Originally created 07/08/06

Business briefs



Briefly

Radioshack hires turnaround expert

Fort Worth, Texas - Radioshack Corp. on Friday named former KMart and Sears executive Julian Day as chairman and chief executive officer. Shares of the electronics retailer climbed more than 16 percent.

Mr. Day, 54, replaces David Edmondson, who resigned in February because of questions about claims on his resume. Claire Babrowski, the company's president and chief operating officer, has served as acting CEO since Mr. Edmondson's departure.

Mr. Day most recently served as CEO of the former parent company of Kmart, which he led out of bankruptcy.

3M expects lower quarterly profit

MINNEAPOLIS - 3M Co., the diversified maker of Scotch tape and films for computer and television screens, warned Friday that its second-quarter earnings will fall below previous expectations, hurt by lower sales volumes.

3M said profit will be within its previously announced guidance of between $1.14 and $1.17 per share, including a gain of 8 cents to 10 cents per share.

The company said it expects sales of about $5.7 billion. Analysts predicted revenue of $5.71 billion.

AMD falls further behind Intel sales

SUNNYVALE, Calif. - Chip maker Advanced Micro Devices Inc. is warning that its second-quarter sales will be 9 percent below the first quarter, missing Wall Street forecasts.

The No. 2 microprocessor maker after Intel Corp. said it expects revenue of $1.22 billion for the second quarter, up 52 percent over the same period last year but below the $1.31 billion analysts had expected.

The sales report comes as Intel has slashed prices to regain momentum from AMD, which had bested it in recent quarters with chips that ran faster and more efficiently.

Crude oil reaches new price record

WASHINGTON - Oil prices eased for the second day in a row Friday after briefly hitting record territory above $75 a barrel on geopolitical tensions and rising gasoline demand.

Light sweet crude for August delivery climbed as high as $75.78 a barrel in overnight electronic trading on the New York Mercantile Exchange before settling at $74.09, a decline of $1.05. The previous intraday record was $75.40, set Wednesday.

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