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BUSINESS
W.Va. Chamber takes stand on 33 policy issues
CHARLESTON -- Reforming West Virginia's legal system and how state Supreme Court justices are selected are among 33 policy statements adopted by the state Chamber of Commerce.
The Chamber is holding its annual meeting at The Greenbrier this week. The policy statements reflect the business organization's recommendations for improving West Virginia's business climate and economy.
While touting Gov. Joe Manchin for various legal reforms, the Chamber says additional reforms are needed.
Among them is the right for automatic appeal for all final circuit court judgments. The chamber also promotes either nonpartisan elections or merit-based selection of Supreme Court justices.
Ripley food distributor planning to close
RIPLEY -- Workforce West Virginia says the closure of a Jackson County food distributor is going to eliminate 90 jobs.
Workforce West Virginia said Thursday several state and county agencies are going to assist Nashville, Tenn.-based Commissary Operations Inc. employees after the company closes in October. Services will include information on finding new jobs and support.
The agency says the West Virginia Development Office is expected to seek a new business for Commissary Operations' 42,000-square-foot warehouse and distribution center in Ripley.
Gas prices, economy don't hurt state fair
LEWISBURG -- High gas prices and a weak economy didn't hurt this year's edition of The State Fair of West Virginia.
Fair manager Marlene Pierson-Jolliffe says fair officials were nervous about the economy and gas prices. But marketing, cost-reduction efforts and streamlining paid off.
Projected attendance figures for the nine-day fair rose slightly, from 190,000 in 2007 to 195,000 this year. Paid gate attendance was up 5 percent while carnival revenue increased 12 percent.
Freezer sales climb as food prices soar
CHICAGO -- Once relegated to the dank corners of the basement, freezers are being embraced again by shoppers who are stashing bulk-sized purchases of meats, fruits and vegetables there as they work to combat rising food prices.
Across the country, shoppers bought more than 1.1 million freezers during the first six months of the year -- up more than 7 percent from the same period last year, according to research firm NPD Group.
That rings up to nearly $400 million in freezer sales -- a staggering figure compared to the rest of the home appliance sector, where industry data shows shipments are down nearly 8 percent.
And, experts said, it's a trend that's expected to continue at least through much of next year as penny-pinching shoppers buy in bulk to take advantage of deals or bundle grocery shopping trips to conserve gas.
Dell 2Q profit drops 17 percent and stock plunges
Computer maker Dell Inc. said Thursday its fiscal second-quarter profit fell 17 percent, hurt in part by lower prices and restructuring charges. The earnings were short of Wall Street estimates, and Dell shares plunged.
For the three-month period that ended Aug. 1, Dell's earnings dropped to $616 million, or 31 cents per share, from $746 million, or 32 cents per share in the same period last year.
Excluding amortization and business realignment charges, Dell said it would have earned 33 cents per share. Analysts surveyed by Thomson Reuters had forecast a profit of 36 cents per share.
Investors sent Dell shares down $2.54, or 10 percent, to $22.67 in after-hours trading. Earlier, the stock dropped 42 cents to close at $25.21.
Dell said lower PC prices cut into earnings. In a conference call, Chief Financial Officer Brian Gladden said Dell made "strategic pricing" changes in Europe, the Middle East and Africa to speed up growth. The company also deferred some profits from that region to a later quarter.
Gladden also indicated that as Dell's presence in retail stores grows, the company is taking aim at back-to-school shoppers with lower prices.
Dell said that operating expenses fell to their lowest point in six quarters, and that the company would reach its goal of 8,900 jobs cut in the current third quarter. Since the target was set last year, Dell has already cut more than 8,500 workers.
Sales rose 11 percent to $16.4 billion, ahead of Wall Street's view for $15.9 billion in sales.
