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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
May 21, 2002
Page
9
Limited Brands announced a 211 percent earnings jump for the quarter ended May 4 excluding a special charge. The company, now named Limited Brands, cited strong sales and tight inventory control as key drivers and noted the reorganization following the Intimate Brands recombination.
United Parcel Service faces a potential walkout after 93 percent of UPS Teamsters voting supported strike authorization. With about 75 percent of precincts reporting, union spokesman Bret Caldwell said the vote shows strong backing for negotiating team aims. Final results expected in a week as talks continue in Chicago.
Ford Motor Co. rehired Allan Gilmour, 67, as vice chairman and chief financial officer to help restore profitability and credibility. He replaces a criticized interim CFO while David Thursfield resumes leadership of international operations and global purchasing at Ford.
The Conference Board reported its Index of Leading Economic Indicators fell 0.4 percent in April to 111.7 after a 0.1 rise in March. Analysts expected a 0.1 percent drop. Economists described the decline as a typical, temporary setback in a slow recovery, with consumer spending and energy costs cited as influencing factors.
Wall Street fell as investors booked profits after a rally amid terror warnings and a weaker leading indicators report. The Dow slipped 1.2 percent to 10,229.50 while the Nasdaq dropped 2.3 percent to 1,701.59, with IBM Dell and other blue chips retreating.
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