Oil prices close lower

Crude oil in New York settled lower for the first time in a week Tuesday as traders opted to pocket some gains after six straight sessions of record highs.

Most market participants saw the drop as a much-awaited correction, but few believed prices would fall below $50 a barrel.

Benchmark light, sweet crude oil futures for November fell $1.13, or 2.1 percent, to $52.51 a barrel on the New York Mercantile Exchange.

Oil giant Royal Dutch/Shell said Tuesday it was cutting back its Nigerian oil production by 20,000 barrels a day following a leak and a fire on a major pipeline transporting crude oil to its export terminal in the Niger Delta. Production concerns have been a factor in the rising costs of oil.

Aviation

Cessna sales take off; more Wichita jobs slated

Cessna Aircraft Co. plans to hire 600 employees by the end of 2005 in response to a recovering market for business jets, company officials said.

Cessna officials said the company’s hiring plans reflect expectations that aircraft deliveries will increase. Cessna anticipates delivering 180 business jets in 2004 — up slightly from its previous forecast of 170 to 175 — and 225 business jets in 2005.

A majority of the new hiring will be in Wichita, though some new jobs are expected at the company’s plant in Independence.

So far this year, the company has rehired about 400 workers who had been laid off in previous years.

Internet

Yahoo earnings soar

Internet giant Yahoo Inc.’s third-quarter profit nearly quadrupled, reflecting a continued boom in online advertising.

The Sunnyvale, Calif.-based company said Tuesday that it earned $253.3 million, or 17 cents per share, for the three months ended in September, up from net income of $65.3 million, or 5 cents per share, at the same time last year.

The company slightly raised the bar for the current quarter, projecting revenue may rise to as high as $760 million during the three months ended in December. The mean estimate among industry analysts had been $730 million, according to First Call.

Publishing

Gannett profits grow

Gannett Co., the largest newspaper publisher in the country, reported an 11 percent increase in third-quarter earnings Tuesday, as gains in classified real estate and help-wanted ads outweighed higher costs for newsprint and hurricane-related expenses. The results also got a boost from acquisitions and currency gains.

The McLean, Va.-based company earned $310.2 million in the three months ending Sept. 26, up from $279 million in the same period a year ago, as revenues also rose 11 percent to $1.82 billion from $1.63 billion.