Indexes stumble amid downgrades
NEW YORK - Wall Street's pessimism intensified Monday, with investors sending stocks sharply lower.
The high-tech focused Nasdaq composite index bore the brunt of a new string of analysts' downgrades in the technology sector and tumbled 151.55 to finish at 2,875.64. The Dow Jones industrial average fell 167.22 to 10,462.65.
Declining issues outnumbered advancers in a 2-to-1 ratio on the New York Stock Exchange, where volume was 947.60 million, well below Friday's 1.06 billion.
Pizza Joint's reopening falls behind
Pizza Joint owner Mike Schepis said the restaurant, which recently moved from its previous downtown location to 1245 Broad St., will open next week. The restaurant was scheduled to open Monday, but renovations were not finished, he said.
The restaurant, located in the Antopolsky building, still needs electric wiring and climate control. The establishment's phone number will remain the same. Mr. Schepis said the new restaurant will be open Sunday from 11:30 a.m. to midnight.
Gift shop moves for Common interest
Ambrasa Gift Shop, at 833 Broad St., is moving to 3351 Wrightsboro Road. The new store, which is expected to open Friday, specializes in African-American gifts and leather goods such as purses and wallets.
The store's current location is scheduled for demolition next year to make way for the Augusta Common project, a planned greenbelt stretching from the riverfront to Ellis Street along the 800 block.
The urban park project will serve as a central staging area for community events and festivals.
Circulation rules may change
NEW YORK - The Audit Bureau of Circulations, the main tabulator of circulation data for the publishing industry, has given preliminary approval to changes in the way newspapers report paid circulation.
Under current rules, newspapers may only report as paid circulation any copies that are sold for at least half the set price, either on newsstands or by subscription. The new measures allow publishers to count as paid circulation any copies sold for at least 25 percent of their established price.
The new reporting measures, if approved, would go into effect in the six-month reporting period ending next September.
Major airlines raise fare prices
HOUSTON - The nation's major airlines completed their sixth price increase of the year, boosting walkup fares for business travelers by $200 for trips of more than 1,500 miles.
Airlines also raised fares by $100 for unrestricted round trips of 1,500 miles or less each way.
The increases began late last week when United Airlines raised unrestricted business fares more than 10 percent. After Continental Airlines' matching of United's rate increase Friday, all other major U.S. carriers eventually fell in line.