BRIEFCASE.

Byline: -- Staff and Wire Services

Kerkorian drops his stake in GM

Dissident General Motors Corp. shareholder Kirk Kerkorian appears to be walking away from his quest to shape the future of the troubled automaker.

The Wall Street Journal, citing a person familiar with the matter, reported Thursday on its Web site that the billionaire investor sold his entire remaining investment in GM -- 28 million shares -- at $29.95 a share, a transaction worth more than $800 million.

The newspaper reported that the shares were sold to Bank of America, a key lender to Kerkorian.

Earlier in the day, Kerkorian's investment company, Tracinda Corp., said in a filing with the Securities and Exchange Commission that it had agreed to sell 14 million shares for $28.75 per share in a private transaction. The move dropped his stake by a third to 4.95 percent, or 28 million shares, for a price of just over $400 million.

Oil cost up after two-month lull

VIENNA, Austria -- Oil prices rose to their highest level in more than two months on Thursday, settling above $63 a barrel in a rally that brokers attributed to technical trading, coupled with buying prompted by the approach of the Northern Hemisphere winter.

Analysts are split over whether the recent surge in energy futures represents a correction for a market that had been trending lower since late summer, or if it is the beginning of a new upswing.

Pfizer raises earnings advice

GROTON, Conn. -- Pfizer Inc. on Thursday raised its earnings guidance for the year as it showcased its pipeline of new drugs that it said should put about four new products a year on the market beginning in 2011.

CEO Jeff Kindler told analysts and investors gathered for a review of the world's largest drugmaker's plans that he understood the challenges but was determined to transform Pfizer into a nimble, innovative organization offering patients a rich selection of treatment options.

Patent losses will crimp Pfizer's revenues for the next two years, keeping sales at 2006 levels. And recently, there have been concerns that the star of Pfizer's pipeline, cholesterol treatment Torcetrapib, might face a problematic future because a study showed it caused an increase in blood pressure.

Dollar slides against pound

NEW YORK -- The dollar fell Thursday to its lowest level against the British pound in 14 years and lost value against the euro and Japanese yen.

The dollar's decline came on mixed economic news from Washington and positive developments in Germany, Europe's largest economy.

The pound climbed to $1.9661 in afternoon New York trading from $1.9462 late Wednesday in New York, marking its strongest showing against the dollar since September 1992, before Britain cashed out of the European Exchange Rate Mechanism.

The euro rose to $1.3250, up from $1.3156 late Wednesday.