Business briefs

Home builder index flat

U.S. home builder sentiment remained stuck at a 11/2-year low in September, the latest suggestion the sector is in for a painful and prolonged climb back to health. The National Association of Home Builders and Wells Fargo said Monday that their Housing Market Index for single-family homes held for the second straight month at 13 - the lowest level since March 2009. Economists had expected the index to edge up to 14.

Spirit Airlines to issue IPO

Spirit Airlines aims to raise $300 million with an initial public offering. For travelers on the low-fare, high-fee airline, that's enough to pay its $45 carry-on bag charge 6.7 million times over. Spirit said half the money from the IPO would be used to repay debt and exchange its private shares. The other half will be used for general corporate purposes.

Verizon names new COO

Verizon Communications Inc. has named the head of its wireless division, Lowell C. McAdam, as chief operating officer and heir apparent to chief executive Ivan Seidenberg. The move announced Monday clarifies the succession at Verizon after it said a week ago that chief financial officer John Killian plans to retire at the end of the year. McAdam, 56, starts his new job Oct. 1.

Walmart plans small stores

Wal-Mart Stores Inc. is planning an aggressive push into urban markets with a new small format that's a fraction of the size of its supercenters. The expansion is aimed to pump up sluggish U.S. sales. Real estate executives said the world's largest retailer has been scouring for small locations, around 20,000 square feet, in urban areas including New York City and San Francisco. That size is larger than a typical drugstore but smaller than a supermarket.

- From wire reports