Home prices up
From our wire services
U.S. home prices jumped 12.1 percent in April from a year ago, the most since March 2006. More buyers and a limited supply of available homes have lifted prices in most cities across the country, a sign of a broad-based housing recovery.
Connecticut's Mohegan Sun casino is announcing a major expansion with a new, $50 million retail space featuring movies, bowling, restaurants and clothing stores. Mohegan Sun is also the operator and minority owner of Resorts Casino Hotel in Atlantic City.
Barnes & Noble
Sales plummeted at Barnes & Noble bookstores in the latest quarter and its Nook e-book devices failed to keep up with competitors, pushing the company to a net loss that more than doubled from a year ago.
Passengers remain hesitant to book cruises, despite deep discounts. But that didn't stop Carnival Corp. from eking out a $41 million second-quarter profit thanks to lower fuel costs and the timing of some administrative expenses.
Men's Wearhouse escalated a public battle with its founder and former pitchman George Zimmer on Tuesday, trying to explain why it fired the man who still represents the clothier in many shoppers' minds. The company said its board parted ways with Zimmer because he had difficulty "accepting the fact that Men's Wearhouse is a public company with an independent board of directors and that he has not been the chief executive officer for two years." One bone of contention was that he wanted to sell the company to an investment firm.
Sprint approves deal
Sprint Nextel Corp.'s shareholders on Tuesday approved SoftBank Corp.'s acquisition of the bulk of the wireless carrier company. SoftBank had been competing with Dish Network Corp. since April to acquire Sprint. Sprint opted for SoftBank's $21.6 billion offer for 78 percent of the company, versus Dish's $25.5 billion bid for all of Sprint.
New York's top court says the state attorney general can continue his effort to bar two former American International Group Inc. executives from participating in the securities industry or leading a public company. The lawsuit claims former AIG CEO Maurice "Hank" Greenberg and former chief financial officer Howard Smith engaged in accounting fraud meant to dress up the insurance giant's books. The firm was bailed out by the federal government during the 2008 financial crisis.
The price of oil showed a small gain Tuesday, as positive U.S. economic news provided some support while traders wait for the latest supply reports. In New York benchmark oil for August delivery rose 14 cents to end at $95.32 a barrel.