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By Compiled from Times wires
© St. Petersburg Times, published September 8, 2000
CORPORATIONS LOWER OUTLOOK: DuPont Co. and May Department Stores Co. head a list of companies that issued profit warnings. DuPont said it won't meet earnings forecasts for the year because of higher oil and natural gas prices, a weak euro and "some slowing" in the U.S. economy. May cited slow back-to-school sales and difficulty clearing out spring and summer apparel. Other companies to lower their earnings forecasts include Circuit City Group, Campbell Soup Co. and Alltel Corp.
JULY WHOLESALE SALES DROP: Sales at U.S. wholesalers fell in July for the first time in more than a year as demand weakened for hardware, clothing and imported autos, the Commerce Department said. Wholesale sales fell 0.3 percent in July after rising 1.1 percent in June. Inventories rose 0.3 percent following an increase of 1 percent in June.
RMS TITANIC EXPLAINS HARRIS FIRING, IS SUED: RMS Titanic Inc. said in a filing with the Securities and Exchange Commission that it fired executive vice president and chief operating officer G. Michael Harris because he allegedly used company funds for personal use, and said it will seek to recover those funds. Harris in turn filed a breach-of-contract suit against RMS Titanic late Thursday. The Clearwater native, who led a troubled salvage expedition to the sunken ship last month, has nearly $1.5-million remaining under his guaranteed five-year contract. He did not return a phone call seeking comment.
WEEKLY JOBLESS CLAIMS DECLINE: New claims for unemployment benefits edged down by 3,000 last week to a seasonally adjusted 316,000 for the week ended Sept. 2, the Labor Department said. The decrease was in line with many analysts' expectations. The more stable four-week moving average of claims, which smoothes out week-to-week volatility, rose last week to 317,500, the highest level since January 1999.