DaimlerChrysler urged to sell Chrysler; Best Buy tops Circuit City
CBS News
Transcript
[Music] Daimler Chrysler shareholders urged the company to sell its unprofitable Chrysler unit and focus on its Mercedes car group and other operations. The shareholder comments came at the company's annual meeting after the auto giant confirmed it is in talks with unidentified buyers about a possible sale of Chrysler. On Wall Street, the Dow Jones Industrial Average adding 19 points. The NASDAQ tacking on eight points in the session. Meanwhile, crude oil prices fell to just above $64 a barrel after Iranian President Makmoud Ahmad said he would release 15 British sailors being held captive by Thran, ending a diplomatic crisis that had threatened oil supplies in the region. Now, Best Buy pulled further ahead of consumer electronics retail rival Circuit City, reporting an 18.5% surge in its fourth quarter profit, while Circuit City reported a loss of more than 12 million. Best Buy is crediting strong sales of flat panel televisions for the gains. And shoppers heading to the grocery store to buy Easter eggs are in for sticker shock as a surge in demand for corn to make ethanol has boosted feed costs for egg producers. The average retail price for a dozen large eggs was $151 in the first quarter. That's 43 cents higher than a year ago according to the American Farm Bureau Federation. And that's your money watch. Log on to cbsnews.com for all the today's business headlines in New York. I'm Claire Leica.