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The battle between Carl Icahn and Mentor Graphics Corp. intensified Friday, as the activist investor increased his stake in the firm by 14 percent.

The acquisition puts Icahn on the verge of triggering a poison pill adopted by the company last month to prevent a takeover.

Icahn has spent nearly $95.4 million to gain a 14.13 percent of the Wilsonville-based firm (NASDAQ: MENT), according a filing Friday with the U.S. Securities and Exchange Commission.

Mentor, a maker of tools used in designing microchips, in June adopted a poison pill provision — designed to make a target less attractive and more expensive to a potential acquirer — largely in response to Icahn’s continued purchase of shares.

Under the plan, once someone acquires a 15 percent stake, Mentor will distribute additional shares at a 50 percent discount to shareholders of record as of July 6.

Whomever triggers the poison pill, in this case Icahn, however, is not eligible to buy the discounted shares.

The provision would also be triggered if an existing stockholder with a 15 percent share acquires more without board approval.

Icahn first disclosed a 6.9 percent stake in May, saying he planned to seek a meeting with management to discuss how to maximize shareholder value.

In June, Icahn disclosed in a regulatory filing that he met with the Wilsonville-based company, but neither Icahn nor Mentor have commented on the meeting.

Mentor shares closed Friday up 7 cents, or less than 1 percent, to $9.62. Shares have traded between $6.59 and $9.95 in the past 52 weeks.

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Stocks rallied Thursday after better-than-expected earnings and forecasts from 3M, Caterpillar, AT&T and UPS helped reassure investors about the pace of the economic recovery.

The Dow Jones industrial average (INDU) rose 202 points, or 2%. The S&P 500 (SPX) index jumped 24 points, or 2.3%. The Nasdaq (COMP) composite gained 58 points, or 2.7%.

Stocks slumped Wednesday after Federal Reserve Chairman Ben Bernanke told Congress the outlook for the economy was "unusually uncertain," adding to worries about the pace of the recovery.

But the tone was positive Thursday, on the back of improved earnings, better-than-expected housing market news and a surge in European markets.

After the close, Dow component Microsoft (MSFT, Fortune 500) reported higher quarterly sales and earnings that topped estimates, thanks to strong sales of its Windows 7 and a better personal computer market than in recent months. Shares were barely changed after the close.

Also after the close, Dow component American Express (AXP, Fortune 500) reported higher quarterly sales and earnings that topped expectations. But AmEx’s CEO said the company remains cautious about the economic outlook and shares dipped 1% in after-hours trading.

Quarterly results: Dow component Caterpillar (CAT, Fortune 500) reported higher quarterly sales and earnings that topped estimates due to better sales of gear for the mining, infrastructure and energy industries. Caterpillar also boosted its 2010 profit forecast. Shares gained 1.7%.

Fellow Dow component 3M (MMM, Fortune 500) reported higher quarterly sales and earnings and said that full-year 2010 profit will exceed its earlier targets, thanks to strong demand in both the United States and abroad. The company is seen as a good proxy for the economy due to the breadth of its business, which includes everything from Scotch tape to films for flat-screen TVs. Shares gained 3%.

UPS (UPS, Fortune 500) reported higher quarterly sales and earnings that topped estimates and said that 2010 earnings will surpass its earlier forecasts. The delivery company cited an increase in package revenue in both the United States and abroad. Shares gained 6%. UPS is often seen as an economic bellwether due to the nature of its business.

Dow component AT&T (T, Fortune 500) reported higher quarterly earnings that topped estimates and higher revenue that was shy of estimates. The company also lifted its 2010 forecast, citing cost cutting and a surge in wireless business, thanks to its exclusive iPhone deal with Apple. Shares gained 2.4%.

Late Wednesday, eBay (EBAY, Fortune 500) reported higher quarterly sales and earnings that topped estimates, thanks to strength at its PayPal only payments unit. The online auctioneer also lowered the high end of its full-year 2010 profit forecast, citing the impact of the weaker euro. Shares gained 3.8% Thursday.

