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2D Digest: Stock spikes on Hint of Chrysler sales proposal

By Times wires
Published March 24, 2007

DETROIT

Shares of DaimlerChrysler AG pushed to a new 52-week high on Friday as speculation swirled that a Canadian auto supplier and a private equity partner would bid for Chrysler. KeyBanc Capital Markets analyst Brett Hoselton said in a note to investors that his sources, whom he did not identify or describe, tell him that Canadian auto supplier Magna International Inc. and an unidentified private equity partner have written a joint letter offering to buy Chrysler for $4.6-billion to $4.7-billion. Hoselton described the bid for Chrysler as low. Chrysler spokesman Mike Aberlich would not comment. DaimlerChrysler stock rose $4.76, to close at $82.36 on the New York Stock Exchange.

MIAMI

Six charged in vast data theft

Police charged six people with stealing credit card numbers from a TJX Cos. data base to purchase about $1-million in merchandise with gift cards, authorities said Friday. TJX is the parent company of T.J. Maxx, Marshalls, HomeGoods and other chains. The company reported last year that hackers had gotten into a credit card database and many numbers had been stolen. Six people were arrested in Miami on March 8 and charged with conducting a scheme to defraud. Four others remain at large.

American, Delta raise fares by $5

American Airlines, the world's largest carrier, and Delta Air Lines Inc. raised fares $5 each way on most U.S. flights to meet higher jet-fuel prices. Delta initiated the increase Thursday night and American matched it Friday. It's the fourth time this year that U.S. airlines have tried to raise fares. Previous efforts were pulled back when competitors refused to go along.

NEW YORK

TV Guide to test video search tool

TV Guide, which has helped viewers navigate through thousands of TV shows for 53 years, now wants to do the same for Internet video. Gemstar-TV Guide International Inc. will launch a test version next month of an online video search tool that allows viewers to find clips and full episodes of TV shows being posted on the Web. A formal launch is planned for September. The tool will scour about 60 Web sites from major networks such as ABC and Fox and other video portals such as AOL and Google to find network and original programming produced by major media companies.

Discover card operation spun off

Morgan Stanley announced Friday its long-expected plans to spin off its Discover credit card operations in an initial public offering. It was not immediately known how much the nation's second-largest investment house expected to raise.

OMAHA, Neb.

Students taking piracy settlements

A recording industry group that has been offering settlements to students at the University of Florida and 12 other institutions suspected of sharing music online says more than a quarter of the alleged music pirates have accepted the offer. The Recording Industry Association of America sent letters offering discounted settlements to 400 computer users at 13 universities in late February.

[Last modified March 23, 2007, 23:16:36]