Verizon said to be in talks to buy Alltel

Verizon said to be in talks to buy Alltel Verizon Wireless is in talks to buy Alltel Communications, the country's fifth-largest wireless carrier by subscribers, for $27 billion, according to reports from CNBC and the Wall Street Journal. If consummated, an acquisition would create the largest wireless carrier in the country with 80.5 million subscribers, ahead of AT&T Inc. with 71.4 million customers. Representatives of Verizon Communications Inc. and Alltel had no comment Wednesday.

Smucker buying Folgers from P&G J.M. Smucker is buying Folgers from consumer products company Procter & Gamble in a $2.95 billion, all-stock deal. Folgers will become the 10th No. 1-ranked brand in the Smucker stable that includes its namesake jams, Eagle Brand condensed milk, Hungry Jack pancake mix and two earlier acquisitions from P&G, Jif peanut butter and Crisco cooking oil.

Productivity exceeds expectations Worker productivity increased at a faster-than-estimated pace in the first quarter, while wage pressures moderated. A private trade group said that the service sector skirted recession in May. The Labor Department said Wednesday that productivity rose at an annual rate of 2.6 percent. Wage pressures eased: Labor costs rose at an annual rate of 2.2 percent in the first quarter, compared with a 4.7 percent surge late in 2007. The Institute for Supply Management said its nonmanufacturing index stood at 51.7 in May -- a sign of expanding activity.