Judge: Hobby Lobby won’t have to pay fines

Friday, June 28th, 2013 | Finance News

OKLAHOMA CITY (AP) — A federal judge says Hobby Lobby and a sister company will not be subject to daily fines for refusing certain birth-control for workers.

U.S. District Judge Joe Heaton on Friday set a hearing for July 19 on claims by Hobby Lobby and the Mardel Christian bookstore chain that they should not have to provide some types of birth control, as required under the federal health care overhaul.

The companies faced fines totaling $1.3 million daily beginning Monday. But Heaton ordered the federal government to not impose a penalty.

An appeals court said Thursday the companies could fight the new law on religious grounds but Heaton first had to reconsider an injunction request. Heaton said Hobby Lobby showed it would suffer consequences and that an injunction was in the public interest

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News Corp to split after Friday close

Friday, June 28th, 2013 | Finance News

NEW YORK (AP) — News Corp. will formally split in two after the market closes Friday, with existing shareholders getting one share in the new publishing entity for every four shares they hold in the media company.

Since Wednesday last week, preliminary shares of both sides of the company have been trading as if the split already occurred. Any buyers of preliminary shares will receive them next Friday.

Preliminary publishing shares closed Friday at $15.25.

That valued the publishing division, to be named News Corp., at around $8.8 billion. That's about 12 percent of the entire company's value. It had a market capitalization of about $75.5 billion before the split.

The movie and TV division is being renamed Twenty-First Century Fox Inc. Its preliminary stock traded around $28.77 on Friday.

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Stocks slip, ending seven months of gains in S&P

Friday, June 28th, 2013 | Finance News

NEW YORK (AP) — Stocks are ending mostly lower on Wall Street as the market closes out a turbulent month.

The Dow Jones industrial average fell 114 points, or 0.8 percent, to close at 14,909 Friday.

The Standard & Poor's 500 fell six points, or 0.4 percent, to 1,606. The Nasdaq composite edged up a point to 3,403.

The S&P 500 had its first monthly loss since October. It still had its best first half of a year since 1998.

BlackBerry maker Research In Motion plunged 28 percent after posting a loss despite releasing make-or-break smartphones this year.

The yield on the 10-year Treasury note rose to 2.49 percent from 2.47 percent.

Rising and falling stocks were evenly matched on the New York Stock Exchange. Volume was heavier than usual at 4.4 billion shares.

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