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Business news briefs — Nov. 19

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LOCAL BUSINESS

Coin laundry wins approval

The Akron City Council approved plans this week for a new coin laundry on Copley Road.

James Prentiss of Norton will build a laundry and parking lot at 804 Copley Road at Madison Avenue.

Councilman Russel Neal Jr., who worked with Prentiss on the plans, said the business will fill a need in West Akron. He also hopes it will “stimulate more economic development in that area.”

WALL STREET

Dow Jones falls 9 points

The Dow Jones industrial average edged down 8.99 points, or 0.1 percent, to 15,967.03, the first decline for the index in five days. The Standard & Poor’s 500 index lost 3.66 points, or 0.2 percent, to 1,787.87 and the Nasdaq composite fell 17.51 points, or 0.4 percent, to 3,931.55.

AUTO INDUSTRY

Ford inspects car steering

Ford Motor Co. will inspect 386,000 large sedans in the United States to make sure they don’t have a steering problem that caused a recall in August. The National Highway Traffic Safety Administration says Ford will check 2005 through 2011 Ford Crown Victoria, Mercury Grand Marquis and Lincoln Town Car vehicles that weren’t included in the August recall.

Dealers will check and repair steering shafts if needed. The August recall included more than 419,000 of the same cars in 22 cold-weather states and Washington, D.C. Ford determined that the steering shafts could rust and come apart in areas where salt is used to clear snow, causing a loss of steering. The company found that steering shafts can separate on cars outside the recall area, if they were involved in front-end collisions.

Tesla faces U.S. investigation

Tesla Motors Inc.’s Model S, the electric sedan marketed by the company as “the safest car in America,” is being investigated by U.S. auto regulators in a possible precursor to a recall. The U.S. National Highway Traffic Safety Administration announced the probe, saying it would look into the fire risks from the cars’ undercarriages striking objects.

The probe involves 13,108 Model S vehicles, which are priced starting at $70,000 to more than $100,000.

MEDIA

Maria Bartiromo exits CNBC

Business cable channel CNBC said veteran anchor and reporter Maria Bartiromo is leaving. Her contract ends Nov. 24, concluding 20 years with CNBC.

The New York Times and others reported Bartiromo is joining Fox Business Network. Fox had no immediate announcement.

EARNINGS

Home Depot income rises

For the three months ended Nov. 3, Home Depot Inc. reported net income of $1.35 billion, or 95 cents per share, up from $947 million, or 63 cents per share, a year ago. The prior-year period was weighed down by a one-time charge of 11 cents per share tied to store closings in China. Analysts expected lower earnings of 89 cents per share for the latest quarter, according to FactSet. Revenue for the Atlanta-based company rose 7 percent to $19.47 billion from $18.13 billion.

Best Buy profit increases

Minneapolis retailer Best Buy said net income for the three months ended Nov. 2 totaled $54 million, or 16 cents per share. That contrasts with a loss of $10 million, or 3 cents per share, a year ago. Analysts expected 13 cents per share, according to research firm FactSet.

Revenue was nearly flat at $9.36 billion. Analysts expected revenue of $9.37 billion. Revenue in stores open at least one year rose 0.3 percent.

Profits lower at Campbell

Campbell Soup Co. earned $172 million, or 54 cents per share, for the period ended Oct. 27. That’s down from $245 million, or 78 cents per share, a year earlier. Excluding one-time costs, it earned 66 cents per share. That was 20 cents shy of analyst expectations, according to FactSet. Revenue dipped 2 percent to $2.17 billion, also short of the $2.29 billion Wall Street expected. Campbell Soup expects adjusted 2014 earnings to increase 2 to 4 percent, or $2.53 to $2.58 per share.

Compiled from staff and wire reports.


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