BUSINESS BRIEFS
Meg Whitman stepping down as CEO of eBay
Associated Press
SAN FRANCISCO — Meg Whitman will soon step down as chief executive of eBay Inc., the online auction company that went from wobbly startup to multibillion-dollar household name in her 10-year tenure.
Whitman, 51, had been reported to be handing the job to John Donahoe, 47, who has been heading eBay's core auction and e-commerce businesses. She confirmed her March 31 departure as eBay reported fourth-quarter earnings yesterday.
FUEL COSTS WEIGH DOWN AIRLINES
ATLANTA — Airline consolidation may not be the panacea for the industry amid persistently high fuel prices, but observers say it would help by removing domestic capacity from the system.
As several major carriers talk about possible combinations, two airlines — Delta and Southwest — gave investors another dose of reality in saying yesterday their future results will continue to be weighed down by the cost of fuel.
Delta Air Lines Inc. officials were mum on the status of talks with Northwest Airlines Corp. and UAL Corp.'s United Airlines about possible combinations, as the Atlanta-based carrier reported fourth-quarter results that were hampered by jet fuel costs.
PFIZER ISSUES UPBEAT REPORT
NEW YORK — Pfizer Inc. beat Wall Street earnings expectations for the fourth quarter, raised its 2008 revenue outlook and said it is on track to rebuild its product pipeline.
The upbeat outlook offered yesterday came as the company continues with a restructuring plan that cut 11,000 jobs and closed eight facilities in 2007. The plan includes building the pipeline through internal development and outside deals while making the company's units more flexible and accountable.
Meanwhile, the patent on its blockbuster cholesterol drug Lipitor expires in 2010.
