FEDERATED Department Stores Inc. plans to double its size by acquiring May Department Stores Co. in what amounts to an $11 billion bet that department stores have a future even as consumers increasingly shop at discounters and specialty stores.
Biogen Idec Inc., the third-largest U.S. biotechnology company, and Irish partner Elan Corp. suspended sales of multiple-sclerosis drug Tysabri after one patient died. Shares of both companies slid, wiping out about $17.8 billion in combined market value.
SAN DIEGO Running a car wash in Southern California is normally a sure thing for a businessman. But in this very abnormal rainy season, Nathan Helo is glad he also owns a liquor store to fall back on.
Since he bought the car wash Jan. 1, he's been able to keep it open only three weeks.
NEW YORK Stocks skidded Monday as investors, concerned about rising prices and the threat of inflation, took profits after last week's three-day rally. Volatility in pharmaceutical stocks and an analyst downgrade of Dow Jones industrial General Motors Corp. also pressured the market.