TODAY'S PAPER
68° Good Morning
68° Good Morning
Business

Business briefs

Arrow announces $50-million

stock repurchase plan

Melville-based Arrow Electronics Inc. said yesterday that it plans to buy back up to $50 million of its common stock. The company said it will do so "to offset the dilution from the common stock issued in accordance with equity-based compensation plans." Arrow supplies wholesale electronics for suppliers, original equipment makers, manufacturers and commercial customers. - Joseph Mallia


Positive economic outlook, oil

prices help stocks make gains

Stabilizing oil prices and signs that the economy may be improving pushed stock indexes higher yesterday. All three major stock indexes posted their third straight month of gains. The Dow Jones industrial average gained 95.89 points, or 0.8 percent, to close at 12,226.34. The Standard and Poor's 500 index rose 2.87, or 0.2 percent, to 1,322.75. The Nasdaq composite rose 1.22 points, or less than 0.1 percent, to 2,782.27.


Business expansion picks up,

but home sales decline again

A report yesterday from the Institute for Supply Management in Chicago showed businesses expanded in February at the fastest pace in two decades. "Manufacturing has at least several more months of very rapid growth in front of it," said Robert Stein, a senior economist at First Trust Portfolios in Wheaton, Ill. Meanwhile, fewer Americans signed contracts to buy homes in January, said the National Association of Realtors. The 2.8 percent drop was the second straight monthly decline. Sales of previously owned homes fell last year to the lowest level in 13 years. Economists say it will be years before the housing market fully recovers.

Hacker who swiped iPad users'

e-mails released on bail

An Arkansas man accused of stealing more than 100,000 e-mail addresses of Apple iPad users last year was released on bail yesterday and will be prohibited from using the Internet except for work - which in his case means a job as a computer consultant. Authorities say Andrew Auernheimer, of Fayetteville, and Daniel Spitler, of San Francisco, tricked AT&T's website into divulging e-mail addresses that included those of New York City Mayor Michael Bloomberg, film mogul Harvey Weinstein and then-White House chief of staff Rahm Emanuel, who is now the mayor of Chicago.


From staff and wire reports

Comments

We're revamping our Comments section. Learn more and share your input.

More news