Merger of cable giants wins approval of FCC

The $29.2 billion merger of Comcast and AT&T Broadband was approved by federal regulators Wednesday, clearing the way for creation of the nation’s largest cable television company.

The Federal Communications Commission decision is contingent on AT&T and Comcast selling their combined 25 percent ownership of Time Warner Entertainment.

The FCC voted 3-1 for the deal over the objections of consumer groups, which filed a motion last week asking the agency to delay its decision. The groups claim the new cable giant would limit customers’ choices in television viewing and Internet access.

The new company would control 29 percent of the market and have nearly twice as many customers as the No. 2 cable company, AOL Time Warner Inc.

Coffeyville: Amazon seeks workers

Strapped for workers to fill the holiday rush, a distribution center in southeast Kansas is recruiting temporary help from neighboring states.

The Amazon.com warehouse in Coffeyville is the largest of the online retailer’s five U.S. distribution centers, shipping everything from books and CDs ordered by its own customers to goods purchased from Target and Toys R Us.

To fill the 350 seasonal jobs, Amazon officials are looking for workers in Oklahoma and Missouri as well as Kansas. Tim Collins, general manager of the Coffeyville warehouse, said the company last year began busing workers in from Bartlesville, Okla., and is doing so again.

Earnings: Retailers’ sales increase

Three major retailers reported robust third-quarter earnings Wednesday that narrowly beat Wall Street expectations, though they all offered a cautious holiday outlook given so much economic uncertainty.

Wal-Mart Stores Inc., fueled by strong growth in its namesake discount division, reported a 23 percent increase in third-quarter profits. Federated Department Stores, which operates Bloomingdale’s and Macy’s, said its earnings soared to $106 million in the quarter from $3 million a year ago.

Tiffany & Co. announced a 46 percent jump in earnings, as sales rose 10 percent and the upscale jeweler recorded an $8 million tax gain.

Topeka-based Payless Shoesource also posted a sales increase for the third quarter. It reported sales of $713 million compared to $697 million during the same period a year ago. It earned $1.30 per share compared to 59 cents a year ago.

Wall Street: Sears stock hits new low

Sears, Roebuck and Co. shares plunged to a 20-year low Wednesday amid renewed concerns that the company’s credit woes have hamstrung its push to improve weak retail sales.

A retail analyst’s downgrade accelerated a recent stock slide and sent Sears shares down $1.70, or 7.5 percent, to $21 ” their lowest closing price since Aug. 19, 1982 ” after dipping as low as $19.71 in four times the usual volume of trading. As recently as June, each share in the retailer was worth $59.90.