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AP Business NewsBrief at 10:18 p.m. EDT
(AP Online Via Thomson Dialog NewsEdge) Retail gas hits record $3.50 per gallon as oil prices rocketNEW YORK (AP) _ Rising gasoline prices tightened the squeeze on drivers Monday, jumping for the first time to an average $3.50 a gallon at filling stations across the country with no sign of relief. Crude oil set a record for the sixth day in a row _ this time closing above $117 a barrel _ after an attack on a Japanese oil tanker in the Middle East rattled investors.
Judge rejects fraud claim against State Farm in Katrina suitJACKSON, Miss. (AP) _ A federal judge on Monday dismissed claims of fraud in a key Hurricane Katrina lawsuit that accused State Farm Fire & Casualty Co. of using different engineering reports to deny a couple's insurance policy after the storm. The ruling by U.S. District Judge L.T. Senter Jr. applied to the federal lawsuit filed by Thomas and Pamela McIntosh, who sued State Farm after the insurer blamed most of the damages to their Biloxi home on Katrina's storm surge and paid the couple $36,228. The homeowners policy excluded coverage for flood damage.
Bank of America's 1Q profit shrinks amid economic worriesCHARLOTTE, N.C. (AP) _ If the 77 percent drop in Bank of America's first-quarter earnings is any indication, the economy may have a long way to go before it works out the problems that began with the subprime mortgage crisis. The nation's largest retail bank on Monday quintupled the money it set aside for loans that go sour, and hinted that consumer weakness and the housing slump means that things will not get better for it, or for the economy, for some time.
Texas Instruments 1Q profit rises, but outlook weighs sharesDALLAS (AP) _ Texas Instruments Inc. said Monday its first quarter profit rose 28 percent despite weaker sales of chips for high-end cell phones, but the company offered a cautious outlook for the second quarter due to the slowing economy. The leading maker of chips for cell phones, TI said it earned $662 million, or 49 cents per share, in the first quarter this year, compared with $516 million, or 35 cents per share, a year ago.
Stocks mixed after Bank of America profit falls shortNEW YORK (AP) _ Wall Street had a mixed performance Monday as investors regained a cautious stance after disappointing news from Bank of America Corp. and Midwest bank National City Corp., and after another record-breaking tear in oil prices. Investors were clearly uneasy about extending last week's big gains after Bank of America said its first-quarter earnings fell 77 percent on write-downs and widening credit losses. BofA's report followed a week in which big-name companies in general turned in better-than-expected numbers for the first quarter, helping the major stock indexes to gains of more than 4 percent.
Air France-KLM: Alitalia offer is offPARIS (AP) _ Air France-KLM said Monday its offer to buy struggling Italian airline Alitalia for 139 million euros ($220 million) is "no longer valid," and left no impression that it planned to return with another. The French-Dutch carrier said its Italian counterpart has failed to clarify the "legal situation" after talks on a possible takeover were broken off earlier this month.
National City raises $7B in capital, but posts 1Q lossCLEVELAND (AP) _ National City Corp. announced Monday it secured a $7 billion capital infusion from equity investors to help it survive the home mortgage crisis, at least temporarily quashing speculation the nation's 10th-largest bank would have to be sold. But the move did not appease investors who sent National City's stock tumbling 28 percent to its lowest level in about 17 years after the bank also posted a $171 million first-quarter loss and slashed its dividend.
FDA cites Chinese firm's manufacturing processes for heparinWASHINGTON (AP) _ China and the United States traded charges Monday about whether a contaminant in the blood thinner heparin caused severe allergic reactions linked to as many as 81 deaths. Federal health officials said new tests indicated a solid link. China said the contaminant could not be the "root cause" of the problem.
Expense cuts help Boston Scientific post $322M 1Q profitBOSTON (AP) _ Boston Scientific Corp.'s first-quarter profit more than doubled as the medical device maker cut expenses to offset declining sales of drug-coated heart stents. The Natick, Mass.-based company said Monday it posted net income of $322 million, or 21 cents per share, in the January-March period, compared with a profit of $120 million, or 8 cents per share, in the same period a year ago.
Analysts: Drug maker earns get temporary lift amid problemsTRENTON, N.J. (AP) _ Major drug companies saw their bottom lines buoyed by a weak dollar, one-time gains and other temporary items, but their shares still fell because of basic economic problems hurting the industry. With generic drugs shrinking sales of former blockbusters, a shortage of strong new products and a lack of promising drugs in their research pipelines, most drug makers tried to beat or at least match Wall Street expectations through increased spending on marketing and cost cuts, some analysts say.
Copyright ? 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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