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Stocks move higher despite deficit report


Published: Thursday, January 13, 2005 at 6:01 a.m.
Last Modified: Wednesday, January 12, 2005 at 11:00 p.m.

Stocks move higher despite deficit report

  • NEW YORK - Stocks moved higher in choppy trading Wednesday as investors focused on strong earnings news from Intel Corp. instead of a government report that high oil prices and lower exports had pushed the U.S. trade deficit to a record level.
    The Dow Jones industrial average was up 61.56, or 0.58 percent, at 10,617.78, making most of its gains in the final hour of trading.
    The broader gauges were also higher. The Standard & Poor's 500 index added 4.71, or 0.40 percent, to 1,187.70. The Nasdaq composite index rose 12.91, or 0.62 percent, to 2,092.53.

    OfficeMax announces resignation of new CFO

  • CHICAGO - OfficeMax Inc. announced the resignation of its new chief financial officer on Wednesday and said its fourth-quarter earnings report will be delayed because of accounting problems, compounding recent financial turmoil at the nation's No. 3 office products retailer.
    The latest dose of bad news sent shares in the company down Wednesday in afternoon trading. The company declined to cite a reason for the departure of Brian Anderson, who had held the job only since November. But the resignation came as it fired four employees as the result of an ongoing internal investigation which it said confirmed a vendor's complaint that some bills were falsified.

    Bristol-Meyers puts OTC unit up for sale

  • NEW YORK - Bristol-Myers Squibb Co., the pharmaceutical giant, announced Wednesday that it is putting up for sale its U.S. and Canadian consumer over-the-counter drug line, which includes pain relievers Excedrin and Bufferin, cold medicine Comtrex and Keri lotions. The company, which has struggled to restructure in the face of lost patents on key drugs, has been shedding noncore assets as it move to limit its focus to 10 different disease areas. It plans to retain its consumer medicines business in other parts of the world including Japan and Europe because it remains an important part of its pharmaceutical business in such regions.
    Bristol-Myers said that sales of its consumer medicines in the U.S. and Canada totaled about $240 million in 2003.

    Motorola's No. 2 exec quitting as expected

  • CHICAGO - Motorola Inc. announced Wednesday that Mike Zafirovski is resigning as the company's No. 2 executive, a departure that had been widely expected since he was passed over for the chief executive's job a year ago.
    Zafirovski, who helped engineer a turnaround at the cell-phone manufacturing giant, is scheduled to step down Jan. 31 as president and chief operating officer after more than four years with Motorola.
    He was beaten out for the CEO's job in December 2003 when the company opted to replace Christopher Galvin with Ed Zander, former president of Sun Microsystems Inc.
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