Investors take pause to analyze latest earnings
NEW YORK - Stocks were mixed but little changed Wednesday as investors pored over the latest batch of earnings reports. Luxury goods maker Coach slumped after reporting a lower profit. IBM fell on a revenue shortfall.
The S&P 500 rose 1.05 to 1,844.85. The Dow Jones industrial average fell 41.10 to 16,373.34. The Nasdaq gained 17.24 to 4,243.00.
Net income: $1B up for grabs in hoops contest
DETROIT - Correctly predicting the outcome of every game in the NCAA men's basketball tournament is no layup. There's now a $1 billion prize waiting for anyone able to pull off the feat this spring.
Quicken Loans said it will team with Warren Buffett's Berkshire Hathaway on the "Billion Dollar Bracket Challenge." Any qualified entrants who correctly predicts every game will share in or be paid 40 annual installments of $25 million or an immediate $500 million payout. Submissions are limited to one per household. ESPN said it's never had a perfect bracket in over 30 million entries.
Target scales back on some health coverage
NEW YORK - Target says it will no longer offer health care coverage for its part-time workers. The discounter is citing options available under the Affordable Care Act.
Target says most part-time workers who are eligible for its coverage don't enroll. Part-timers who are enrolled and are losing access to the plan will be given $500.
Norfolk Southern's 4Q profit increases by 24%
OMAHA, Neb. - Norfolk Southern Railroad is optimistic about the economy as fourth-quarter profit rose 24 percent despite weak coal demand.
Norfolk Southern says its total shipping volume grew 4 percent as it delivered more autos, crude oil and agriculture products.
The railroad, which serves Charleston, predicted shipments of most products will increase in 2014. Coal will likely remain weak as utilities rely more on cheap natural gas.
Bartiromo set to join Fox Business Network
NEW YORK - Fox Business Network says anchor Maria Bartiromo will become its global markets editor. She will anchor a daily program and a weekly show for Fox News Channel. She begins Feb. 1, with both programs set to launch by April. Bartiromo left CNBC in November.
Texas Instruments to cut 1,100 jobs; profit up
DALLAS - Chipmaker Texas Instruments Inc. said that it will cut 1,100 jobs worldwide to trim costs and will reduce its investment in certain markets.
The company says the cuts in its embedded processing unit and in Japan will result in $130 million in annual savings. It also said its fourth-quarter profit nearly doubled to $511 million as restructuring charges fell and revenue ticked up.