U.S. stocks end even after earlier tumble
NEW YORK, March 26 (UPI) -- U.S. stock indexes closed about even Monday after tumbling earlier as new home U.S. sales fell to a seven-year low and oil prices rose near $63 a barrel.
The Dow Jones industrial average was down 11.94 points, or 0.1 percent, to 12,469.07. The broader Standard & Poor's 500 stock index gained 1.39, or 0.1 percent, to 1,437.50.
On the New York Stock Exchange, 1,607 stocks advanced and 1,679 declined on volume of 2.8 billion shares traded.
The technology-heavy Nasdaq composite index rose 6.70, or 0.27 percent, to 2,455.63.
In London, the FTSE 100 index fell 47.50, or 0.75 percent, to 6,291.90.
Japan's benchmark Nikkei 225 index rose 41.35, or 0.2 percent, to 17,521.96.
The 10-year U.S. Treasury note added 4/32, yielding 4.601 percent, while the 30-year bond was up 4/32, yielding 4.798 percent.
The U.S. dollar edged up to 110.07 yen from 118.06 yen late Friday in New York. The euro moved up to $1.3332 from $1.3289.
David Stockman, three others indicted
NEW YORK, March 26 (UPI) -- Former Reagan administration Budget Director David Stockman has been indicted on securities fraud charges, New York court documents showed Monday.
Stockman, former chairman and chief executive of Southfield, Mich., auto parts maker Collins & Aikman, was charged with conspiracy, three counts of securities fraud, two counts of bank fraud, wire fraud and obstruction of an agency proceeding, a criminal indictment unsealed in U.S. District Court in New York said.
Others charged include former Vice Chairman J. Michael Stepp, ex-Controller David R. Cosgrove and former purchasing executive Paul Barnaba.
Also named, and pleading guilty, are Treasurer John Galante, Chief Financial Officer Thomas Gougherty, fabrics operations director Gerald Jones and customer relations executive Chris Williams, U.S. Attorney Michael Garcia said.
Collins & Aikman would not comment.
The indictment said Stockman and others manipulated the company's reported income and made false and misleading statements to the company's creditors and investors.
Stockman resigned on May 17, 2005, five days before the company filed for Chapter 11 bankruptcy protection. The company -- whose products included auto interiors, carpets and convertible tops -- had 23,000 employees at the time.
Northwest can take plan to creditors
NEW YORK, March 26 (UPI) -- Northwest Airlines Corp. may now seek creditor approval of a plan to emerge from bankruptcy, a federal bankruptcy judge in New York ruled Monday.
The plan values the airline at about $7 billion -- a value an ad hoc shareholder committee says undervalues the airline.
Northwest will be allowed to release its disclosure statement to creditors along with a restructuring plan once the airline revises the statement to conform with agreements reach in court Monday, U.S. Bankruptcy Judge Allan Gropper said.
A reorganization plan could be mailed to creditors as early as April 6.
Under Northwest's plan, secured creditors would be fully paid and unsecured creditors would get 74 cents on the dollar.
Half the claimants representing two-thirds the dollar amounts in each class of creditors must approve the plan for it to go through.
The Eagan, Minn., airline hopes to step out of bankruptcy-court protection in early June.
The nation's fifth-largest airline by traffic sought protection from creditors in September 2005, the same day as No. 2 Delta Air Lines and in the same court.
It ended 2006 with $2.1 billion in cash on its balance sheet.
New UPS service stops or reroutes packages
ATLANTA, March 26 (UPI) -- U.S. package-delivery company United Parcel Service Inc. Monday launched a new service that can stop a delivery before it reaches the recipient.
UPS Delivery Intercept, a Web- and telephone-based package interception service, can find a package in UPS's U.S. and Puerto Rico delivery system. It can then return the package to the shipper, send it to a different address or hold it for future delivery or until a recipient picks it up, the Atlanta company said.
The shipments can be anywhere in the UPS system, including on a delivery truck, UPS said. UPS charges $10 each time a package is successfully found and held or rerouted.
UPS has been working on Delivery Intercept for two years, the company said.
