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Meltdown 101: What if my car dealer shuts down?

May 14, 2009 2:33 pm | by KIMBERLY S. JOHNSON - AP Auto Writer - Associated Press | News | Comments

DETROIT (AP) — So your local Chrysler dealer is slated to close, and a nearby General Motors dealer could get the ax too. What happens if you need service on your car?It's a natural question in the changing automotive landscape, as those two U.S. automakers attempt to restructure in and out of...

Agilent posts 2Q loss as revenue falls 25 percent

May 14, 2009 2:08 pm | by The Associated Press | News | Comments

SANTA CLARA, Calif. (AP) — Scientific equipment maker Agilent Technologies Inc. on Thursday reported a second-quarter loss as revenue fell by 25 percent, led by a steep drop in its semiconductor and board test unit.The company lost $101 million, or 29 cents per share, in the quarter compared with a...

GM, Chrysler to drop 1,900 dealers by end of 2010

May 14, 2009 1:58 pm | by DAN STRUMPF - AP Auto Writers - Associated Press | News | Comments

NEW YORK (AP) — A decision by troubled automaker General Motors to drop 20 percent of its dealers is due in part to an oversized network that created stiff internal competition and gave shoppers too much leverage to talk down sticker prices, hurting chances for future sales.GM's announcement Friday...

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Smithfield Foods: tests show no flu in Mexico herd

May 14, 2009 1:52 pm | by The Associated Press | News | Comments

SMITHFIELD, Va. (AP) — Smithfield Foods Inc., the nation's largest pork producer and processor, said Thursday tests confirm its pig herd in Veracruz, Mexico does not have H1N1, or swine flu.Chief Executive C. Larry Pope said in a letter to employees that no virus, including the H1N1 virus, was...

Testimony: Scrushy left HealthSouth in a mess

May 14, 2009 1:42 pm | by JAY REEVES - Associated Press Writer - Associated Press | News | Comments

BIRMINGHAM, Ala. (AP) — Fired HealthSouth Corp. CEO Richard Scrushy left the company in a mess after investigators uncovered a massive accounting scam at the rehabilitation company, a corporate restructuring expert said.Attorneys who filed a civil lawsuit against Scrushy read deposition testimony...

Investors buy more bonds after jobless claims data

May 14, 2009 1:27 pm | by The Associated Press | News | Comments

NEW YORK (AP) — Doubts about the economy are keeping demand for Treasurys alive.Treasury prices gained Thursday despite an advance in stocks after the government reported a sharp jump in new jobless claims.Initial claims for unemployment benefits rose to 637,000 last week from 605,000 the previous...

DirecTV, Liberty Media sued over merger plans

May 14, 2009 1:27 pm | by The Associated Press | News | Comments

WILMINGTON, Del. (AP) — Two public pension funds are suing DirecTV Group Inc. and Liberty Media Corp. over plans to merge DirecTV into Liberty's entertainment unit, then spinning them off into a new publicly traded company.The Key West Police and Fire Pension Fund in Florida and City of Roseville...

Dollar falls on weekly unemployment report

May 14, 2009 1:12 pm | by The Associated Press | News | Comments

NEW YORK (AP) — The dollar fell against major currencies Thursday as a report showed that U.S. jobless claims and producer prices rose more than expected, suggesting the economy's improvement is fitful.The 16-nation euro advanced to $1.3652 in late New York trading from $1.3614 late Wednesday in...

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Blockbuster profit and revenue sag; stock dives

May 14, 2009 1:07 pm | by MICHAEL LIEDTKE - AP Business Writer - Associated Press | News | Comments

SAN FRANCISCO (AP) — Blockbuster Inc.'s first-quarter profit sagged as fewer people came to its stores to rent videos, though the long-slumping company softened the blow by whittling the size of its chain and shedding other expenses.The results released Thursday were the latest sign of the...

Nike to cut about 1,750 jobs worldwide

May 14, 2009 12:16 pm | by SARAH SKIDMORE - AP Retail Writer - Associated Press | News | Comments

PORTLAND, Ore. (AP) — Shoe and apparel company Nike Inc. said Thursday that it will cut about 1,750 jobs worldwide, or 5 percent of its global work force.About 500 of the jobs lost will be at Nike's world headquarters in Beaverton, Ore. The company did not specify what departments the cuts would be...

Nordstrom 1Q profit falls by nearly a third

May 14, 2009 12:16 pm | by ASHLEY M. HEHER - AP Business Writer - Associated Press | News | Comments

CHICAGO (AP) — Upscale department store chain Nordstrom Inc. said it was raising its outlook for the full year after it beat Wall Street forecasts for the first quarter thanks to stronger-than-expected sales."While we don't know what lies ahead, we are well positioned to efficiently manage our...

Astro_Mike: In space, everyone can hear you tweet

May 14, 2009 12:11 pm | by SETH BORENSTEIN - AP Science Writer - Associated Press | News | Comments

GREENBELT, Md. (AP) — On Twitter, messages of 140 characters may seem confining. Mike Massimino is finding a different type of space even more limiting — outer space.The astronaut is sending messages to the social networking site from 350 miles above Earth on the space shuttle Atlantis — and what's...

NYC mayor grilled in discrimination suit

May 14, 2009 11:40 am | by The Associated Press | News | Comments

NEW YORK (AP) — New York City Mayor Michael Bloomberg has been questioned behind closed doors about accusations in a lawsuit that his financial data and news service discriminated against women.The plaintiffs' lawyers questioned Bloomberg Thursday at his private attorney's midtown Manhattan office....

Gold prices extend recent gains, rise slightly

May 14, 2009 11:20 am | by SARA LEPRO - AP Business Writer - Associated Press | News | Comments

NEW YORK (AP) — Gold prices extended recent gains Thursday, moving slightly higher as the dollar fell against other major currencies.Oil prices and agriculture futures also rose amid a rebound on Wall Street.The dollar was lower against other major currencies in afternoon trading, which helped...

Economy's improvement is fitful, reports show

May 14, 2009 11:15 am | by CHRISTOPHER S. RUGABER - AP Economics Writer - Associated Press | News | Comments

WASHINGTON (AP) — A bit of sour news Thursday — in the form of increased jobless claims and higher wholesale prices — suggested the economy is moving in fits and starts even as the recession eases.Analysts said the pace of unemployment claims should ease after auto industry layoffs are completed....

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