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LONG ISLAND


Verint acquiring industry rival

Verint Systems Inc., the Melville-based provider of voice, video and data analysis systems, is buying one of its competitors, Vovici, for a price that could reach $76.4 million. The combined company will give Verint a competitive advantage in selling software that gives insight into how employees interact with customers, Verint said. Vovici is based in northern Virginia. The acquired company's resources will feed into Verint's existing Voice of the Customer Analytics system, according to Verint, which told the Securities and Exchange Commission that it will pay $56.5 million at closing and as much as $19.9 million in the following 18 months, depending on performance. The system's software sifts through huge volumes of voice, email, chat and video and alerts supervisors to salient clues to the customer's experience. For example, it might route a telephone call immediately to a supervisor when it detects a semantic clue such as the word "customer" because a typical phrase from an angry client is, "I've been a customer for a long time." -- JOSEPH MALLIA


State Bancorp sale gets OK

A New Jersey institution, Valley National Bank, announced Tuesday that it had received regulatory approval to complete the purchase of State Bank of Long Island, which is based in Jericho. Initial word of the pending sale of the bank's parent company, State Bancorp, came in April, and Valley National said then it expected to get the approval of its shareholders and regulators. The Wayne, N.J.-based Valley National said it had gotten the go-ahead to complete the purchase from the Federal Reserve Bank of New York and the U.S. Office of the Controller of the Currency, an arm of the U.S. Treasury Department that charters, regulates and supervises national banks. The merger is expected to close in the fourth quarter. Valley says the combined bank will have $16 billion in assets and 215 branches in 16 counties in New York and in north and central New Jersey. State Bank of Long Island, which has 17 branches in Nassau, Suffolk, Queens and Manhattan, is the major unit of State Bancorp. -- TOM INCANTALUPO


NATION


Stocks fail to follow up big day

A rally over hopes for a debt-limit deal turned into a waiting game for investors. One day after the Dow Jones industrial average had its best day this year, the stock market edged lower yesterday. Analysts say concerns about lifting the U.S. debt limit outweighed strong earnings from Apple and a slew of new corporate deals. The Dow Jones industrial average fell 15.51 points, or 0.12 percent, to close at 12,571.91. The Standard & Poor's 500 index dropped 0.89 points, or 0.07 percent, to 1,325.84. The Nasdaq fell 12.29 points, or 0.43 percent, to 2,814.23. -- AP


American buys 460 new planes

American Airlines is buying at least 460 new planes over the next five years from Airbus and Boeing in a record order that breaks Boeing's exclusive grip on American's fleet. American said yesterday it will buy 260 planes from Airbus, 200 from rival Boeing Co., and take options to buy hundreds more. It expects the new jets to provide much-needed savings in fuel costs. American's current fleet is among the least fuel-efficient in the industry. -- AP


Ford trucks, SUV recalled

Ford Motor Co. is recalling more than 20,000 pickup trucks and SUVs because a defective switch can cause the turn signal, taillights and brake lights to fail. The National Highway Traffic Safety Administration said the recall affects certain 2004 through 2011 Ranger pickups, 2002 through 2005 Excursion SUVs, and 2002 through 2007 F-250, 350, 450 and 550 trucks. About 20,450 trucks in the United States are affected. The company will notify owners and dealers will replace the switches free of charge. -- AP

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