Apple prices have reached their highest point in at least 10 years, with five months of sales remaining for the 2006 crop. The average price of a 42-pound, fresh-packed box of all apple varieties was $18.92 on April 27, compared with $15.45 on the same date last year and $13.69 on April 27, 2005, according to Dan Kelly, assistant manager of the Washington Growers Clearing House Association. The industry group tracks fruit prices.
Disney profits rise 27 percent
Net income at The Walt Disney Co. increased 27 percent in the second quarter, boosted by strong results from its film studio, advertising sales at ESPN and international TV sales. The Burbank, Calif.-based conglomerate said Tuesday its net income was $931 million, or 44 cents per share, compared with $733 million, or 37 cents per share a year ago.
Grasso may keep golden parachute
Former New York Stock Exchange chairman Richard Grasso has won a partial victory in his legal fight to hold on to the $187.5 million compensation package he received for leaving his post. The New York Appellate Division threw out four earlier rulings against Grasso Tuesday. The high court has not yet addressed other issues, such as whether Grasso is entitled to a jury trial, and whether he can be ordered to pay back the disputed money without any trial, as the lower court judge ordered.
Gateway computer reduces its losses
Computer maker Gateway Inc. said Tuesday it narrowed its first-quarter loss from a year ago, but the company failed to meet Wall Street’s expectations due to declining revenue. The company reported net losses of $8.6 million, or 2 cents per share, from $12.3 million, or 3 cents per share, during the same period a year ago.
Couple accused of crooked trades
The Securities and Exchange Commission on Tuesday accused two Hong Kong residents of “widespread and unlawful trading activity” when they bought $15 million of Dow Jones &Co. stock ahead of an announcement that News Corp. was seeking to buy the company. The lawsuit in U.S. District Court in Manhattan, N.Y., named as defendants Kan King Wong and Charlotte Ka On Wong Leung, a married couple. It alleged they made “highly profitable and highly suspicious” stock purchases based on inside information between April 13 and April 30.
H-P shares rise on sales growth
Hewlett-Packard Co.’s turnaround efforts are paying off as the computer and printer maker said it is poised to bulldoze its earlier quarterly earnings targets and rake in an extra $1 billion in sales than previously expected. The raised outlook sent shares up 2.8 percent Tuesday and underscored H-P’s market gains against Dell Inc. and others. It also helped mitigate some concerns of inventory buildup and increased competition. Some analysts think H-P has yet to reach its financial peak.
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