Business Briefs

Stocks climb again on optimistic signs

NEW YORK -- The stock market had its third straight winning day on signs that companies are becoming more optimistic about the economy.

More merger activity and a plan by Qualcomm to buy back $3 billion of its stock brought reassurance that business leaders expect the recovery to continue. The maker of wireless chips and other mobile technology also raised its dividend.

In deal news, CF Industries made a new offer for fertilizer maker Terra Industries, which last month agreed to be sold to Norway's Yara for $4.1 billion. Also, Dow Chemical sold its Styron plastics business to Bain Capital for $1.63 billion.

Automakers gain on Toyota's pain

DETROIT -- All major automakers but Toyota reported higher U.S. sales in February, and most took customers from their powerful Japanese competitor, which has been struggling with a series of massive safety recalls.

Toyota said its U.S. sales fell 9 percent last month, while Ford, GM, Nissan, Honda and Hyundai all reported double-digit growth compared with February of 2009, at the depth of the recession. The gains may have been even higher without the blizzards that paralyzed the East Coast.

Other winners included Kia and Subaru. Even struggling Chrysler Group saw improvement. Toyota, by contrast, suspended sales of eight models in late January.

Domino's strategy helps bottom line

ANN ARBOR, Mich. -- Revamped pizza and a frank ad campaign helped Domino's Pizza more than double its fourth-quarter profit to $23.6 million as curious customers tried out its new recipe, the chain said Tuesday.

The chain decided to start overhauling its recipes more than 18 months ago after criticism from focus groups and on social media sites. And it boldly admitted in a series of documentary-style spots that under its old recipe, customers complained its crust tasted like cardboard and its sauce was reminiscent of ketchup.

The company began promoting its new pie, which has a new sauce and cheese combination and herb- and garlic-flavored crust, in December.

Greece preparing for spending cuts

ATHENS, Greece -- Prime Minister George Papandreou called on Greeks to brace for more spending cuts to deal with an unprecedented financial crisis, saying their sacrifices were essential to national survival.

In a speech Tuesday, he said time was running out to pull the country out of the crisis. His government is to announce further spending cuts today. The cuts are aimed at reducing the deficit, winning firm backing from the European Union and convincing bond investors that Greece is creditworthy.

Apple suit targets rival phone maker

SAN FRANCISCO -- As Apple Inc.'s iPhone faces stiffer competition in the lucrative market for smart phones, the company is going after one of its main rivals with patent lawsuits claiming theft of touch-screen technology and other features.

The complaints cover a slew of models made by Taiwanese phone maker HTC Corp., including the Nexus One, G1 and myTouch 3G -- all using the free, rival Android mobile operating software from Google Inc. Non-Android phones include HTC's Touch series.