Unemployment claims reach four-year low

NEW YORK -- The number of Americans filing new claims for unemployment benefits fell to the lowest level in more than four years, bolstering Federal Reserve chairman Alan Greenspan's assertion that the economy is in good shape. Some 302,000 Americans filed applications for jobless benefits last week, a drop of 2,000 from the previous week on a seasonally adjusted basis and the third weekly decline in a row, the Labor Department said Thursday.

Wal-Mart, Target report profits in fourth quarter

NEW YORK -- Wal-Mart Stores Inc., the world's largest retailer, and discount rival Target Corp. posted fourth-quarter earnings Thursday that beat Wall Street expectations, suggesting the profit-sapping impact of holiday discounting was less than some analysts feared. Wal-Mart said its profits rose 16.2 percent for the November-January period, beating Wall Street forecasts by a penny a share. Meanwhile, while Target's quarterly profits inched up only 0.1 percent, they still beat analyst expectations by a penny a share in a year when earnings soared 77 percent.

Qwest plans another bid for MCI after Verizon deal

DENVER -- Qwest Communications International Inc. said Thursday it will submit another bid for MCI Inc., four days after the long-distance company agreed to be acquired by Verizon Communications Inc. in a $6.7 billion cash and stock deal.

Wall Street expectations cited in WorldCom trial

NEW YORK -- The star witness against former WorldCom chief executive Bernard Ebbers testified Thursday that a desire to meet Wall Street expectations eclipsed his own obligation to follow the law. Scott Sullivan, who was finance chief under Ebbers, said he knew adjusting the books was illegal but did it anyway because "I thought we would make it through."