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Hershey eyes more cash for Cadbury than Kraft: WSJ At MarketWatch 11/20/09

SAN FRANCISCO (MarketWatch) -- Hershey Trust, the charitable trust that controls Hershey Co. , is pushing the company to launch an offer for Cadbury PLC that would outbid the $17 billion from Kraft Foods Inc. , The Wall Street Journal reported in its online edition late Friday. Hershey's package is likely to be bigger and offer more cash than what Kraft has proposed.

Commerce Bank of Southwest Florida fails At MarketWatch 11/20/09

SAN FRANCISCO (MarketWatch) -- Commerce Bank of Southwest Florida in Fort Myers, Florida was closed by financial regulators on Friday, becoming the 124th bank to fail in 2009 and the 12th in the state of Florida. However, the holding company, Florida Commerce Bancorp, was not included in the closing of the bank or the resulting receivership. All deposit accounts, excluding certain brokered deposits, have been transferred to Central Bank of Stillwater, Minnesota.

Mexico Q3 GDP contracts less than expected At MarketWatch 11/20/09

LOS ANGELES (MarketWatch) -- Mexico's economy was on the mend in the third quarter, with a year-over-year contraction coming in less than anticipated by analysts, as well as growth from the previous quarter. Gross domestic product contracted 6.2% in the third quarter from the same period a year ago, according to Inegi, Mexico's statistics agency. Analysts polled by Dow Jones Newswires had expected, on average, a decline of 6.8%. Latin America's second-largest economy grew by a seasonally adjusted rate of 2.93% in the third quarter from the second quarter, above the forecast for growth of 2.4%.

UPS to hike prices by 4.9% for ground packages At MarketWatch 11/20/09

SAN FRANCISCO (MarketWatch) -- UPS said late Friday that it will hike its rates by about 4.9% for ground packages in 2010. It will also implement a net increase of 4.9% on its air express and international shipments originating from the United States. The new rates will take effect on Jan. 4.

Stocks end week mixed; lack of conviction reigns At MarketWatch 11/20/09

NEW YORK (MarketWatch) - U.S. stocks on Friday tallied mild losses to finish mostly lower for the week, as disappointing results from computer maker Dell Inc. dented the technology sector. "Investors are dating this market, they are not married to it. They don't have conviction, they have one foot out the door," Howard Ward, chief investment officer for GAMCO Growth Fund, said of the low trading volume that persisted through the week. Down for a third consecutive day, the Dow Jones Industrial Average fell 14.28 points, or 0.1%, to 10,318.16, leaving it 0.5% higher for the week. The S&P 500...

U.S. stocks pare losses in late-session rebound At MarketWatch 11/20/09

NEW YORK (MarketWatch) -- U.S. stocks pared losses late Friday, bringing the Dow Industrial Average into positive territory. "A characteristic of this rally for several months is we've had a hard time selling to the downside, as new money comes into the market," said Howard Ward, chief investment officer for GAMCO Growth fund. The Dow Jones Industrial Average added 6.28 points to 10,338.72. The S&P 500 Index was off 1.42 points at 1,093.48. The Nasdaq Composite fell 8.04 points to 2,148.78.

Crude drops for second day as dollar strengthens At MarketWatch 11/20/09

NEW YORK (MarketWatch) -- Crude futures fell Friday for a second session, reducing their weekly gains as a rebounding dollar and weaker stock markets continued to weigh on commodities trading. Crude for December delivery, which expired Friday, fell 74 cents, or 1%, to $76.72 a barrel on the New York Mercantile Exchange. The contract ended the week up 0.5%, having put together a winning streak from Monday through Wednesday. Gasoline futures rose after Valero Energy Corp. said the largest U.S. refiner is shutting down its refinery in Delaware City, Del.

