Good morning from the business news desk of the Star Tribune.
U.S. stock futures are marginally lower after stocks in both Europe and Asia fell overnight. A short time ago, the Labor Department said that claims for jobless benefits grew 68,000 last week to a seasonally adjusted 368,000, the largest increase in more than a year. The adjustment from the Thanksgiving holiday the week earlier is part of the reason for the jump.
Meanwhile, the Commerce Department also just released its monthly report on retail sales and showed a 0.7% jump, the biggest in five months. That's stronger than the data that came out from private surveys right after the Thanksgiving weekend.
In Minnesota this morning, Cargill has announced that it's taking a minority stake in a deep sea port in the Russian city of Novorossiysk, which is on the Black Sea. It's a 25% stake and the precise terms weren't disclosed. However, Cargill said it has invested more than $900 million in various assets in Russia.
by Evan Ramstad, Digital...12/12/2013 2:25:00 PM
Mixed/lower calls. US $ is mixed/little higher. Crude a little hghr. Metals lwr. World stocks are lwr. Euro industrial output data negative.
by ADM InvestorServicesvia twitter12/12/2013 2:28:39 PM
by BobPisanivia twitterretweeted by CNBC12/12/2013 2:56:06 PM
After the buildup for yesterday's hearing in New Jersey on whether the Vikings owners Zygi, Mark and Leonard Wilf will have to disclose their net worth, there was no decision. The court is taking up the matter again today.Here's the setup.
JDS Uniphase of Milpitas, California announced yesterday it would spend $200 million to acquire MInnetonka-based Network Instruments. www.startribune.com. One reason JDSU spent that much for a company with $40 million in annual revenue is that Network Instruments has demonstrated 20 percent annual growth average over the last five years.
The state Public Utilities Commission is meeting this morning and the big item on the agenda is Xcel's proposed rate increase for next year. It's unclear if they'll make a preliminary decision on the request or not. Xcel is seeking $291 million but said it would like to spread the hike over two years.Details here.
by Evan Ramstad, Digital...12/12/2013 3:23:49 PM
Empire Builder trips canceled, altered by @Amtrak due to heavy North Dakota freight traffic, cold weather. strib.mn/1cDujTL
The reaction to the New York Times story about the deal between Pepsi and Buffalo Wild Wings, which we printed in today's Strib and have online right now, is huge. It's our top-read story and there's a lot of reaction on Twitter and various blogs. (Well, people tweet a lot about Doritos anyway. It's kind of weird.) Even so, Times writer Stephanie Strom seems to have fired the nation's imagination by suggesting in her story that the two companies may come up with "Dorito-crusted chicken wings." AP writes "Doritos may be the new salt."
Rates for rail shipments have come down a bit from their peak five weeks ago, but farmers and food processors are still paying a lot to move this year's record harvest. Here's the latest update from USDA.
by Evan Ramstad, Digital...12/12/2013 6:42:46 PM
NEW: @Ford plans to add 5,000 jobs in U.S. next year, majority will be salaried positions.