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NEW YORK (CNN) -- CNN Money's Stacey Delikat has your top business and financial news on this Monday, February 24.

Batesville plant closing, leaving 78 out of work
Zila Inc., of Fort Collins, Colo., announced Wednesday that it would close its Batesville plant within 60 days, leaving 78 people out of work. "The manufacturing of these products and the sale of these products is being moved to another U.S.-based company, Denmat," Zila CEO David Speights told Arkansas Business Friday. At the plant, Zila made dental scalers, which are used by dental hygienist to clean teeth, and a number of soft tissue lasers dentists use for oral surgery. On Thursday, Zila announced that Denmat Holdings LLC of Lompoc, Calif., bought nearly all of Zila's assets for a price that wasn't disclosed.

Big business hits back on minimum wage
Big business is striking back hard against President Obama's efforts to raise the minimum wage, using a government report released just Tuesday that said the effort would both lift people out of poverty and spur job losses. The commercial opposing President Obama's effort to hike the minimum wage touts the report by the Congressional Budget Office released Tuesday, saying "up to one million jobs will disappear" if the minimum wage increases. The report said that gradually raising the federal minimum wage to $10.10 from $7.25 would boost the incomes of most low-wage workers and lift 900,000 out of poverty while resulting in job losses of around 500,000.

Apple's wearables will be for fitness
Still waiting for your iWatch? Brace for disappointment. Wearables are definitely coming from Apple, but the company is wisely focusing its efforts on the burgeoning health and fitness market. Over the past couple of years, Apple has hired numerous health and fitness experts, including a developer of the Nike (NKE, Fortune 500) Fuelband. Apple still has plenty of job openings listed for fitness app and hardware developers. And the company built a processor directly into the iPhone 5S dedicated to activity tracking.

U.S. speedskating extends contract with Under Armour
Under Armour has extended its exclusive contract with the U.S. Speedskating Association despite some controversy involving the suits worn by athletes at the 2014 Winter Olympics in Sochi, Russia. Under Armour (UA), a provider of sports apparel, and the U.S. Speedskating Association said Friday that they extended their contract by eight years, through the end of 2022. This means that they'll be providing skin suits for U.S. speedskaters at the next two Winter Olympics: 2018 in Pyeongchang, South Korea, and 2022 in a site to be determined.

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