Oil jitters trigger Dow drop after oil hits $60 barrier
Oil prices moved past 60 dollars a barrel triggering a broad market selloff as FedEx reported weak earnings blamed on high fuel costs. The Dow Jones fell 166.49 points to 10,421.44 while crude futures topped intraday highs near 60 dollars.
MENTIONED IN THIS ARTICLE
Dow
New York
FedEx Corp
FedEx
Wall Street
New York Mercantile Exchange
Jeff Kleintop
PNC Financial Services Group
Philadelphia
Anchorage
Alaska
Payless names Rubel chief as HQ move looms
Payless ShoeSource filed Matthew Rubel employment terms with the SEC saying his base could shift from Topeka to New York City. The Nike veteran starts next month and may resign for good reason if the company relocates or increases his commute beyond 35 miles. Rubel’s package includes 75000 for a Kansas home and a potential Topeka or other HQ site. Meanwhile Interstate Bakeries plans to consolidate Southern California sales, cutting about 350 jobs as it trims costs. actions to finish by August 24.
MENTIONED IN THIS ARTICLE
Payless ShoeSource Inc
Topeka
New York City
Matthew Rubel
Securities and Exchange Commission
Nike Inc
Payless
Rubel
Kansas
Mission Hills
Interstate Bakeries Inc
California
Kansas City
Wonder Bread
Hostess
Economy: Jobless claims, home sales dip in May
The May existing home sales rate slipped to 7.13 million, slightly below April's 7.18 million pace, per the National Association of Realtors. New unemployment claims fell by 20,000 to 314,000, the Labor Department said, the lowest in about two months, suggesting ongoing solid job growth.
MENTIONED IN THIS ARTICLE
National Association of Realtors
Labor Department
Sprint wins name game in potential merger
Sprint Corp and Nextel Communications said Sprint will be the lead brand if the merger closes this year with Nextel remaining a key product brand. The logo will feature Sprint and Nextel colors, NASCAR sponsorship continues through year end, and branding decisions to come before the 2006 season. Shareholders vote July 13 on the $35 billion deal, expected to close in Q3.
MENTIONED IN THIS ARTICLE
Kansas City
Sprint Corp
Nextel Communications Inc
Sprint
Nextel
Nascar
Mark Schweitzer
Schweitzer
Jupiter Research
Julie Ask
Kevin Keller
Soft hits do not hurt credit scores for unsolicited offers
Lenders categorize inquiries as soft hits or hard hits. Soft hits from lenders to preapprove offers do not affect your score, while hard hits from your own applications can lower it and influence future loan or card offers.
Chinese oil company bids $18B for Unocal
CNOOC Ltd, China's third largest oil producer, launched an $18.5 billion bid for Unocal Corp of El Segundo, aiming to challenge Chevron's $16.6 billion deal. Unocal weighing the offer while board recommendation to accept Chevron remains in place. Fu Chengyu said the bid is friendly, fully financed, and market-valued.
MENTIONED IN THIS ARTICLE
Bewine
China
U.S
Unocal Corp
Chevron Corp
Cnooc Ltd
Unocal
el Segundo
Calif
Chevron
CNOOC
Fu Chengyu
Also Mentioned on This Page
Associated Press
al Grillo
AP Photo
Bakeries
Overland Park
Nextel Unveil
David W. Myers
Chinese Oil Company
By Joe McDonald
Ana Ciue
Dogbert
Mator Corporation
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