Profits rise at United Technologies
Reuters: United Technologies Corp., the world’s largest maker of elevators and air conditioners, reported a rise in fourth-quarter profit that topped Wall Street estimates, helped by stronger performances across its businesses. Revenue at United Technologies, which also produces Pratt & Whitney jet engines and Black Hawk helicopters, rose 1.9 percent to $16.76 billion, the company said.

IBM sales slump prompts top executives to forgo bonuses

Bloomberg: International Business Machines Corp., the world’s biggest computer-services provider, reported a seventh straight quarterly sales decline amid plunging demand for servers, prompting top executives to forgo annual bonuses. Revenue fell 5.5 percent to $27.7 billion in the fourth quarter, the Armonk, New York-based company said yesterday in a statement. That missed the $28.3 billion projected by analysts, according to data compiled by Bloomberg.

Sears closes Chicago flagship store as it moves to online retail

Reuters: Sears Holdings Corp is closing its downtown Chicago flagship outlet in April, the latest move by the retailer to cut the number of its stores as it relies more on online retailing. The store has lost “millions of dollars” since opening in 2001, a Sears spokesman said on Tuesday. The closing will leave Sears’ namesake chain without a store in the downtown core of its hometown. Sears is based in suburban Hoffman Estates, Ill. It has three other stores in Chicago.