Wal-Mart to cash rebate checks, cut prices Wal-Mart Stores Inc., the world's largest retailer, will cash tax rebate checks for free and cut prices on shampoo, cereal and groceries to encourage buying in its stores. The reductions come as job-loss worries and record gasoline prices pushed U.S. consumer confidence to its lowest level in five years. Wal-Mart climbed $1.26, or 2.2 percent, in New York trading today, closing at $58.61, its highest since 2004.
Oil falls $3.12, but gasoline climbs near $3.61 Oil prices fell more than $3 a barrel Tuesday as the market absorbed data showing demand is falling even as supplies are rising. Meanwhile, gasoline prices inched higher. A monthly Energy Department report said demand for finished petroleum products dropped 8.5 percent in February from January, and demand for gasoline fell by 6.2 percent. A British refinery strike ended Tuesday. Light, sweet crude for June delivery fell $3.12 to settle at $115.63 a barrel on the New York Mercantile Exchange. The national average price of a gallon of unleaded gas hit a record $3.607 a gallon Tuesday, according to a survey of stations by AAA and the Oil Price Information Service.
United's pilots call US Airways a bad pairing United Airlines pilots are "enormously concerned" about a possible pairing with US Airways that they say would be a bad move for United. The United branch of the Air Line Pilots Association issued its harsh criticism in a statement Tuesday. The group representing about 7,000 pilots of UAL Corp.-owned United said difficulties with pilot seniority integration at US Airways were only one reason for its concerns about a possible deal. Pilots' union leader Steve Wallach, who also sits on UAL's board of directors, says the union doesn't view a marriage with US Airways as "anything remotely resembling a solution."
Juicy Couture sees red over Victoria's 'Pink' Clothing company Juicy Couture Inc. has filed a trademark infringement lawsuit accusing rival Victoria's Secret of ripping off one of its marketing gimmicks by selling apparel in packages that look like sugary treats. The suit, filed in federal court in New York on Monday, claims that Victoria's Secret, a unit of Limited Brands Inc., has been imitating its designs and logos for years and incorporating them into its "Pink" line of loungewear. Early this month, Victoria's Secret sued department store giant Macy's, accusing it of ripping off the Pink brand with imitation clothing marketed under the name "Pinkish."
3Com replaces CEO with Mandarin speaker Edgar Masri was removed as chief executive of data network equipment maker 3Com Inc. Tuesday and replaced by Robert Mao, a fluent Mandarin speaker who will be based in Beijing, which the Massachusetts-based firm sees as its biggest market. The management shuffle -- which comes after a proposed $2.2 billion buyout of 3Com was scuttled because of concern over a Chinese company's role -- also brings in Ronald Sege as chief operating officer and as president, effective today.
