IBT Staff Reporter

U.S. office supplies giant Staples Inc. said late Wednesday that its subsidiary Staples Acquisition B.V. has entered into agreements to buy an additional 12.3 percent of Corporate Express NV's shares in its hostile bid for the Dutch office products company.

U.S. stocks were mixed Wednesday afternoon after Moody's said it may be forced to downgrade the credit ratings on MBIA Inc and Ambac Financial.

UAL Corp.'s United Airlines, the world's second-largest carrier, said Wednesday it will shut its low-fare Ted airline, ground 100 fuel-inefficient planes and cut 1,400 to 1,600 salaried management jobs to help counter record fuel costs.

Softbank Mobile Corp. and Telefonica SA announced on Wednesday they have reached deals to sell the Apple iPhone device later this year in Japan and Spain respectively.

American Express Co. on Wednesday affirmed its full-year profit, sending its shares up nearly three percent.

Yahoo announced on Wednesday it has made an exclusive display advertising deal with Walmart.com.

Boston Scientific Corp. said on Tuesday that its president and chief executive officer Jim Tobin will be extending his tenure at the company and the he plans to remain in the role for the foreseeable future.

Guess Inc, the apparel and accessories retailer, jumped nearly 7 percent on Tuesday after reporting better than expected first quarter earnings on strong Europe and Asia sales while boosting its full-year earnings outlook.

Amid soaring crude oil prices and weak demand, General Motors, Toyota, Ford, and Chrysler reported declining sales in May but Honda sales jumped.

HLTH Corp., a provider of health information services, said Tuesday that it agreed to sell its ViPS segment to General Dynamics Information Technology, Inc., a wholly-owned subsidiary of General Dynamics Corporation (NYSE:GD) for $225 million in cash.

Borders Group Inc. said on Tuesday it will slash 274 jobs which represent 20 percent of its corporate positions in an attempt to save $120 million a year.

Billionaire activist investor Carl Icahn says he will seek to oust Yahoo chief executive Jerry Yang if he successfully gains control of yahoo's board of directors, according to the Wall Street Journal.

J.M. Smucker is expected to seal a deal later this week to buy the Folgers coffee business from Procter & Gamble in an all-stock transaction, according to media reports.

The popular ABC mystery show Lost was the most-watched show last week, according to Nielsen Media Research.

Homebuilder Hovnanian Enterprises Inc. late Tuesday said its second-quarter losses grew tenfold from a year earlier on hefty charges amid the mortgage-fueled credit crunch.

Copper futures ended with losses on Tuesday on fears of slowing demand from China and gains in the dollar after comments by Federal Reserve chief Ben Bernanke.

UAL Corp. said late Tuesday that traffic at its subsidiary United Airlines fell 4.1 percent as a result of higher fuel costs and a weaker economy.

Lehman Brothers Holdings Inc may need to raise billions of dollars in new capital as it prepares to report a loss in its first quarter, according to a report.

Gold futures fell $11 an ounce on Tuesday after the Federal Reserve Chairman Ben Bernanke hinted that the Fed will not implement any further cuts to borrowing costs for now, sending the dollar higher and dampening the investment appeal of the precious metal as an alternative investment.

Crude slumped as the dollar strengthened on Monday after Federal Reserve chief Ben Bernanke's comments suggesting the Fed is likely to stop cutting rates.

Five deaths and 720 adverse reactions in the U.K. were linked to the anti-obesity drug Acomplia made by Sanofi Aventis SA, said a regulator in the country.

U.S. stocks fell for a second day Tuesday with increasing speculation that Lehman Brothers Holdings Inc. will be forced to raise more capital led a slump in financial shares.

Staples Inc. announced Tuesday it has increased its offer to buy Corporate Express for $14.23 per share and sealed commitments from almost a quarter of holders of the Dutch company.

General Motors Corp. said Tuesday it would close four North American plants, amid a steep drop in U.S. sales of pickup trucks and sport-utility vehicles as fuel prices continue to soar, increasing investment in smaller cars and passenger vehicles.

Brocade Communications Inc has settled a class-action lawsuit over backdating of stock options for $160 million.

Winnebago Industries Inc. said on Monday it will close one of its factories in Charles City, Iowa, where the company makes class C motor homes, eliminating an estimated of 270 jobs.

Tyson Foods Inc. said on Monday it will voluntarily withdraw its labels reading raised without antibiotics on its chicken products, after a dispute with U.S. regulators and company rivals over misleading information.

Drug developer Novartis said on Monday it may offer a novel treatment strategy for patients with breast cancer through its compound RAD001 which enhances the efficacy of treatments or overcomes resistance to some of them.

Wal-Mart Stores Inc., the largest US retailer, launched a free Internet classified ad service on Monday in an alliance with Oodle.com, a California start-up that is seeking to challenge the dominance of Craigslist and eBay-owned Kijiji.