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Chrysler Extends Gasoline Offer
Chrysler is extending for another month its offer to subsidize customers' gasoline expenses for three years. The deal caps gas at $2.99 per gallon, with Chrysler paying the rest. The offer was to expire on June 2, but it will continue through July 7.
Chrysler said the offer has resonated with consumers and raised traffic on the company's Web site by 25 percent since it began May 7. "Boy, have we gotten a great response," vice chairman and president James Press said on a conference call with reporters. He said 4 to 5 percent of customers are taking the gas subsidy over the other offers.
The offer from the maker of Chrysler, Dodge and Jeep vehicles includes most models. It is based on 12,000 miles of driving per year and the vehicle's government fuel-economy rating. People who buy or lease eligible vehicles can pick between the gas subsidy, cash rebates and zero-percent financing. On some vehicles, customers can get a rebate and the gas subsidy.
EARNINGS
Lowe's reported an 18 percent drop in first-quarter earnings as turmoil in the housing market continued. The retailer of home supplies had a profit of $607 million in the period ended May 2, down from $739 million in the corresponding period last year. Revenue declined 1 percent, to $12.01 billion.
Campbell Soup said it earned $532 million in the three months ended April 27, up from $217 million. The results include the $850 million sale of Godiva Chocolatier to Yildiz Holding. Excluding various one-time items, Campbell said its earnings were $165 million, down 7.8 percent from an adjusted $179 million a year ago. Revenue rose to $1.88 billion from $1.75 billion.
TREASURY BILLS
T-bill rates rose. The discount rate on three-month Treasury bills auctioned yesterday rose to 1.855 percent from 1.80 percent last week. Rates on six-month bills rose to 1.885 percent from 1.85 percent. The annualized return to investors is 1.890 percent for three-month bills, with a $10,000 bill selling for $9,953.11, and 1.930 percent for a six-month bill selling for $9,904.70. Separately, the Federal Reserve said the average yield for one-year Treasury bills, a popular index for making changes in adjustable-rate mortgages, rose to 2.07 percent last week from 1.94 percent two weeks ago.
Compiled from reports by Washington Post staff writers, the Associated Press and Bloomberg News.
