Electronics distributor sells EECOL business
Wesco International Inc., the South Side-based distributor of electrical equipment, sold its EECOL Electric Argentina business Friday. Wesco acquired the Argentinian operation when it purchased EECOL Electric Corp. in December. The company has been on an acquisition spree for the past several years and had annual revenue of $6.6 billion in 2012.
Best Buy, Walmart put iPhone 5c on sale
Less than two weeks since the iPhone 5c went on sale, it's already on sale. Best Buy is offering customers who buy the device at one of its stores through Monday a $50 gift card that can be applied at the time of the sale. And Walmart is selling the phone for $45. The iPhone 5c's regular price is $99.99.
Twitter co-founder set to become billionaire
The personal fortune of Twitter co-founder Evan Williams probably will take up 10 characters once the online communications company goes public. He owns a 12 percent stake, which makes him the company's largest shareholder. If Twitter turns out to be worth at least $17.60 per share, the initial public offering will make Mr. Williams a billionaire at 41 years old.
'Hobbit' trilogy carries a precious price tag
Making the movie trilogy "The Hobbit" has cost more than half a billion dollars so far, double the amount spent on the three movies in the "The Lord of the Rings" series. There will likely be additional post-production costs as the next two movies are completed. The first movie in the trilogy, "The Hobbit: An Unexpected Journey," has earned over $1 billion.
N.J. to become third state to offer online gambling
New Jersey residents and visitors will be able to start gambling online Nov. 26, after a five-day trial period to make sure the systems operated by the city's 12 casinos work properly. Gamblers would have to be physically located within New Jersey's boundaries to play. New Jersey will be the third state in the nation to offer online gambling, along with Nevada and Delaware.
Defense contractor to furlough 3,000
Lockheed Martin will furlough 3,000 employees Monday and potentially more in coming weeks due to the government shutdown. The defense contractor said Friday that the furloughs will affect its business nationwide.