United Continental agents vote to join unionUnited Continental Holdings Inc. airport and reservations agents voted to join the Machinists union, resolving representation for one of the biggest work groups at the world's largest airline. There were 8,305 votes for the Machinists and 5,865 for no representation, the union said. Chicago-based United had 16,720 employees eligible to cast ballots. Resolving the issue paves the way for contract talks to begin.
Branch closings on the table at Wells FargoWells Fargo & Co. may close or consolidate outlets as it examines ways to trim costs, according to its chief financial officer. Wells Fargo could shut branches near each other or move some wealth-management or mortgage employees into those offices, Timothy Sloan said at a New York investor conference. "There are obviously some regulatory issues that you need to be mindful of when you combine a securities business and a deposit-taking business," Sloan told analysts. "But from time to time, we are clearly going to look at opportunities to consolidate."
J.C. Penney overhaul brings ratings cutJ.C. Penney Co. had its main credit ratings cut one level by Standard & Poor's, which said the department store chain may experience operational disruptions as it overhauls store formats and pricing. The rating was lowered to BB, the second level below investment grade, from BB+, New York-based S&P said. The outlook is stable. CEO Ron Johnson is simplifying pricing and converting stores into a collection of boutiques to make the merchant a top destination for shoppers.
Delta retiree wants executive bonuses haltedA retired Delta Air Lines pilot has submitted a shareholder proposal asking the company's board to stop paying bonuses to executives unless it funds retired pilots' pensions. Atlanta-based Delta plans to block the proposal from going up for a shareholder vote, unless U.S. Securities and Exchange Commission staff says otherwise. Delta terminated its pilot pension plan while in bankruptcy through a deal in 2006 with the Pension Benefit Guaranty Corp.
Pandora shares sink 24% after weak forecastPandora Media Inc., the Internet radio pioneer, fell the most since it sold shares to the public after the company's fiscal first-quarter forecast trailed analysts' estimates. Pandora, based in Oakland, Calif., sank 24 percent to $10.86 at Wednesday's close after its forecast Tuesday. The shares also fell 24 percent last June 16, their second day of trading. The stock us up 8.5 percent this year. Pandora said it expects consumer advertising sales in the quarter to be lowest of the year.
Netflix customers can pay through iTunesNetflix Inc. is deepening its ties with Apple Inc. by allowing owners of Apple TV set-top boxes to sign up for the video-streaming service directly and pay through their iTunes accounts. The change took effect Wednesday in all markets, Los Gatos, Calif.-based Netflix said. The upgrade makes it simpler for Apple TV users to sign up and pay, said Steve Swasey, a Netflix spokesman.
Facebook receives $8 billion in financingFacebook Inc., the operator of the world's most popular social-networking website, received an $8 billion package of financing and named 25 new underwriters ahead of its initial public offering. The loans include a $5 billion five-year revolving line of credit and a $3 billion 364-day bridge loan, the Menlo Park, Calif.-based company said in a regulatory filing.
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