IN BRIEF
NEW YORK
Bank of America directors face lawsuit
Some directors of Bank of America Corp. were sued by a shareholder who claims mismanagement of mortgage-backed securities led to a 33 percent drop in the stock price.
The shares fell from a closing high of $54.05 in February 2007 to $35.97 on Jan. 18 because of losses on collateralized debt obligations, Kenneth Slater, manager of KT Investments LLC, said in a complaint filed March 4 in Delaware Chancery Court.
Slater's so-called derivative lawsuit, which seeks to recover money for the company, names as defendants some directors and senior managers during the past year, including Chairman and Chief Executive Officer Kenneth Lewis.
Bank of America spokeswoman Shirley Norton said the company was reviewing the lawsuit and had no comment.
Jobless-claim filings slip more than forecast
The number of Americans filing first-time claims for unemployment benefits declined more than forecast last week to a six-week low.
Initial jobless claims decreased by 24,000 to 351,000 in the week that ended March 1, the lowest level since the week of Jan. 19, the Labor Department said Thursday in Washington. Total benefit rolls rose for a third straight week, to the highest since September 2005.
Higher export sales are allowing some U.S. companies to retain employees, even as less demand prompts homebuilders, mortgage lenders and automakers to pare staff. A weaker labor market raises the risk that consumer spending, the biggest contributor to economic growth, will slow further.
MINNEAPOLIS
Retail sales increase more than expected
Retail sales rose more than expected in February as shoppers headed to discounters in search of bargains. But with Americans in no mood to splurge, luxury retailers collectively posted their weakest result since December 2001.
Sales at stores open a year or more rose 1.9 percent to $52.8 billion, according to the International Council of Shopping Center's tally of 39 retail chains released Thursday. The group expected a 0.5 percent-to-1 percent rise.
Wal-Mart helped lift the results, posting a 2.6 percent gain, instead of the 1.1 percent that was expected. Costco Wholesale Corp. and BJ Wholesale Club also beat expectations, aided by sales of gasoline.
Microsoft chief vows to gain on Google
Microsoft Corp. Chief Executive Steve Ballmer pledged on Thursday he will gain share against Google in online advertising and Web searching even if it is in his "last breath" at the company.
Speaking at Microsoft's MIX08 online technology conference in Las Vegas, Ballmer reiterated the justifications for the software company's $41.2 billion unsolicited offer for Yahoo, saying the deal would accelerate its efforts to build a competitor to Google.
"So it may be my last breath at Microsoft, but we're going to be there, working away, building share," said Ballmer during a question-and-answer session.
DALLAS
Penalty of $10.2 million sought against airline
Federal regulators said Thursday they will seek a civil penalty of $10.2 million -- the largest ever -- against Southwest Airlines Co. for failing to inspect older planes for cracks and then flying them before inspections were done.
The FAA said Southwest, the No. 1 carrier at McCarran International Airport, operated nearly 60,000 flights in 2006 and 2007 using 46 planes that had not been inspected for possible fatigue-related cracking on the fuselage areas.
The airline flew another 1,451 flights with the same planes in March 2007, even after discovering that it had failed to conduct the required inspections, the FAA charged.
NEW YORK
Treasury prices rally amid credit crisis news
Treasurys rallied Thursday, as news a financing squeeze for an Alabama county made clear the credit crisis has entered a troubling new stage.
The benchmark 10-year Treasury note advanced 0.44 points to 99 with a yield of 3.62 percent, down from 3.69 percent late Wednesday.
The 30-year long bond rose 0.13 points to 96.75 with a yield of 4.58 percent, down from 4.59 percent late Wednesday.
Readers will notice a new number in the summary of stock listings across the top of the page 1D today.
The number is the S&P Supercomposite Casino & Gaming Index. The index, a subindex of the S&P 1500, tracks Boyd Gaming Corp. (ticker: BYD), International Game Technology (IGT), Monarch Casino & Resort (MCRI), Multimedia Games (MGAM), Pinnacle Gaming (PNK), Scientific Games (SGMS), Shuffle Master (SHFL) and WMS Industries (WMS).
The index was created in 1994 with a base number of 100 and will change every trading day, reflective of activity that day.
