First Union gets Wachovia

        Months of fighting over ownership of Wachovia Corp. ended abruptly Friday as shareholders approved a $14.3 billion merger with First Union Corp. Rival SunTrust Banks Inc. conceded defeat.

        The new bank — which will retain the Wachovia name and be based in Charlotte, N.C. — will be the nation's fourth-largest with $328.6 billion in assets.
       

Sensormatic sold

        Tyco International Ltd., whose ADT unit is the biggest maker of burglar alarms, agreed to buy Sensormatic Electronics Corp. for $2.3 billion, adding electronic-security tags used by retailers.

        Tyco will exchange stock valued at $24 for each Sensormatic share, a 61 percent premium over Friday's price. Tyco also will assume $116 million in debt.
       

Sears looks to cut jobs

        Sears, Roebuck & Co. may cut jobs at its suburban Chicago headquarters after Chief Executive Alan Lacy told managers to find ways to reduce costs.

        The directive came in a company-wide memo. Sears employs more than 7,000 people in Hoffman Estates, Ill.
       

Jeep defects compiled

        The agency investigating Jeep Grand Cherokee safety has received dozens more complaints and a report of one death, the Los Angeles Times reported Friday.

        The National Highway Traffic Safety Administration launched the probe last month after 48 complaints that the sport utility vehicle suddenly shifted out of gear while idling in park.

        The Times reported Friday that the NHTSA has now received 144 complaints of what it calls “inadvertent rollaway in reverse.”
       

Stocks down a bit

        U.S. stocks fell as semiconductor shares snapped a seven-day winning streak. Other computer-related stocks also declined.

        The Nasdaq fell 21.05, or 1 percent, to 2066.33. The Standard & Poor's 500 Index dropped 6.40, or 0.5 percent, to 1214.35. The Dow Jones Industrial Average declined 38.40, or 0.4 percent, to 10,512.78.

        The Nasdaq gained 1.8 percent for the week, the S&P 500 rose 0.7 percent and the Dow climbed 0.9 percent.
       

Coffee glut cuts prices

        Coffee futures fell more than 4 percent to a 36-year low in London, as rising supplies from Asia overwhelm demand from processors during a lull in consumption of hot beverages.

        Increased shipments from Vietnam, which has eclipsed Colombia as the No. 2 coffee grower after Brazil, have undercut efforts by other producers to boost prices by destroying inventories. Roasters have little need for fresh supply during summer in the Northern Hemisphere, when consumers drink less coffee.

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