NEW JOBLESS CLAIMS DROP: The Labor Department reported Thursday that new applications for jobless benefits declined by a seasonally adjusted 11,000 to 336,000 for the week ending July 31. That was the lowest since the beginning of July and slightly better than some analysts had expected. New claims have bounced up and down recently. Much of that volatility is associated with the temporary shutdowns at auto plants each year so they can retool for new models. Even so, the long-term trend in claims shows improvement. A year ago claims stood at 399,000. Meanwhile, the government will release its employment report for July today. The unemployment rate is expected to hold steady at 5.6 percent.
CLEARWATER MARINA DEAL CLOSES: Developers Larry Cooper and Sal Haider said they closed Thursday on the $5.2-million purchase of the High and Dry Marina on Island Estates in Clearwater. They plan a 55-unit condominium project, the Residences at Windward Passage, with prices from $750,000 to $1.2-million. Construction is expected to begin in January.
PUBLIX CHARGING ATM FEE: Publix Super Markets Inc. has not had many customers express concerns since it began a new policy of charging its customers $1 to use its Presto ATMs. The Lakeland chain ended its longtime policy of allowing customers to use the machines at no charge July 26 at all Florida stores. The fee is being charged to customers of financial institutions that are not part of the Presto network. Stores posted signs advising customers of the policy in early July, Publix spokesman Dwaine Stevens said.
HOSPITALS SUED OVER BILLING: Health Management Associates Inc., a hospital chain based in Naples, gouged uninsured patients by charging them more than those with insurance, according to attorneys who filed suit against the company in Miami-Dade Circuit Court on Thursday. Similar suits against HCA Inc. and Universal Health Systems were filed in Las Vegas, said K.B. Forbes, executive director of Consejo de Latinos Unidos, an advocacy group that assists Hispanics. Hospitals break the law when they charge higher rates to the uninsured since patients sign forms agreeing to pay a "reasonable and regular" rate, according to the Miami suit.
UNION POOH-POOHS DISNEY OFFER: Orlando union officials are urging members to reject a contract offer covering just under half of Walt Disney World's more than 50,000 employees, claiming it is as tightfisted as anything Scrooge McDuck would concoct. Leaders of the Service Trades Council Union, a coalition that covers about 22,000 costumed characters, ticket-takers, food service workers, housekeepers, bellhops and bus drivers, recommended rejecting the preliminary offer dealing with noneconomic issues when members vote on it today. The previous contract expired in May and has been extended.
FLIGHT DELAYS ON INCREASE: A quarter of U.S. flights were delayed in June, the worst performance since September 2001, as weather and congestion pushed back arrivals in Atlanta, Houston and Chicago. Delta Air Lines and Continental Airlines fared worst among major carriers. The proportion of late landings for U.S. carriers including American and United Airlines increased to 25 percent from 20 percent in May and 17 percent in June 2003, the U.S. Bureau of Transportation Statistics said on its Web site. So-called national aviation system problems, including bad weather and heavy traffic, caused more than a third of the June delays, the Transportation Department said in a separate report.
GOOGLE MADE SHARE GOOF: Google Inc. apparently neglected over three years to register more than 23-million shares of its stock with securities regulators, an oversight that injects an unexpected legal risk into the Mountain View, Calif., company's highly anticipated initial public offering. The bungling, disclosed in Securities and Exchange documents filed Wednesday, means the shares may have been illegally issued, exposing the company to possible lawsuits. Google is offering to buy back the shares plus 5.6-million in outstanding stock options for $25.9-million, including interest. It's unclear whether Wednesday's twist will affect the timing of Google's IPO.
ENRON EX-EXEC PLEADS GUILTY: John Forney, 42, of Ohio, an Enron Corp. trading executive, pleaded guilty Thursday to charges that he manipulated energy markets during California's power crisis in 2001 and promised to assist the state and other public utilities in their lawsuits seeking to recoup billions from the energy industry. He is the third Enron official from Enron's now-defunct trading office in Portland, Ore., to do so. Forney faces a maximum of five years. He remains free on $500,000 bail. A sentencing date has not been set.
DALLAS PAPER RESTATES CIRCULATION: The Dallas Morning News overstated circulation for its daily and Sunday editions, and its top circulation executive has resigned, the paper's parent company said Thursday. Belo Corp. said the overstatements were caused by a change in 1999 in the way the paper counted unsold returned copies. Belo said the overstatement, combined with other declines in circulation, would lead the Morning News to report an overall decline of 5 percent in daily circulation and 11.5 percent on Sundays for the six-month period ending Sept. 30 compared to a year earlier. The company said an investigation is continuing.
ENRON FIGHTS PENSION LIABILITY: Enron Corp. has asked the court overseeing its bankruptcy case to block the federal Pension Benefit Guaranty Corp.'s efforts to take over four of the energy giant's retirement plans. In court papers filed Wednesday, Enron accused the federal agency of frustrating its reorganization efforts and usurping the bankruptcy court's authority to consider claims against the company. The PBGC has asserted claims against Enron totaling $321.8-million for five pension plans.
EARNINGS
AT&T Corp.: The nation's largest long-distance phone company said it may write down the value of some of its $43.8-billion in assets, intensifying speculation that it is a takeover target. As prices for long distance decrease, so does the value of a long-distance network. AT&T's largest rival, MCI Inc., has written down nearly $80-billion in assets. The announcement that it would stop marketing its residential service prompted the largest ratings agencies to downgrade AT&T's debt in the past month.
Goodyear Tire & Rubber Co.: Propelled by strong customer "buzz" over its new, all-weather Assurance tire, the nation's biggest tiremaker reported its first quarterly profit Thursday since the third quarter of 2002. Earnings beat analysts' forecasts by 6 cents a share.
MCI Inc.: The telecommunications company lost $71-million in the three months ended in June, its first quarter since the former WorldCom emerged from bankruptcy after the biggest accounting scandal in history. But the results were better than expected, and MCI announced a sizable cash dividend for stockholders.
Pixar Animation Studios Inc.: The company reported stronger-than-expected second-quarter earnings Thursday, fueled by worldwide home video sales of last year's animated fish tale, Finding Nemo. Earnings were 19 cents a share better than analysts expected.
Utek Corp.: The Plant City company that promotes licensing of university technology through a Web site reported a 61 percent increase in second-quarter earnings as it swung to a profit.
