Business Briefing
THE ECONOMY
Durable goods orders rise again
Orders for big-ticket manufactured goods rose for a third consecutive month in February, bolstered by demand for commercial aircraft and machinery.
The Commerce Department said orders for durable goods advanced 0.5% last month, slightly lower than the 0.7% gain that economists had expected.
OIL
ConocoPhillips to dump stock
ConocoPhillips said it will sell half of its 20% stake in Russian oil giant Lukoil.
The company said the shares are worth about $5 billion. They will be sold on the open market with proceeds funding a stock repurchase program.
TRAVEL
Vacationers say they’ll spend less
About a third of Southern California travelers who plan to vacation this spring said they expect to spend less money than last year.
The money-saving attitude emerged from a recent survey of nearly 660 members of the Automobile Club of Southern California. Of the 24% who said they don’t plan to take a spring break vacation, more than two-thirds cited the economic recession for influencing their decision.
The survey also found that more than half of those questioned said they planned to look for discounts and specials on entertainment to save money during spring travel.
BAILOUTS
GMAC sheds factoring clients
GMAC Inc., the home and auto lender shedding assets to repay federal bailout funds, agreed to sell most of its North American factoring portfolio to Wells Fargo & Co.
Terms weren’t disclosed. The portfolio includes about 150 small- and middle-market clients that primarily serve retailers.
EARNINGS
Lennar reports a smaller loss
Home builder Lennar Corp. said its quarterly loss narrowed after the company cut administrative costs and reduced incentives offered to buyers.
The net loss in the three months ended Feb. 28 was $6.5 million, or 4 cents a share, compared with a loss of $155.9 million, or 98 cents, a year earlier, the Miami-based company said. Lennar’s orders climbed 18% in the quarter.
General Mills profit climbs 15%
General Mills Inc. posted a 15% higher profit for its third quarter, thanks to strong sales of some established cereal brands and new products such as Chocolate Cheerios.
The maker of Yoplait yogurt and Nature Valley granola bars also lifted its 2010 adjusted earnings outlook, but the forecast was shy of Wall Street’s expectations.
Net income was $332.5 million, or 96 cents a share, up from $288.9 million, or 85 cents, a year ago. Revenue increased 3% to $3.63 billion.
FOOD
Smucker to cut 15% of workforce
Jam maker J.M. Smucker Co. says it will close four plants and eliminate 700 jobs, about 15% of its workforce, and modernize other plants to cut costs.
-- times wire reports
