Food: Investors find merger tasty
Those inseparable lunchbox partners, peanut butter and jelly, are getting hitched in a $1 billion corporate marriage.
The J.M. Smucker Co., which makes a wide variety of jams, jellies and other foods, is acquiring the Jif peanut butter and Crisco cooking oil brands from Procter & Gamble Co. for $1 billion in stock.
Investors found it a tasty combination, pushing both stocks higher. Smucker rose $5.26 to $31.15. Procter & Gamble closed up 80 cents to $73.34.
Smucker, based in Orrville, Ohio, said the deal eventually would almost triple its annual earnings and double annual sales to $1.3 billion.
Internet: Yahoo reports earnings loss
Third-quarter earnings at Yahoo met Wall Street expectations Wednesday, pleasing investors who sent the stock higher in after-hours trading.
The stock move came even as the Internet bellwether warned it would fall short of analysts' fourth-quarter revenue estimates and said it was considering further job cuts.
The earnings report was being studied closely because it was one of the first from a major Internet company since last month's attacks.
In the three-month period ending Sept. 30, Yahoo had its fourth straight quarterly net loss $24.1 million, or 4 cents a share, on revenue of $166.1 million.
Manufacturing: Weak markets push Goodyear to cut jobs
Goodyear Tire & Rubber Co. said Wednesday it would lay off 1,400 employees, or 5 percent of its manufacturing work force, at five U.S. plants this month because of weak tire markets.
The layoffs are in addition to the 8,000 layoffs the Akron, Ohio-based company announced earlier this year. Most of those layoffs came from Europe, Asia and Latin America.
The latest round will affect hourly and salaried workers at plants in Danville, Va.; Fayetteville, N.C.; Tyler, Tex.; and Huntsville and Gadsden, Ala.
Utilities: Falling wholesale costs cut natural gas bills in Lawrence
Lawrence residents will save about $8 this month on their natural gas bills, a spokesperson for Kansas Public Service said Wednesday.
The company, which provides natural gas service for 30,000 customers in Lawrence, is paying wholesale prices of $2 per 1,000 cubic feet, said Larissa Long, a company spokesperson. That's down from $5 per 1,000 cubic feet a year ago.
The savings mean that the average residential customer in town will pay $20.35 for natural gas in October, down $8.11, or 28 percent, from a year earlier, Long said.
Gas commodity costs account for about 60 percent of a customer's bill, she said.
Disaster relief: Chili's to donate profits
A Lawrence restaurant will join in a nationwide "Dine for America" effort to raise money for disaster relief.
Chili's Grill & Bar, 2319 Iowa, will donate 100 percent of profits generated from orders Thursday to the American Red Cross Disaster Relief Fund. The money is intended to help disaster and recovery efforts from the Sept. 11 terrorist attacks on New York and Washington.
Pizzeria Uno Chicago Bar & Grill, 3333 Iowa, also plans to donate a portion of its profits from a future date.