Investor wants Apple
to quit hoarding cashNEW YORK -- With its stock on the decline, Apple is facing a rebellion from an influential investor who wants the company to stop stockpiling cash and give it to shareholders.Greenlight Capital said Thursday that it is suing Apple in a New York federal court over the company's proposal to eliminate the possibility of issuing preferred stock. David Einhorn, who heads the investment fund, said the proposal would close down one avenue for Apple to reward shareholders with more cash.-- The Associated PressBargain hunters giveretailers a big monthNEW YORK -- Americans hit the winter clearance racks in January, resulting in strong sales during the month for retailers.But spending is expected to slow as the deals dry up and as Americans contend with rising gas prices and a 2 percent payroll tax hike that started in January.Overall, 20 retailers reported Thursday that revenue at stores open at least a year -- an indicator of health -- rose an average of 5.1 percent, according to the International Council of Shopping Centers.That's above the trade group's 3 percent estimate -- and the highest reading since August, when it was up 6 percent.-- The Associated PressApplications decline forunemployment benefitsFewer Americans sought unemployment benefits last week, indicating that companies continue to hire at a modest but steady pace.The Labor Department said Thursday that weekly applications for unemployment benefits fell 5,000 to a seasonally adjusted 366,000.The four-week average, a less volatile measure, dropped to 350,500, the lowest in nearly five years. The average is low because of seasonal factors, which reduced applications sharply last month.-- The Associated PressSprint Nextel Corp.posts $1.3 billion loss NEW YORK -- Sprint Nextel Corp., the country's third-largest wireless carrier, said Thursday that it lost $1.3 billion in its fourth quarter, about the same as a year ago.The company is focused on a long-term turnaround rather than short-term results, revamping its network for a comeback versus bigger competitors.-- The Associated PressHave more to add? News tip? Tell us
