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Palm Can't Compete; Oracle Reports Profit Jump; Gustav Drives Unemployment; AIG Taps Edward Liddy; McCain Wants SEC Chief Canned; FedEx Felled by Fuel Costs
- Palm Inc. (PALM) yesterday (Thursday) reported its fifth consecutive quarterly loss, as that maker of the Treo smartphone continued to lose ground to the more popular Blackberry models from rival Research in Motion Ltd. (RIMM). "Revenues will still be under pressure and profits elusive" over the next few quarters, Chief Executive Officer Ed Colligan, said on a conference call with analysts, Bloomberg News reported.
- Oracle Corp. (ORCL) said yesterday (Thursday) that its fiscal first-quarter profit jumped 28% to $1.08 billion, 21 cents per share, from $840 million, 16 cents per share, a year ago. Revenue increased 18% to $5.33 billion.
- New applications for unemployment benefits rose unexpectedly last week, largely due to Hurricane Gustav, the Labor Department said yesterday (Thursday). Initial jobless claims rose to a seasonally adjusted 455,000, up 10,000 from the prior week, adding more strain to a U.S. economy that is already clinging to the ropes.
- American International Group Inc. (AIG) yesterday (Thursday) named Edward Liddy as its chairman and chief executive. Liddy succeeds Robert Willumstad, who is leaving after just three months on the job.
- Republican presidential candidate Sen. John McCain yesterday (Thursday) called for the firing of U.S. Securities and Exchange Commission Chairman Christopher Cox, Reuters reported. "The chairman of the SEC serves at the appointment of the president and in my view has betrayed the public's trust," McCain said. "If I were president today, I would fire him."
- FedEx Corp. (FDX) yesterday (Thursday) announced a 22% drop in fiscal first quarter profits on the high cost of fuel, MarketWatch reported. Net income for the overnight delivery carrier fell to $384 million, or $1.23 per share, from $494 million, or $1.58 per share, for the same period the year prior.