December orders dismal

Orders for big-ticket goods were flat in December after taking a dive in November, highlighting the struggles U.S. manufacturers are encountering.

The latest snapshot of manufacturing activity reported by the Commerce Department on Wednesday disappointed economists, who were forecasting a solid 2 percent rebound in orders for costly manufactured goods in December.

Above, shoppers look to make a big-ticket purchase at the HH Gregg appliance store in North Randall, Ohio.

Manufacturing

Sauer reports downturn

Hydraulic systems maker Sauer-Danfoss Inc. said on Wednesday it would post a fourth-quarter net loss as it closed a factory in West Branch, Iowa, sooner than expected and felt the impact of a weaker dollar.

The company said the loss per share would be between 19 cents and 23 cents, compared with a net loss of $1.7 million or 3 cents per share a year ago.

For the full year, the company is expecting net income of 17 cents to 21 cents per share, down from 29 cents per share a year ago. The company operates a manufacturing plant in the East Hills Business Park.

Utilities

Natural gas companies settle trading charges

The U.S. Commodity Futures Trading Commission said Wednesday it had settled charges of false energy price reporting with half a dozen trading companies, including Aquila Inc. and Oneok Inc.

Kansas City, Mo.-based Aquila’s trading subsidiary agreed to pay $26.5 million to settle charges of false reporting and attempted manipulation of natural gas prices, the CFTC said.

The agency said it also reached a settlement on false reporting charges with Tulsa, Okla.-based Oneok Inc. which would pay $3 million.

Aquila is the natural gas provider in Lawrence, and Oneok provides natural gas services in several other Kansas cities.

Healthcare

Tenet to sell hospitals

Tenet Healthcare Corp. said Wednesday it was putting nearly a third of its hospitals up for sale in a major restructuring that includes a $1.4 billion charge against earnings in the fourth quarter.

The nation’s second largest for-profit hospital chain plans to sell 27 hospitals in California, Louisiana, Massachusetts, Missouri and Texas. The two Missouri hospitals are both in St. Louis.

Gasoline

Conoco pumps up profits

Higher oil and natural gas prices helped ConocoPhillips, the nation’s third-largest oil firm, swing to a $1.02 billion profit in the fourth quarter.

Net income of $1.48 per share during the final three months of 2003 compared with a net loss of 63 cents per share, or $428 million, in the same period of 2002.