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AP Business NewsBrief at 5:10 a.m. EDT
(AP Online Via Acquire Media NewsEdge) Brokerages demystify options trading as way to ride marketsNEW YORK (AP) _ For Kim Snider, it only takes one word to send participants in her monthly investment workshops into a near panic. The Dallas-based financial adviser gets the same reaction, without fail, every time she suggests using options as a way to protect stock portfolios and make money. "Peoples' eyes roll to the back of their heads; they are absolutely horrified," she said. "There is still a pervasive myth that options are complicated and risky."
FedEx cuts 4Q profit forecast, blames fuel costsMEMPHIS, Tenn. (AP) _ FedEx Corp. cut its fourth-quarter earnings expectations Friday, blaming continuing increases in fuel costs. The Memphis-based shipping company said it expects profits of $1.45 to $1.50 per share for the three months ended May 31, down from its previous prediction of $1.60 to $1.80 per share.
Stocks decline as AIG reveals need for cash, oil surgesNEW YORK (AP) _ Wall Street ended the week with a big decline as investors grappled with two of the biggest threats to the economy: fallout from turmoil in the credit market and surging energy prices. All three major indexes suffered losses for the week. Insurer American International Group Inc. helped send the Dow Jones industrial average down about 120 points after posting a wider-than-expected first-quarter loss that rekindled anxiety about the strained state of the global financial system.
Gas jumps above $3.67, oil passes $126 on Venezuela concernsNEW YORK (AP) _ Oil rose above $126 a barrel for the first time Friday, bringing its advance this week to nearly $10, as investors questioned whether a possible confrontation between the U.S. and Venezuela could cut exports from the OPEC member. Gas prices, meanwhile, rose above an average $3.67 a gallon at the pump, following oil's recent path higher. On Friday, The Wall Street Journal published a report that suggested closer ties between Venezuelan President Hugo Chavez and rebels attempting to overthrow Colombia's government. Chavez has been linked to Colombian rebels previously, but the paper reported it had reviewed computer files indicating concrete offers by Venezuela's leader to arm guerillas. That appears to heighten the chances that the U.S. could impose sanctions on one of its biggest oil suppliers.
March trade deficit drops by bigger-than-expected amountWASHINGTON (AP) _ The U.S. trade deficit narrowed sharply in March as demand for imports fell by the largest amount since the last recession was ending. Analysts forecast that trade would continue to be one of the economy's few bright spots this year. The March deficit totaled $58.2 billion, down 5.7 percent from February, the Commerce Department reported Friday. It was a much larger improvement than had been expected.
Promises kept, problems remain after 30 years of casinosATLANTIC CITY, N.J. (AP) _ The ads were titled "Help Yourself, Help Atlantic City, Help New Jersey," and they made a series of promises, if only voters would pull the "yes" lever to legalize casino gambling. Having casinos in Atlantic City would "balance taxes, create jobs, boost the economy, and cut down on street crime," the advertisements assured.
Circuit City allows Blockbuster, Icahn to review booksRICHMOND, Va. (AP) _ Circuit City Stores Inc. on Friday gave in to pressure from activist shareholders, essentially putting itself up for sale and agreeing to nominate dissident directors to its board. The electronics retailer announced it would open its books to Blockbuster Inc. and Blockbuster's largest shareholder, Carl Icahn. It did so after Icahn defused concerns over whether Blockbuster could finance the deal by saying he was prepared to buy the company if all else fails.
Citigroup to shed nearly $500B in assetsNEW YORK (AP) _ Citigroup Inc.'s new chief executive, Vikram Pandit, plans to stick with a global banking model after months of intense review _ but only after shrinking the company by about one-fifth first. The three-year game plan, revealed Friday, includes getting rid of more businesses, mortgages, real-estate operations and jobs.
Asset sales boost Clear Channel profit; Deal still in limboNEW YORK (AP) _ Clear Channel Communications Inc., a major radio and outdoor advertising company, reported higher first-quarter earnings Friday on asset sales but operating results were flat, reflecting weak demand for radio advertising. The San Antonio, Texas-based company is battling its lenders in court as it tries to go private, and says it's not sure when the $19.5 billion deal will close, if at all.
Federal regulators close Arkansas bank ANB FinancialBENTONVILLE, Ark. (AP) _ Federal regulators says they've closed ANB Financial National Association banks after discovering "unsafe and unsound" business practices there. David Barr, a spokesman for the Federal Deposit Insurance Corp. says many customers served by the bank's nine locations had accounts under $100,000, which will be fully insured by the government. Barr says customers can continue to write checks and draw money from ATMs through the weekend.
Copyright ? 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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