Business Briefs

Tech earnings take wind out of stocks

NEW YORK — Wall Street closed out an impressive week with a mixed performance Friday after disappointing tech earnings punctured enthusiasm over better-than-expected bank earnings. But the major indexes still ended the week with big gains.

The market was pleased when Citigroup joined Wells Fargo and JPMorgan Chase in delivering stronger results than anticipated. But investors were brought back down to earth by disappointing results from Google and Microsoft.

The Dow Jones industrial average rose 49.91, or 0.44 percent, to 11,496.57. Broader indicators were mixed. The S&P 500 gained 0.36, or 0.03 percent, to 1,260.68; the tech-focused Nasdaq composite index dropped 29.52, or 1.28 percent, to 2,282.78.

Trash talk: Bid for Republic rejected

HARTFORD, CONN. — In a stinging letter Friday, garbage hauler Republic Services rejected an unsolicited $6.19 billion cash offer from larger rival Waste Management, saying the proposal "seriously undervalues" its company.

Republic, the nation's third-largest waste collector, wants to stick with its own deal announced last month to buy Allied Waste Industries.

The investment office that manages the assets of the Bill & Melinda Gates Foundation Trust also disagreed with the deal. BGI owns 15.6 percent of Republic and 2.3 percent of Waste Management.

Yahoo board wins vote of confidence

SAN FRANCISCO — One of Yahoo's largest shareholders said Friday it supports the re-election of the company's board, a blow to an attempted coup led by Carl Icahn.

Legg Mason Capital Management became the biggest shareholder to declare it will vote Aug. 1 for the current directors, who have been under fire since Microsoft withdrew a $47.5 billion buyout bid nearly three months ago in a disagreement over price. Legg Mason, a mutual fund company, owns 4.4 percent of Yahoo.

Starbucks to close Spartanburg location

Starbucks said it is not closing any of its Charleston-area cafes as part of a plan to shutter 600 locations.

Just one Palmetto State store was on the list from the Seattle-based company. It's on East Main Street in Spartanburg.

The company is curtailing its aggressive expansion plans as traffic and profits decline. It said the faltering economy is leading some consumers to stop buying pricey coffee.

Starbucks is targeting unprofitable locations with the closings.