IBT Staff Reporter

Borders Group Inc shares spiked nearly 40 percent on Wednesday after its largest investor, William Ackman, said there was little likelihood the struggling bookseller would file for bankruptcy and it could even be part of an industry consolidation.

Chrysler is in talks to take back a Sterling Heights, Michigan, assembly plant that it had abandoned in bankruptcy, a move that could save about 1,200 jobs once expected to be eliminated by the end of 2010.

President Barack Obama sought to rally Democratic lawmakers on Wednesday after the loss of a crucial Senate seat, saying it must not weaken their resolve to pass healthcare and financial regulatory reforms.

U.S. stocks fell on Wednesday as earnings reports released today failed to beat heightened expectations amid a solid earnings season.

Movie Gallery Inc, the operator of the Hollywood Video rental chain, plans to close 805 poorly performing U.S. stores after falling sales and mounting losses led to its second bankruptcy in three years.

U.S. Transportation Secretary Ray LaHood urged owners of Toyota vehicles involved in a massive recall to stop driving the vehicles.

Comcast Corp posted a higher-than-expected quarterly profit as it added Internet and phone subscribers, but its margins were hit by marketing costs as the No. 1 U.S. cable operator fends off competition from phone and satellite companies.

Oil slipped toward $77 a barrel on Wednesday after U.S. data showed crude inventories in the world's largest energy consumer rose more than expected while refinery utilization rates fell again.

The top U.S. transportation official said he will speak with Toyota's CEO about safety concerns regarding the company's vehicles.

Miami businesses have been pulling out all the stops - including handing out free cocktails - to try to coax money from a large influx of tourists ahead of this weekend's Super Bowl.

Defaults by small and medium-sized U.S. businesses on loans, leases and credit lines to finance capital equipment investment fell for the first time in two years in December, adding to signs of a nascent economic recovery, PayNet Inc reported.

The pace of job losses in the private sector slowed in January as employers reported the smallest payroll decline in nearly two years, while the dominant services sector grew slightly, data showed on Wednesday.

AOL Inc beat Wall Street's profit and revenue expectations for the fourth quarter, but its top officers said that revenue from subscriptions and online search-related advertising would fall further in coming months.

Stocks declined on Wednesday after disappointing results from Pfizer and transport companies, while slower-than-expected expansion in the services sector also weighed on the market.

Even the most creative media executives would have been hard pressed a year ago to conjure up a world of solid profits, soaring stock prices and cash stockpiles big enough to support higher dividend payouts.

Borders Group Inc shares spiked more than 40 percent on Wednesday after its largest investor, William Ackman, said there was little likelihood the struggling bookseller would file for bankruptcy and could even be part of an industry consolidation.

Stocks fell on Wednesday as disappointing quarterly results from Pfizer Inc and others in the sector prompted investors to book profits in healthcare shares.

President Barack Obama's pay czar on Wednesday predicted the issue of hefty bonuses for AIG employees would end in March and denied a Republican claim that the firm outmaneuvered the Obama administration.

After a two day rally, the stock market is struggling on Wednesday with a slight decline in morning trading as mixed economic data is released.

Toyota Motor Corp. announced more problems with its vehicles, reporting brake problems with the popular Toyota Prius hybrid gas-electric car.

Honda Motor Co raised its annual forecast on Wednesday after cost-cuts boosted quarterly profit and said it was concerned that rival Toyota's huge safety recall might tarnish other Japanese brands.

Oil rose above $77 a barrel on Wednesday ahead of key inventory data out of the world's largest energy consumer, the United States.

Iran must make real concessions over its nuclear programme and not just talk about it, German Foreign Minister Guido Westerwelle said on Wednesday.

Hedge fund Paulson & Co has received a request for information from the U.S. securities regulator in connection with an investigation into complex securities at the heart of the financial crisis, the Financial Times said, citing people familiar with the matter.

Demand for home loans rose to a six-week high on a mini refinance wave, with borrowers pushing to lock in rates before they climb later this year, the Mortgage Bankers Association said on Wednesday,

More and more consumers are giving greater priority to paying credit card debt than making a mortgage payment, showing increased financial duress, according to a report released on Wednesday.

The majority of the British public believes Prime Minister Gordon Brown should share the blame for the Iraq war with his predecessor Tony Blair, according to a survey on Wednesday.

The European Commission endorsed Greece's austerity plan on Wednesday but said Athens must take further steps to cut public sector wages to tackle the most severe debt crisis in the euro zone.

Pakistan's Taliban claimed responsibility for a bomb on Wednesday that killed three U.S. soldiers outside a girls school in the northwest of the country and threatened more attacks on Americans.