CSX shares jump as outlook brightens Railroad operator CSX Corp. said that it expects shipping demand to sink by double digits again this quarter, but not as drastically as in the second quarter, signaling possible but still far-down-the-tracks signs of an economic recovery. Shares jumped 7 percent Tuesday, a day after the company reported second-quarter earnings that fell 20 percent, but topped Wall Street expectations. Business on the rails is viewed as a key economic indicator because so many consumer and manufactured goods move on railroads. CSX, the nation's third-largest railroad, is the first of the major rail firms to report earnings.
Ex-GM chairman to get more than $10 million Former General Motors Corp. Chairman and CEO Rick Wagoner will retire Aug. 1 with a pension and benefit package the automaker valued at more than $10 million. Wagoner, 56, who was ousted by the Obama administration on March 30, will get $1.64 million in benefits annually for each of the next five years, plus a lifetime pension of $74,030, according to company documents filed Tuesday with the Securities and Exchange Commission. He can also cash out a life insurance policy valued at $2.6 million, according to the filing.
N.Y. Times sells radio station for $45 million The New York Times Co. will sell WQXR-FM to WNYC Radio and Univision, the companies announced on Tuesday. The deal will preserve WQXR as the only station in New York City devoted solely to classical music, but WQXR will move to a weaker signal near the high end of the FM band, and will become a listener-supported station owned by WNYC, the nation's largest public radio station. The Times Co., which has been trying to shed assets to raise cash in the face of a newspaper industry downturn, will net $45 million that it will use to retire debt. It has owned the radio station since 1944.
FROM NEWS SERVICES
