New CEO takes over at computer giant Dell

Dell Inc. founder and chairman Michael Dell formally handed over the chief executive job to president Kevin Rollins on Friday as the computer giant raised its earnings guidance for the second quarter.

Dell, who started the company in 1984 while a student at the University of Texas, announced in March he was stepping down as CEO. The title was transferred to Rollins at the company’s annual stockholders’ meeting Friday. Rollins also was elected to the board of directors.

In his first speech as CEO, Rollins laid out the company’s strategy of focusing on growth in global markets, selling more products and services to businesses and boosting printer sales. Rollins said the company would continue to increase its share of technology markets and raise profits.

Above, Rollins, left, speaks to Dell at the company’s shareholder meeting Friday in Austin, Texas.

Lawsuit

Boeing settles case involving discrimination

Boeing Co. has agreed to pay between $40.6 million and $72.5 million and change some of its practices to settle charges that the aerospace giant discriminated against female employees.

The settlement received preliminary approval Friday in U.S. District Court in Seattle. It calls on Boeing to change the way it determines starting salaries, modifies its performance-evaluation tools and monitors salaries and overtime to reduce the risk of gender discrimination.

The company’s behavior will be watched by attorneys for the next three years to ensure Boeing is meeting terms of the settlement.

Markets

Report of low inflation doesn’t boost Wall Street

Investors, shifting their focus from the economy to a possible second-half profit slump, sent technology and small-cap stocks lower Friday, giving all three major indexes their third consecutive week of losses.

While investors were cheered by a better-than-expected reading in the Labor Department’s consumer price index, they were increasingly preoccupied with earnings, and so they feared that lower prices would translate into lower profits.

The index rose just 0.3 percent in June, half the previous month’s rise. “Core” prices, excluding energy and food, rose just 0.1 percent.

For the week, the Dow fell 0.7 percent, the S&P dropped 1 percent and the Nasdaq plunged 3.3 percent.

Finance

Protection One defers interest debt payment

Officials with Topeka-based Protection One disclosed in regulatory filings Friday that the company deferred its semiannual interest payment that was due Thursday.

The monitored-security company, which has plans to move its corporate headquarters to Lawrence later this year, has been deferring payments while it attempts to restructure its nearly $500 million in debt. Shares of Protection One closed down 1 cent to 23 cents in trading on the Over the Counter market.