Stocks gave up a brief rally Wednesday and resumed the selling seen inrecent weeks after factory orders showed their the weakest performancein three months in May. In midday trading, the Dow Jones industrial average fell 33.96 to 11,348.30.
Federal officials say fugitive hedge-fund swindler Samuel Israel has surrendered to authorities. Israel was supposed to report to federal prison June 9 after being convicted of bilking hedge-fund investors out of $450 million.
American Airlines Inc. acknowledged it will furlough 900 flight attendants this summer as part of its employee reduction plan announced in May. "These are difficult, but necessary changes given the unprecedented challenges we face with overcapacity in the industry," said
Starbucks Corp. has announced it's closing 600 underperforming stores in the United States. The Seattle-based premium coffee company also announced Tuesday it expects to open fewer than 200 new company-operated stores in the United States in fiscal 2009.
As crude soared to a new record, the head of the International Energy Agency declared that the world was in the grip of an "oil shock," and the president of OPEC acknowledged he could not say whether prices would flatten
CBS and CNET have joined forces to form the 8th largest Web network in the world. CBS correspondent Rich Demuro reported that while CNET may be best known for their coverage of technology, the company also runs Web sites on
General Motors Corp. soundly beat Toyota Motor Corp. in June to retain its traditional U.S. sales lead, but GM sales still dropped 18.2 percent during a dismal month for most large automakers.
Starbucks Corp. has announced it's closing 600 underperforming stores in the United States. The Seattle-based premium coffee company also announced Tuesday it expects to open fewer than 200 new company-operated stores in the United States in fiscal 2009.
