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Northwestern downs Stanford in first big upset of college football season

The No. 21 ranked Stanford Cardinal fell to the Northwestern Wildcats in the opening weekend of the college football season, becoming the first top 25 team to lose this year. Northwestern, playing at home in Evanston, Ill., took the season opener 16-6, rushing for more than 230 yards. In other close games, No. 2 TCU on Thursday survived a scare at Minnesota, holding on 23-17, and No. 23 Boise State avoided an upset Friday at home by beating Washington 16-13.

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Teco Energy shares jump after Emera buyout offer

Teco Energy Inc. shares jumped in the extended session Friday after Canada-based energy company Emera Inc. said it was buying Teco for $10.4 billion. Teco shares surged 28% to $26.99. The deal offers to pay Teco shareholders $27.55 a share. Teco provides electric and gas utilities in Florida and New Mexico. The $10.4 billion purchase price includes $3.9 billion of Teco’s debt. Emera expects to close the deal by mid-2016.

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Yahoo’s CFO Goldman to replace outgoing accounting officer Aman Kothari

Aman S. Kothari, Yahoo Inc. senior vice president, global controller and chief accounting officer, is leaving on Sept. 11, the Internet company said Friday in a filing. Upon Kothari’s departure, Chief Financial Officer Kenneth Goldman will serve as principal accounting officer, Yahoo said. Shares of Yahoo were flat in after-hours trading after ending the regular session down 3%.

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U.S. stocks end turbulent week with hefty losses

U.S. stocks ended Friday’s session sharply lower, as highly anticipated monthly jobs report intensified the debate about the Federal Reserve’s decision to raise interest rates in September. The jobs report was solid enough for the Fed to consider a rate hike during the next Fed meeting on Sept. 16-17. Friday’s losses added to declines earlier in the week, with the main indexes recording weekly losses of more than 3%, in another brutal week for equities. The S&P 500 closed 29.91 points, or 1.5% lower at 1,921.22 and fell 3.4% over the week. The Dow Jones Industrial Average dropped 272.38 points, or 1.7%, to 16,102.38, recording a 3.3% loss over the week. The Nasdaq Composite ended the day down 49.58 points, or 1.1% at 4,683.92 and posted a 3% weekly loss.

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Arch Coal, Consol Energy shares take a beating after analyst’s downbeat outlook for coal prices

Arch Coal Inc.’s stock tumbled 16% in afternoon trade, as a downbeat outlook for coal prices at J.P. Morgan kept pressure on the beaten down sector. The drop in Arch Coal’s shares to below $5.50 comes less than two months after the company announced a 1-for-10 reverse stock split, aimed at raising the price of the stock so it can remain listed on the New York Stock Exchange. Shares of fellow coal producer Consol Energy Inc. slumped 5.8% to pace the decliners within the S&P 500. The outlook for the U.S. thermal coal sector remains “subdued,” said J.P. Morgan analyst John Bridges in a note to clients Friday, because the oversupply of shale gas is putting severe pressure on U.S. natural gas prices, which Bridges said he believes is “the biggest driver of U.S. thermal coal prices.” He expects many coal producers to “struggle to avoid depleting their cash reserves on essential capital spending and finance costs.” Shares of Arch Coal have plunged 70% year to date and Consol Energy’s has tumbled 60%, while the S&P 500 Index has lost 6.8%. The Market Vectors Coal ETF was down 2.3% Friday, and has dropped 40% so far this year.

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Oil futures gain 1.8% for the week

Oil futures settled lower Friday, but posted a gain of 1.8% for the week. Prices during the session had pared losses after Baker Hughes data showed a weekly decline in the number of active U.S. rigs drilling for oil. October crude fell 70 cents, or 1.5%, to settle at $46.05 a barrel on the New York Mercantile Exchange after tapping an intraday low of $45.71.

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