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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Jan 19, 2007
Page
2
Oil prices slipped past 50 a barrel for the first time since May 2005 after the EIA reported larger than expected crude and gasoline stock increases. US crude stocks rose 6.8 million barrels to 321.5 million with gasoline up 3.5 million to 216.8 million while distillates gained 0.9 million to 141.9 million.
The Tribune Co faces a tough choice as its assets attract two ofered bids. The largest, about 7.6 billion by the Chandler family, aims to buy the company and spin off its broadcast unit. Eli Broad and Ron Burkle propose recapitalization, adding debt rather than a buyout.
Rite Aid shareholders approved a $3 billion deal to buy Brooks Eckerd stores and the US, Eckerd and Brooks units of Jean Coutu Group for 1,800 locations. The merger would create about 5,180 stores in 31 states plus D.C. and nearly $27 billion in revenue.
Apple Inc. reports a 78 percent profit surge in the holiday quarter as iPod sales hit a record 21 million units, contributing 3.43 billion dollars to total revenue. The company warned a softer second quarter though remains a Wall Street favorite.
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