Comcast 4Q profit falls with write-down
PHILADELPHIA : Comcast Corp., the nation's largest cable TV provider, said yesterday that its fourth-quarter earnings fell 32 percent, hampered by a $600 million write-down of its investment in wireless technology provider Clearwire Corp. Comcast's revenue and adjusted earnings beat Wall Street estimates, and the company raised its dividend 8 percent. However, the Philadelphia-based company showed markedly slower growth in its video, high-speed Internet and phone businesses. Comcast shares closed down 53 cents, or 4.1 percent, at $12.36.
Mortgage applications climb in new survey
WASHINGTON: Mortgage applications jumped last week as fixed mortgage rates fell below 5 percent and encouraged homeowners to refinance their loans. The Mortgage Bankers Association said yesterday that its weekly application index rose 45.7 percent for the week that ended Feb. 13. The index came in at 875.3, up from 600.6 a week earlier. On an unadjusted basis, the index increased 47.7 percent versus the previous week. About 74 percent of applications came from borrowers seeking to refinance home loans at lower rates.
Delta says over 2,100 offer to take severance
ATLANTA: Delta Air Lines Inc., the world's biggest carrier, said yesterday that more than 2,100 employees have offered to take severance payouts to leave the company as part of its latest job-cutting effort. Delta, because of the downturn, might have to cut even more jobs than the number who accepted severance.
Circuit City to sell its furniture, equipment
RICHMOND, Va: . Circuit City Stores Inc., once the nation's second-largest electronics retailer, is selling the furniture, fixtures and equipment from its headquarters and distribution and service centers to help pay down its debt under an agreement reached yesterday. They include warehouse and office equipment and electronics. Last night, Great American Group, which has been managing the liquidation sales, said that more than $1 billion of the total $1.7 billion in inventory had been sold.