Business Briefs
Stocks fall slightly as oil prices recede
NEW YORK — Wall Street fell moderately Monday in an erratic session dominated by worries about inflation, which were somewhat soothed by a steep drop in the price of oil.
Light, sweet crude fell $3.69, or 2.9 percent, to settle at $121.41 a barrel after Tropical Storm Edouard seemed unlikely to threaten oil and natural gas facilities in the Gulf of Mexico.
The Dow Jones industrial average fell 42.17, or 0.37 percent, to 11,284.15. Broader stock indicators also declined. The S&P 500 index lost 11.30, or 0.90 percent, to 1,249.01, and the Nasdaq composite index fell 25.40, or 1.10 percent, to 2,285.56.
Buyout price too low, ImClone Systems says
NEW YORK — ImClone Systems Inc.'s board said Monday its initial view of a $4.5 billion buyout offer from cancer drug partner Bristol-Myers Squibb is that it "substantially undervalues" the company. Even so, ImClone said it will weigh the $60-a-share offer made Thursday from its partner on a cancer treatment, Erbitux.
Deal will expand IP packaging division
NEW YORK — Timber and wood products producer Weyerhaeuser Co. said Monday it completed the sale of its containerboard packaging and recycling business to International Paper for $6 billion.
The transaction includes mills, recycling facilities and other operations. About 14,000 workers will transfer to IP from Weyerhaeuser.
Blockbuster to test video rental kiosks
DALLAS — Blockbuster and NCR Corp. will be putting out 50 automated kiosks that provide DVD rentals as a pilot program that could result in 10,000 kiosks within 18 months.
Retailer Boscov's seeks bankruptcy protection
READING, Pa. — Troubled Mid-Atlantic retail chain Boscov's Department Store filed for bankruptcy protection Monday.
The company said it plans to operate without interruption but will close 10 of its 49 stores, which are in Pennsylvania, New York, New Jersey, Maryland, Delaware and Virginia.
JetBlue charges for pillows, blankets
NEW YORK — JetBlue Airways Corp. said Monday it is charging customers for pillows and blankets.
The carrier has done away with the recycled blankets and pillows used on its flights and has started offering an "eco-friendly" travel blanket and pillow that can be bought for $7 on flights longer than two hours.
The carrier claims the pillow and blanket feature a fabric technology that blocks dust mites, mold spores, pollen and pet dander.
Force Protection to unveil new model
Armored vehicle maker Force Protection is set today to mark the delivery of the first Ridgback vehicle at its Ladson headquarters. The vehicle is the first of 157 to be completed since the British military placed a $94 million order in May, said company spokesman Tommy Pruitt.
The Ridgback is similar to Force Protection's best-selling Cougar model, but has fewer frills. The Ridgbacks will be used by British troops in Iraq or Afghanistan.
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