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A company executive told the Philippine media at the celebration that the country's operation now has just as many employees as the corporate headquarters. And it's hiring 300 to 400 more people over the next few years.

He also said the company can now build a product from beginning to end at the site, a process that was once the primary domain of the company's armada of highly paid engineers and scientists in Lexington.

"If you're in Lexington, you've got to be nervous," said Larry Jamieson of industry tracker Lyra Research. "Every other major company is moving more and more stuff offshore into wherever they can get the cheaper labor. Is it going to be the same company? Who knows?"

'A global company'

The leading maker of chips for cell phones, TI said it earned $662 million, or 49 cents per share, in the first quarter this year, compared with $516 million, or 35 cents per share, a year ago.

Excluding a tax gain, the most recent profit would have been 43 cents per share. That was in line with the prediction of analysts surveyed by Thomson Financial.

Revenue rose 3 percent, to $3.27 billion, a tick below analysts' forecast of $3.28 billion.

Before the report was released, Texas Instruments shares rose 99 cents, or 3.3 percent, to $30.59. In extended trading after the report's release, they fell 69 cents, or 2.3 percent.

Federal health officials said new tests indicated a solid link. China said the contaminant could not be the "root cause" of the problem.

Chinese officials suggested at an embassy news conference that the problem with the drug could have occurred in the United States. They plan to visit a Baxter International plant in Cherry Hill, N.J., to get a better picture of how the finished product is manufactured.

Raw heparin is derived from pig intestines, often processed by small, unregistered workshops in China. The raw ingredient for Baxter's recalled heparin came from Wisconsin-based Scientific Protein Laboratories, which in turn owns a Chinese factory - Changzhou SPL - and buys additional raw heparin from other Chinese suppliers.

The Food and Drug Administration warned Changzhou SPL on Monday that the company does not have adequate systems for ensuring that the raw materials it uses are safe and that any impurities are removed. The FDA noted that as many as 12 companies in China are involved in the supply chain for heparin. Agency officials don't know at what point the contaminant was introduced.

Other commodities traded mostly lower, with crude oil falling from a record above $117 and silver and copper also retreating.

Dry, warm weather is expected this week across the U.S. corn belt after days of heavy rainfall that have soaked fields and slowed spring planting. The favorable forecast raised hopes that planting could resume at a faster pace, touching off a broad agriculture sell-off in everything from corn to wheat to oats.

"Planting is still going to be very slow, but we have a drier outlook for this week, so you've got prices dropping back," said Jason Ward, analyst with North Star Commodity in Minneapolis.

Soybeans for May delivery fell 46 cents to settle at $13.155 a bushel on the Chicago Board of Trade, after earlier dropping as low as $12.915, its lowest level in two weeks. Corn for May delivery lost 19.25 cents to settle at $5.8025 a bushel on the CBOT after earlier falling as low as $5.695.

Lexmark has prominently pushed its lineup of wireless inkjet printers at stores, trying to shed its dependence on low-end printers whose owners don't use enough ink -- a printer company's key profit driver.

"It's a disturbing sign for the future of inkjet," said Tom Carpenter, vice president and senior equity analyst at Hilliard Lyons in Louisville, noting the company also has a limited presence in Staples stores.

Lexmark has boasted in recent months about the popularity of its wireless inkjet printers, telling investors it held 30 percent of the domestic market for the products in December.

"If you're doing as well in wireless as Lexmark claims, it's kind of surprising that Best Buy would not want to carry your products," Carpenter said. "Part of it is they might be able to see that Lexmark's inkjet business might not be around in a couple of years, and they prefer to work with other manufacturers that are going to be around."

The Cleveland-based bank slashed its dividend and reported a $171 million loss for the first quarter. Its shares sank almost 28 percent by early afternoon.

The nation's 10th-largest bank said it has secured $985 million from New York-based Corsair Capital LLC, which has experience with troubled financial institutions internationally. The rest of the money will come from other investors, including current institutional shareholders.

National City also is cutting its dividend to 1 cent per share from 21 cents per share to help strengthen its capital position.