Housing: Sales of existing home sales fell 5 no faxing payday loan.1% in June from May levels, according to a report from the National Association of Realtors released Thursday. But the drop was smaller than expected. Sales rose nearly 10% from a year earlier.

Jobs: The House voted to extend jobless claims benefits until November, ending a seven-week old debate between lawmakers that saw federal benefits for the long-term unemployed run out. President Obama is expected to sign the extension shortly.

Earlier, the Department of Labor reported that the number of Americans filing new claims for unemployment rose to 464,000 last week from a two-year low of 427,000 in the prior week. Economists surveyed by Briefing.com thought claims would rise to 445,000.

Continuing claims, a measure of Americans who have been receiving benefits for a week or more, fell to 4,487,000 from 4,710,000 in the previous week. Economists surveyed by Briefing.com expected 4,600,000.

Deals: General Motors said it will buy auto financing firm AmeriCredit (ACP) in a $3.5 billion all-cash deal. The deal gives GM a lending unit after selling its majority stake in GMAC in 2006. The deal was also seen as a key step as GM prepares its initial public offering for later this year, after the government restructured it in bankruptcy. AmeriCredit shares jumped 23%.

Dell: Computer maker Dell (DELL, Fortune 500) agreed to pay $100 million to settle fraud charges with the Securities and Exchange Commission. Chairman Michael Dell and former CEO Kevin Rollins will pay $4 million each. Dell shares finished 2.5% higher.

Leading indicators: The index of leading economic indicators fell 0.2% in June, the Conference Board reported, after rising 0.5% in May. Economists expected the index to have fallen 0.4%.

World markets: European markets rose, with Britain’s FTSE 100 up 1.9%, Germany’s DAX up 2.5% and France’s CAC 40 up 3%.

Asian markets ended mixed. Japan’s Nikkei fell 0.6%, while Hong Kong’s Hang Seng gained 1.1% and the Shanghai Composite gained 0.3%.

Currencies: The euro gained versus the dollar. The dollar rose versus the Japanese yen.

Commodities: U.S. light crude oil for September delivery rose $2.46 to $79.02 a barrel on the New York Mercantile Exchange.

COMEX gold for August delivery rose $2.80 to $1,194.60 an ounce.

Bonds: Treasury prices fell, raising the yield on the 10-year note to 2.93% from 2.89% late Wednesday. Debt prices and yields move in opposite directions.

Market breadth: Breadth was positive. On the New York Stock Exchange, winners beat losers by over six to one on volume of 1.18 billion shares. On the Nasdaq, advancers beat decliners by five to one on volume of 2.28 billion shares. 

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Porn sites could soon be swapping their .com for the sexier .xxx.

On Friday, the Internet Corporation for Assigned Names and Numbers board of directors approved the new top-level domain — that’s the technical name for the .com, .xxx or .net part of a URL — and sent it on to the next committee.

"It’s been a long time coming, but I’m excited about the fact that .xxx will soon become a reality. This is great news," said Stuart Lawley, chairman of ICM Registry, the nonprofit organization that has been leading the charge to establish the new TLD.

But final approval is still months away. "The board approved the movement forward on .xxx, but .xxx itself has not been approved," said ICANN spokesman Brad White.

Now the ICANN Governmental Advisory Committee, an organization of 100 governments, must take up the issue and offer public policy advice on .xxx. Its recommendations, alongside that of the ICANN board, will be considered as part of the approval process, said ICANN Chairman Peter Dengate Thrush.

He expects .xxx could become a reality by 2011.

ICANN has jurisdiction over top-level domains because it is the private nonprofit that manages the Internet naming system no teletrack payday loans. Through unique numerical addresses for each site — the IP address — individual websites are able to find and connect.

The long strings of numbers, however, are difficult to remember, so human-friendly domains were created. For example, it is easier to type in CNNMoney.com than it is to recall 157.166.159.230.

ICANN hasn’t wanted to allow every possible top-level domain. In 2007, the body rejected ICM’s original application to create .xxx. But an independent review board, consisting of a panel of experts, ruled that the rejection was wrong.

