Published: Thursday, January 20, 2005 at 6:01 a.m.
Last Modified: Wednesday, January 19, 2005 at 10:41 p.m.
Wall Street slumps amid mixed earnings
The prospect of higher interest rates is a looming concern. And while economic numbers have been solid, the fact that inflation rose during 2004 at the fastest pace in four years exacerbated those concerns. The Dow Jones industrial average fell 88.82, or 0.84 percent, to 10,539.97. The Standard & Poor's 500 index slipped 11.35, or 0.95 percent, to 1,184.63. The Nasdaq composite index lost 32.45, or 1.54 percent, to 2,073.59.
Pfizer profits soar, but miss expectations
GM earnings decline on health care costs
GM officials said Wednesday the company expects break-even or better results in the current quarter, reflecting lower vehicle production and sales of less profitable cars and trucks. They expect U.S. vehicle sales to be down slightly in 2005 from robust volume last year. GM shares fell 6 cents to close at $36.71 on the New York Stock Exchange after rising as high as $37.47 earlier in the session. Its shares are still above their 52-week low of $36.48.
Maytag pulling goods off Best Buy sales floor
"At this time, it does not make sense to continue selling our major appliances at Best Buy," said Ralph F. Hake, Maytag chairman and CEO, in a statement. In 2004, white goods sales at the retailer represented about 1 percent of Maytag's consolidated revenue. The discontinuation will become effective later in the first quarter of 2005, the company said. Maytag will continue to sell its Hoover floor care products at Best Buy.
- Compiled from The Associated Press BUSINESS BRIEFING
Potential Ebbers jurors get five-question form
Molson earnings report delayed on Coors vote
Coors, the third biggest U.S. brewer, and Molson have proposed to combine in a deal that would create a $6 billion brewer that would be the world's fifth largest.
Comics legend Stan Lee wins partial judgment
A Manhattan federal judge ruled that Lee is entitled to a potential multimillion payday from Marvel Enterprises of profits generated by the company's television and movie productions - particularly the box-office smash "Spider-Man," which earned more than $800 million worldwide, and its hugely successful sequel.
- Compiled from The Associated Press
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