Open Market Committee meeting of Sept. 22-23.

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Acorda shares plunge on negative FDA review (AP)

Shares of Acorda Therapeutics plummeted Friday after the Food and Drug Administration issued a negative opinion that questioned the safety and effectiveness of the company’s multiple sclerosis drug.

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Business Highlights (AP)

The stock market is keeping its momentum going, giving shares their best week in more than two months. Moderate gains on Friday led by health care and utility companies pushed stocks to a 4 percent gain for the week, their best performance since July.

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Supervalu, NetApp, Scientific Learning big movers (AP)

The following stocks were among those that moved substantially or traded heavily Friday on the New York Stock Exchange: NYSE:

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Dow hits 2009 closing high on earnings optimism (Reuters)

U.S. stocks climbed on Friday, with the Dow hitting a closing high for 2009, as investors anticipated positive news from next week’s key earnings reports and bullish broker comments boosted tech shares.

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Pay czar fingerprints on Citi move to sell Phibro (Reuters)

The U.S. government’s “pay czar” played a critical role in Citigroup’s decision to sell off its lucrative commodities trading business, Phibro, a source familiar with the matter said Friday.

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Movers roundup: Callaway Golf, Supervalu (AP)

Even though demand is still soft, Callaway Golf Co.’s new products are spurring interest and getting people into its stores, an analyst said Friday.

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Supervalu shares drop after Barclays downgrade (AP)

Shares of Supervalu Inc. dropped Friday after a Barclays Capital analyst downgraded the grocery chain, saying grocery-store promotion wars and increasing sales of lower-priced items are pressuring profit margins.

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