Briefs: Activist investor buys Sears stock

HOFFMAN ESTATES -- Shares in Sears Holdings Corp. rose sharply Friday as Wall Street reacted to news that activist hedge fund manager William Ackman has taken a stake in the department-store retailer. Ackman bought 5 million shares in Sears, a spokeswoman for his New York-based Pershing Square Capital Management said, confirming a report by StreetInsider.com. Sears shares jumped $7.84, or 5.5 percent, to $149.24 on Friday.

Walgreen rating cut down to 'sell'

DEERFIELD -- Walgreen Co., the largest U.S. drugstore chain, had its rating cut to "sell" from "buy" by Banc of America Securities LLC on increased operating expenses and costs to build new stores. Scott Mushkin, an analyst with Banc of America in New York, cut his rating Friday on the shares to "sell" from "buy" and reduced his 12-month price forecast to $35 from $55. Walgreen reported its first profit drop in almost a decade on Oct. 1 because of higher salaries and advertising costs.

Alcatel-Lucent a key AT&T supplier

PARIS -- Alcatel-Lucent said on Friday it remained a "critical supplier" of 3G wireless technology to AT&T , responding to a Financial Times report that it could lose some business to rival Ericsson. The Financial Times reported on Friday that Ericsson had taken advantage of Alcatel-Lucent's difficulties in the 3G wireless market to win more business from AT&T. AT&T awarded a $2 billion contract in 2004 to Ericsson, Lucent and Siemens to supply 3G infrastructure.

Law firm settles age bias suit

CHICAGO -- Law firm Sidley Austin LLP agreed to pay $27.5 million to settle an age discrimination suit filed by the U.S. Equal Employment Opportunity Commission in a dispute closely watched by other law and professional services firms, the commission said Friday. The money will be paid to 32 former partners whose status was changed from partner to counsel or senior counsel in 1999 in a move that, according to the commission, reflected illegal discrimination based on their ages. Sidley said in a statement the change in status was "a business decision."