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Stocks lower...$13 billion JPMorgan settlement...Campbell Soup suffers.
Tuesday - 11/19/2013, 4:01pm EST
ANGELA K. BROWN
NEW YORK (AP) -- Stocks are mixed in afternoon trading on Wall Street. Investors have been studying corporate earnings reports from retailers. Home Depot and the parent company of T.J. Maxx have been higher after issuing upbeat reports, but Campbell Soup and Best Buy are down. Best Buy says it swung a profit last quarter thanks to cost cutting, but it warns that competition from online electronics retailers will further squeeze profit margins.
ALBANY, N.Y. (AP) -- JPMorgan Chase & Co. has reached a record $13 billion settlement with federal and state authorities. The agreement resolves claims over the bank's sales of mortgage-backed securities that collapsed during the U.S. housing crisis. It is the largest settlement ever between the Department of Justice and a corporation. The settlement requires JPMorgan to pay $9 billion and provide $4 billion in consumer relief, including principal reductions and other mortgage modifications for homeowners facing foreclosure.
WASHINGTON (AP) -- Janet Yellen says a "strong majority" of Federal Reserve officials think the Fed's low-interest-rate policies have supported a still-recovering U.S. economy. In response to questions from the Senate Banking Committee, Yellen defends the Fed's monthly bond purchases, which have been intended to keep long-term rates down, and says the U.S. economy would likely be weaker if the central bank had not acted aggressively.
NEW YORK (AP) -- Campbell Soup is suffering as Americans' tastes and habits shift toward fresh foods. The company says its quarterly profit fell 30 percent as U.S. sales of soups and V8 beverage declined. A recall of its recently acquired Plum Organics products also hurt results and the company cut its outlook for the year. Campbell Soup has been trying to reshape its image, introducing soups in bright, new plastic pouches and dinner sauces in black packages meant to conjure the blackboard menus at cafes.
SAN JOSE, Calif. (AP) -- A Silicon Valley jury has asked a judge for calculators to help it determine how much Samsung Electronics owes Apple for copying key features of the iPhone and iPad. The federal judge presiding over the patent trial granted the jury's request before the smartphone rivals' lawyers delivered their closing arguments. Apple is demanding $380 million. Samsung counters that it only owes $52 million for using features such as "pinch-to-zoom" in the 13 older-generation products.
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