Business Beat for Wednesday, Oct. 8, 2014

SHARE Business Beat for Wednesday, Oct. 8, 2014

UPS to use other stores as package pickup spots

United Parcel Service hopes to increase convenience for customers and cut down on repeat delivery attempts. [Fortune]

ALSO: Chicago to help UPS hire drivers here

Sears defends self against report of vendor issue

Sears said Wednesday it has significant financial flexibility to meet its obligations after a media report that a vendor stopped shipments.

Judge rules for Boeing in whistleblower lawsuit

Three former Boeing workers accused the company and a supplier of defrauding the U.S. government in a $1.6 billion airplane contract.

Hot Doug’s no more: Frank Meats Patty to set up shop

It was only a matter of time before the temple of hot dog gastronomy shifted gears to another favorite meat in a bun. [Entertainment]

Ford shares fall after analyst cuts estimates

A Morgan Stanley analyst on Wednesday cut his stock price target by $2 and reduced earnings estimates through 2016.

ALSO: Ford says Fusion riding sales wave in California

Is bacon flavor still a thing? Kraft hopes so

Kraft Group’s Philadelphia brand has created a bacon-flavored cream cheese that includes bacon bits. [Advertising Age]

Allstate increases rates for most Illinois drivers

The Northbrook-based insurance company is increasing rates for Illinois drivers for a second time this year. [Crain’s]

Citigroup, E*Trade breached by JPMorgan hackers

Citigroup Inc. and E*Trade Financial Corp. were attacked by the same hackers that breached JPMorgan, Bloomberg reports.

JC Penney says September sales softer than expected

Shares of J.C. Penney Co. fell more than 10 percent after the retailer cut its outlook for the current quarter.

New vehicle mileage hits record 24.1 mpg: EPA

The rate of improvement in gas mileage is slowing as buyers shift back toward trucks and SUVs.

Michael Jordan apparel store to open on State Street

Flight 23 at Footaction, which sells Michael Jordan-branded shoes and clothing, plans to open at 34 S. State St. [Chicago Real Estate Daily]

Johnson Controls fires consultant after affair with CEO

Johnson Controls Inc. fired a consulting firm after learning one of its principals had an extramarital affair with CEO Alex Molinaroli.

New iPads, Mac system expected at Oct. 16 event

Apple has sent invites to an event Oct. 16 during which it’s expected to show off new iPad models and an update to its Mac OS system.

AT&T to pay $105M for bogus wireless charges: FTC

The telecom giant was accused of unlawfully billing wireless customers for tens of millions of dollars in bogus charges, a practice known as cramming.

Service without a smile: why airlines aren’t nice

Nice-guy airline Virgin America has lost $400 million since 2007 while no-frills carriers Spirit and Allegiant post industry-leading profit margins.

ALSO: American and US Airways see more empty seats

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