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Newspaper
Baytown Sun
Location
Baytown, Texas, United States of America
Date
Aug 24, 2004
Page
5
Wal-Mart Stores Inc issues a weaker August sales forecast, weighing on stocks. The Dow falls 37.09 points to 10,973.05 as investors fret about oil prices and third quarter earnings while tech shares rise slightly.
Crude futures slipped on Monday after Iraq resumed some exports via the Kirkuk pipeline to Turkey, sending NYMEX October crude down 0.67 at 46.05 a barrel while Brent fell to 43.03. Analysts called the move a brief dip with profit taking amid lingering supply uncertainties. Iraqi officials said the Kirkuk line is flowing 400,000 to 450,000 barrels daily, with the Southern pipeline still at half capacity and potential restart timing unclear.
Southwest Airlines plans to cut 88 October flights and redeploy planes mainly to Philadelphia routes. Officials expect a $60 million revenue lift while overall capacity remains the same. Philadelphia will host 41 daily flights as Southwest marks its most successful opening since May.
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