FedEx said it will woo Internet shoppers by scheduling drop-offs and keeping its drivers working later each day. Memphis-based FDX also changed its named to FedEx Corp. and will change the name of its Pittsburgh-based RPS division to FedEx Ground. That unit is a small-package business-to-business delivery service that will be responsible for the new residential delivery service called FedEx Home Delivery, to begin March 13.
Mitsubishi is the target of a class-action lawsuit filed by nine black employees who allege the company turned a blind eye toward discrimination against black workers. Although Mitsubishi Motor Manufacturing of America instituted policies to stamp out sexual harassment as part of a $34 million settlement with female workers, the workers say, it has "refused to acknowledge, let alone remedy" racial bias at the plant in Normal, Ill.
Construction starts on new homes and apartments finished 1999 with surprising strength despite rising mortgage rates, the Commerce Department reported. Total starts rose 7.1 percent in December to a seasonally adjusted annual rate of 1.71 million--the biggest monthly gain since October 1998's 7.7 percent rise. For the year, 1.66 million units were started, the most since 1986.
Conectiv, an energy and services company based in Wilmington, Del., that includes Delmarva Power & Light, said it has agreed to sell its power plants to NRG Energy of Minneapolis for $800 million.
Cendant chairman and chief executive Henry Silverman's salary and bonus more than doubled to a total of $7.25 million last year, not counting a $33.8 million options package, according to a Securities and Exchange Commission filing. In 1998, when Cendant's shares plunged on news of accounting problems, Silverman got $2.8 million in salary and bonus.
Warner-Lambert has asked Procter & Gamble to consider a combination, people familiar with the situation said. The move could put pressure on Pfizer to increase its unsolicited $78 billion bid for Warner-Lambert. The talks included Warner-Lambert's would-be merger partner, American Home Products, the people said. A three-way combination would vault Procter & Gamble to the top ranks of the world's pharmaceutical companies.
Advanced Micro Devices, Intel's biggest rival in the microprocessor market, reported its first profit in four quarters, helped by rising sales of its new Athlon chip. Net income more than doubled to $65.1 million.
Boeing said fourth-quarter earnings rose 42 percent, to $662 million, from the year-earlier period.
Chase Manhattan said fourth-quarter operating earnings rose 46 percent, to $1.68 billion, from a year earlier, thanks to investments in Internet and other start-up companies and fees from investment banking.
E-Trade said its losses widened in its fiscal first quarter as it doubled advertising spending to gain market share from Charles Schwab Corp. The online broker reported a loss from continuing operations of $38.1 million, compared with a loss of $11.6 million a year ago.
Honeywell, the biggest maker of automated controls, said fourth-quarter operating income rose 12 percent, to $630 million. Sales were essentially flat at $6.16 billion.
Hughes Electronics reported a fourth-quarter loss of $226.7 million, compared with net income of $128.2 million a year earlier. It blamed the loss on high costs at its DirecTV satellite TV unit. The company took a $174 million charge to discontinue cell phone production in Germantown.
IBM said fourth-quarter earnings fell 9 percent, to $2.1 billion. The company blamed the decline on large corporate customers delaying computer purchases in anticipation of possible Y2K problems. For the full year, earnings rose 22 percent, to $7.7 billion.
United Technologies said its fourth-quarter earnings plunged 80 percent, to $56 million,, due to a restructuring plan. Excluding one-time charges, however, the results beat analysts' expectations.
Warner-Lambert said fourth-quarter profit rose 40 percent, to $487 million, on soaring sales of the cholesterol drug Lipitor.
Weyerhaeuser said fourth-quarter operating profit rose 139 percent, to $179 million. The rise was less than expected because costs stemming from Hurricane Floyd boosted plant-maintenance costs. For the year, profit doubled, to $681 million.
Reynolds Metals of Richmond said fourth-quarter operating profit rose 40 percent, to $70 million. It credited higher prices for aluminum products and more shipments from ongoing operations. The company has agreed to be bought by Alcoa.