SAN JOSE — Apple Computer Inc. became the latest personal computer maker to warn of disappointing earnings, saying Tuesday that first-quarter earnings will fall well short of Wall Street’s expectations because of a slowdown in sales.
Not counting one-time gains from investments, Apple expects to report a loss of between $225 million and $250 million when results are released next month.
ATLANTA — Delta Air Lines sued its pilots’ union and 49 pilots Tuesday and said it will trim 100 to 125 flights from its schedule as it tries to manage mounting cancellations caused by pilots refusing to work overtime.
Delta chairman and chief executive Leo Mullin said the airline was forced to seek a temporary restraining order against the pilots in federal court after it canceled 386 flights between Friday and Sunday.
MAPLEWOOD, Minn — The losers in the sweepstakes to succeed General Electric’s Jack Welch as chairman received their consolation prizes Tuesday: top spots at 3M and Home Depot Inc.
3M said Tuesday that W. James McNerney Jr. will become the company’s next chairman and chief executive. McNerney, 51, will succeed L.D. DeSimone on Jan. 1; DeSimone, who is reaching the company’s mandatory retirement age of 65, will remain with the company until April 1.
WASHINGTON — It’s official: It will cost a penny more to mail a letter starting Jan. 7. The increase to 34 cents was accepted by the Postal Service’s board of governors Tuesday. It will be accompanied by changes in many other rates, including international mail.
But the wide-ranging set of rates approved last month by the independent Postal Rate Commission fell well short of what the post office wanted, prompting the agency to adopt the new rates under protest.
LONDON — Iraq has engaged in “urgent negotiations” with the United Nations on a pricing formula that would enable it to resume its shipments of crude oil, OPEC announced Tuesday.
Meanwhile, crude prices continued to drop as traders bet that any prolonged stoppage would be made up for by other oil producers.