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Newspaper
Odessa American
Location
Odessa, Texas, United States of America
Date
Sep 23, 2004
Page
5
FedEx Corp reports first quarter earnings more than double to 330 million dollars or 1.08 per share as revenues benefited from a stronger global economy and expanded international express deliveries and ground shipping.
The Dow Jones fell 135 points amid rising oil prices and Morgan Stanley earnings disappointment. Traders fear weaker consumer spending as crude nears $50 a barrel, with Wendy's warning and other concerns adding to the sell-off after a months-long rally.
Interstate Bakeries Corp the maker of Wonder Bread and Twinkies filed for Chapter 11 bankruptcy protection saying it will continue operating its bakeries outlet stores and distribution centers The move follows months of revenue weakness blamed on health trends and rising costs and a new management team was installed to steer a possible survival path.
Crude futures surged above 48 per barrel as Hurricane Ivan curbed U.S. crude supplies by 9.1 million barrels last week to 269.5 million, with gasoline and heating oil inventories also shrinking. Analysts cite ongoing global supply tightness and potential output issues in Iraq and Russia as supporting factors.
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