Dow takes breather amid marathon rally
NEW YORK - Stocks paused Wednesday in their record-setting advance as interest rates rose in the bond market, providing an excuse to secure some profits in a quiet session dominated by corporate earnings news.
The Dow Jones industrial average lost about 35 points, snapping a streak of four straight record highs. The Dow fell 35.41 to 6,726.88.
Court reinstates OSHA fine
ATLANTA - An appeals court has reinstated a $690,000 safety violations fine against Jacksonville Shipyards Inc. for a 1991 accident that killed two workers.
The 11th Circuit U.S. Court of Appeals rejected arguments that the company was no longer subject to the reach of the U.S. Occupational Safety and Health Administration because it folded in 1992.
The company was penalized for failing to require workers to wear safety devices while repairing ships. Two employees plunged 74 feet to their deaths in August 1991 at Mayport Naval Air Station while working in a bucket suspended over a guided-missile cruiser.
Apple loss greater than expected
SAN JOSE, Calif. - Apple Computer Inc. made the bad news official Wednesday, reporting a loss of $120 million in the key October-December quarter as weak consumer demand depressed sales and forced price cuts.
Apple, which warned of the red ink earlier this month, said its loss for its fiscal first quarter amounted to 96 cents a share, deeper than analysts expected. The company lost $69 million, or 56 cents a share, in the same period at the end of 1995.
Revenue fell 32 percent to $2.1 billion from $3.1 billion.
Apple, the nation's third-largest computer maker, had been predicting a loss because of weak demand for its Performa consumer line, the subsequent need to cut prices and shortages of its PowerBook portables.
Kmart recalls ice cream flavors
DETROIT - Kmart is recalling two kinds of its American Fare brand ice cream because they were incorrectly labeled as containing almonds rather than pecans or peanuts.
The Pralines & Creme flavor contains pecans, not almonds, and Heavenly Hash contains peanuts, said officials for The Kroger Co., which made the ice cream for Kmart. Pecans and peanuts can cause severe allergic reactions in some people.
The recall affects 41 stores in five states: Ohio, Texas, Georgia, North Carolina and South Carolina. Customers who purchased either flavor since Jan. 9 may return it for a refund, the Troy-based retailer said Tuesday.