Business briefs

2013-07-13T00:00:00Z Business briefsFrom Wire Reports From Wire Reports Arizona Daily Star
July 13, 2013 12:00 am  • 

Boeing stock tumbles after 787 fire in UK

LONDON - A fire aboard an empty 787 at Heathrow Airport spooked Boeing investors Friday, as they feared the re-emergence of battery problems that grounded the plane for months earlier this year.

At one point, a rapid sell-off had knocked $6 billion off Boeing's market value. The stock recovered slightly as speculation about the cause of the fire shifted away from the batteries. Shares closed down $5.01, or 4.7 percent, to $101.87.

The cause of the fire on the Ethiopian Airlines plane - which broke out more than eight hours after it had landed - remained under investigation. The location of the fire led some experts to surmise it wasn't the planes lithium-ion batteries. Runways at Heathrow were shut down nearly an hour as emergency crews put out the fire. No passengers were on the plane.

Meanwhile, an unspecified mechanical issue caused another 787 flown by Thomson Airways to return to Manchester Airport, adding to concerns.

AT&T to buy Leap

AT&T says it will acquire Leap Wireless, the prepaid cellphone carrier behind the Cricket brand, for $15 a share in cash, or about $1.19 billion. AT&T says it will keep the Cricket brand name and provide Cricket customers with access to AT&T's "4G LTE" high-speed wireless network.

Twinkies back on shelves early at Walmart, Fry's

Walmart and others are making Twinkies available this weekend, even though Hostess says it asked stores to wait until Monday to start selling the spongy yellow snack cakes. They have been off shelves since Hostess filed for bankruptcy last year.

The world's largest retailer announced Friday that the cakes were available at about 1,600 stores and that about 3,000 of its 4,000 U.S. stores should have them by Sunday morning.

Supermarket operator Kroger, which owns Fry's, also said the cakes were available in about a quarter of its more than 2,400 stores Friday and that the figure would expand over the weekend.

Rise in gasoline prices boosts wholesale inflation

A big jump in gasoline prices pushed wholesale inflation up in June by 0.8 percent, the largest amount in nine months. There was a 7.2 percent surge in gasoline prices.

But underlying inflation showed only a modest 0.02 percent gain, the Labor Department reported Friday.

JPMorgan's profit surges; UPS outlook disappoints

In corporate reports Friday:

• A surge in investment banking pushed up JPMorgan's second-quarter profit even as results at its consumer business sagged.

• UPS shares tumbled after it predicted disappointing second-quarter earnings and reduced its profit forecast for the full year.

The Associated Press

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