Earlier this month, the Wall Street Journal reported that Fifth Third Bancorp had emerged as a possible buyer for National City Corp., a union that would combine Kentucky's two largest banks.

AT&T's earnings met Wall Street's forecast while McDonald's and DuPont reported stronger-than-expected numbers. But DuPont said a U.S. slowdown will offset growth abroad and McDonald's said an important metric of its sales showed a decline for March. All three companies are among the 30 stocks that make up the Dow.

The comments gave trading a cautious tone. With hundreds of companies still to report results, investors are anxious over what the figures might say about the prospects for the economy.

"We've melted here, but it isn't a plunge," said Art Hogan, chief market analyst at Jefferies & Co. "We're in a day-to-day assessment of how good earnings season is, and right now there's more bad news than good news - the parade has been less positive than we've anticipated."

Investors appeared little moved by news of continued weakness in the housing sector. Sales of existing homes fell 2 percent in March to a seasonally adjusted annual rate of 4.93 million units, while the median sales price dropped for a seventh straight month. The National Association of Realtors also said sales rose in the Northeast and West but fell in the Midwest and South.

The fast food behemoth easily topped Wall Street forecasts Tuesday when executives said it earned $946.1 million, or 81 cents per share, during the January-to-March period. That's up from $762.4 million, or 62 cents per share, during the same period last year.

Revenue climbed 6 percent to $5.6 billion.

"I'm confident our global momentum will continue," said Chief Executive Jim Skinner.

Analysts surveyed by Thomson Financial expected a quarterly profit of 70 cents per share on revenue of $5.4 billion.

Crude oil set a record for the sixth day in a row -- closing above $117 a barrel -- after an attack on a tanker in the Middle East rattled investors.

Diesel prices at the pump also struck a record high, of $4.20 a gallon, according to AAA and the Oil Price Information Service. That's sure to add to truckers' costs and drive up the price of food, clothing and other goods.

"You and I are going to pay more," said Bob Costello, chief economist of American Trucking Associations.

Gasoline and diesel prices are expected to keep climbing.

Fenske, an attorney by training who has also worked as a forest ranger, was an environmentalist long before hybrid cars such as the Prius hit the market. In the early 1990s, he ran unsuccessfully for the Wisconsin state legislature on a renewable energy platform.

But he recently decided to go one step further and make an environmental statement with his car.

"My decision is a very political decision. I want to get people in this country off their dependency on foreign oil," said Fenske, 48, who lives at the Copper Mountain ski resort near Frisco.

A growing number of buyers feel like Fenske. U.S. registrations of new hybrid vehicles rose 38 percent in 2007 to a record 350,289, according to data released Monday by R.L. Polk & Co., a Southfield-based automotive marketing and research company.

Revenue was $1.4 billion for the year, up 14 percent from the year before. The company no longer has to release its net income, as it has paid out a series of bonds it once held as part of a partnership with Comcast that has since ended.

One of the growth drivers remained high-speed Internet service, which accounted for 21 percent of revenue, up from 19.1 percent of revenue in 2006. Broadband's year-over-year revenue growth rate was 25.2 percent.

Only the company's telephone offering saw a higher year-over-year revenue growth rate -- 77 percent -- but that segment contributed just 6.3 percent of overall revenue.

The company's main revenue generator continued to be basic cable service, which accounted for $678.9 million, or 47.2 percent, of overall revenue. Average monthly revenue from a basic customer was $88.85 in 2007, up from $80.53 in 2005.

By delivering earnings and revenue Tuesday that surpassed analysts' estimates, Yahoo added credence to its board's contention that the Sunnyvale-based company is poised for a dramatic turnaround that justifies a higher sales price than Microsoft's initial bid of $44.6 billion, or $31 per share.

But neither the first-quarter results nor Yahoo's outlook for the rest of the year may be compelling enough to cause Microsoft to sweeten its offer.

"This isn't going to make Microsoft come and out offer $35," predicted Canaccord Adams analyst Colin Gillis.

That leaves the rivals at an impasse, just as they have been since Microsoft stunned Yahoo with its unsolicited takeover attempt nearly three months ago.

