Buffalo stock index declines
Buffalo stocks fell for the second week in a row, led by Delphi Corp. and Visteon Corp. The Buffalo Bloomberg Stock Index fell 2.93 points, or 1.3 percent, to 231.17. Thirty-five stocks fell, 16 rose and three were unchanged. The index has risen 11 percent in the past year.
Delphi led the index's decliners, falling 40 cents, or 10 percent, to $3.46.
Visteon, the second-largest U.S. maker of auto parts, also fell, losing 89 cents, or 9 percent, to $9.05.
Graham Corp. of Batavia, which makes equipment for power plants and chemical companies, led the index's gainers, rising $4.70, or 13 percent, to $39.90.
Ecology and Environment in Lancaster, which provides environmental testing services, also rose, gaining 73 cents, or 9.8 percent, to $8.20.
Time Inc. receives subpoena
NEW YORK (AP) -- Time Inc., which publishes magazines such as People and Sports Illustrated in addition to its flagship Time, has received a subpoena in a widening probe into circulation by the U.S. Attorney's office for the Eastern District of New York, a company spokeswoman said Friday. Time Inc. was cooperating fully with the investigation, said Ali Zelenko, a spokeswoman for the New York-based company.
Zelenko declined to give further details on the subpoena, and said she was unaware whether other publishers had also received subpoenas. A spokesman for the U.S. Attorney's office for the Eastern District declined to comment.
That office was already looking into circulation practices at newspapers, and in June arrested three former employees of the newspapers Newsday and Hoy, both owned by Tribune Co., for their suspected roles in a scheme to overstate circulation figures.
Judge sides with card firms
SAN FRANCISCO (AP) -- A California judge ruled Friday that Visa USA and MasterCard International don't have to send individual warnings to thousands of consumers whose personal account information was stolen during a high-tech heist uncovered earlier this year.
"I don't see the emergency," San Francisco Superior Court Judge Richard Kramer said in rejecting a request for an order against the nation's two largest credit card associations. "I don't think there is an immediate threat of irreparable injury" to consumers.
The ruling represents a setback for a consumer lawsuit targeting Visa and MasterCard.
Both Visa and MasterCard argued they shouldn't be obligated to send the notices because they don't have direct relationships with the accountholders, whose cards were issued by thousands of banks that belong to the associations.
In other business news
* Palm Inc. is teaming up with Microsoft Corp. to launch a Windows-based version of the Treo smart phone, marking the first time the handheld computer pioneer will sell a device based on its former rival's software. The new Treo 700 will be offered through Verizon Wireless, according to market analyst Rob Enderle and other industry sources. The three companies have scheduled a press conference for Monday.
* William McDonough, the chairman of the independent board overseeing the accounting industry, announced Friday that he will resign by Nov. 30. McDonough, a former Federal Reserve official, in June 2003 became head of the Public Company Accounting Oversight Board, which was created by Congress in 2002 to help shore up investor confidence after the wave of corporate scandals. McDonough, who is 71, plans to resign on Nov. 30 or when his successor is in place, whichever is sooner.