Fewer home deals signed
WASHINGTON — The pace of Americans signing contracts to buy homes fell 4.7 percent in January to its lowest level in more than three years, due to a lack of homes for sale, higher prices and rising mortgage rates.
The National Association of Realtors said Wednesday that its index of pending sales sank to 104.6 from 109.8 in December. Spotify plans unusual initial public offering
SAN FRANCISCO — Music streaming pioneer Spotify is hoping to attract a new crowd of fans on Wall Street as its competition with Apple heats up.
Spotify is pursuing an unusual initial public offering that will sell some of its existing stock instead of issuing more shares to raise money. Documents released Wednesday show Spotify's music service boasts 71 million subscribers, nearly twice as many as Apple's service. But Spotify isn't profitable, and Amazon is the richest company in the world. Amazon buys home security company Ring
Amazon’s reported $1 billion acquisition of home security firm Ring is expected by analysts to streamline and augment Amazon’s plans for delivery of products into customers’ homes. Perry, Saudis plan to meet on nuclear energy
WASHINGTON — Energy Secretary Rick Perry is slated to meet with officials from Saudi Arabia in London on Friday in a bid to sell them on U.S. nuclear technology, according to the Associated Press.
With domestic demand for new nuclear technology in the doldrums, American nuclear companies like the bankrupt Westinghouse Electric Co. have been seeking new markets abroad for their nuclear technology. Billionaire calls off battle with Herbalife
One of the longest and most colorful battles in Wall Street history is over.
Bill Ackman has almost entirely exited his position in Herbalife, ending a short-selling campaign that lasted more than five years, according to a person familiar with the matter. The move follows a steady rise in the shares of a company that he repeatedly called an illegal pyramid scheme and vowed to destroy.
Ackman had already signaled that he was stepping back from his fight against Herbalife, which sells weight-loss shakes and vitamins. The 51-yearold billionaire said in November that his fund, Pershing Square Capital Management, has shifted its short position to put options —a move that limited the downside risk. A representative for Pershing Square declined to comment. Fox News wins ruling on use of its content
NEW YORK — A media monitoring company is cheating Fox News out of revenue by failing to pay for some content it resells, a federal appeals court said this week in a decision closely watched in the news broadcasting industry.
The 2nd U.S. Circuit Court of Appeals ruled against TVEyes, a Fairfield, Conn.-based company distributing TV clips and snippets of transcripts to customers.
The appeals court said TVEyes was depriving Fox of licensing revenues and it should be left up to Fox whether it wants to create a similar service itself or license it to others.
“We cannot emphasize enough the practical effect this win should have for content holders of all stripes,” said attorney Dale Cendali, who represented Fox News.
TVEyes said it was disappointed and was considering its options. Two airlines in dispute over O’Hare plans
American Airlines Group is crying foul over a planned $8.5 billion renovation of Chicago’s O’Hare International Airport, claiming a “secret provision” awards additional gates to United in a terminal slated to be torn down.
The arrangement favoring Chicago-based United was “inserted at the last minute,” Fort Worth-based American said. United called the claim “disingenuous” and denied there was a secret deal.
The spat between the airlines, which operate competing hubs that dominate the airport, threatens to disrupt a long-overdue expansion.