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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Apr 22, 2008
Page
17
Bank of America reports a first quarter profit of 268 million dollars or five cents per share, down from 1.21 billion dollars last year, as subprime writedowns and loan losses mount. Analysts had expected 41 cents per share, with provisions for bad loans rising to 6.01 billion.
National City reports a 171 million loss for the first quarter and seeks capital by securing iron and Wells Fargo. Citigroup posts a 5.1 billion loss, Wachovia 393 million, and Bank of America records 17 billion in revenue. Peter Raskind, CEO, says the board unanimously endorsed the capital infusion for shareholders.
Retail gas climbs to 3.50 per gallon marking a sixth day advance as oil prices surge after an attack on a Japanese tanker in the Middle East. Diesel reaches 4.20 per gallon. AAA and the Oil Price Information Service note higher fuel costs will affect truckers.
The eight week GM production slowdown widens as American Axle and Manufacturing's strike disrupts pickup and SUV output. UAW President Ron Gettelfinger cites slow negotiations and says plants in Ohio are affected while GM and Axle stock moves follow market expectations.
Los Angeles resident Jeff Foye notes a 40 percent hike to 9.99 for a six pack with hops shortages and higher malt prices lifting beer costs. Industry sources say inflation touches groceries, with microbrews rising faster than mass market beers and giants like Anheuser-Busch reporting ingredient cost pressures.
JCPenney will open a 104000 square foot store this fall at Avon Crossings in Avon, Route 83 and Chester Road, while the Midway Mall Penney remains open. company expects 36 new stores in 2008 and notes malls are fading in favor of off mall freestanding locations.
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