McDonald’s Corp. drops egg supplier

November 19, 2011 at 12:00a.m.

MINNEAPOLIS

McDonald’s Corp. said Friday it has dropped a Minnesota-based egg supplier after an animal-rights group released an undercover video of operations at the egg producer’s farms in three states.

The video by Mercy for Animals shows what the group calls animal cruelty at five Sparboe Farms facilities in Iowa, Minnesota and Colorado. Its images include a worker swinging a bird around by its feet, hens packed into cramped cages, male chicks being tossed into plastic bags to suffocate and workers cutting off the tips of chick’s beaks.

“The behavior on tape is disturbing and completely unacceptable. McDonald’s wants to assure our customers that we demand humane treatment of animals by our suppliers,” Bob Langert, McDonald’s vice president for sustainability, said in a statement.

Oil prices drop below $98 a barrel

NEW YORK

Oil prices dropped below $98 per barrel Friday to end a volatile week that mixed jitters about Europe’s debt with the prospect of tighter oil supplies and improving economic conditions in the U.S.

The price of oil ended the week lower than it began, despite a surge of trading that temporarily pushed crude above $100 at midweek for the first time since July. On Friday, benchmark crude fell $1.41 to finish at $97.41 per barrel in New York, in light trading ahead of the Thanksgiving holiday week.

Stocks change little

Stocks finished about where they started Friday as investors balanced positive signs for the U.S. economy with a looming deadline for a deficit-cutting committee in Congress. Steep declines earlier in the week left the market with its worst weekly loss since September.

The Dow Jones industrial average gained 25.43 points, or 0.2 percent, to close at 11,796.16. The Dow traded in a relatively narrow range, rising as many as 84 points and falling as many as 15. Hewlett-Packard Co. jumped 2.6 percent, the most of the 30 stocks in the index, on an analyst upgrade.

The Conference Board’s index of leading economic indicators rose more than Wall Street analysts were expecting, a sign that the economy may pick up in the coming months. But many investors were cautious as a key c ongressional committee remained deadlocked on ways to cut the U.S. budget deficit.

FDA revokes approval of Avastin

WASHINGTON

The government delivered a blow to some desperate patients Friday as it ruled the blockbuster drug Avastin should no longer be used to treat advanced breast cancer.

Avastin is hailed for treating colon cancer and certain other malignancies. But the Food and Drug Administration said it appeared to be a false hope for breast cancer: Studies haven’t found that it helps those patients live longer or brings enough other benefit to outweigh its dangerous side effects.

From wire reports

Selected local stocks

STOCK, DIVIDENDCLOSECHANGE

Aqua America, .66, 21.69 —.01

Avalon Holdings,2.574—.10

Clear Channel, .65 56.02 —.03

Cortland Bancorp, 7.00.00

Farmers Nat.4.40 .00

First Energy, 2.20, 44.28.41

FirstMerit Corp., .64,14.27 .16

First Niles Financial, .32,7.20.00

First Place Fin., .15—.19

FNB Corp., .48,10.77.23

General Motors,21.68—.11

General Electric, .60,15.65.01

Motors Liquidation, .0422.00

Huntington Bank, .16, 5.16.08

JP Morgan Chase, 1.00,30.62.13

Key Corp, .12,7.08—.06

LaFarge, 8.63 .33

Macy’s, .40, 30.36—.06

Parker Hannifin, 1.48, 81.09.23

PNC, 1.40,52.69.67

RTI Intl. Metals,26.07.15

Simon Prop. Grp.,3.20,123.211.10

Stoneridge 7.20 .02

United Community Fin. .96—.04

Selected prices at 4 p.m. Friday. Provided by Stifel Nicolaus. Not to be construed as an offer or recommendation to buy or sell any security.