American, US Airways pull listings from Orbitz
American Airlines and US Airways are pulling flight listings from Orbitz after they were unable to reach agreement on a long-term contract. Shares of Orbitz Worldwide Inc. fell more than 6 percent in afternoon trading on Tuesday.
American said that it had already dropped its fares from the travel website and that US Airways listings would be pulled on Sept. 1.
Atlantic City faces $2 billion tax loss when casinos close
The closure of three Atlantic City casinos by mid-September will wipe $2 billion from the city’s property-tax values next year, exacerbating the already cash-strapped city’s financial plight, Mayor Don Guardian warned Tuesday.
By 2017 property values are expected to have fallen to as little as $7.5 billion from $20 billion five years ago, Guardian said on a conference call to discuss Atlantic City’s way forward as a tourism center after the rout of its casino industry
Over the next four years, the city needs to trim $40 million from its budget, Guardian said. The city recently passed a 2014 budget of $261.4 million.
Best Buy shares fall on news of revenue shortfall
Best Buy’s shares fell Tuesday after the nation’s largest consumer electronics retailer reported a revenue shortfall in the second-quarter revenue, as people increasingly shop online.
It also said an important sales figure would continue to decline in the final two quarters of its fiscal year.
Best Buy said its second-quarter net income fell 45 percent from a year earlier, when it benefited from a $229 million legal settlement. But excluding that settlement, results topped analysts’ estimates.
Best Buy’s shares declined nearly 7 percent in afternoon trading Tuesday.
Turner Broadcasting offers buyouts to 600
The corporate parent of CNN, TNT and TBS on Tuesday offered voluntary buyouts to 600 veteran employees, part of an overall cost-cutting effort at the Atlanta-based broadcasting company founded by Ted Turner.
The offer went out to U.S.-based employees who are over 55 and have worked at the company for at least 10 years, excluding on-air talent and others with specific contracts. Some 9,000 of Turner’s 13,000 employees are based in the United States.
The company would not comment Tuesday, saying it should become clear this fall how many employees it will be shedding. Turner Broadcasting chief executive John Martin has been talking for several months about a restructuring plan he has called Turner 2020.
– From news service reports