Existing home sales down 6.1 percent
Sales of previously owned homes tumbled 6.1 percent in November, a far larger drop than Wall Street expected.
U.S. sales skidded to a seasonally adjusted annual rate of 4.93 million from a 5.25 million rate in October, the National Association of Realtors said Monday. Analysts had predicted a decline to 5.2 million, according to FactSet.
"The stock market swings in October may have impacted some consumers' psyche and therefore led to fewer November closings," said Lawrence Yun, the Realtor group's chief economist.
Nationally, November sales were 2.1 percent higher than November 2013.
Cargill drops pursuit of Nutreco
Minneapolis-based Cargill Inc. said it's no longer considering pursuing an acquisition of Nutreco NV.
Nutreco, a Dutch animal-feed supplier with a market value of 3.27 billion euros ($4 billion), attracted takeover interest after the failed disposal in June of its compound-feed and meat business in Spain and Portugal. Consolidation in animal nutrition is being driven by growing global demand for foods amid limited resources such as water.
"Cargill considered all relevant facts," the company said Monday in a statement. "Cargill remains committed to building further its global animal nutrition platform through both organic investment and acquisitions."
Nutreco earlier rejected a joint bid from Cargill and private equity firm Permira Advisers LLP.
American Apparel considers takeover bid
Beleaguered retailer American Apparel Inc. said Monday it was considering a takeover bid, a day after adopting a poison pill plan to fend off unwanted buyers.
The Los Angeles retailer said the offer was for $1.30 to $1.40 a share. A bid at the high end of that range would represent a 31 percent premium over American Apparel's closing price Friday.
Although the bidder was not disclosed, Bloomberg reported last week that private equity firm Irving Place Capital was interested in making an offer in that range and bringing back Dov Charney, the founder who was fired last week for inappropriate conduct including misuse of company apartments and improper behavior with employees.
American Apparel shares climbed 4 cents, or 3.7 percent, to $1.11.
Apple Pay rolls out at Disney World
Apple Pay and other "contactless payment" services are being introduced at Walt Disney World this week.
A three-day rollout is scheduled to be complete by Wednesday, a Disney World spokeswoman said Monday. This initial phase will cover ticketing, merchandise areas and quick-service food and beverage outlets throughout the resort, she said.
This week's rollout includes Google Wallet, Softcard and other payment services tied to credit-card companies.
The system eventually will be expanded to include table-service restaurants and business with Disney World's operating partners, the spokeswoman said.
Last week, the Orlando Magic became the first NBA team to start using Apple Pay.
Coca-Cola cuts voice mail at headquarters
Forget about leaving a voice mail at Coca- Cola Co.'s Atlanta headquarters. Send a text instead.
Office voice mail at the world's largest soft-drink maker was shut down "to simplify the way we work and increase productivity," according to an internal memo from Chief Information Officer Ed Steinike. The change went into effect this month, and a standard outgoing message now tells callers to try later or use "an alternative method" to contact the person.
The savings from eliminating voice mail will be less than $100,000 a year, said Amanda Rosseter, a Coke spokeswoman. The decision had more to do with simplifying work than trimming costs, she said.
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