Business briefs


Published: Wednesday, January 19, 2005 at 6:01 a.m.
Last Modified: Tuesday, January 18, 2005 at 10:47 p.m.

Renewed optimism pushes stocks higher

  • NEW YORK - Confident investors, buoyed by positive earnings reports from the financial sector and bullish corporate outlooks for 2005, returned to the market Tuesday after weeks of uncertainty, pushing stocks sharply higher.
    The Dow Jones industrial average rose 70.79, or 0.67 percent, to 10,628.79.
    Broader stock indicators moved substantially higher. The Standard & Poor's 500 index was up 11.46, or 0.97 percent, at 1,195.98, and the Nasdaq composite index gained 18.13, or 0.87 percent, to 2,106.04.

    Krispy Kreme fires chief, stock rises

  • WINSTON-SALEM, N.C. - Krispy Kreme Doughnuts ousted top executive Scott Livengood on Tuesday, hoping a turnaround specialist who guided Enron's bankruptcy can save another company beset by allegations of corporate deceit.
    Shares of Krispy Kreme jumped 12 percent on the news that Livengood, who was at the helm for seven years, would be replaced by Enron interim CEO Stephen Cooper, who has three decades of experience in corporate restructurings with Enron, Polaroid, TWA, Boston Chicken and Pegasus Gold Corp.

    Delta expected to post another large loss

  • ATLANTA - Delta Air Lines Inc., which nearly fell into bankruptcy 2 1/2 months ago before winning deep concessions from pilots and fresh financing from creditors, this week is expected to post another huge quarterly loss that would push its red ink to nearly $7 billion since 2001.
    Analysts say it will take several more months to determine if Delta's transformation plan is working. If it does, Delta could turn a quarterly profit by the fall, analysts say. Wild cards that remain: fuel prices, the economy and the company's recent fare overhaul.

    Charter CEO quits in wake of big losses

  • ST. LOUIS - Carl Vogel has resigned as president and chief executive of Charter Communications Inc. in the wake of big losses in 2004 and the big cable television system operator's struggles with more than $18 billion in debt.
    Vogel, who also gave up his seat on the board of directors, will be replaced temporarily as president and CEO by Robert P. May, a Charter director who is chairman of the rehabilitation services giant HealthSouth Corp., Charter said Tuesday.

    Jury selection in Tyco chief's trial starts

  • NEW YORK - Jury selection began Tuesday for the second trial of two former top Tyco International Ltd. executives charged with looting the company of $600 million to subsidize their lavish lifestyles.
    Prosecutors promised to present a leaner case this time against former Tyco chairman and CEO L. Dennis Kozlowski and former chief financial officer Mark Swartz.
    In the first trial, prosecutors played a videotape of the $2 million birthday party Kozlowski threw for his wife on a Mediterranean island, and a video tour through his $18 million Fifth Avenue apartment.
    - Compiled from The Associated Press
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