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Saturday, August 28, 2010 12:01 AM PDT

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Today's Business News: Paul Allen's firm sues Silicon Valley giants Bernanke says Fed to act if needed BofA loses bid to end investor lawsuits on Merrill Technical support and short covering boost stocks Tribune files no new bankruptcy plan Treasurys gain as stock market takes a turn lower Obama economic advisory board OKs tax report Tiffany 2Q net income rises 19 pct on rising sales Summary Box: British 2Q economic growth revised up Cheaper Reverse Mortgages May Be Coming India says U.S. visa issue may be solved outside WTO August auto sales sluggish Marquee homes languish on Calif. housing market Candidate says Alaskans should invest in gas line Democrats claim conservative group tax violation Aug. auto sales expected to fall Pockets of Profit in Health-Care Stocks Paul Allen's firm sues Silicon Valley giants Fri, 27 Aug 2010 04:28 pm PDT Reuters - A company linked to Microsoft Corp co-founder Paul Allen is suing 11 major corporations, including Apple, Google and Facebook, accusing them of infringing on technology patents. Full Story Top Bernanke says Fed to act if needed Fri, 27 Aug 2010 08:12 pm PDT Reuters - U.S. Federal Reserve Chairman Ben Bernanke said on Friday the economic recovery has weakened more than expected and the Fed stands ready to act if needed to spur slowing growth. Full Story Top BofA loses bid to end investor lawsuits on Merrill Fri, 27 Aug 2010 04:32 pm PDT Reuters - A Manhattan federal judge refused to dismiss shareholder lawsuits against Bank of America Corp (BAC.N) and various executives and directors over the purchase of Merrill Lynch & Co during the 2008 financial crisis and disclosures about Merrill's losses and bonus payouts. Full Story Top Technical support and short covering boost stocks Fri, 27 Aug 2010 02:01 pm PDT Reuters - Stocks rebounded to post their best gains in nearly four weeks on Friday, overcoming initial skittishness brought on by a revenue warning from Intel and dour comments from Federal Reserve Chairman Ben Bernanke. Full Story Top Tribune files no new bankruptcy plan Fri, 27 Aug 2010 05:22 pm PDT Reuters - Tribune Co, struggling to win broad creditor support for its plan to emerge from bankruptcy, said on Friday it would not tweak the proposal any further at the moment. Full Story Top Treasurys gain as stock market takes a turn lower Thu, 26 Aug 2010 02:53 pm PDT AP - Treasury prices rose Thursday, sending interest rates lower after the glow from a positive report on unemployment faded. Full Story Top Obama economic advisory board OKs tax report Fri, 27 Aug 2010 01:40 pm PDT AP - Any attempts to simplify the complicated U.S. tax code will produce lower taxes for some people and higher payments for others, including some of the middle-class families President Barack Obama has promised to shield from tax increases, a new report says. Full Story Top Tiffany 2Q net income rises 19 pct on rising sales Fri, 27 Aug 2010 01:40 pm PDT AP - Tiffany & Co.'s second-quarter net income rose 19 percent on higher revenue as shoppers bought more of its high-end jewelry around the world, particularly in Asia and Europe. Full Story Top Summary Box: British 2Q economic growth revised up Fri, 27 Aug 2010 12:35 pm PDT AP - CONSTRUCTION BOOSTS GROWTH: Britain's economy grew by 1.2 percent during the second quarter, faster than the earlier estimate of 1.1 percent, thanks to a sharp rise in construction. Full Story Top Cheaper Reverse Mortgages May Be Coming Fri, 27 Aug 2010 11:05 am PDT U.S. News & World Report - The Federal Housing Administration (FHA) is developing a new reverse mortgage product that sharply cuts up-front payments by home owners but also significantly reduces the percentage of a home's equity that can be paid to owners under the program. Reverse mortgages insured by the government are available on homes where the youngest owner is at least 62 years old. The program is called a Home Equity Conversion Mortgage (HECM). Full Story Top India says U.S. visa issue may be solved outside WTO Thu, 26 Aug 2010 05:36 am PDT Reuters - India is confident of resolving a visa restrictions issue with the United States outside the WTO framework, a senior government official said on Thursday. Full Story Top August auto sales sluggish Fri, 27 Aug 2010 08:19 pm PDT Reuters - The U.S. auto industry felt like it dodged a bullet in July when retail sales to consumers held up and confounded forecasts for a drop, but then August came and that sense of relief went out the window. Full Story Top Marquee homes languish on Calif. housing market Fri, 27 Aug 2010 10:13 pm PDT AP - Southern California's home-sale listings are beginning to resemble an index to the country's most famous mid-20th-century architects, with more marquee properties languishing on the market as the well-heeled become increasingly reluctant to buy. Full Story Top Candidate says Alaskans should invest in gas line Fri, 27 Aug 2010 04:33 pm PDT AP - The state's Democratic nominee for governor said Friday he wants to give residents the chance to invest in a proposed pipeline that could ship natural gas to Lower 48 states. Full Story Top Democrats claim conservative group tax violation Fri, 27 Aug 2010 03:54 pm PDT AP - The Democratic Party has filed a complaint with the Internal Revenue Service complaining that a conservative foundation spending millions of dollars on ads in election battleground states is violating its status as a tax-exempt organization. Full Story Top Aug. auto sales expected to fall Fri, 27 Aug 2010 03:39 pm PDT Investor's Business Daily - Vehicle sales will likely be 18% lower this month than a year ago, when they were boosted by the federal Cash for Clunkers stimulus program, according to auto Web site Edmunds.com. It estimated that the industry will sell roughly 1.03 mil units in Aug. Five of the six top automakers are projected to report decreases this month, with Chrysler seen as the lone exception. Full Story Top Pockets of Profit in Health-Care Stocks Fri, 27 Aug 2010 05:08 am PDT BusinessWeek - Health care has historically been a defensive sector of the stock market. It continues to underperform in an environment in which many would have predicted it would do better. This is because there's a lack of leadership in the household names: Merck (NYSE:MRK - News), Pfizer (NYSE:PFE - News), Johnson & Johnson (NYSE:JNJ - News), Medtronic (NYSE:MDT - News). In the next 6 to 12 months, none of these companies will be in the early phases of -- or about to engage in -- important new product cycles. Full Story Top

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