Business Briefs
FedEx's warning sends stocks down
NEW YORK — Wall Street tumbled Wednesday, partly on concerns about FedEx's warning that weakening demand and surging fuel costs would weigh on its profits.
The Dow Jones industrial average fell 131.24, or 1.08 percent, to 12,029.06, after briefly going below 12,000 for the first time since March 18.
Broader indicators also fell. The S&P 500 index fell 13.12, or 0.97 percent, to 1,337.81; the Nasdaq index fell 28.02, or 1.14 percent, to 2,429.71.
Progress made in West Coast port talks
LOS ANGELES — West Coast shippers say they have reached a tentative agreement with dockworkers on health care benefits as contract talks continue. Details were not released.
The Pacific Maritime Association and the International Longshore & Warehouse Union began talks March 17. The current contract expires July 1.
West Coast ports are the principal U.S. gateway for cargo traffic from the Far East.
Delta to further cut domestic schedule
ATLANTA — Delta Air Lines plans to cut domestic capacity by an extra 3 percentage points in the second half of 2008 because of fuel prices.
The airline now will cut domestic capacity by 13 percent, up from 10 percent.
Delta, Charleston's largest carrier by passenger volume, estimates fuel costs this year will be $4 billion more than last year.
CEO poll: Payrolls cuts are not over
WASHINGTON — Nearly a third of the country's top executives expect to cut payrolls in the coming months, reflecting fallout from the housing bust and soaring energy prices.
At the same time, a survey by the Business Roundtable, released Wednesday, showed most executives expect sales and investment to remain at current levels or improve over the next six months.
That's consistent with expectations from the Federal Reserve and other economists who say they think the fragile economy will strengthen later this year and into next year.
Tribal casinos saw less growth in 2007
WASHINGTON — Revenue at the nation's Indian casinos grew about 5 percent in 2007, much slower than in years past but still outpacing Nevada casinos.
The National Indian Gaming Commission said Wednesday that Indian casinos had about $26 billion in gambling revenue in 2007.
It was the first time in more than a decade that tribal gambling did not post year-over-year double-digit gains.
Nevada casinos took in $12.85 billion last year, up 1.8 percent
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