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CNNFN TO SHUT DOWN: 8 Time Warner Inc., the world's largest media company, will shut down the CNNfn business-news cable channel in December after the network failed to attract enough viewers. CNNfn, which anchorman Lou Dobbs helped start in 1995, struggled to lure viewers away from other financial news channels including CNBC, said Susan Nathan, a media researcher at New York advertising firm Universal McCann. CNNfn is available to 30-million homes in North America, while CNBC is available to 86-million homes, according to the CNBC Web site.
SHAREHOLDERS APPROVE WACHOVIA-SOUTHTRUST MERGER: Shareholders of Wachovia Corp. and SouthTrust Corp. overwhelmingly approved a $14.3-billion deal for Wachovia to acquire the Alabama bank Thursday. The all-stock transaction is expected to create the biggest bank in the Southeast and give Wachovia an opening in the lucrative Texas market. The Federal Reserve Board approved the merger this month, and the banks have said they plan to close the deal Monday.
FLORIDA HOTEL OCCUPANCY SOARS: September's two hurricanes might have decimated Florida's tourist industry for a spell, but hotels filled with storm refugees and work crews as monthly occupancy rates and room demand soared 23 percent statewide, according to Smith Travel Research. In the Tampa Bay market, the September occupancy rate jumped 24 percent to 61 percent for the month and revenue per available room rose 8 percent. Beach hotels and those in areas hard hit by storms were hobbled. But in eight of 10 major Florida markets monitored by Smith Travel, room demand, room rates and occupancy rates were up for the month.
GERDAU BUYS TWO COMPANIES: Gerdau SA, the largest producer of long steel such as bars and wire, agreed to buy two U.S. steel companies, expanding its distribution and fabrication business a month after boosting its North American steelmaking capacity. Gerdau will buy Gate City Steel and RJ Rebar, family-owned companies in Indianapolis that cut and shape steel and fabricate structural steel units through its Tampa-based North American unit, Gerdau Ameristeel Inc., said the unit's chief executive, Phillip Casey. Casey declined to disclose the price.
DREAMWORKS SHARES SOAR 38 PERCENT: Shares of DreamWorks Animation SKG Inc., creators of Shark Tale , above, soared nearly 38 percent on the first day of trading Thursday as investors anticipated Shrek- sized profits from the computer animation film studio. Shares in DreamWorks' initial public offering were priced at $28 at the start of trading but closed at $38.56 on the New York Stock Exchange. Analysts touted the company's short-term profit potential while cautioning about long-term risks, including its aggressive plan to release two animated films a year.
OIL PRICE DIPS: Crude oil futures prices dropped below $51 a barrel on Thursday as supply concerns ahead of the Northern Hemisphere winter eased after an unexpectedly high rise in U.S. inventories. On the New York Mercantile Exchange, crude for December settled at $50.92 a barrel, or $1.54 lower than Wednesday's finishing price.