AP Financial News Summary at 12:16 p.m. EDT
Burger King Shares Up in 1st Day of Trade
%mlink(STRY:v5677; PHOTO:NYRD102-0518060914; AUDIO:%)
MIAMI (AP) _ Shares of Burger King’s parent company rose 4.4 percent above their initial public offering price by midday Thursday in their first day of trading.
Stocks Drift a Day After Sharp Selloff
%mlink(STRY:v5646; PHOTO:NYRD106-0518061040; AUDIO:%)
NEW YORK (AP) _ Stocks were narrowly mixed Thursday as Wall Street continued fretting about interest rates after an inflation scare sent the Dow Jones industrial average plunging a day earlier.
Big 3 Automakers Seek Capitol Hill Support
%mlink(STRY:v5659; PHOTO:KSCR110-0517061604; AUDIO:%)
WASHINGTON (AP) _ Leaders of the Big Three U.S. automakers rode to Capitol Hill in ethanol-powered vehicles Thursday to seek lawmakers’ support on issues including energy policies, health care and competition from foreign cars.
Leading Indicators Dip; Jobless Claims Up
%mlink(STRY:v5624; PHOTO:WATW104-0516061548; AUDIO:%)
WASHINGTON (AP) _ A barometer of America’s economic activity slipped in April, while the number of people signing up for jobless benefits rose sharply last week, according to reports released Thursday.
Sears Reports Profit, to Pay Settlement
%mlink(STRY:v5654; PHOTO:NYBZ101-0514061005; AUDIO:%)
CHICAGO (AP) _ Sears Holdings Corp., the retailing company formed last year when Kmart bought Sears, on Thursday reported a profit for the first quarter versus a loss a year ago. Sears also announced it had agreed to pay $215 million to settle a class-action lawsuit related to its credit card business, which was sold in late 2003.
Enron Jury Resumes Deliberations
%mlink(STRY:v5581; PHOTO:TXRF102-0518061214; AUDIO:%)
HOUSTON (AP) _ Jurors resumed deliberations Thursday in the trial of two former Enron Corp. chiefs accused of misleading investors about the energy titan’s health before it crumbled into bankruptcy in one of the biggest financial scandals ever.
Sens. Criticize Treasury on China Currency
%mlink(STRY:v5664; PHOTO:XBEJ803-0919051204; AUDIO:%)
WASHINGTON (AP) _ Treasury Secretary John Snow received a tongue-lashing Thursday from senators over what they said was the adminstration’s failure to force China to adjust its overvalued currency.
Oil Prices Fall on Rising Gas Supplies
%mlink(STRY:v5526; PHOTO:NYBZ101-0411061216; AUDIO:%)
VIENNA, Austria (AP) _ Oil prices extended their recent losses Thursday in a selloff triggered by rising gasoline supplies in the U.S. and signs that high oil prices have weakened demand.
Bernanke: Housing Market Is Cooling
%mlink(STRY:v5669; PHOTO:; AUDIO:%)
WASHINGTON (AP) _ The housing market, after flying high for five years, has lost altitude and appears headed for a safe landing, Federal Reserve Chairman Ben Bernanke said Thursday.
Barnes & Noble Posts Increase in 1Q Profit
%mlink(STRY:v5601; PHOTO:AZKB102-0517060953; AUDIO:%)
NEW YORK (AP) _ Barnes & Noble Inc., reported on Thursday a slight increase in first-quarter profit, helped by such bestselling titles from financial guru Jim Cramer and novelists Stephen King and James Patterson. The results narrowly beat Wall Street expectations.