Profits rise at United
United Technologies Corp., the world's largest maker of elevators and air
conditioners, reported a rise in fourth-quarter profit that topped Wall Street
estimates, helped by stronger performances across its businesses. Revenue at
United Technologies, which also produces Pratt & Whitney jet engines and
Black Hawk helicopters, rose 1.9 percent to $16.76 billion, the company said.
IBM sales slump prompts
top executives to forgo bonuses
International Business Machines Corp., the world's biggest computer-services
provider, reported a seventh straight quarterly sales decline amid plunging
demand for servers, prompting top executives to forgo annual bonuses. Revenue
fell 5.5 percent to $27.7 billion in the fourth quarter, the Armonk, New
York-based company said yesterday in a statement. That missed the $28.3 billion
projected by analysts, according to data compiled by Bloomberg.
Sears closes Chicago
flagship store as it moves to online retail
Sears Holdings Corp is closing its downtown Chicago flagship outlet in April,
the latest move by the retailer to cut the number of its stores as it relies
more on online retailing. The store has lost "millions of dollars"
since opening in 2001, a Sears spokesman said on Tuesday. The closing will
leave Sears' namesake chain without a store in the downtown core of its
hometown. Sears is based in suburban Hoffman Estates, Ill. It has three other
stores in Chicago.