"We’ve accepted the decision of this panel, which means that the accountability mechanism has worked," Thrush said. "It’s a fantastic example of the accountability mechanism actually working."

ICM Registry said the .xxx domain is beneficial to the public because it sends an obvious signal that the domain contains pornography, which is desired by some and avoided by others.

Also on Friday, ICANN approved top-level domains that use strictly Chinese characters. 

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Goodyear-based Inventure Group, owner of the snack food brands including Poore Brothers, has announced plans to change its name to Inventure Foods.

The name change was prompted by the company’s increased focus on “intensely different” food production over the past several years.

CEO Terry McDaniel said in a press release that keeping Inventure, which is a combination of the words “innovative” and “new venture”, in the company name was important to address the company’s core standards.

“We’ve narrowed our focus over the past several years from a diversified holding company to a food maker and marketer, and our new identity captures our passion for creating specialty food products that are innovative and delicious,” McDaniel said in the release.

This is the second name change in Inventure history. In 2006, it changed its name from Poore Brothers Inc. to Inventure Group to cover the company’s other brands, such as TGIFridays, Jamba and Tato Skins. Through both name changes, the company has continued to trade by the same ticker (Nasdaq:SNAK).

Inventure Group’s stock didn’t take as big a hit as some Thursday. Closing price fell slightly to $3.18 per share, down 26 cents. Over the past year the stock price has hovered between $2 and $4 per share. Revenue for 2009 came in at $121 million, up from $113 million in 2008. Net income increased to $3.78 million from $2.37 million.

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Hawaii’s gas prices remain flat from last week at an average of $3.53 a gallon, according to the AAA Hawaii Weekend Gas Watch.

Gas prices for Hawaii metro areas on Thursday were as follows:

• In Honolulu, regular unleaded sold for $3.43 a gallon, one cent higher than last week and $1.06 higher than a year ago.

• In Hilo on the Big Island, regular unleaded sold for $3.56 a gallon, two cents more than last week and $1.07 more than last year.

• In Wailuku, Maui, gas was $3 no faxing pay day loans.90 a gallon, up three cents from a week ago and $1.23 more than last year.

“Last week, oil prices surged to 18-month highs above $87 per barrel,” said AAA Hawaii’s Acting Branch Manager Chris Olvera. “The jump in prices was largely due to investor optimism on the pace of the economic recovery starting to show up in some sectors.”

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The House narrowly approved a landmark health care reform bill late Sunday, ending several months of political maneuvering and much debate among Americans.

The bill extends coverage to 32 million Americans and stop insurers from denying coverage for pre-existing conditions. The bill will basically create near-universal coverage for Americans.

But some Republicans say the bill will increase health care costs and risk private health insurance coverage, along with cutting Medicare funding and raise taxes by almost $1 trillion.

President Obama and House Democratic leaders reached a last-minute agreement with abortion opponents to get the final few votes needed to establish near-universal coverage.

The Democrat-led House had more than 216 votes committed late Saturday, but the abortion agreement cemented the reform of the health care system.

A companion Senate bill must be approved, but lawmakers say they have the votes, likely leading to the president’s signature and ending a century-long battle for coverage of most Americans.

“It will control costs, strengthen Medicare and reduce the deficit,” said U.S. Rep. Doris Matsui, a Democrat from Sacramento. “Our plan gives people … more consumer protections, and puts medical decisions back in the hands of patients and their doctors.

“Insurance companies will be prohibited from denying coverage based on pre-existing conditions or from rescinding policies from people once they get sick,” said Matsui, a member of the House Energy and Commerce Rules and Committee payday loan no faxing. “All of these are tools used by insurance companies to segment the market and maximize profits.”

Under the law, most Americans must have insurance, either from their employer or a federally approved individual plan – or face a penalty. Families who earn less than $88,000 per year would be eligible for subsidies, part of the cost for the health care program.

And Medicaid – the federal-state health care program for the poor – would be greatly expended, to families up to 133 percent of the federal poverty level, or about $29,300 for a family of four, according to an Associated Press report. Adults without children also would be covered starting in 2014.

Parents with children can extend health care coverage to age 26.

