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Separately, CVS added a $2-a-share one-time dividend to Caremark shareholders if their company completes a merger with CVS.
AGRICULTURE
Calif. Freeze Threatens Oranges
With California bracing for more freezing weather, juice makers may soon face rising costs and falling earnings as orange losses there add to an already dismal year for the crop. Growers expect losses of 50 percent to 75 percent.
WALL STREET
Specialist Firms Fined
The seven specialist firms that handle stock trading at the New York Stock Exchange were hit with a combined $2.8 million in fines for what officials said were multiple trading violations.
NYSE Regulation said the infractions included the failure to honor the "firm quote" rule, which deals with the prices at which specialist firms execute buy or sell orders.
EARNINGS
Intel said fourth-quarter profit fell 39 percent, to $1.5 billion from $2.45 billion in the comparable period a year earlier. Sales fell 5 percent, to $9.7 billion. New chips that replaced Intel's six-year-old Pentium design last year helped take back orders from Advanced Micro Devices.
For the year ended Dec. 30, profit fell 42 percent from the previous year, to $5.04 billion. Revenue fell 9 percent, to $35.38 billion.
TREASURY
T-bill rates rose. The discount rate on three-month Treasury bills auctioned yesterday rose to 4.975 percent from 4.94 percent last week. The rate on six-month bills was 4.95 percent, up from 4.92 percent last week. The annualized return to investors is 5.108 percent for three-month bills, with a $10,000 bill selling for $9,874.24, and 5.148 percent for a six-month bill selling for $9,749.75.
Separately, the Federal Reserve said the average yield for one-year Treasury bills, a popular index for making changes in adjustable-rate mortgages, rose to 5.03 percent last week, up from 4.98 percent the previous week.
Compiled from reports by Washington Post staff writers, the Associated Press and Bloomberg News.
