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Corporate news boosting stocks...Job openings swell...Activist investor looks to join GM board



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NEW YORK (AP) — Stocks are higher today as traders assess the latest corporate news. Coca-Cola is up after the company reported a better-than-expected quarterly profit, while General Motors is gaining after an activist investor said he'll seek a seat on the company's board and push for a stock buyback. However, gains are being held back by energy stocks. They're slumping after the International Energy Agency predicted the rebound in oil prices of recent days will be "limited." Oil prices are down more than $2 today, trading below $51 a barrel in New York.

WASHINGTON (AP) — The number of available jobs posted by U.S. employers has reached its highest level in 14 years. The Labor Department says job openings rose to a seasonally adjusted 5 million in December. Employers also filled more jobs and more employees quit, two additional signs of an improving labor market. Economists say wage gains are likely to follow.

DETROIT (AP) — A General Motors stockholder representing four investment funds has told the company he'll run for its board and plans to propose an $8 billion stock buyback next year. GM says in a statement that former Obama administration autos task force member Harry Wilson disclosed his plan in a meeting with CEO Mary Barra last week. GM says Wilson represents investors who own about 2.1 percent of the company.

NEW YORK (AP) — Yelp says it's bought the online food delivery service Eat24. The online review company says about 20,000 restaurants use Eat24, which makes money by keeping a percentage of sales from the takeout orders. Yelp plans to expand the service to 1 million restaurants that have been reviewed on its site. The $134-million deal will put Yelp in competition with GrubHub, the leader in the online food ordering market.

ATLANTIC CITY, N.J. (AP) — The owners of Atlantic City's Revel casino have killed the latest deal to sell the failed gambling resort. Revel canceled a $95 million deal with Florida developer Glenn Straub after the deadline for completing the sale expired at midnight. The deal fell apart when a federal judge refused to let the sale go through without considering the legal rights of a nightclub and restaurants at the shuttered casino, as well as its utility provider. Straub's lawyer plans to ask a bankruptcy court judge to extend the sale deadline at a hearing tomorrow.

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The Associated Press

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