Business Roundup – Dow Jones enjoys third record close in as many days
Keeping stocks afloat was another round of robust earnings news ? notably from Microsoft Corp., one of the 30 companies that make up the Dow. So far, 22 of the 30 Dow components have reported earnings, and 16 have exceeded expectations.
The Dow Jones industrial average rose 15.44, or 0.12 percent, to 13,120.94. The Dow set a trading high of 13,148.00 Friday after surpassing 13,000 for the first time Wednesday. The Dow’s gain Friday marked the 37th record close for the index since October. For the week, the Dow rose 1.2 percent.
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SAN ANTONIO (AP) ? Edward Whitacre Jr., the blunt-talking Texan who led AT&T Inc.’s growth from the smallest of the Baby Bells into the nation’s largest telecommunications company, announced Friday he will retire as chairman and chief executive in June.
He’ll be replaced in both roles on June 3 by Chief Operating Officer Randall Stephenson, 47.
Stephenson, who has been the chief operating officer since 2004, rose through the ranks of AT&T and its predecessors. Formerly the chief financial officer, Stephenson is credited with overseeing the company’s drive to reduce debt, which allowed it to make an aggressive string of acquisitions, most recently the $86 billion purchase of BellSouth.
Whitacre, 65, had another year on his contract, but Patrick Comack, an analyst for Zachary Investment Research, said Whitacre’s decision to leave sends him out on top.
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NEW YORK (AP) ? Oil prices pushed above $66 a barrel Friday after Saudi Arabia announced the arrests of 172 Islamic militants, some of whom planned to attack oil fields.
Light, sweet crude for June delivery rose sharply after vacillating between gains and losses this morning. It settled up $1.40 at $66.46 a barrel on the New York Mercantile Exchange.
Brent crude settled 76 cents higher at $68.41 a barrel on the ICE Futures exchange in London.
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SAN RAMON, Calif. (AP) ? Coming off three straight years of record profits, Chevron Corp. on Friday reported its earnings surged yet again to start 2007.
The 18 percent increase in Chevron’s first-quarter profit delivered another reminder of the oil industry’s moneymaking prowess while motorists dig deeper into their pocketbooks.