IBT Staff Reporter

Wine and spirits company Constellation Brands Inc. said on Thursday that quarterly profit fell sharply, hurt by a plan to cut the amount of wine it ships to U.S. distributors and lower results from its British business.

Gold steadied on Thursday after hitting three-month lows the previous day, but analysts were waiting for the outcome of a two-day Federal Reserve meeting that should steer financial markets in the short term.

The yen's three-day rally fizzled out on Thursday as a rebound in stocks eased concerns about the U.S. high-risk mortgage market and prompted investors to borrow the Japanese currency again to fund carry trades.

World stocks regained composure on Thursday after an almost week-long sell-off and the yen's rally fizzled out as investors dipped their toe back into risky assets, encouraged by a rebound on Wall Street.

Investors in two struggling Bear Stearns Cos. hedge funds that made bad bets on risky mortgages will almost surely file lawsuits in hopes of recouping losses, but legal experts say they could have a tough time proving their case.

Shares in Swiss-based food group Nestle surged on Thursday following a broker upgrade and after L'Oreal, the French cosmetics firm in which Nestle owns 21 percent, said it would pursue a share buyback plan.

CommScope Inc. announced on Wednesday that it is buying rival communications equipment maker Andrew Corp. for $2.6 billion, a year after a failed $1.7 billion bid.

Guitar Center Inc. said on Wednesday that it agreed to be acquired by private equity firm Bain Capital Partners LLC for $2.1 billion including assumed debt.

Stocks rose on Wednesday as investors snapped up beaten-down shares after a three-day slide and a nearly 2 percent jump in oil prices boosted demand for energy companies.

Video rental chain Blockbuster Incl said on Wednesday it had settled a patent dispute with rival Netflix Inc. that had challenged Blockbuster's entry into the online DVD rental business.

Europe's plan to limit greenhouse gases by creating a carbon market may fall short. Dirty coal is cheaper than oil.

Best Buy Co. Inc. said on Wednesday that it would open more North American stores than previously planned, buy back $5.5 billion in stock and raise its dividend 30 percent.

The commodity market bubble could burst at some stage and prices will tumble if the dollar stabilizes and China's banking system hits trouble, a fund manager told a conference on Wednesday.

CommScope Inc. plans to acquire rival communications equipment maker Andrew Corp. for about $2.6 billion to cut costs, the companies said on Wednesday, after failing to reach a deal a year earlier.

Russian airline Aeroflot pulled out of the bidding for Alitalia on Wednesday, leaving Rome's auction of the unprofitable airline in danger of collapse with just two players left.

Guitar Center Inc. said it agreed to be acquired by private equity firm Bain Capital Partners LLC for about $2.1 billion, including assumed debt.

Research firm NPD Group will provide Wal-Mart Stores Inc. and its Sam's Club unit with consumer tracking data, according to an agreement announced on Wednesday.

The EU said the merger of leading Irish airlines would destroy competition.

Rupert Murdoch said he had no plans to raise his $5 billion bid for media group Dow Jones & Co. Inc. and expected final approval from the controlling Bancroft family within two to three weeks, 'if at all.'

Risk aversion triggered by troubles with U.S. mortgage securities rippled across financial markets on Wednesday, depressing European and Asian stocks and boosting safe haven government bonds.

Stock index futures indicated a lower open on Wednesday on concern over a rising Japanese yen, a signal that free-flowing liquidity that has fueled gains in global equity markets could dry up.

Carlyle Group, a U.S. private equity firm, is considering a stock market listing similar to last week's initial public offering by rival Blackstone, Dow Jones Newswires reported on Wednesday.

Financial markets expect the U.S. Federal Reserve to announce on Thursday it has kept benchmark borrowing costs unchanged for the eighth straight meeting, marking a full year since the last increase.

Wells Fargo & Co., the fifth-largest U.S. bank, on Wednesday named John Stumpf chief executive, replacing Richard Kovacevich, who will remain chairman.

Gold on Wednesday hit its lowest in more than three months and silver fell to its weakest in more than five months as commodities were hit by the latest wave of risk aversion in global financial markets.

Spanish utility Iberdrola said on Wednesday it will raise about 3.4 billion euros ($4.6 billion) in a share issue to fund its $4.5 billion cash purchase of U.S. power supply company Energy East.

Shareholders in the London Stock Exchange are expected to support the bourse's decision to buy Milan-based Borsa Italiana, LSE Chief Executive Clara Furse said on Wednesday.

Bear Stearns Asset Management CEO Richard Marin is taking a stronger role in managing its two troubled hedge funds and tapped mortgage unit head Thomas Marano to save one of the funds, two sources familiar with the decision said.

German TV broadcaster ProSiebenSat.1 Media AG said on Wednesday it bought rival SBS Broadcasting for 3.3 billion euros ($4.43 billion) to create Europe's second-biggest television provider.