In 2014, consumers can start shopping for individual coverage that meets the federal requirements.

The bill cuts about $500 billion from payments to hospitals, nursing homes and other health care providers that treat Medicare patients. And the federal government will eliminate $200 billion for Medicare-type coverage by insurance companies.

Health care insurance companies say seniors would face higher premiums for private insurance, leading more to join Medicare

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Japan posted a current-account surplus in January as exports climbed for a second month, an indication overseas demand is sustaining the nation’s recovery.

The gap was 899.8 billion yen ($9.9 billion) compared with a deficit a year earlier, the Ministry of Finance said in Tokyo today. The median estimate of 26 economists surveyed by Bloomberg News was for a 783.9 billion yen surplus.

The report highlights the role overseas shipments have continued to play in propping up the world’s second-largest economy. Further export gains in coming months will prompt businesses to boost spending on plant and equipment, helping support the rebound, according to economist Akiyoshi Takumori.

“This confirms that the economy is recovering, led by solid overseas demand,” said Takumori, chief economist at Sumitomo Mitsui Asset Management Co. in Tokyo. “Although the level is still low, the recovery will fuel production and make companies more comfortable with increasing investment.”

Today’s data adds to signs of sustained expansion in the first quarter. Factory production rose at the fastest pace since May and the unemployment rate fell to a 10-month low in January. The Finance Ministry said last week capital spending also fell 18.5 percent in the three months ended Dec. 31. While that was the 11th straight decline, it was also the smallest drop in a year.

The current-account gap increased by 1.032 trillion yen from a year earlier, the second highest jump since comparable data were made available in 1986, the government said. Exports rose 40.6 percent in January from a year earlier, also the biggest advance since 1986, and imports advanced 7.1 percent.

China Shipments

Shipments to China rose at the fastest pace since 1985 in January, while exports to the U.S. advanced for the first time in more than two years, customs-cleared trade data showed last month. Today’s figures don’t include regional breakdowns.

The export rebound has been driven in part by favorable year-on-year comparisons. Shipments had plunged last year in the wake of a global credit crunch caused by the collapse of Lehman Brothers Holdings Inc. Japan posted its first current-account deficit in 13 years in January 2009 as a result.

Overseas shipments of Nissan Motor Co. cars rose 29.6 percent in January, while Mitsubishi Motor Corp. shipped more than double the amount of vehicles compared with the same month a year ago, according to the Japan Automobile Manufacturers Association.

Economy Expanded

The Cabinet Office will say the economy expanded at a revised 4 percent annualized pace last quarter, according to the median estimate of 27 economists surveyed by Bloomberg News. Preliminary figures showed 4.6 percent growth. The report is due on March 11 at 8:50 a.m. in Tokyo.

“Right now the economy is being pulled by exports and inventory adjustments,” Naoki Iizuka, a senior economist at Mizuho Securities Co. in Tokyo, said before the report was released. “Once we enter the second quarter, manufacturers’ capital spending will be a new contributor to the economy’s growth.”

A separate report today showed bank lending fell for a third consecutive month in February, sliding 1.6 percent from a year earlier, as companies cut spending.

On a seasonally adjusted basis, the current-account surplus widened to 1.71 trillion yen in January. Exports rose 8.8 percent from December, and imports climbed 2.3 percent.

The income surplus, the difference between money earned abroad and payments made to foreign investors in Japan, narrowed 8.1 percent to 911 billion yen in January from a year earlier, the ministry said.

The current account tracks the flow of goods, services and investment income between Japan and its trading partners. It includes trade not shown in the customs-cleared balance.

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Government regulators said Tuesday they have demanded documents from Toyota to determine if the automaker conducted its recent recalls in a timely manner.

The National Highway Traffic Safety Administration said it has ordered Toyota to provide documents showing when and how it learned of the defects affecting approximately 6 million vehicles in the United States.

Federal regulations require all automakers to notify NHTSA within five days of determining that a safety defect exists and promptly conduct a recall, the agency said.

"Safety recalls are very serious matters and automakers are required to quickly report defects," said U.S. Transportation Secretary Ray LaHood.

