Stocks little changed after Fed’s June report
NEW YORK — The stock market turned quiet Wednesday and just managed to notch a fifth straight day of gains. Even the release of minutes from the June meeting of the Federal Reserve didn’t jolt investors.
Two major U.S. indexes were barely changed. The S&P 500 rose a fraction to 1,652.62. The Dow Jones industrial average eased 8.68 to 15,291.66. The Nasdaq is at its highest level since October 2000. It gained 16.5 to 3,520.76.
Every move the Fed has made in recent months has been analyzed. But Wednesday’s minutes offered no surprises. The report showed many Fed members want to see more job gains before cutting back on stimulus measures.
Ga. governor signs new inland port agreement
SAVANNAH — Georgia Gov. Nathan Deal has signed a new inland port agreement with the Georgia Ports Authority to expand shipping services throughout the region.
The agreement Deal signed Wednesday will provide a 200-mile rail route between the GPA’s terminal in Savannah to southwest Georgia, Florida and Alabama.
The S.C. State Ports Authority is building a similar inland facility in Spartanburg County to linking the Upstate and the Port of Charleston.
Icahn is seeking court appraisal of Dell’s deal
NEW YORK — Billionaire investor Carl Icahn says he will ask a Delaware judge to assess whether a proposed $24.4 billion acquisition of Dell represents a fair price for the struggling personal computer maker. It is Icahn’s latest attempt to wrangle a higher offer from buyout group that includes company CEO Michael Dell.
Icahn, Dell Inc.’s second largest shareholder, outlined the rationale for his legal maneuver Wednesday in an open letter. The missive urged the rest of Dell’s shareholders to exercise their right for a court appraisal to determine whether the company is worth more than the $13.65 per share that Michael Dell’s group has agreed to pay.
The push for an appraisal comes just two days after Icahn suffered a setback when three shareholder advisory firms recommended accepting the current offer.
Family Dollar quarterly profit slips as sales gain
MATTHEWS, N.C. — Family Dollar Stores said Wednesday its fiscal third-quarter net income fell 3 percent as expenses rose. For the period ended June 1, the discounter earned $120.9 million, topping analysts’ estimates. Revenue climbed 9 percent to $2.57 billion.
CEO Howard Levine said sales of consumable items like food and beauty products did well, but that sales of discretionary items continued to come under pressure as shoppers watched their spending.
Family Dollar has more than 7,800 stores in 45 states.
Vintage computer from Apple fetches 6 figures
NEW YORK — An original Apple computer from 1976 has sold at auction for nearly $388,000. Known as the Apple 1, it was one of the first Apple computers ever built.
It sold this week for $387,750 at a Christie’s online-only auction. Bolaffi, an Italian collections company, says in a statement that it bought the computer. The seller was a retired school psychologist from Sacramento, Calif.
Vintage Apple products have become a hot item since Steve Jobs’ death in October 2011. Jobs joined forces with Steve Wozniak to build computer prototypes in a garage. Wozniak built the Apple 1.
Another Apple 1 was sold in May for a record $671,400 by a German auction house. It broke a record of $640,000 set in November.
Staff and wire reports
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