News Briefs

Martha selling MSO shares; layoffs at Sprint; jet-fuel costs at American; late 10-K for Acclaim Entertainment; new board member at EDS.

  • Martha Stewart sold $2.16 million worth of shares in Martha Stewart Living Omnimedia in the last week, according to government filings.
  • Sprint Corp. announced that it plans to lay off 1,100 more workers. This would bring the phone giant’s total job cuts since November 2003 to about 7 percent of its workforce.
  • Gerard Arpey, the chief executive officer of American Airlines parent AMR Corp., told Wall Street analysts that record-high jet-fuel prices will cost the carrier at least $500 million more this year, according to Reuters. Just one month ago, however he reportedly estimated this cost to be around $600 million or $700 million.
  • Video game publisher Acclaim Entertainment Inc. said its annual report will be late because its auditors have not completed their work, according to a filing. In May, it restated earnings for fiscal years 2001, 2002, and 2003 as a result of a $9.5 million accounting error.
  • Electronic Data Systems Corp. elected Edward Kangas, former chairman and chief executive of consulting firm Deloitte Touche Tohmatsu, to its board; 8 of the 10 members are independent, according to EDS.

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