Business / Money

CEO: Eclipse unaffected by DayJet’s contraction

The chief executive officer of Albuquerque-based Eclipse Aviation says his company won’t be affected by DayJet scaling back its expansion plans.

Stock head for lower open after AIG reveals need for cash

Wall Street headed for a lower open Friday after the world’s largest insurer reported a wider-than-expected loss for the first quarter, rekindling investors’ anxiety about the strained state of the global financial system.

Business News

German insurer Allianz 1Q net profit falls 65 percent Clear Channel Communications reports profit, revenue jump China producer price index up 8.1 percent in April Oil surpasses $125 per barrel ahead of US driving season Dollar falls against euro on ECB interest rate signals Japan Airlines reduces losses in latest quarter Japanese shares drop on Toyota outlook Rain comes to western Texas just in time for cotton planting Top 3 air carriers boost fuel charge by $20 roundtrip More shoppers seeking shelter from economy in discounters

Consumer News

ALL BUSINESS: Don’t count on gas tax cut lowering prices Art of the Deal: Speed Dating Style

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Wall Street

Stocks that are moving substantially or trading heavily Thursday on the New York Stock Exchange and the Nasdaq Stock Market: NYSE Toyota Motor Corp., down $4.20 at $100.56 The automaker said weak sales pulled first-quarter profit down 28 percent, and that it expected annual profit to drop for the first time in seven years. Best Buy Co., down $1.40 at $42.05 It will pay $2.1 billion for a 50 percent stake in Europe’s largest cell phone retailer, the Carphone Warehouse. Cablevision Systems Corp., up $1.01 at $24.76 Losses from derivative contracts helped widen its first-quarter loss, but the New York cable-TV provider’s revenue rose 10 percent. Wal-Mart Stores Inc., up 33 cents at $57.16 It said sales of groceries and flat-screen TVs helped April same-store sales beat analyst expectations. Wachovia Corp., down 88 cents at $27.83 Shares fell, even an analyst upgraded the bank after meeting with management, and said it is focused on surviving the credit crunch. NASDAQ Hansen Natural Corp., down $5.46 at $30.14 Sales of its Monster energy drink boosted profit 43 percent, but results still missed analyst expectations. Crocs Inc., up $1.44 at $11.40 The shoe maker said high charges from closing a Canadian plant fueled a first-quarter loss, but it beat analyst expectations. Energy Conversion Devices Inc., up $15.10 at $49.91 The alternative energy company turned a fiscal third-quarter profit and guided its fiscal fourth-quarter mostly above analyst expectations.

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