IN BRIEF
MACAU
Cirque unveils show at Venetian Macau
Cirque du Soleil on Thursday unveiled its first permanent show in Asia at The Venetian Macau, as casino operators bring Las Vegas-style entertainment to this southern Chinese gambling enclave and the Canadian circus group tries to tap a fast-growing market.
Artists performed excerpts from the $150 million space-themed "Zaia" program at a press preview in a 1,800-seat purpose-built theater.
The 90-minute show -- about a young girl's space journey -- features an astronaut cycling in air and other performers biking while suspended upside down from the 80-foot high stage. Dancers in colorful clothes roller-blade and skateboard between lanternlike buildings scenery.
NEW YORK
Oil prices decline after release of supply report
Oil prices fell sharply Thursday after the Energy Department reported unexpected declines in crude oil supplies last week but said the drop was due to temporary delays in unloading oil tankers along the Gulf Coast.
The decline of more than $4 came as a stronger dollar and concerns about gas demand also weighed on prices.
Light, sweet crude for July delivery fell $4.41 to settle at $126.62 a barrel on the New York Mercantile Exchange. It was the lowest settlement in two weeks and the biggest single-day price drop since March 19.
At the pump, meanwhile, the average national price of a gallon of gasoline rose 0.8 cent Thursday to a record $3.952, according to a survey of stations by AAA and the Oil Price Information Service.
In Las Vegas, the price of a gallon of self-serve regular unleaded gasoline was a record $3.892 on Thursday, AAA said in its Daily Fuel Gauge report.
The price is up 8.1 percent from the month-ago price of $3.60 and up 21.3 percent from the year-ago price of $3.209, AAA said.
ATLANTA
Judge blocks Delta from ending contract
A federal judge on Thursday blocked Delta Air Lines from terminating a regional flying contract with a subsidiary of Mesa Air Group.
Mesa shares shot up almost 40 percent on the news.
Phoenix-based Mesa had warned that it would file for bankruptcy protection by July 20 and cut 700 jobs -- 14 percent of its work force -- if Delta's termination of the contract with Freedom Airlines stuck and Mesa was unable to redeploy unused aircraft.
A spokeswoman for Atlanta-based Delta said the airline was disappointed with U.S. District Judge Clarence Cooper's ruling approving an injunction, and it planned to appeal.
DALLAS
Dell profits increase during first quarter
Dell said Thursday that its profit and sales grew in its fiscal first quarter, beating Wall Street expectations and signaling that the computer maker's turnaround efforts may be paying off.
For the three months ended May 2, Round Rock, Texas-based Dell earned $784 million, or 38 cents per share, up from $756 million, or 34 cents per share, in the same period a year earlier.
Revenue rose 9.2 percent to $16.08 billion from $14.72 billion.
CHICAGO
Sears Holdings posts largest quarterly loss
Battered retailer Sears Holdings Corp. posted its largest quarterly loss Thursday since Sears and Kmart combined.
The company said it lost $56 million, or 43 cents per share, in its first quarter as it fought for shoppers and cut prices to clear merchandise from store floors.
That's a dramatic reversal from the retailer's year-ago profit of $223 million, or $1.45 per share.
Sears said Thursday that customers were forced to spend more money to cover the soaring costs of gasoline and food. That knocked down sales nearly 6 percent to $11.1 billion.
Analysts surveyed by Thomson Financial expected profit of 15 cents per share on sales of $11.41 billion.
Sears Holdings shares fell $3.22, or 3.6 percent, Thursday to close at $86.14 on the Nasdaq National Market
NEW YORK
Bear Stearns story ends with buyout approval
Bear Stearns shareholders have approved JPMorgan Chase's buyout, ending the saga of the 85-year-old pillar of Wall Street that crumbled under the weight of its own wagers on high-risk mortgages.
The tumult isn't over, however, for JPMorgan Chase & Co. -- which now must mesh Bear Stearns' maverick culture with its own -- and the thousands of workers affected by the takeover.
Bear Stearns officially becomes part of JPMorgan Chase today, after a widely anticipated "yes" vote that won with 84 percent of the vote Thursday morning at Bear Stearns' midtown Manhattan headquarters.
All told, the deal was worth about $2.3 billion. JPMorgan is spending $1.4 billion for the firm itself, and spent an additional $900 million over the past month and a half buying up Bear Stearns stock to guarantee the deal would go through.
CHICAGO
Airline chiefs' meeting said to yield no decision
The CEOs of United Airlines and US Airways met Thursday but there were no indications a decision was near on whether to combine the two carriers, a person with knowledge of the meeting said.
Glenn Tilton of UAL Corp.'s United and Doug Parker of US Airways Group have been discussing a potential deal for more than two months. Word of plans for their latest meeting drew extra interest following published reports that the talks appeared to have broken off.
No other details emerged immediately about the meeting, which took place in an undisclosed location. The source spoke on condition of anonymity.
NEW YORK
Treasury prices decline on economic news
Treasury prices mostly fell Thursday after the government said the economy grew at a faster pace than estimated last quarter.
The benchmark 10-year Treasury note fell 0.72 points to 98.28 and yielded 4.09 percent, up from 4.01 percent late Wednesday, according to BGCantor Market Data. Bond prices move in the opposite direction of yields.
The 30-year long bond fell 1.13 to 93.94 and yielded 4.76 percent, up from 4.69 percent late Wednesday.
