St. Lucie News Tribune from Fort Pierce, Florida • 13

THE TRIBUNE B5 I Stocks jump higher on Intel news Investors bid In tel up $2Ji2 or 76 percent to $3552 after a JP Morgan analyst recommended the stock because of what he believes are improving business conditions That assessment gave Wall Street a reason to believe that momentum might be returning to the beleaguered tech sector which has stagnated for the last year on a mix of terrible earnings and anemic demand from struggling corporations The Standard 500 index another broader market indicator advanced 1060 or 09 percent to 116527 you can get a story positive for technology going to move that sector" said Barry Hyman chief market strategist at Ehrenkrantz King Nussbaum is a large-cap leader in the sector and it needs to par ticipate for there to be a recovery" By Usa Singhania The Associated Press NEW An bullish comments about Intel sent tech stocks sharply higher Thursday as Wall Street grew more optimistic about the sector's ability to lead a market recovery Analysts said investors Interpreted the news as another signal a tech turnaround had begun despite economic data that suggested that business overall is still weak The broader market also moved higher with the Dow Jones industrials achieving their best finish in four months The Dow closed up 9874 or nearly 10 percent at 1017214 its strongest performance since Aug 28 when the index closed at 1022203 The technology-focused NASDAQ composite index fared even better gaining 6502 or 33 percent to 204427 Jobless benefit claims soar Auto sales strong in 2001 much bigger increase than foe 7000 gain previously reported bounce likely reflects a return to more normal and thus doesn't conflict with indications that the US economy is improving said Maury Harris chief economist with UBS Warburg the level of claims remains too high to stabilize the unemployment Given that many economists are forecasting a rise in foe unemployment rate now at 57 percent to 58 percent or 59 percent in December The government releases its monthly employment report today The number of Americans filing new claims for unemployment insurance rose sharply for a second straight week even as signs emerged that the worst of the recession may be over The Labor Department reported Thursday that for the work week ending Dec 29 new claims for jobless benefits Jumped by a seasonally adjusted 36000 to 447000 the highest level since the beginning of December The week before new claims rose by 26000 according to revised figures That was a TREASURE COAST ALUMINUM By Ed Garsten The Associated Press DETROIT General Motors Corp said Thursday that 2001 sales fell 1 percent despite a December spike ftieled by interest-free loans while Ford Motor Co said it saw a 6 percent annual decline as the second-largest automaker continues to struggle But both said the industry was still on pace to record its second-best year ever for vehicle sales Sales figures released Thursday by the automakers also appear to be bearing out predictions that light trucks would outsell passenger cars for the first time in history Total industry sales expected to be more than 17 million units The year 2000 was the best on record with light vehicle sales of 174 million units In 1999 17 million vehicles vmM sniff While GM the largest automaker reported a decline for the year December MNNV JOHNSTON Tl A60Cat6d Pm Carson Hulsey of Hot Springs Ark looks at a Chrysler PT Cruiser at Landers Chrysler Plymouth Dodge Jeep in Benton Ark on Thursday Given a year-end boost by the offer of nointerest financing and a resurgence in consumer confidence final auto sales figures for 2001 are expected to show the year was the second or third best on record IN BRIEF LOS ANGELES Chairman says Disney on right track Disney Chairman Michael Eisner painted a picture for shareholders of an entertainment giant building for the future while fixing underperforming assets but said Thursday that he could not guarantee what the growth would be in the coming year In his annual letter to shareholders Eisner expressed his disappoint- ment with the poor performance of The Walt Disney Co stock and acknowledged that the ABC television network needs new programming to boost prime-time ratings with the Disney 1 brand and the great assets of our company it easy to Eisner wrote much easier to succeed And we will" CHICAGO Walgreen profits rise 17 percent Drugstore giant Walgreen Co reported a 17 percent quarterly earnings gain Thursday and pledged to add 475 stores in 2002 