Business & Finance
Coca-Cola announced it no longer will provide quarterly or annual earnings forecasts to investors, saying they distract attention from long-term business strategies. That outlook is shared by billionaire investor Warren Buffett, who sits on Coke's board, even though the soft-drink giant is the largest company to drop the widely used practice to date.
Computer Sciences Corp. said it will acquire government contractor DynCorp for just under $1 billion in cash, stock, and assumed debt. DynCorp of Reston, Va., provides technical and outsourcing services to the State, Justice, and Energy departments, among others, and runs the federal emergency telephone system. Computer Sciences of El Segundo, Calif., is a leader in information technology consulting.
Winding up one of the most turbulent weeks in its history, Italian industrial conglomerate Fiat SpA promoted director-general Alessandro Barberis to co-chief executive officer Friday. He succeeds controversial Gabriele Galateri, who resigned under pressure earlier in the week after fewer than six months in the post. Chairman and co-CEO Paolo Fresco survived efforts to oust him, too, for their backing of a massive restructuring plan that appears to be popular only with the company's creditors. It includes the selloff of some assets and the layoffs of more than 8,000 workers, which has angered unions and the Italian government. Fiat's struggling automotive division is expected to report an operating loss this year of $2 billion. Meanwhile, its share prices closed the week at $8.40, near a 17-year low.
Sears Roebuck & Co. announced Friday it is closing a distribution center/warehouse for its Craftsman tools in Blue Ash, Ohio, a Cincinnati suburb. The move will affect 300 jobs there, plus 60 sales representatives across the US.