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Wal-Mart has agreed to pay up to $86 million to former workers. The retailer aims to
settle a class action lawsuit filed in California in 2006. It accuses Wal-Mart of failing to
pay overtime, vacation and other wages to former employees. The settlement still needs
court approval.
Macy’s says shopping is up and the company is finally making money again. The
department store posted a profit of $23 million in the latest quarter. That’s after losing
$88 million during the same period last year. Macy’s has been trying to reorganize its
stores and tailor its merchandize to local markets. The CEO says those efforts are finally
paying off.
Investors were in better sprits today following up the economic news. The government
said exports soared in March to their highest level in two years, a good sign for the
manufacturing industry.
The Dow rose 148 points and the NASDAQ was up just less than 50 points.
IBM was a leading tech stock today. The company says businesses are spending more on
software and computers a notch to help boost profits by about 80% by 2015. The
company also plans to spend $20 billion on acquisitions in the next five years.
For more news, log on to CBS MoneyWatch.com. In New York, I’m Farnoosh Torabi.
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