Business Briefs
Downbeat data sends markets down sharply
NEW YORK — Wall Street fell sharply for a second straight session Tuesday after a hefty jump in wholesale inflation and a drop in residential construction activity gave investors more reason to believe an economic recovery is far off.
A rebound in oil prices fueled more anxiety, and the Commerce Department added to the heap of downbeat news, saying July housing starts fell to an annual rate of 965,000 units, the lowest level in more than 17 years.
General Dynamics adds to jet division
WASHINGTON — General Dynamics said Tuesday it is buying Jet Aviation for $2.25 billion, part of the company's push to expand its civilian jet business and tap into demand for luxury planes overseas.
With the deal, General Dynamics' Savannah-based Gulfstream business-jet unit adds a global network of maintenance and service centers where wealthy customers can outfit private planes with custom features.
General Dynamics expects its fleet of business jets to double in the next decade to about 30,000 planes.
Home Depot profit off, outlook remains dour
NEW YORK — Home Depot Inc., the nation's largest home improvement retailer, reported a 24 percent drop in second-quarter profit Tuesday and reiterated its downbeat outlook for the year as it struggles with a weak home market.
The company said its net income was $1.2 billion. Sales for the second quarter totaled $21 billion, a 5.4 percent decrease.
GM extends discounts in effort to clear lots
NEW YORK — General Motors Corp. said Tuesday it will extend employee discounts to everyone on almost all of its 2008 and some 2009 models as it seeks to clear its remaining inventory of 2008 vehicles.
Employee discounts typically are 10 percent below invoice price, but vary by model. The move comes amid a weak economy and a drop in demand for GM's trucks and SUVs.
Circuit City reports it's still open to buyout
RICHMOND, Va. — Circuit City Stores Inc. said Tuesday it's still considering a sale of the company four months after it first said it was reviewing its options to improve shareholder value.
Circuit City has seen only one profitable quarter since the second quarter of 2007.
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