The Record, Bergen County, NJ

Car Lease Customers Can Expect Refunds in $1.9m Settlement ; N.J. Investigated Daimlerchrysler

DaimlerChrysler's financial arm has agreed to pay a record $1.9 million to New Jersey and to refund an unspecified amount of money to consumers to end a state investigation into possible overcharging of its auto lease customers. The deal with DaimlerChrysler Services North America LLC, which was announced Thursday, resolves 47 complaints consumers filed against the company, said Reni Erdos, director of the New Jersey Division of Consumer Affairs, whose office launched the investigation in con...

Housing Market Unfazed, for Now ; but Rate Hike Could Start Slide, Some Say

What do rising interest rates mean for the residential real estate market? In the short run, they may actually give the market another lift as buyers react to a wake-up call that rates won't sit at record lows forever, say some brokers and agents. On the other hand, some already see the beginning of a decline.

Drs Rejects Suitor; Shares Soar ; Defense Contractor's Rival Had Bid $1b

Shares of Parsippany defense contractor DRS Technologies soared 16 percent Thursday to $37 amid news that the company had rejected a hostile takeover bid by L-3 Communications. Late Thursday, New York-based defense contractor L-3 issued a statement saying it would not pursue a hostile bid.

A Growth Option for Long-Term Investors ; Dividend-Focused Mutual Funds Gaining New Popularity

NEW YORK - Get ready to start paying attention to another number in your equity mutual fund portfolio: yield. Stock funds aren't typically associated with income, but with more companies paying out dividends, Wall Street has a renewed enthusiasm for dividend-focused mutual funds. A tax cut last year has also helped increase their popularity.

Bed Bath & Beyond Shareholders Won't Limit Executives' Stock Sales ; 'Glass Ceiling' Proposal for Gender, Race Report Also Knocked Down

Bed Bath & Beyond shareholders Thursday rejected shareholder proposals intended to limit sales of company stock by senior executives and to require the company to provide information about its employment of women and minorities. The two proposals were overwhelmingly rejected in votes recorded as part of Bed Bath's annual meeting, held at the Headquarters Plaza hotel in Morristown.

Godiva, Perugina, and ... Korkunov? ; Russian Chocolatier Sets Sights On U.S.

A Russian company wants to take a bite out of the $15 billion U.S. chocolate market, and is pitching its premium brand from its U.S. headquarters in Englewood Cliffs. The company, A. Korkunov Chocolatier, is hoping to make Russian chocolate a respected gourmet import.

Competitive Pressures Squeeze Barr's Stock ; Some Question Growth Outlook

It was a first half to forget for shareholders of Barr Pharmaceuticals Inc. Shares of the Woodcliff Lake drug maker, which rose explosively in the past decade, skidded 34 percent in the first six months of 2004.

N.J. Briefs

Becton Dickinson buys bioscience business FRANKLIN LAKES - Becton Dickinson & Co. has acquired privately held Atto Bioscience Inc. for $25 million. The deal will help BD's Biosciences division expand its presence in providing research tools and other services for the pharmaceutical and biotech industries, as well as among researchers in academia and government, BD said Thursday. Maryland-based Atto last year reported $3 million in sales, which are expected to double this year, BD said. Atto ...

Gm, Ford Sales for June Plummet

DETROIT - The U.S. auto industry experienced something of a hangover in June after red-hot sales in May, but it was the nation's two largest automakers that were stung hardest. General Motors Corp. and Ford Motor Co. each posted unexpectedly large double-digit sales declines last month compared with a year ago and continued to lose business to foreign rivals.

More Good Signs: Manufacturing Expands for 13th Straight Month ; Construction Spending Posts All-Time Monthly High in May

NEW YORK - Manufacturing activity rose again in June, pointing to moderating but sustained expansion in that key sector, while May construction spending increased as well - more good signs for the rebounding economy. The Institute for Supply Management said Thursday its manufacturing index declined to 61.1 last month from 62.8 in May. That was somewhat lower than the 61.5 forecast by analysts, but a reading above 50 indicates expansion.

National Briefs

Terror fears, supply concerns drive price of crude higher WASHINGTON - The price of crude briefly jumped above $39 a barrel Thursday in a rally fueled by heating oil supply concerns and fears of a possible terrorist attack over the July Fourth holiday weekend. After climbing as high as $39.10, light crude for August delivery settled at $38.74, or $1.69 higher, on the New York Mercantile Exchange. The initial spark for the buying, analysts said, was the upcoming long weekend - a frequent catal...

Sec Chief Urged to Recuse Himself From N.J. Inquiry ; Served As a Watchdog at Easylink

WASHINGTON - The head of the Securities and Exchange Commission should fully and carefully remove himself from the agency's investigation of accounting at a company where he had served on the audit committee, ethics experts said Thursday. To ensure public confidence in the SEC probe, Chairman William Donaldson "has to take himself out in a credible way," said Stephen Gillers, a law professor at New York University.

Briefly

Tech firms lead shares lower U.S. stocks dropped for the first time in three days, led by technology companies, after Smith Barney said Yahoo! Inc. shares are expensive and Morgan Stanley said Intel Corp.'s revenue may fall short of forecasts.

Putting On the Dog ; Company Finds Niche in Canine Couture

The clothing designers at Puppia scour the trendy stores and study the runways for the latest fashions, but when they sit down to create tank tops, dresses, and down vests, they need to keep some special style requirements in mind. Coats must be cut so the wearer can easily lift a leg. Sleeves need to be kept short for when the wearer is walking on all fours. And T-shirts must be tailored to lie flat over the tail. All are important considerations when you're designing for dogs.