The move comes amid a spike in customer complaints lodged against Toyota in the NHTSA database, including some that allege fatal crashes were caused by sudden acceleration in Toyota cars since Jan. 27.

The probe will examine how Toyota learned of the defects. For example, regulators want to know if Toyota discovered the problems through consumer complaints or factory testing.

The investigation will also focus on whether the company found the problems before the vehicles in question were produced or after they had already been built.

In addition, regulators will check whether Toyota has covered all affected models in its recent recalls to make sure the automaker didn’t miss any problems.

NHTSA said it has demanded documents from Toyota on customer complaints, production data, dates of meetings and other pertinent details.

Toyota will have 30 days to provide the documents pertaining to the timeliness of the recalls and 60 days to submit information related to the adequacy of its ongoing recall efforts, according to a Department of Transportation official.

Cindy Knight, a Toyota spokeswoman, said the company is reviewing NHTSA’s request and will provide all the information they have requested.

"Toyota takes its responsibility to advance vehicle safety seriously and to alert government officials of any safety issue in a timely manner," she said.

Toyota has recalled more than 8.1 million vehicles worldwide for problems related to sudden acceleration and unresponsive brake pedals, among other things. The company has apologized for the safety lapses and pledged to repair the recalled vehicles quickly.

The recalls under investigation include two related to the entrapment of gas pedals by floor mats. Those recalls were announced last fall and expanded early this year. The third, announced in January, involved sticking gas pedals.

If the investigation determines that Toyota violated its statutory obligations, NHTSA said the manufacturer could be liable for a fine of up to $16.4 million.

That’s the maximum penalty under a 2000 law that established stiffer civil, and even criminal, penalties for automakers that fail to promptly report safety defects to federal regulators in a timely way.

The Transportation Recall Enhancement, Accountability and Documentation Act, or TRED, was passed in response to dozens of deadly Ford Explorer rollover crashes caused by faulty Firestone tires. No fines were ever levied in that case.

The biggest fine that’s ever been levied was just $1 million taken from General Motors in 2004 for failing to deal promptly with a windshield wiper issue, an amount that was negotiated down from the $3 million NHTSA originally asked for. 

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FirstEnergy announced plans Thursday to acquire electric utility company Allegheny Energy in an all-stock deal valued at $4.7 billion.

The proposed merger, which is subject to shareholder and regulatory approval, would create one of the largest U.S. electricity providers with an estimated $16 billion in annual revenue and $1.4 billion in annual net income.

Under the terms of the agreement, Allegheny shareholders would receive 0.667 of a share of FirstEnergy common stock in exchange for each share of Allegheny they own. Based on Wednesday’s closing stock prices for both companies, Allegheny shareholders would receive a value of $27.65 per share, a 31.6% premium, the companies said.

FirstEnergy will also assume roughly $3.8 billion in Allegheny net debt. The deal is expected to close in about 12 to 14 months business card.

"This combination supports our strategy of being a leading regional energy provider, focused on both regulated utility operations and our competitive generation business," said Anthony Alexander, chief executive officer of FirstEnergy, in a statement.

Akron, Ohio-based FirstEnergy (FE, Fortune 500) owns seven electric utility operating companies that serve 4.5 million customers in Ohio, Pennsylvania, New Jersey and New York.

Allegheny (AYE) is an electric utility based in Greensburg, Pa., servicing 1.6 million customers in Pennsylvania, West Virginia, Maryland and Virginia. 

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Cyanotech Corp. of Kona made $605,000 on revenues of $3.9 million for the three months ended Dec. 31, 2009.

That compared with a $514,000 profit on revenues of $3.5 million in the same period in the previous fiscal year.

The Big Island biotech company (Nasdaq: CYAN), which develops and sells microalgae products, attributed the gains to the launch of new products during the quarter, including a multivitamin ay day loans.

“Despite economic challenges, our focus on business fundamentals remains robust,” President and CEO Andrew Jacobson said in a prepared statement.

Shares of Cyanotech were at $3.19 on Thursday, down 12 percent for the day.

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