TJX subpoenas documents from MasterCard on breach

TJX Cos. has subpoenaed security details from MasterCard Inc., court filings showed, as the Framingham retailer argued it hasn't been able to get sufficient information from the payment card network. The parent company of TJ Maxx and Marshalls faces claims in federal district court in Boston from banks that say its security was lax before a data breach through 2006 that compromised as many as 100 million account numbers. TJX has argued that the payment system as a whole faced security issues and struck a deal with Visa Inc. last week in which both sides vowed more cooperation. In its filings yesterday, TJX said MasterCard "is a central figure in this case" whose knowledge and conduct related to TJX's defenses. (Ross Kerber)

Diagnostic test maker BG Medicine Inc. has significantly reduced the expected price range of its planned initial public offering, according to a Securities and Exchange Commission filing. Waltham-based BG Medicine now expects the IPO, which totals 4.5 million common shares, to price from $8 to $10 per share. The company previously expected $14 to $16 per share. Based on the revised terms, BG Medicine will have a market capitalization of $152.4 million to $190.5 million. The price reduction lowers BG Medicine's expected net proceeds to $35.1 million, after fees and expenses, from the previous estimate of $60.2 million. (AP)

Adidas AG's chief executive, Herbert Hainer, said that while the athletic wear maker is keen on more acquisitions, any such move would not come until 2010 at the earliest because its focus remains on integrating Canton-based Reebok. Speaking at an association of business journalists, Hainer said the company's focus remains on its $4.71 billion acquisition of Reebok International Ltd. (AP)

Neville Isdell's tenure as Coca-Cola's leader saw senior management changes, a big acquisition, and a focus on improving employee morale. After his unexpected disclosure that he will step down as chief executive next year, Isdell said more challenges lie ahead for the world's biggest beverage company. Isdell, 64, who has been CEO since 2004, will be replaced as chief executive by his second-in-command, chief operating officer Muhtar Kent, effective July 1. But Isdell will remain chairman until the annual meeting in April 2009.

Toll Brothers Inc., the nation's largest builder of luxury homes, reported its first quarterly loss in 21 years as the housing downturn that the company called the worst in four decades deepened. Toll reported a loss of $81.8 million, or 52 cents per share, in its fiscal fourth quarter, compared with net income of $173.8 million, or $1.07 per share, a year ago. The company booked a charge of $314.9 million in write-downs, mainly for homes it could no longer sell at a profit. Without the write-downs, the company would have posted profit of 72 cents per share, less than half the $1.49 per share profit that was posted during the same quarter a year earlier. The loss was narrower than the 77-cent loss expected on Wall Street. Revenue fell 35 percent to $1.17 billion in the quarter ended Oct. 31, slightly ahead of Wall Street's forecast of $1.166 billion. (AP)

Experts convened by a federal transportation policy commission are recommending a $357.2 billion investment - or $8.1 billion a year - to significantly expand intercity passenger rail service by 2050. The recommendations were released by the National Surface Transportation Policy and Revenue Study Commission's passenger rail working group. The ideas have been adopted by the commission and are expected be part of its final report to Congress, said Frank Busalacchi, Wisconsin's secretary of transportation and the commissioner who convened the working group. (AP)

Oil futures jumped back above $90 a barrel as tough administration talk on Iran, the falling dollar, and estimates of stronger Chinese economic growth drew buyers back into the market. Yesterday's gains also came in part on a sense that oil prices have fallen too quickly in recent days. Light, sweet crude for January delivery rose $2.74 to settle at $90.23 a barrel on the New York Mercantile Exchange. (AP)