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Stocks bounce back...Darden sees decline...FDA approves new version of breast cancer drug

Friday - 2/22/2013, 11:51am  ET

NEW YORK (AP) -- Stocks have opened higher on Wall Street following a two-day decline. Markets are bouncing back after being spooked by a split among Federal Reserve officials over whether to push forward with economic stimulus programs or begin weaning the nation off of them. Hewlett-Packard jumped 7 percent after reporting better-than-expected results. American International Group rose 4 percent after its earnings beat analysts' estimates.

ORLANDO, Fla. (AP) -- Darden Restaurants says severe winter weather, rising gas prices and higher payroll taxes are hurting business at its Olive Garden, Red Lobster and LongHorn restaurants. The Florida-based chain is predicting a third-quarter profit that is below Wall Street's expectations. It says revenue at restaurants open at least one year to fall 4.5 percent in the quarter ending Sunday.

BRUSSELS (AP) -- The European Union is predicting that the economy of the 17 member countries that use the euro will shrink again in 2013, though its fortunes should improve in the second half of the year. In its winter forecast, the EU's executive arm says the eurozone economy is likely to shrink another 0.3 percent this year, in contrast to November's prediction of 0.1 percent growth.

BERLIN (AP) -- Volkswagen says its net profit increased 41 percent for 2012 on a 21 percent rise in revenues. The German automaker says the number of vehicles delivered worldwide last year topped 9 million for the first time. The company says it expects revenue this year to exceed last year's, and thinks its profit will at least match last year's level.

WASHINGTON (AP) -- The Food and Drug Administration has approved a new form of a best-selling breast cancer drug that targets tumor cells while sparing healthy ones. The drug from Roche (Kadcyla) combines the established drug Herceptin with a powerful chemotherapy and a third chemical that keeps the drugs intact until they bind to a cancer cell, where the double-shot of medication is released. The FDA approved the new treatment for about 20 percent of breast cancer patients who have a particular form of the disease.


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