Reports’ release rescheduled
Three U.S. economic reports were rescheduled for release after being delayed by the 16-day partial government shutdown, the Commerce Department’s Bureau of Economic Analysis said. Advance figures for gross domestic product, the first of three for the third quarter, will be released on Nov. 7 instead of the previously scheduled Oct. 30. September personal income and spending data are scheduled for Nov. 8 rather than Oct. 31. The Commerce Department’s trade report for August will be released Oct. 24, while the September figures have been pushed to Nov. 14 instead of Nov. 5.
McDonald’s profit higher
For the three months that ended on Sept. 30, net income at McDonald’s Corp. rose to $1.52 billion, or $1.52 per share. That compared with $1.46 billion, or $1.43 per share, last year. Analysts expected $1.51 per share, according to FactSet. Revenue rose 2 percent to $7.32 billion from $7.15 billion last year. Analysts expected $7.33 billion.
Yields of Texas oil rise
EOG Resources Inc. and other companies produced 49 percent more oil from the Eagle Ford shale formation in southern Texas in August than during the same month last year.
The nine fields making up the majority of the Eagle Ford yielded 664,088 barrels of crude a day, according to preliminary data from the Texas Railroad Commission, which oversees oil and gas drilling in the state. The fields yielded 446,372 barrels a day in August 2012.
July output was revised to 672,952 barrels a day from the preliminary report of 569,191, the commission said.
Yahoo hires tech writer
New York Times technology columnist and gadget reviewer David Pogue is leaving the newspaper to cover similar topics for Yahoo. The hiring is the latest step in Yahoo’s effort to infuse the Internet company’s website with more compelling content, hoping the increased traffic will eventually boost Yahoo’s ad sales substantially.
That has not yet happened during Marissa Mayer’s first 15 months as CEO. Pogue built a loyal following reviewing devices and online services while delving into other technology issues during 13 years at the Times. As he did at the Times, Pogue will write columns and produce videos at Yahoo.
Separately, for the third month in a row, more Americans visited Yahoo’s websites than Google’s, according to researcher comScore Inc.’s Internet traffic data for September.
The research firm said that Yahoo sites had 197.8 million unique U.S. visitors last month, while Google’s had 191.4 million. Yahoo was ahead of Google in July and August, too. The last time that Yahoo was ahead of Google before that was in May 2011.
That said, Yahoo is still far behind Google in making money from the people who visit its websites. Research firm eMarketer estimates that Google will generate $38.83 billion in worldwide digital ad revenue this year, more than any other company. Facebook Inc. is at No. 2 with an estimated $5.89 billion, while Yahoo is No. 3 with $3.63 billion expected.
Kohl’s’ Thanksgiving hours
National retailer Kohl’s said that, like its department store competitors Macy’s and J.C. Penney, it will open for holiday shopping at 8 p.m. on Thanksgiving Day.
Ford to shrink suppliers
Ford, which purchases about $100 billion worth of components annually, plans to reduce its roster of suppliers by 40 percent in an attempt to cut costs. Ford’s long-term goal is to buy parts from about 750 suppliers, down from 1,260 last year, said Hau Thai-Tang, who became group vice president of global purchasing in August. The second-largest U.S. automaker is reducing the number of platforms that serve as the base of its vehicles, paring development costs and requiring fewer suppliers.
TIRE & RUBBER
Apollo blames Cooper
India-based Apollo Tyres Ltd. asked a judge to dismiss a lawsuit brought by Cooper Tire & Rubber Co. of Findlay to force a $2.5 billion takeover, contending Cooper hasn’t lived up to its part of the bargain. Cooper has been “unable for a matter of months to access basic financial material about a significant portion of its business,” in violation of the contract, and thus the case should be dismissed, Apollo said. Cooper replied that the court already has twice rejected the same argument.
Compiled from staff and wire reports