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Drugmaker Genentech said Friday that The Food and Drug Administration has granted accelerated approval for Avastin, a drug used for the treatment of breast cancer.
Genentech said in a statement that Avastin, when used in conjunction with a certain type of chemotherapy, resulted in a 52% reduction in the risk of disease progression.
An earlier report […]

Department store retailer J.C. Penney Co. said Thursday its fourth-quarter profit fell 10%, but earnings beat Wall Street expectations as the company cut expenses.
J.C. Penney also said it was taking a "conservative" approach to guidance and predicted 2008 earnings below analysts’ expectations.
Plano, Texas-based J.C. Penney Co. said net income slipped to $430 million, or […]

Martha Stewart Living Omnimedia Inc. bought the rights to the Emeril Lagasse franchise of cookbooks, television shows and kitchen products for up to $70 million.
The media and merchandising company founded by Martha Stewart said Tuesday it agreed to pay $45 million in cash and $5 million in stock at closing. The final price could […]

Wal-Mart Stores and Toys "R" Us announced new mandatory safety checks Friday for its toy manufacturers following a wave of recalls that hurt the industry this past holiday season.
The separate announcements came ahead of next week’s scheduled statement from the Consumer Product Safety Commission (CPSC) about new stricter toy safety guidelines for both toymakers […]

Toshiba Corp (6502.T: Quote, Profile, Research) is planning to give up on its HD DVD format for high definition DVDs, conceding defeat to the competing Blu-Ray technology backed by Sony Corp (6758.T: Quote, Profile, Research), a company source said on Saturday.
The move will likely put an end to a battle that has gone […]

Shares of major managed care companies fell Wednesday after New York Attorney General Andrew Cuomo said he is suing a health insurer, its parent and some subsidiaries, and sent subpoenas to 16 other insurers.
Cuomo said he will sue Ingenix, its parent UnitedHealth Group Inc. and three subsidiaries, saying the insurers are defrauding consumers by […]

Yahoo Inc.’s board reportedly called a special meeting Friday to discuss the slumping Internet pioneer’s first response to Microsoft Corp.’s week-old takeover bid, setting the stage for a quick resolution or months of acrimonious wrangling.
After fruitlessly searching for other suitors, Yahoo’s options appear to have boiled down to a tough choice.
In the most likely […]

Consumers increased their borrowing in December at the slowest pace in eight months - additional evidence that economic activity was slowing significantly at the end of last year. For all of 2007, consumer credit rose at the fastest clip in three years.
The Federal Reserve reported Thursday that consumer borrowing rose at an annual rate […]

Ford-owned Volvo Cars said Saturday it was recalling 82,000 cars because of a rust problem that could lead to the vehicle’s engine stalling.
The recall concerns the car-maker’s S40 and V50 models, made between 2004 and 2006, with five-cylinder petrol engines.
Volvo Cars spokeswoman Maria Bohlin said recalls were being made in the company’s "corrosion markets," […]

Fitch Ratings slashed FGIC Corp.’s financial strength rating on Wednesday, harming the bond insurer’s chances of winning new business and potentially reducing the value of hundreds of billions of dollars in bonds.
Fitch Ratings cut the bond insurer’s rating to "AA" from "AAA." A bond insurer with a rating below the top-notch "AAA" designation will […]