Business Briefs

Stocks mostly up after see-saw day

NEW YORK -- Investors sidestepped some of their doubts about the economy and bought energy and industrial stocks as commodity prices rose. Stocks ended back-and-forth trading mostly higher Tuesday as a spike in the price of gold and corporate dealmaking extended an advance from Monday.

Investors drew some comfort from billionaire investor Warren Buffett's decision to buy Burlington Northern Santa Fe railroad. Meanwhile, tool maker Stanley Works struck a deal to acquire Black & Decker for $3.46 billion in stock.

Commodities rose broadly, and gold jumped to a new high after India's central bank bought $6.7 billion worth of gold from the International Monetary Fund.

Local cookie firm announces recall

Locally based Charleston Cookie Co. is recalling packages of almond cookies sold as part of Dean & Deluca Americana cookie tins because they contain milk products that are not listed in the ingredients. This could be dangerous for people with milk allergies. No illness has been reported.

The Americana cookie tins were sold in August through the Dean & Deluca Web site and catalog. Details: by phone at 843-762-4185.

Auditor in Madoff case pleads guilty

NEW YORK -- Bernard Madoff's longtime auditor pleaded guilty to securities fraud charges Tuesday, saying he failed to do his job to verify the disgraced money manager's financial records but did not know Madoff was running history's biggest Ponzi scheme.

David Friehling, 49, entered the plea and apologized to the thousands of victims who lost billions while he audited Madoff's financial records between 1991 and 2008.

The charges carry a potential prison term of up to 114 years in prison, though his substantial cooperation can result in significant leniency.

Landry's CEO gets nod to buy chain

NEW YORK -- The chairman and CEO of Landry's Restaurants Inc. finally got what he was after Tuesday, as the restaurant owner's board approved his $1.2 billion all-cash offer to buy the company.

Tilman Fertitta controls more than half of the company's shares, but coming up with the right formula to get the rest took a while. Fertitta will pay $14.75 per share in cash for it, a 37 percent premium over Monday's closing price of $10.76. Landry's owns the Rainforest Cafe chain and other restaurant brands.

Lower prices cut into profit at Kraft

NORTHFIELD, Ill. -- Kraft Foods says slower sales and lower prices cut its third-quarter profit nearly 40 percent from a year earlier, but the company raised its forecast for the year. Kraft said Tuesday that it earned $824 million for the quarter. Revenue fell nearly 6 percent to $9.8 billion.

Kraft executives "remain interested" in a possible offer for UK candy company Cadbury PLC but CEO Irene Rosenfeld's statement gave no details.