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Newspaper
Baytown Sun
Location
Baytown, Texas, United States of America
Date
Aug 13, 2002
Page
9
Stocks opened mixed with the Dow down 0.7 percent at 8688.89 and the Nasdaq little changed while traders awaited federal data and Tuesday’s FOMC meeting. Airlines fell as US Airways news weighed, while retailers like J C Penney and Wal Mart eyed earnings ahead of Tuesday reports.
Shares of United Airlines parent UAL plunged 27 percent to 3.80 as fears rose it may follow US Airways into Chapter 11. Analysts warn without major changes, United could file for bankruptcy by year end. labor costs and post September 11 fallout pressuring recovery plans. Interim CEO cites slim chances for a government loan guarantee.
The August 12 2002 Dow Jones Industrial Average stood at 8688.89 with a 0.65 point decline from the prior close. The day traded between a high near 8742.06 and a low around 6582.01, as markets face volatility since the record high of 11722.98 set in 2000.
Crude oil on the NYMEX surged to 27.86 a barrel as September contracts gained 11, with heating oil and gasoline also higher and Brent on the LME up 70 cents. Analysts tied the price move to talk of a possible U.S. strike on Iraq, while U.N. and Iraqi officials offered conflicting signals. Soybean futures at the CBOT reached new highs on a bullish supply demand report.
May Department Stores Co earned 69 million dollars or 22 cents a share in the quarter ended Aug 3, down from 4.44 million or 35 cents a year earlier. The St Louis based retailer faced integration costs totaling 37 million dollars after tax tied to consolidating its divisions, but still beat Wall Street expectations by a penny per share.
Samuel Waksal, founder and former ImClone Systems chief, pleads innocent to insider trading and fraud charges. He faces obstruction of justice and bank fraud counts along with prior insider trading allegations from his June arrest, while highlighting Erbitux as a cancer breakthrough.
Washington The SEC chair Harvey Pitt said lawyers must represent shareholders interests, not just CEOs, amid broader federal scrutiny. The crackdown on corporate fraud and higher penalties for wrongdoers extends to legal fees and may widen in scope. Martha Stewart mentioned as a decorating maven is noted in the text.
Treasury Secretary Paul ONeill said the U S economy will not fall back into a recession despite stock market turbulence and eroding confidence. He spoke to the Associated Press ahead of a Bush summit in Texas and a Federal Reserve policy review as rates sit at 40 year lows.
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