GM cuts forecast after quarterly loss
Bowing to grim reality, General Motors Corp. followed Ford's lead and cut its U.S. sales forecast Wednesday after a tough first quarter that saw a $3.3 billion loss. GM's loss for the January-March period amounted to $5.74 per share, reflecting $2.9 billion in one-time charges. That compares with a profit of $62 million, or 11 cents per share, in the first quarter of 2007.
Consumer goods, food results mixed
Makers of household consumer and food products reported mixed results Wednesday as they raised prices on everything from hot dogs to toothpaste to try to offset soaring energy and ingredient costs. Procter & Gamble Co., the maker of Pampers diapers and Gillette razors, said higher retail prices, cost controls and strong growth in emerging markets helped lift its fiscal third-quarter profit 8 percent. But rival Colgate-Palmolive Co., whose products include its namesake toothpaste and dish soap, said first-quarter earnings fell 4 percent as the company took restructuring charges and a higher provision for income taxes. Colgate said rising materials costs were offset by raising prices, but that margins would be pressured as the cost of raw materials climbs. For more earnings reports, see The Buzz on Business, Page D-3.
This isn't 'Pokemon'
A review of the just-released "Grand Theft Auto IV" game finds that it delivers more than mayhem, but it's clearly not for kids. See Tech Test.
Two of the nation's largest beef processors were slapped with humane handling violations during a government review of meat providers to the National School Lunch Program, records show. One of those companies' violations was rescinded after the company appealed, and the other company's appeal is pending. Audits by the Agriculture Department's Food Safety and Inspection Service resulted in "noncompliance" determinations for a National Beef Packing Co. plant in Dodge City, Kan., and a Cargill Meat Solutions plant in Fresno. Overall, the audits of 18 slaughterhouses found that some cattle were not being stunned properly on the first try, others were overcrowded and others had to be electrically prodded to get them to move.
Real estate experts discuss the state of the housing market in the Northern San Joaquin Valley, assessing what's going on now and what's likely to happen in the weeks ahead.