Also . . .

* United Parcel Service Inc. said it expects earnings to fall in the first half because businesses are reducing shipments in a slowing U.S. economy. U.S. shipment growth slid to 1% in the last two months as the No. 1 package-delivery company struggled with blizzards that slowed service. Higher fuel costs and a lower euro also are crimping earnings, it said. “The best we can hope for” in the second quarter is to match year-earlier profit, said UPS spokesman Norman Black. UPS said it expects profit this quarter to be as low as 49 cents a share, down from 56 cents in the year-ago period. The Atlanta-based company’s shares fell $1.81 to close at $55.89 on the NYSE.

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Avnet Inc., the No. 2 U.S. distributor of computer parts, agreed to buy smaller rival Kent Electronics Corp. for about $600 million in stock to gain customers such as Cisco Systems Inc. and expand its electronics business. Avnet also said third-quarter profit will be less than analysts estimated because of falling demand. Avnet said it will pay 0.87 share for each Kent share, which values the purchase at $20.49, or 29% more than Kent’s closing price on Wednesday. Kent shares surged $2.06 to close at $17.96, while shares of Phoenix-based Avnet fell $1.93 to close at $21.62, both on the NYSE.