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Business Briefing - Aug 20 2008 7:56AM
Wednesday, August 20, 2008 7:56 AM


(Source: Rocky Mountain News)trackingHarley recalling '08 Touring models; 47,579 cycles involved

Harley-Davidson Inc., the biggest U.S. motorcycle maker, is recalling all of its 2008 Touring models because the fuel-filter shell may crack, causing the bikes to slow or stall.

The voluntary recall covers 47,579 of the Touring motorcycles, according to a filing on the National Highway Traffic Safety Administration's Web site. Twelve models, each beginning with an FL designation, are included, the agency and the Milwaukee-based company said on the Web site.

PILOT LAYOFFS Continental Airlines Inc. will lay off 140 to 180 pilots after Labor Day, when the company begins reducing flights to cope with high fuel costs and a sluggish economy. The furloughs are part of 3,000 job cuts that Continental expects.

GM DISCOUNTS General Motors Corp. says it is offering employee pricing to everyone on nearly all 2008 and some 2009 vehicles. The Detroit automaker says the deal includes all 2008 vehicles except medium-duty trucks. GM says the promotion will run from today through Sept. 2. Employee discounts generally are 10 percent below the invoice price but vary by model.

HOME DEPOT DROPS The Home Depot, the nation's largest home improvement retailer, reported a 24 percent drop in second-quarter profit Tuesday and reiterated its downbeat outlook for the year amid a weak housing market that shows no signs of recovery.

The Atlanta-based company said net income fell to $1.2 billion, or 71 cents per share, in the three months ended Aug. 3, from $1.59 billion, or 81 cents per share, a year earlier.

TARGET PROFITS OFF Target Corp. reported a 7.6 percent drop in second-quarter profit Tuesday as its consumers focused on necessities like milk and paper towels and had trouble making their monthly credit card payments. The Minneapolis-based discounter said its earnings slipped to $634 million, or 82 cents per share, for the three-month period ended Aug. 2. That compares with a profit of $686 million, or 81 cents per share, a year earlier.

LOCAL

Thompson Creek in molybdenum deal

Thompson Creek Metals Co., the world's fifth-largest molybdenum producer, said it may spend as much as $400 million for control of a deposit of the steel-hardening metal in Colorado.

Toronto-based Thompson Creek paid the deposit's owner, U.S. Energy Corp., $500,000 for an option to form a 50-50 development partnership for $50 million or to own 75 percent for $400 million, the company said in a statement. Thompson Creek will have to spend at least $50 million in 10 years to retain rights to increase its stake, the company said.




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