U.S. stocks were set to open higher Thursday as oil prices remained
short of the record levels that have raised so much inflationary
concern.
Airlines Continental Airlines said it would ax 3,000 jobs, out of a
total workforce of 45,000, and ground 67 airplanes. In addition, Chief
Executive Larry Kellner and president Jeff Smisek have declined their
salaries for the rest of the year. Like other airlines, the executives
blamed the high cost of fuel for their troubles.
Continental's cuts follow a Wednesday statement from United Airlines,
owned by UAL Corp., that it would cut up to 1,600 jobs and ground 100
planes through 2009.
Retail sales Individual retailers were issuing monthly sales reports
for May early Thursday, in a key signal about what Americans are doing
with the stimulus check they've received over the past month.
Wal-Mart credited the stimulus checks with boosting its sales by 3.9%
in May, beating the 1.6% gain expected by Thomson Reuters data.
Costco Wholesale reported a gain of 9% for the month of May, trumping
the 6.9% increase projected by Thomson Reuters data. Costco attributed
the rise to high gasoline prices, food inflation and the weak dollar.