Business Highlights

The spat is escalating as Facebook prepares for an initial public offering of stock in the coming weeks. If all goes expected, Facebook could fetch as much as $10 billion, gaining a value of $100 billion. Yahoo, which has struggled amid competition from Google and Facebook, has a market value of about $18.3 billion.

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Morgan Stanley to pay for some US foreclosures

WASHINGTON (AP) ⿿ The Federal Reserve says Morgan Stanley will review foreclosures carried out by its old mortgage subsidiary and reimburse any homeowners who were improperly forced out of their homes.

The Fed says it has settled with Morgan Stanley to "address a pattern of misconduct and negligence" at its former mortgage-loan unit, Saxon Mortgage Services Inc.

Morgan Stanley officials declined to comment on the settlement Monday.

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Union contracts to expire for 40,000 AT&T workers

NEW YORK (AP) ⿿ Union contracts for 40,000 AT&T workers expire at midnight Saturday, putting the company at risk of a strike.

The workers are on the local-phone and long-haul data side of the business, and located mainly in the Midwest and California.

AT&T and the Communications Workers of America say negotiations are continuing. When the last big batch of contracts was negotiated three years ago at AT&T, the parties kept talking past the contract expiration, and there was no strike.

AT&T has 256,000 employees, of which slightly more than half are unionized. That makes it the country's largest private employer of union labor.

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By The Associated Press(equals)

The Dow Jones industrial average fell 64.94 points, or 0.5 percent, to 13,199.55. The Standard & Poor's 500 index fell 5.66 points to 1,413.38. The Nasdaq composite index dropped 6.13 to 3,113.57.

Benchmark U.S. crude fell $1.22 to end the day at $104.01 per barrel in New York, and Brent crude was down 57 cents to finish at $124.86 per barrel in London.

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