From staff and wire reports
The number of Americans who signed contracts to buy homes dipped in June from a six-year high in May, a sign that sales could stabilize over the next few months. The National Association of Realtors said its seasonally adjusted index for pending home sales ticked down 0.4 percent to 110.9 in June. May was revised lower by a percentage point to 111.3.
Caesars Entertainment Corp. reported declines during the second quarter for its Atlantic City region casinos. Overall, net revenues sank
8 percent to $400.1 million and gross operating profits fell 6 percent to $63.1 million compared with the same period last year. The company blamed competition from casinos in surrounding states. The Atlantic City region includes the Bally's, Caesars, Harrah's Resort and Showboat casinos in Atlantic City and the Harrah's Philadelphia racetrack casino in Chester, Pa.
Cape Bank profits
Cape Bancorp reported second-quarter income of $1.6 million, or $0.13 per share, up from $1 million and $0.08 per share in the period in 2012. The company, the parent of Cape Bank, also announced its second stock repurchase program this year, which will buy back up to 5 percent or approximately 633,877 shares.
Pfizer vaccine deal
Drugmaker Pfizer Inc. has agreed to provide hundreds of millions of doses of its lucrative vaccine against pneumonia and meningitis at a fraction of the usual price for young children in poor countries. The deal to provide 260 million shots of its Prevnar 13 vaccine for a few dollars each is Pfizer's third agreement under a program through which drug companies, governments, health groups and charities collaborate to bring poor countries a long-term supply of affordable vaccines.
Bernanke to testify
A U.S. judge has ordered that Federal Reserve Chairman Ben Bernanke can be questioned in a lawsuit against the government filed by American International Group Inc.'s ex-CEO Hank Greenberg, who sued the government over the terms of its $182 billion bailout, which AIG has repaid.
Saks to be acquired
Saks Inc. agreed to sell itself to Hudson's Bay Co., the Canadian parent of upscale retailer Lord & Taylor, for about $2.4 billion. The acquisition combines Hudson's Bay, Lord & Taylor and Saks Fifth Avenue department-store brands to create an upscale-retail behemoth with 320 stores in some of North America's biggest cities.
Billionaire Warren Buffett is auctioning off an all-you-can-eat tour of the See's Candy factory in California to benefit an education nonprofit there. Bidding had reached $30,000 by Monday, but it remained to be seen whether the final price will rival the annual auction of lunch with Buffett, which routinely tops $1 million.
Fast-food workers are staging walkouts and demonstrations at New York restaurants including McDonald's, Burger King and Wendy's. The national Fast Food Forward campaign is organizing the demonstrations seeking better pay and union organization.
Amazon.com Inc. says it is adding 7,000 jobs in 13 states, beefing up staff at the warehouses where it fills orders, and in its customer service division. The company says it will add 5,000 full-time jobs at its U.S. distribution centers, which currently employ about 20,000 workers who pack and ship customer orders.
Icahn vs. Dell
Billionaire investor Carl Icahn is renewing his attack on Michael Dell's leadership and warning that the latest offer from Dell to buy the struggling PC maker he founded bypasses an important shareholder safeguard. Icahn and the investment firm Southeastern Asset Management said in a letter to a special committee of Dell Inc. board members that Michael Dell wants to circumvent the voting process behind a deal by preventing stockholders from passively rejecting his offer.
Wynn Resorts Ltd. said it made less money than expected in the Chinese gambling enclave of Macau, and its second quarter missed analysts' forecasts. Excluding special items, Wynn made $1.51 per share on revenue of $1.33 billion in the latest quarter.