Pacific Northwest Micron Technology stock dropped the most in 20 months Friday after it reported a wider third-quarter loss on weaker pricing...
Micron Technology stock dropped the most in 20 months Friday after it reported a wider third-quarter loss on weaker pricing for semiconductors used to store pictures and music in portable devices.
Micron fell 89 cents, or 12.7 percent, to $6.10, the biggest decline since October 2006. Boise, Idaho-based Micron said Thursday that its net loss expanded to $236 million, or 30 cents a share, from $225 million, or 29 cents, a year earlier.
Starbucks to close 3 Puerto Rico cafes
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Starbucks Coffee says it will close three of its stores in Puerto Rico’s capital by Monday.
Spokesman Adolfo Santana says the stores struggled economically because they were too close to other Starbucks locations. He says all employees will be transferred to other stores.
Starbucks arrived in Puerto Rico six years ago and operates 22 stores across the U.S. Caribbean territory. Santana said Friday that he expects another store to open by year’s end.
Oil rises as dollar keeps falling
Oil futures climbed Friday to nearly $143 a barrel, a record, as the dollar weakened against the euro, confirming expectations that the falling greenback, a major factor in crude’s stratospheric rise, will extend its decline and add to oil’s appeal.
Light, sweet crude for August delivery rose as high as $142.99 a barrel on the New York Mercantile Exchange before pulling back sharply in a spate of late-day profit-taking to settle up 57 cents at a record $140.21.
Toyota could beat GM in June sales
Toyota could overtake General Motors in monthly U.S. sales for the first time this month, but the victory could be a hollow one as the weak economy continues to pummel the auto industry and even Toyota struggles to meet U.S. consumers’ sudden and insatiable demand for hybrid cars.
Analysts are predicting another double-digit dip in June sales, in large part because buyers are shunning big vehicles. Automakers report sales figures Tuesday.
Jesse Toprak, chief industry analyst for the auto-information site Edmunds.com, predicts sales will be down 13 percent this month to 1.26 million vehicles, or an annualized rate of 14.9 million. Toprak said GM could see an uptick in the last few weeks because of a zero-percent financing deal that began Tuesday, but it won’t be enough to stem the automaker’s losses in trucks and sport-utility vehicles.
Compiled from Bloomberg News and The Associated Press