AP Executive Morning Briefing

The top business news from The Associated Press for the morning of Tuesday, February 26, 2008:

Home Depot Has First Annual Sales Dip

ATLANTA (AP) — The Home Depot Inc. said Tuesday its fourth-quarter profit fell more than 27 percent and a dour housing market contributed to the first annual sales decline for the world's largest home improvement store chain. And the company expects more headwinds in 2008.

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US Home Foreclosures Soar in January

LOS ANGELES (AP) — The number of homes facing foreclosure jumped 57 percent in January compared to a year ago, with lenders increasingly forced to take possession of homes they couldn't unload at auctions, a mortgage research firm said Monday. Nationwide, some 233,001 homes received at least one notice from lenders last month related to overdue payments, compared with 148,425 a year earlier, according to Irvine, Calif.-based RealtyTrac Inc. Nearly half of the total involved first-time default notices.

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Wall Street Heads for Gains at Opening

NEW YORK (AP) — Wall Street was poised to open mildly higher Tuesday following the previous session's rally inspired by optimism about the health of ailing bond insurers. But investors also will be mindful of a new warning from retailer Home Depot Corp that it expects sales to decline up to 5 percent this year as it contends with a slowing housing market. Another closely watched retailer, Target Corp., is set to release quarterly earnings.

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Oil Falls Below $99 After Overnight Rise

SINGAPORE (AP) — Oil prices fell Tuesday after rising in the previous session in a rally led by oil product futures. Cold weather across the U.S. Midwest and Northeast have helped push heating oil prices to fresh records, exerting an upward pull on crude markets.

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CBS Earnings, Revenue Fall

NEW YORK (AP) — CBS Corp. says its profit fell 14.6 percent in the fourth quarter as its revenue slipped. But the media company's adjusted earnings released Tuesday still beat analysts' expectations.

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Siemens to Cut 3,800 Jobs, Shift 3,000

MUNICH, Germany (AP) — Siemens AG said Tuesday it will reorganize its corporate telecom unit, eliminating 3,800 jobs while another 3,000 will be transferred to partners or other units — its biggest cuts in years. The job cuts and shifts will be global and affect nearly 40 percent of the unit's 17,500 workers.

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KBR 4Q Boosted on Tax Benefit

HOUSTON (AP) — Former Halliburton subsidiary KBR Inc. said Tuesday fourth-quarter profit rose 65 percent, lifted by contributions from natural-gas projects, work in Iraq and a tax benefit related to a 2006 asset sale. The Houston-based military contractor and engineering and construction firm said profit for the October-December period was $71 million, or 42 cents a share, up from $43 million, or 28 cents a share, in the prior-year period.

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Sony Tying Up With Sharp in TV Displays

TOKYO (AP) — Sony and Sharp are tying up in the flat-panel TV business, with Sony investing in a Sharp plant for making liquid crystal displays, both sides said in a statement. Sony Corp. had fallen behind in developing flat panel TVs, and does not make its own liquid crystal displays for its TVs. It has been buying LCD panels from a joint venture it has with Samsung Electronics Co. of South Korea.

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American Axle Workers Strike

DETROIT (AP) — American Axle and Manufacturing Holdings Inc. said early Tuesday its workers went on strike after the auto parts supplier failed to reach a new contract agreement with the United Auto Workers union. American Axle spokeswoman Renee Rogers said workers were striking after a Monday midnight deadline passed without a new contract agreement.

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Spending on Health to Rise Dramatically

WASHINGTON (AP) — By 2017, total health care spending will double to more than $4 trillion a year, accounting for one of every $5 the nation spends, the federal government projects. The 6.7 percent annual increase in spending — nearly three times the rate of inflation_ will be largely driven by higher prices and an increased demand for care, the Centers for Medicare and Medicaid Services said Monday. Other factors in the mix include a growing and aging population. The first wave of baby boomers become eligible for Medicare beginning in 2011.

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Gold Prices

LONDON (AP) — Gold bullion opened Tuesday at a bid price of $928.75 a troy ounce, down from $934.90 late Monday.

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Japan Markets

TOKYO (AP) — Japanese stocks fell Tuesday as investors took profits following hefty gains the day before.

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Dollar-Yen

TOKYO (AP) — The dollar fell against the yen Tuesday in Asia as Japanese exporters and U.S. bank traders sold the currency amid rekindled concerns over the health of U.S. bond insurers.

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