Moody's cuts Sprint Nextel rating to 'Ba2' At MarketWatch 11/20/09

LOS ANGELES (MarketWatch) -- Moody's Investors Service on Friday downgraded its corporate family rating on Sprint Nextel Corp. to Ba2 from Ba1, saying the wireless-services provider's ability to stem the deterioration of its earnings is taking longer than it had originally anticipated. The agency said the company's leverage, therefore, is likely to deteriorate before stabilizing at much weaker levels than previously expected. The outlook for Sprint Nextel's ratings is negative. Moody's said earnings pressure is likely to persist until the loss of post-paid subscribers decreases more...

Gold rises for sixth session on inflation worries At MarketWatch 11/20/09

NEW YORK (MarketWatch) -- Gold futures rose Friday for a sixth straight session to a new record high, marking their third weekly gain, as continued worries over a weaker dollar and global inflation encouraged investors to buy gold as a safe asset. Gold for December delivery, the most actively traded contract, rose $4.90, or 0.4%, to $1,146.80 an ounce on the Comex division of the New York Mercantile Exchange. The thinly traded November contract also rose 0.4% to $1,146.40, the highest level for a Comex front-month contract.

Company debt sales top annual record already At MarketWatch 11/20/09

NEW YORK (MarketWatch) -- With more than a month to go until 2009 ends, companies have already sold more debt this year than in any previous year, analysts at Bank of America Merrill Lynch said in a report released Friday. Investment-grade supply has matched the previous annual record of $960 in 2007 as credit markets have thawed, investors have become more comfortable returning to riskier assets, and borrowing costs have dropped dramatically. Companies including Boeing Co. , Harley-Davidson , Fortune Brands and Kellogg Co. have sold debt this week. After a couple weeks of rushing deals to...

Norway finds mutated version of H1N1 virus At MarketWatch 11/20/09

SAN FRANCISCO (MarketWatch) -- The Norwegian Institute of Public Health said Friday that it has found a mutated version of the H1N1 virus in three patients in Norway, two of whom died. The institute suggested this is normal and "most of these mutations will probably have little or no importance." Still, the mutation could also make the virus more prone to deeper infection of the airways and cause more severe problems. However, for now, "There is no indication that this change in the virus is of any importance for the effect of the vaccine or the effect of antiviral treatment," the institute...

Dr Pepper Snapple declares first-ever dividend At MarketWatch 11/20/09

SAN FRANCISCO (MarketWatch) -- Dr Pepper Snapple Group said Friday its board approved a quarterly dividend of 15 cents a share, the first from the company. The dividend will be paid on Jan. 8 to shareholders of record on Dec. 21. The board also authorized the repurchase of up to $200 million of the company's common stock over the next three years.

Barclays Capital buys Crescent with Goff Capital At MarketWatch 11/20/09

SAN FRANCISCO (MarketWatch) -- Barclays Capital said Friday that it has formed Crescent Real Estate Holdings LLC with Goff Capital to buy Crescent Real Estate Equities from Morgan Stanley Real Estate Funding II. It has also named John Goff as chairman and chief executive of Crescent. Goff was vice chairman and CEO of Crescent until it was sold to Morgan Stanley in 2007. The terms of the deal were not disclosed.

MAK Capital to raise stake in Agilysys At MarketWatch 11/20/09

NEW YORK (MarketWatch) -- Agilysys Inc. said it had been notified that MAK Capital Fund and Paloma International intend to increase their ownership of Agilysys' common shares above 20%, but not to exceed one-third. MAK Capital said does not intend, either alone or in concert with any other person, to exercise control of the company.

Retail stocks reverse loss; Gap profit tops mark At MarketWatch 11/20/09

NEW YORK (MarketWatch) -- Retail stocks reversed an earlier decline to head higher in early trading Friday as Gap Inc. and Ann Taylor Stores Corp.'s third-quarter profit results topped Wall Street expectations. Gap shares were up 0.3%. Ann Taylor stock zigzagged as investors weighed against the better-than-expected profit and a sales shortfall. The S&P Retail Index was up 0.2% to 401.49.

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