maintaining its unprecedented expansion pace thanks largely to soaring pharmacy sales Net profits for the first quarter ended Nov 30 were $1859 million or 18 cents a share up from $1584 million or 15 cents a share for the same period a year earlier Excluding a gain of $55 million related to partial payment from drug antitrust litigation per-share earnings were also 18 cents a share exceeding by one cent the consensus estimate of analysts surveyed by Thomson FinancialFlrst Call CHICAGO United closing 5 reservations centers United Airlines is closing four reservations centers in California and one in Illinois because of a drop in bookings The decision will mean the layoffo of nearly 900 workers The closings take effect Feb 28 and will cost the Jobs of administrative clerical sales and service and management employees 101 in Rockford 111 and the rest in California: 358 in El Segundo 160 In Moreno Valley 156 in Burbank and 124 in Suisun City The airline said the action is necessary because of the combination of its smaller flight schedule and the soft US economy SCREEN ROOMS WINDOWS MOBILE HOME ROOF OVERS REPAIRS RESCREENING FLORIDA ROOMS SINCC 1979 336-5329 FREE ESTIMATES 465-9199 MATIEi mw nmxMO coos champed snumwo anoz NUIIUCa WILL WCftEASl PRICED SnNmeAMnr than we thought they Paul Ballew GM executive director for market and industry analysis said in a conference call with financial analysts and reporters Ballew credited America Rolling" zero-percent interest program with fbeling the surge in sales since it began in late September vehicle sales rose 7 percent compared with a year earlier The late year sides momentum was powered by a 32-percent rise in GM light truck sales in December offsetting a 19-percent decline in its passenger car sales last month likely to look back on this period of time in determining that consumers are happier and more resilient JVAhnett Bus1 Linesi Same owners operating since 1970ft Motorcoach Charters- know -Annctt epwetlM nt el Pit St Lucie Satellite office I Bus Lines Whan planning transportation lor yMr nsxl 1 group travel call os lor State ol tlw Art 47 SS Soal Motorcouhaa Located Snn iRpyaC Toursi for Reservation Rate info Please cad 337-6593 (Survtno St Lucta Morttn Potm Baacti only) Village Green movie theater closes Nad bana mmi mimi MM4I MfeML'lSSjF Cmimm MtgU Jn MMJdvltelliiHtOMillUkntiHdODmMeHW 13-446 aNtai7Bgto 2 inhM BOad7 12 m-k Me 4171 I rrin HnwL 1 Mh4 Inpn mdiMliUWI hi WS UP ANO COMING CONCERTS 2-17-02 Why Nawtai 10-02 BaWWy VMm 34412 laHVlttAw-KM Mhd6M1knuoLCM)MteT fejuion 1 Mot tpiiag Inrlndr tad luTh f5wta Green voice mail states that the theater is closed thanks callers for their years of patronage and advises people to checfeback for a reopening" Eastern Federal officials Id not return phone calls Thursday The company which owns about two dozen theaters in the Southeastern United States also took the listing for the theater off Its Web site at The Village Green Shopping Center was recently sold to investors Wiley Reynolds and Jeff Lee in December Reynolds confirmed that he and Lee are not involved with the closing of the theater but that he understood the reasoning behind the move a tough business to be in right Reynolds said June as well as with competition from Jensen Beach's Regal Cinemas 16 said that the older-style facility compete with the newer theaters specifically with stadium Jorham said Eastern Federal which is the original owner of the building made the switch from first-run movies and premium prices to second-run movies and discount prices in August Theater managers said that the move was intended to lower costs for the theater but the transition to a dollar theater apparently did not keep the business afloat now they're in the process of either shopping for a new tenant or selling the property" Jorham said The greeting on the Village By Maggie Largs staff writer PORT ST LUCIE The Village Green 6 movie theater closed down in late December after the owners claimed they could not compete with neighboring theaters The six-screen theater which originally opened in 1986 in the Village Green Shopping Center on US 1 has been closed since Dec 20 according to the St Lucie County Property office Officials from Charlotte NC-based theater company Eastern Federal told deputy property appraiser Joe Jorham they had been having trouble since the Rave Motion Pictures 14-screen theater opened in St Lucie West in IfWdQtel-M kutakNiiitui tta gSSEAISCAPE tW MMa ATTtNTiONi AM 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