U.S. stocks rise despite economic data
NEW YORK, May 1 (UPI) -- U.S. stocks fell Monday on word that the Federal Reserve chairman thinks he is being pegged, inaccurately, as an inflation dove.
CNBC reported that Ben Bernanke told a reporter that the media had misinterpreted recent comments to the effect that he thought interest rates were high enough.
That sent stocks into a U-turn that left the Dow Jones industrial average off 24.41 or 0.21 percent to 11,342.73 on a volume of 1.2 billion shares. The Nasdaq composite likewise fell, tumbling 18.54 or 0.80 percent to 2,304.03, and the Standard & Poor's 500 dropped 5.51 or 0.42 percent to 1,305.10.
The benchmark 10-year Treasury fell 19/32 to lift the yield to 5.139 percent, and the dollar fell, hitting 113.18 yen from 113.86 as the euro rose to $1.2618 from $1.2616.
Tokyo's Nikkei 225 closed at 16,925.71 on a rise of 19.48 or 0.12, and London's FTSE 100 settled at 6,023.10 after falling 36.90 or 0.61 percent.
Boeing Co. buys Aviall for $1.7 billion
CHICAGO, May 1 (UPI) -- Chicago's Boeing Co. said Monday it will pay $1.7 billion to buy Aviall Inc., the world's largest independent aviation parts and services firm.
The all-cash deal, which includes debt assumption, will result in Aviall becoming part of Boeing's Commercial Aviation Services division and operating as a wholly-owned subsidiary.
Aviall's 2005 revenue was $1.3 billion, with more than 25 percent growth expected in 2006. Aviall is based in Dallas and has about 1,000 employees.
Google fights IE7 in Washington, Brussels
MOUNTAIN VIEW, Calif., May 1 (UPI) -- Google Inc. is complaining to Washington and Brussels about the way Microsoft Corp. is muscling its way into the Internet search business.
Of particular concern to Google is Microsoft's new Web browser, Internet Explorer 7, which includes a search box in the upper-right corner that is typically set up to send users to Microsoft's MSN search service, the New York Times said Monday. Google contends that this puts Microsoft in a position to unfairly grab Web traffic and advertising dollars from its competitors.
Google says that limits consumer choice and is reminiscent of the tactics that got Microsoft into antitrust trouble in the late 1990's.
"The market favors open choice for search, and companies should compete for users based on the quality of their search services," said Marissa Mayer, the vice president for search products at Google. "We don't think its right for Microsoft to just set the default to MSN. We believe users should choose."
In response, Microsoft replies: If that's really a problem, change the default settings.
Google has been voicing its concerns to U.S. and European Union regulators.
Putting the Star in Starbucks
SEATTLE, May 1 (UPI) -- Seattle's Starbucks Corp. has hired the William Morris Agency to suggest music, movies and books the coffee retailer can sell in its shops.
The big Hollywood talent agency is supposed to help make Starbucks an entertainment and "lifestyle" destination, where customers buying lattes can also purchase CDs, DVDs and books, the Los Angeles Times said Monday.
The value of the alliance between Starbucks and the agency was not disclosed.
