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Browns Ferry Unit 1 back online

Browns Ferry Unit 1 was reconnected to the power grid and at 58 percent power as of Tuesday morning, according to a filing with the Nuclear Regulatory Commission.

TVA is in the process of gradually ratcheting power to 100 percent.

At 5:51 p.m. Saturday, a connection that helps monitor the re-circulation flow through the Unit 1 reactor failed. The failure triggered an automatic shutdown.

The shutdown came during historic demand
for TVA electricity. TVA broke a record in peak demand last week, and officials said it might break the record again this week as temperatures soar.

Eric Fleischauer

Passenger traffic up at HSV

Passenger traffic flew higher in July at Huntsville International Airport, up 7 percent from July 2006, said Executive Director Rick Tucker at Tuesday’s meeting of the airport authority’s board of directors.

For the calendar year, traffic is up 3.4 percent over year-ago numbers.

Twenty-two percent of the traffic last month came from American, 36 percent from Delta carriers and 19 percent from U.S. Air Express carriers.

Rail cargo and air cargo are, however, down. Rail cargo — most inbound in ocean-going crates from China — was 14.5 percent down in July compared to July 2006. Air cargo was down 16.6 percent compared to a year ago.

Eric Fleischauer

Wall Street pulls back sharply

NEW YORK — Wall Street pulled back sharply Tuesday as investors worried about fundamental economic problems as well as the ongoing fallout from credit market problems and stocks’ own volatility. The Dow Jones industrials skidded more than 200 points.

The downturn in stocks was first triggered by a report from Wal-Mart Stores Inc. that profit will fall below expectations this year as consumers rein in spending. Home Depot Inc., the world’s biggest home improvement chain, added to the slide when it said weakness in the housing market caused quarterly profit to slide.

Confirmation that Sentinel Management Group Inc., which oversees $1.6 billion in assets, is seeking to halt investor redemptions exacerbated the selling. Other funds are said to have similar problems as they face withdrawal demands at a time it has become difficult to value low-quality debt.

Wal-Mart cuts profit outlook

LITTLE ROCK, Ark. — Wal-Mart Stores Inc. cut its profit outlook for the year, saying Tuesday during its second-quarter earnings announcement that consumer spending has slowed in the U.S. and abroad.

Analysts said Wal-Mart still has not overcome merchandising difficulties and thus is less poised than its discount competitors, such as Target Corp., to build sales among penny-pinching consumers.

The world’s largest retailer has put a new focus on price cuts, moving away from its attempts to get more well-to-do grocery shoppers to walk over to the general merchandise aisles.

Retail analyst Patricia Edwards of Wentworth Hauser and Violich in Seattle said Wal-Mart is making some of the right moves.

VMware shares soar in debut

SAN FRANCISCO — VMware Inc.’s shares soared 76 percent in their stock market debut Tuesday, reflecting a belief that the rapidly growing software maker is on the leading edge of a computing trend that will yield huge profits for years to come.

The run-up marked the biggest one-day gain following an initial public offering of stock so far this year, according to Renaissance Capital’s IPOhome.com. The offering by the Palo Alto-based company raised $957 million before expenses.

U.S. trade deficit declines

WASHINGTON — The U.S. trade deficit declined to a four-month low even though imports from China hit an all-time high. Demand for Chinese goods has remained strong despite recalls of unsafe products this year.

The trade deficit dropped to $58.1 billion in June, a 1.7 percent decline from the May level, the Commerce Department reported.

It was a bigger improvement than had been expected and left the deficit at its lowest level since February. So far this year, the deficit is running at an annual rate of $705.5 billion, 7 percent lower than last year’s record deficit of $758.5 billion.

COMPILED FROM STAFF AND WIRE REPORTS

Copyright 2005 THE DECATUR DAILY. All rights reserved.
AP contributed to this report.

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