BUSINESS BRIEFS
Hawaii gasoline sixth-costliest in nation at $3.936
Associated Press
The average price of gasoline has jumped past $4 in two states — Connecticut and Alaska — and hovers just below that in three others as the nationwide average fuel price climbs relentlessly from record to record.
Connecticut passed the $4 mark over the weekend, joining Alaska at $4-plus. Illinois and New York are next, at $3.979 and $3.978, respectively, followed by California at $3.963. Hawai'i is sixth on the list at $3.936.
Suggesting higher prices to come: Crude oil, the main component of gasoline prices, closed at a record $127.05 per barrel in Nymex trading yesterday, up 76 cents from Friday's close.
GODIVA SALE GAIN BOOSTS CAMPBELL
MOUNT LAUREL, N.J. — Declining soup sales and higher prices for ingredients contributed to a difficult quarter for the Campbell Soup Co., even though a gain on the sale of its Godiva Chocolatier brand sweetened its bottom line.
Its shares fell more than 6 percent yesterday. Campbell earned $532 million, or $1.40 per share, in the three months ended April 27. That was up from $217 million, or 55 cents a share, a year ago.
But the latest results include the $850 million sale of Godiva to Yildiz Holding AS. After taxes, Campbell had a $467 million gain on the sale.
LOWE'S POSTS 18% DECLINE IN QUARTER
CHARLOTTE, N.C. — If you are looking for a sign the economy is still in need of repair, you can find it at Lowe's Cos.
A struggling economy and continued turmoil in the housing market drove the nation's second-biggest home improvement retailer to report a nearly 18 percent drop in first-quarter earnings from a year earlier and lower its guidance for the year yesterday.
Its shares fell more than 2 percent in afternoon trading.
Investors may see similar results from larger rival Home Depot, which is expected to post lower first-quarter profit today, pressured by declining sales and costs tied to store closures, and a scale-back of future openings.
"It's been a challenging sales environment," said Lowe's Chairman and Chief Executive Robert A. Niblock in an interview with The Associated Press. "As we continue on in a tough environment, with rising other costs for the consumer, be it food or fuel or whatever, what happens on the employment front has yet to be seen and can certainly be more tough on more consumers."
CHRYSLER GAS OFFER EXTENDED
DETROIT — Chrysler is extending for another month its offer to subsidize customers' gasoline prices for three years.
The deal caps gas at $2.99 per gallon with Chrysler paying the rest. It was to expire June 2, but now will go through July 7.
Chrysler said yesterday the deal has resonated with consumers and raised traffic on the Chrysler Web site by 25 percent since it began May 7.
"Boy, have we gotten a great response," Vice Chairman and President Jim Press said on a conference call with reporters. "This has really resonated with the needs and the worries and concerns that customers have."
38 CHARGED IN PHISHING RING
WASHINGTON — Thirty-eight people were charged yesterday with stealing names, Social Security numbers, credit card data and other personal information from unsuspecting Internet users as part of a global crime ring.
The Romanian-based phishing scams sought to rip off thousands of consumers and hundreds of financial institutions, according to indictments unsealed in Los Angeles and New Haven, Conn.
The two related cases marked the latest example of what the Justice Department describes as a growing worldwide threat posed by organized crime. More than half of the people charged in yesterday's cases are Romanian, although the alleged scam also operated from the United States, Canada, Portugal and Pakistan.
