U.S. stocks mixed, but Dow near record
NEW YORK, May 9 (UPI) -- A profit warning from Dell Computer left U.S. stocks mixed Tuesday, but the Dow Jones industrial was a stone's throw from a record high.
The Dow Jones industrial average was up 54.19 or 0.47 percent to 11,638.73 on a volume of 1.2 billion. That compares with 11,722.98, set on Jan. 14, 2000.
The Nasdaq composite fell 6.74 or 0.29 percent to 2,338.25, and the Standard & Poor's 500 slipped 0.35 or 0.03 percent to 1,325.01.
The Fed's monetary policy panel is meeting Wednesday and is expected to raise the federal funds rate to 5 percent. Dell, meanwhile, said quarterly sales and earnings would miss forecasts.
The benchmark 10-year Treasury fell 5/32 to raise the yield to 5.138 percent.
The dollar was down, falling to 111.15 yen from 111.69 while the euro rose to $1.2763 from $1.2706.
Tokyo's Nikkei 225 fell 100.76 or 0.58 percent to close at 17,190.91, and London's FSTE 100 closed at 6,105.60 after gaining 38.50, 0.63 percent.
Air Force lets $6B contract to Shaw Group
BATON ROUGE, La., May 9 (UPI) -- The U.S. Air Force awarded to Shaw Group Inc. a heavy engineering infrastructure contract with a potential value of at least $6 billion.
The contract is intended to meet a broad range of long-term design and construction requirements of the Air Force, the Department of Defense and other federal agencies worldwide.
Shaw will utilize a wide range of methods, technologies and supporting activities necessary to design and construct new facilities and infrastructure and remodel and upgrade existing facilities and infrastructure.
Construction and engineering activities may include commercial and industrial projects such as fuel projects, military construction, community development projects and emerging requirements, such as homeland security, force protection and military family housing projects.
Airbus signs $800M titanium supply deal
NILES, Ohio, May 9 (UPI) -- French aerospace giant Airbus SA locked in a supply of titanium through a 10-year purchase agreement with RTI International Metals Inc.
The Ohio company will supply Airbus with forging quality billet, bloom and other flat-rolled titanium products used to make Airbus jets.
RTI said its Airbus contract is expected to generate at least $800 million in revenues.
Shipments will begin in late 2006 and exceed 5 million pounds per year by 2008. Additional value-added products and services are currently under discussion.
As part of the deal, RTI will begin a $35 million facilities expansion program, including new and upgraded melting and forging capacity. Completion is expected during the third and fourth quarters of 2007. Airbus may participate in the investment.
New England lawmakers fight LNG plan
FALL RIVER, Mass., May 9 (UPI) -- A Wyoming Republican is fighting a group of New England Democrats who want to halt a liquid natural gas project set for Massachusetts.
Amerada Hess asked the Federal Energy Regulatory Commission for permission to bring LNG tankers into Massachusetts. The commission approved the project in 2005, and again this year.
However, Rep. James P. McGovern, D-Mass., put language into a highway bill that blocks demolition of a bridge now standing in the way of LNG tankers bringing the heating fuel to Massachusetts consumers.
Last Friday. Sen. Craig Thomas, R-Wyo., introduced legislation to repeal McGovern's ban on demolishing the bridge.
Three days later Thomas was urged to back down by a coalition of Democrats, including Rep. Barney Frank, D-Mass., and Sens. John F. Kerry and Edward M. Kennedy, both Massachusetts Democrats, the Fall River (Mass.) Herald News reported Tuesday.
Thomas appears undaunted.
"Sen. Thomas' take on it is, Wyoming is doing a tremendous amount for energy production, and we think everyone should put in and do their part," Thomas aide Cameron Hardy said. "It seems like in this era ... that people would be trying to improve our energy outlook rather than detract from it."
