[January 27, 2009]

AP Business NewsBrief at 8:15 a.m. EST

(AP Online Via Acquire Media NewsEdge) DuPont swings to 4Q loss, lowers 2009 forecastDOVER, Del. (AP) _ DuPont Co. reported a $629 million loss for the fourth-quarter, reflecting a hefty restructuring charge, and lowered its earnings forecast for the full year due to weak industrial demand for its chemicals. The Wilmington-based company said Tuesday its loss amounted to 70 cents per share, compared with a profit of $545 million, or 60 cents per share, a year ago.

Delta reports $1.4B 4Q lossATLANTA (AP) _ Delta Air Lines Inc., the world's biggest carrier, said Tuesday it lost $1.4 billion in the final three months of last year as it recorded a massive charge related to employee stock awards and wasn't able to fully benefit from the decline in oil prices because of bad bets on fuel hedges. The results, when one-time items are excluded, fell short of Wall Street expectations.

Corning cuts 3,500 jobs as 4Q profit slumpsROCHESTER, N.Y. (AP) _ Corning Inc. said Tuesday it is cutting 3,500 jobs, or 13 percent of its payroll, as demand slumps for glass used in flat-screen televisions and computers. The specialty glass and ceramics maker, the world's largest maker of liquid crystal display glass, announced the cutbacks as its fourth-quarter profit plunged 65 percent to $249 million, or 16 cents a share, from $717 million, or 45 cents a share, a year earlier.

Verizon 4Q earnings up 15 percentNEW YORK (AP) _ Verizon says its earnings increased 15 percent in the fourth quarter, as it kept adding wireless and broadband subscribers. The country's second-largest telecommunications provider earned $1.24 billion, or 43 cents per share, up from $1.07 billion, or 37 cents per share, a year earlier.

Stocks point higher as companies show profitsNEW YORK (AP) _ Wall Street showed some relief Tuesday that big companies like American Express Co. and Texas Instruments Inc. managed to post profits in a difficult recession. Stock futures signaled a higher open following the companies' reports late Monday and ahead of a reading on consumer confidence. The market also awaited the start of the Federal Reserve's two-day meeting on interest rates.

Retail sales forecast to fall in 2009NEW YORK (AP) _ The nation's retailers had a rough 2008, but this year will likely be even scarier, according to a sales forecast released Tuesday from the world's largest retail trade organization. Retailers are expected to record a 0.5 percent drop in revenue in 2009, the first annual decline in three decades and perhaps much longer, according to a National Retail Federation forecast released Tuesday.

AP IMPACT: US bets on bank execs to fix this messWASHINGTON (AP) _ They've been bailed out, but not kicked out. At banks that are receiving federal bailout money nearly nine out of every 10 of the most senior executives from 2006 are still on the job, according to an Associated Press analysis of regulatory and company documents. The AP's review reveals one of the ironies of the bank bailout: The same executives who were at the controls as the banking system nearly collapsed are the ones the government is counting on to help save it.

Plavix sales help Bristol-Myers swing to Q4 profitNEW YORK (AP) _ Strong sales of blockbuster blood thinner Plavix helped Bristol-Myers Squibb Co. post a sizable fourth-quarter profit Tuesday, rebounding from a loss in a charge-laden quarter a year earlier and beating Wall Street's profit forecast. The New York-based maker of Abilify for bipolar disorder and Avapro for high blood pressure reported net income of $1.24 billion, or 63 cents per share, in the October-December quarter. A year ago, Bristol-Myers reported a net loss of $89 million, or 5 cents per share, due to large charges for restructuring and losses from investments in subprime securities.

Oil rises above $46 as OPEC cuts, demand weighedLONDON (AP) _ Oil prices rose above $46 a barrel Tuesday as traders weighed waning demand in global markets against OPEC countries' compliance with agreed production cuts. Light, sweet crude for March delivery was up $0.59 at $46.32 a barrel in electronic trading on the New York Mercantile Exchange by noon in Europe. The contract fell 74 cents Monday to settle at $45.73.

Travelers 4Q profit falls 25 pct on investmentsCHARLOTTE, N.C. (AP) _ Commercial and personal property insurer Travelers Cos. said Tuesday that lower investment income drove fourth-quarter profit down 25 percent. The St. Paul, Minn.-based company said net income tumbled to $801 million, or $1.35 per share, from $1.06 billion, or $1.64 per share, a year ago.

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