ATI closing Conn. plant
Allegheny Technologies disclosed it will close its flat-rolled finishing plant in Wallingford, Conn., on or about June 30 of next year. The Pittsburgh specialty metals producer said its fourth-quarter results will reflect $9.2 million in pretax costs for closing the facility. The figure includes $6 million in termination benefits, mostly for pensions and postretirement medical costs.
Stocks down for second week
Stocks were mixed Friday and posted their second weekly loss in a row. The Dow Jones industrial average rose 15.93 points, or 0.1 percent, to close at 15,755.36. The Standard & Poor's 500 index fell 0.18 points, or 0.01 percent, to 1,775.32. The Nasdaq composite rose 2.57 points, or 0.06 percent, to 4,000.98. The yield on the 10-year Treasury note fell slightly to 2.86 percent.
Producer price index declines
The producer price index, which measures prices before they reach the consumer, declined 0.1 percent in November, the Labor Department said Friday. Overall wholesale prices have risen just 0.7 percent in the past 12 months. Excluding energy and food prices, so-called core wholesale prices increased 0.1 percent in November and 1.3 percent over the past 12 months.
Toyota enters settlement talks
After a four-year legal battle, Toyota is entering settlement talks on nearly 400 state and federal lawsuits that allege sudden unintended acceleration problems with its vehicles led to deaths and injuries. The Japanese automaker, which has recalled millions of cars since 2009 over the acceleration issue, agreed to the negotiations to make resolving the cases more efficient, spokeswoman Carly Schaffner told The Associated Press on Friday.
Qualcomm executive promoted
Qualcomm says longtime executive Steve Mollenkopf will become its CEO in March. Mr. Mollenkopf, who has served as president and chief operating officer since October 2011, also will join the mobile device chipmaker's board. He officially becomes CEO on March 4 after the company's annual meeting.