Friday, August 12, 2005

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IBM brains capture a PC's soul
Researchers develop three-layer software that lets you carry a full PC operating environment on an iPod, PDA or cell phone.
Friday August 12, 2005 03:42PM PDT

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News Scan P.M.: Oil Prices Hit Record Near $67


News Scan
News Scan: Aug. 12, 2005

NEW YORK - Business, technology and wealth news:

Oil Prices Hit Record Near $67
Oil prices settled at a record high near $67 Friday, as U.S. refinery outages looked set to test gasoline supplies in the world's biggest-consuming nation. The threat of hurricanes in the Gulf of Mexico and concerns over Iran's decision to resume uranium-conversion activities also fueled the price increase, analysts said.

U.S. Stocks Close Down on Deficit, Oil Woes
Wall Street retrenched Friday as the trade deficit widened and oil prices surged, while a weak quarterly report from Dell also disheartened the market. Traders were displeased when the U.S. Commerce Department reported that the trade deficit, the imbalance between what America sells abroad and what it imports, is running higher than last year's all-time record. The trade deficit rose to $58.8 billion in June, an increase of 6.1% from the May deficit of $55.4 billion.

FDA Puts Restrictions On Accutane
The thousands of Americans who take the acne drug Accutane--and people who prescribe and dispense it--must enroll in a national registry, part of a major government program to tighten access to the medicine that causes birth defects.

Striking British Airways Staff Return
British Airways said Friday that all of its striking Heathrow Airport workers were returning to work after a 24-hour walkout that saw all flights canceled at the airport and about 70,000 travelers stranded. The airline said it would operate "a limited number of aircraft" starting at 8 p.m. London time. But it warned that the disruption caused by more than 500 canceled flights at one of the world's busiest airports would continue for many hours.

More U.S. Airlines Match Domestic Fare Hikes
Higher air fares looked more likely Friday as American Airlines, Northwest Airlines and JetBlue Airways went along with competitors' increases that the companies said were necessary to offset rising fuel prices. Airline stocks skidded after a three-week surge pushed the price of crude oil near a record of $67 per barrel during the day, taking jet fuel prices along with it.

Dell Q2 Profit Up, Revenue Misses View
Low-priced laptops and other bargain systems cramped Dell's second-quarter revenues and the company's CEO said the computer leader had pushed too aggressively for market share. The rare revenue miss--nearly $300 million below Wall Street forecasts--came atop a 28% jump in net income Dell reported Thursday. The company also issued an outlook for the third quarter that was at the low end of analyst forecasts, sending shares down nearly 8% in late-session trading.

DreamWorks Animation Swings To Q2 Loss
DreamWorks Animation SKG swung to a loss in the second quarter, although the results posted Thursday were slightly better than the bleak fiscal picture the studio outlined last month. The company behind such animated hits as Shrek reported a net loss of $3.7 million, or 4 cents per share, compared to a profit of $146 million, or $1.89 per share, in the same period last year. Revenue fell to $35.4 million from $300.3 million in the same period last year.

Earlier headlines

Oil Prices Hit New Record, Then Retreat

Ex-WorldCom CFO Gets Five Years In Prison

British Airways Cancels Heathrow Flights

Japan's Economy Grew 0.3% In April-June Quarter

Intel To Shift Microprocessor Technology

Northwest Set To Fly Without Union Mechanics

AIG Shareholders Approve 15 Board Members

China Trade Surplus Rises To $50B

Yahoo! To Pay $1B For 40% Alibaba Stake

News items can be submitted to Greg Levine at or by calling him at (212) 366-8851.

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Dell Drags Down Market

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Dell Drags Down Market
[August 12, 2005] The PC maker's disappointing Q3 forecast was among the factors forcing stocks lower.

Microsoft Beats Apple on Patent
[August 12, 2005] Apple's application rejected because Microsoft filed first.

Google Suspends Copyright Copies
[August 12, 2005] The search engine giant makes concessions to copyright owners but one organization still has questions about Google's book projects.

Amazon Settles Patent Case
[August 12, 2005] The online retail giant will pay $40M to end a lawsuit brought by Soverain in 2004.

M&As Help Save Day
[August 11, 2005] Yahoo buying into Alibaba and Qualcomm buying out Flarion help lift tech stocks, but concern about Dell lingers after the bell.

WorldCom Finance Boss Gets Five Years
[August 11, 2005] The government's key witness in the biggest fraud scandal in history is spared a long sentence.

Google Resellers Target Chinese SMBs
[August 11, 2005] Amid rising competition in a red-hot market, the search giant adds to its partner network.

Qualcomm to Buy Flarion
[August 11, 2005] The $600 million acquisition will give the wireless specialist additional mobile broadband technology.

Oil Tamps Techs
[August 10, 2005] Yahoo's China plans and Cisco's forecast were on investors' minds, but concerns over oil prices loomed.

WorldCom Execs Face Sentencing
[August 10, 2005] Former execs learn how much time they will serve for their roles in the telecom's massive fraud.

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