Friday, May 4, 2007

Business

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 Business briefs

 May 4, 2007
 EARNINGS :

 OfficeMax sales fall, stock too
 EARNINGS :

 OfficeMax sales fall, stock too
 



Naperville-based OfficeMax Inc., the third-largest U.S. office supplies retailer, reported profit that trailed analysts' estimates as sales in stores fell for the fifth straight quarter, sending the shares down 16 percent -- their biggest decline in almost 20 years. First-quarter retail sales declined 1.8 percent to $1.17 billion after the company closed 109 stores last year. Sales were reduced by sluggish furniture demand and the end of mail-in rebates. Net income was $58.5 million, or 76 cents a share, 17 cents short of estimates. A year earlier, OfficeMax had a loss of $25.1 million, or 37 cents.

 EARNINGS :

 OfficeMax sales fall, stock too
 



Naperville-based OfficeMax Inc., the third-largest U.S. office supplies retailer, reported profit that trailed analysts' estimates as sales in stores fell for the fifth straight quarter, sending the shares down 16 percent -- their biggest decline in almost 20 years. First-quarter retail sales declined 1.8 percent to $1.17 billion after the company closed 109 stores last year. Sales were reduced by sluggish furniture demand and the end of mail-in rebates. Net income was $58.5 million, or 76 cents a share, 17 cents short of estimates. A year earlier, OfficeMax had a loss of $25.1 million, or 37 cents.

 Morningstar profit rises 18 percent
 



Morningstar Inc., the Chicago-based investment research provider, said Thursday its first-quarter profit climbed 18 percent, driven by sales growth from acquisitions. Net income for the quarter was $15.8 million, or 33 cents per share, and revenue grew 36 percent to $95.5 million. Shares fell $1.37, or 2.6 percent, to $51.12.

 Career Education's earnings slow
 



Hoffman Estates-based Career Education Corp. on Thursday reported lower first-quarter sales and profit, hurt by the addition of fewer new students and declining sales from its online platform. Earnings fell 43 percent to $30 million, or 31 cents per share, compared with the year-ago period. Revenue fell 12.5 percent to $424 million.

 WAREHOUSE CLUBS :

 Martha can sell it for them wholesale
 



Martha Stewart will begin selling a line of food for Costco Wholesale Corp., the warehouse club known for bargains on designer and luxury goods along with basic meals like rotisserie chicken. Martha Stewart Living Omnimedia Inc. will introduce fresh, frozen and refrigerated foods, probably sometime next year.

 AIRLINES :

 United raises fares for business travel
 



UAL Corp.'s United Airlines raised round-trip fares most often bought for business travel by as much as $100, citing higher fuel costs. It's the biggest business-oriented increase at Elk Grove Village-based United since 2000, said Jamie Baker, a JPMorgan Chase & Co. analyst. United also raised other round-trip ticket prices as much as $20. US Airways Group Inc. matched the higher fares in certain markets.

 OIL :

 Whiting refinery set to restart 2 units
 



BP Plc, Europe's second-largest oil company, is scheduled to restart two troubled crude distillation units at its Whiting refinery in June, a source said. The units each process about 75,000 barrels of oil a day. On April 24, BP said the northwest Indiana plant cut production to about 200,000 barrels a day, or half its capacity, following a hydrotreater unit failure in March and a subsequent power loss. The problems forced the plant to process more expensive grades of crude.

 INSURANCE :

 Allstate expects to be subpoenaed
 



Northbrook-based Allstate Corp. said the Department of Homeland Security plans to subpoena the company as part of an investigation of Hurricane Katrina claims. The subpoena for documents stems from the department's investigation of insurers that sell and administer policies for the National Flood Insurance Program. Allstate said it is confident it paid claims fairly.

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According to a new study, the highly intelligent aren't necessarily wealthier. While people with higher IQ scores tend to earn more, they don't always save and invest their money wisely, said study author Jay Zagorsky, a research scientist at Ohio State University. But they can learn how at Saturday's Money Smart Week events. Go to  www.moneysmartweek.com  and click on 2007 Money Smart Week events.

 $138,000
 


























What stay-at-home mothers in the U.S. would earn this year based on the time they spend performing 10 typical tasks, an increase of about 3 percent from 2006, according to a Salary.com survey of 40,000 moms. Working moms' salaries, meanwhile, would rise only $63 to $85,939 -- in addition to the pay they receive at work -- based on the same tasks.

























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