October 22, 2013

Briefcase

Netflix reports quadruple earnings in latest quarter

Netflix’s earnings quadrupled as its line-up of original programming helped the Internet video subscription service attract 1.3 million more U.S. subscribers during its latest quarter.

The third-quarter results announced Monday are the latest evidence of Netflix’s increasing popularity. The Los Gatos, Calif., company ended September with 31.1 million U.S. subscribers, eclipsing the estimated 29 million subscribers that HBO’s 41-year-old pay-TV channel is believed to have in the country.

HBO, which is owned by Time Warner Inc., still has a commanding lead globally with 114 million subscribers around the world.

Hyundai announces recall of Genesis luxury cars

Hyundai decided to recall about 27,500 Genesis luxury cars Monday, just a few hours after the U.S. government opened an investigation into problems with their brakes.

The automaker said the recall covers cars from the 2009 through 2012 model years. Hyundai sold about 69,000 Genesis models, and about 60 percent of them already have been repaired through a company service campaign that began in March, a spokesman said.

McDonald’s adds options for ‘Dollar Menu and More’

McDonald’s is introducing some higher-priced options to its Dollar Menu and renaming it “Dollar Menu and More” to spur sales in the United States.

The company announced the changes to its popular low-priced menu Monday, the same day that the world’s biggest burger chain reported that its third-quarter profit rose 5 percent as it benefited from a Monopoly promotion in the United States and strength in the U.K. and Russia.

The menu tweaks come as McDonald’s tries to regain its footing. After outperforming rivals for years, McDonald’s has struggled recently due to heightened competition, shifting eating habits and tough economic conditions.

J.C. Penney scaling back partnership with Stewart

J.C. Penney Co. is scaling back its partnership with Martha Stewart.

The department store chain will no longer sell certain home and bath products designed by Martha Stewart Living Omnimedia Inc., the two companies said Monday. Penney will sell a smaller batch of Martha Stewart products, such as window treatments and party supplies. It also will sell the media and merchandising company back 11 million shares.

Penney and Martha Stewart signed a merchandising deal, including the stock investment, in 2011.

– From news service reports

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