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AP Business NewsBrief at 7:57 a.m. EST(Associated Press Via Acquire Media NewsEdge) CVS Caremark 4Q profit grows 11 percentNEW YORK (AP) _ CVS Caremark Corp. said Monday its profit rose 11 percent in the fourth quarter as results improved for its pharmacy benefits management business, which has lost billions in contracts for the new year. The Woonsocket, R.I., company said it earned $1.05 billion, or 74 cents per share. That's up from $949 million, or 65 cents per share. Excluding one-time costs, CVS earned 79 cents per share. Revenue grew 7 percent to $25.82 billion from $24.14 billion. AP analysis: US economic stress hit a peak in Dec.Weakness in Western energy-producing states helped raise the average U.S. county's economic stress in December to its highest point since the recession began in December 2007, according to The Associated Press' monthly analysis of conditions in more than 3,100 U.S. counties. States such as Alaska, Wyoming and Montana lost jobs related in part to a drop in energy and mining exploration. Those states in the past had generally defied the national economy's weakness. European stocks rally despite debt fearsLONDON (AP) _ European markets rebounded Monday as investors looked past a slump in Asia and set aside worries about debt problems in countries like Greece and Portugal to buy into stocks made cheaper by last week's vicious sell-off. Sentiment remains balanced on a knife's edge, however, with hope for a bailout for Greece weighed against fears of contagion through the wider 16-nation eurozone. Hasbro 4Q profit rises on sales of boys' productsPAWTUCKET, R.I. (AP) _ Hasbro Inc., the nation's second biggest toymaker, said Monday that sales of action figures and other toys aimed at boys as well as strong entertainment and licensing revenue helped push its fourth-quarter profit sharply higher. The owner of the Transformers, Tonka and Playskool brands also said it expects sales and earnings per share to grow this year although it didn't offer specific estimates. Oil above $71 amid US cold snap, Iran tensionsOil prices held above $71 a barrel Monday after hitting a two-month low last week, boosted by tensions over Iran's nuclear program and a cold snap in the U.S. northeast. Gains were kept in check by the strengthening U.S. dollar, which made crude more expensive for investors holding other currencies. Toyota to announce action soon for Prius hybridsTOKYO (AP) _ Toyota said Sunday that it will soon announce plans to deal with braking problems in its prized Prius hybrid amid reports it has decided to issue a recall for the vehicle in Japan, a possible new embarrassment for the world's biggest automaker. Toyota Motor Corp. has already had to recall more than 7 million other cars in the U.S., Europe and China over a sticky accelerator and floor mats that can get caught in the gas pedal. Those problems and criticism of Toyota's response to them have sullied the stellar reputation for quality long enjoyed by one of Japan's corporate icons. CIT names ex-Merrill CEO Thain as chairman, CEONEW YORK (AP) _ John Thain is getting a second chance. CIT Group Inc. tapped the former Merrill Lynch CEO to became its chairman and chief executive. Stocks narrowly mixed ahead of market openNEW YORK (AP) _ Stock futures are trading in a narrow range Monday after a roller-coaster performance last week that saw major indexes post their the fourth consecutive decline. Traders are grappling with concerns that some European countries might not be able to rein in mounting debt. Stocks have also been hurt in recent weeks by China's plans to limit economic growth and the U.S. government's proposed rules to restrict trading by large financial institutions. Nokia to ax 285 jobs in FinlandHELSINKI (AP) _ Nokia Corp. said Monday it will lay off 285 people in Finland, as the world's largest mobile phone maker strives to cut costs and streamline operations. In November, Nokia axed 550 jobs in Japan, Denmark and Finland at research and development units that globally employ 17,000 workers. German tax cheat gets $10M in damages from bankVADUZ, Liechtenstein (AP) _ A court has ordered a former subsidiary of Liechtenstein's LGT bank to pay over (EURO)7.3 million ($10 million) to a client for failing to inform him that his confidential details had been stolen and handed to authorities, thereby harming his chances of escaping criminal penalties for tax evasion. Fiduco Treuhand AG, previously known as LGT Treuhand AG, said Monday it would appeal against the decision by the principality's district court ordering it to pay Elmar Schulte compensation for a fine of the same size that he was given in place of prison time by a German court after being found guilty of tax evasion. (c) 2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. |