Walgreens to buy retailer Drugstore.comMoving into the business of online retail, Walgreen Co. said it will buy Drugstore.com Inc. for more than $400 million. The acquisition of the suburban Seattle-based online retailer will give Walgreens an additional $450 million in annual revenue and access to more than 3 million online customers and add about 60,000 new products to its existing online offerings. The companies expect the deal to close by the end of June. Walgreens said it will hurt its fourth-quarter earnings in by 3 cents a share because of one-time transaction costs.
Initial jobless claims fell by 5,000 last weekFewer people applied for unemployment benefits last week, adding to evidence that layoffs are slowing and employers may be stepping up hiring. The number of people seeking benefits dropped by 5,000 to a seasonally adjusted 382,000 in the week ended March 19, the Labor Department said. The fourth decline in five weeks lowered the four-week average to 385,250, the fewest for that measure since July 2008. The four-week average has fallen almost 11 percent in the past seven weeks.
Durable-goods orders down 0.9% in FebruaryOrders for long-lasting goods unexpectedly fell in February, reflecting declines in demand for capital goods and military aircraft. Bookings for goods meant to last at least three years dropped 0.9 percent after a 3.6 percent gain the prior month that was higher than initially reported, the Commerce Department said. Orders excluding transportation equipment fell for a second month, and demand for business equipment declined.
Ford sales are expected to outpace GM'sFord Motor Co. is poised to be the top U.S. auto seller in March, surpassing General Motors Co. for only the second time since 1998, according to projections by auto information company Edmunds.com. Ford, which has steadily gained market share in recent years and knocked Toyota Motor Corp. from the No. 2 spot, last led the nation in sales in February 2010. Last year Ford surged to the top briefly as consumers deserted Toyota because of its millions of recalls and brief sales suspension and as GM was still emerging from bankruptcy.
Toyota to restart production of hybridsToyota will resume production of three hybrid models in Japan on Monday after the March 11 earthquake and tsunami shut down plants for two weeks. Toyota will restart output of the Prius, Lexus HS250h and Lexus CT200h hybrid models, which are in high demand, spokesman Paul Nolasco said by phone. He couldn't confirm whether Toyota's supply chain has been restored or if the company has secured alternative sources.
Corn futures up because of wet weatherCorn rose to a two-week high as cool, wet weather threatened to delay planting and reduce yields in the U.S., the world's biggest grower and exporter. Snow, rain and temperatures as much as 20 degrees below normal the next five days will prevent saturated fields from drying across the northern Great Plains and Midwest, said Gail Martell of MartellCropProjections.com in Whitefish Bay, Wis. Corn futures for May delivery rose 21.5 cents, or 3.2 percent, to close at $7.025 a bushel on the Chicago Board of Trade.
More Imax theaters to be built in ChinaFurthering Hollywood's push into China, Imax Corp., the Canadian-based big-screen theater chain, is expanding its footprint in that country in hopes of cashing in on the nation's rapidly growing film industry. In a joint venture with China's largest cinema operator, Wanda Cinema Line Corp., Imax plans to open 75 theaters by 2014. The deal with Wanda represents Imax's first full revenue-sharing agreement in China and brings the number of Imax theaters slated to open there to 177.
FROM NEWS SERVICES
