Stocks slide again amid Greece woes
WASHINGTON -- The stock market extended its slide Wednesday after investors couldn't shake their concerns about European countries' big debt loads. Treasury prices rose, pushing down interest rates in the bond market for a second day.
A drop in the euro and a rise in the dollar continued to ram markets around the world. The stronger dollar hurts U.S. stocks by cutting into profits of U.S. companies that do business abroad. A higher dollar also hurts commodity prices by reducing demand from foreign buyers.
Investors are concerned that an aid package for Greece won't be adequate to keep debt problems in Europe from spreading. There also were questions about whether the bailout would amount to more than a short-term fix for Greece, which has the smallest economy in the European Union.
Ailing Newsweek is put on the block
WASHINGTON --The Washington Post Co. is putting Newsweek up for sale in hopes that another owner can figure out how to stem losses at the 77-year-old weekly magazine.
Newsweek, along with Time magazine and U.S. News & World Report, faces a particular challenge finding a relevant niche in the age of up-to-the-second online news.
Despite cuts, Newsweek has remained a drag on its parent. The Post Co.'s magazine unit had an operating loss of $29.3 million in 2009. The company said it has no deadline for selling the magazine. It would not comment on what would happen if no buyer steps up.
Delta to waive bag fee for cardholders
ATLANTA -- Delta Air Lines is going to waive the fee for the first piece of luggage checked for most people who carry its frequent-flier credit card.
The move by Delta and American Express could put pressure on other card issuers to do the same thing.
Starting June 1, Delta said it will waive the $25 each-way fee for up to nine people on the same reservation. All the big airlines have so-called co-branded credit cards. Cardholders typically earn one frequent flier mile for each dollar they spend.
Delta is Charleston's dominant air carrier.
Pulte pares losses and expects profit
NEW YORK -- PulteGroup Inc., the largest U.S. home builder and a big developer in Charleston, said Wednesday it slashed its first-quarter loss to $12.5 million from $514.8 million a year go as it took smaller charges for inventory impairments. PulteGroup said home sales rose 77 percent; orders were up 43 percent.
The company now expects to turn a profit this year if business conditions remain stable. Revenue rose 75 percent, to $1.02 billion. The quarter includes results from Centex, which was acquired last fall.
All Hummer H3s since '06 recalled
NEW YORK -- General Motors said Wednesday it is recalling all Hummer H3s produced since the 2006 model year to fix part of the hood that can detach during driving.
The voluntary recall affects 164,190 Hummer H3s and H3Ts in the U.S. and 198,404 worldwide. Hummer said a device on the hood called a hood louver can come loose and possibly detach while driving. GM plans to send a bulletin to dealers outlining the fix this week, followed by a recall letter to Hummer owners.