The dollar's drop to a record low Tuesday against the euro helped draw more funds from investors who see commodities such as oil as a hedge against inflation and a falling dollar. A weaker greenback also makes oil cheaper for investors overseas.

"The bulls are certainly in control of the oil market right now," said Victor Shum, an energy analyst with Purvin & Gertz in Singapore. "The dollar continues to face a lot of pressure, it is likely to further weaken and that will continue to underpin prices."

Many analysts expect the Federal Reserve to cut interest rates further this year to try to shore up the ailing U.S. economy, a move that would likely further weaken the dollar.

Light, sweet crude for June delivery fell 7 cents to $118.00 in electronic trading on the New York Mercantile Exchange by midmorning in Singapore.

The euro rose as high as $1.6018, more than a penny above the $1.5916 it bought late Monday. The 15-nation currency, which was introduced in 1999, has traded as low as 82 cents. It has surged recently, rising 20 cents against the dollar in just five months and 10 cents in just two months.

The euro hit its last record of $1.5982 Thursday. It dropped back Friday after a Wall Street rally generated optimism that the worst of the U.S. credit crunch may be over, but the euro rose again Monday when Bank of America's first-quarter earnings fell short of expectations.

The dollar's slump is a boon for U.S. companies that rely heavily on exports, but it's the bane of travelers as worldwide inflation rises, air fares climb and prices rise in dollar terms for everything from beer in Munich to fine wine in Paris to gondola rides in Venice.

Tuesday's remarks by Yves Mersch in the Financial Times Deutschland and comments made by Christian Noyer to France's RTL radio showed the governing council of the ECB is committed get euro zone inflation back around 2 percent, below the current 3.6 percent it is at now.

The disclosure came as formal contract negotiations between SAG and Hollywood studios entered their second week.

The person, who was not authorized to speak publicly about the deals and requested anonymity, said representatives of the productions have signed guaranteed completion contracts with the guild that clear the way for film companies to raise financing and start work.

The Alliance of Motion Picture and Television Producers, which represents studios, declined to comment on the deals.

Both sides have been tightlipped about their formal contract discussions, which began April 15. They are trying to avoid a replay of the 100-day strike by Hollywood writers.

An investment fund associated with Amalgamated Bank, which bills itself as "America's Labor Bank," made the proposal because of Lexmark's performance during the past year, attorney Con Hitchcock said.

The company has seen its stock price fall to lows near $26 in recent months from highs in the $70s in late 2006. Its performance ranked it near the bottom of an index monitored by Amalgamated Bank, said Hitchcock, who presented the shareholder proposal.

The proposal is only a recommendation, so Lexmark is not required to adopt it.

Chairman and chief executive Paul Curlander told Hitchcock at the conclusion of the meeting that the board will "consider this input very seriously" and "right now, that's really all we have to say."

Shares of American Water (NYSE: AWK) closed at $20.60, down from their initial price of $21.50 a share.

"It's typically not a good sign for the first close," said Josef Schuster, founder and CEO of research firm IPOX Schuster.

Schuster said the bearish response wasn't surprising as American Water owner RWE AG initially intended to sell 6 million shares more than the 58 million that were offered.

The shares amount to 36 percent of American Water. Underwriters will be granted a 30-day option to buy as many as 8.7 million additional shares, the company said.

The median price of a new home in March, compared with a year ago, fell by the largest amount in nearly four decades.

The Commerce Department reported Thursday that sales of new homes dropped by 8.5 percent last month to a seasonally adjusted annual rate of 526,000 units, the slowest sales pace since October 1991.

The median price of a home sold in March dropped by 13.3 percent compared with March 2007, the biggest year-over-year price decline since a 14.6 percent plunge in July 1970.

The dismal news on new home sales followed earlier reports showing sales of existing homes fell by 2 percent in March. Housing, which boomed for five years, has been in a prolonged slump for the past two years with sales and home prices falling at especially sharp rates in formerly boom areas of the country.

The No. 2 U.S.-based automaker also said its latest round of early retirement and buyout offers netted 4,200 hourly workers, fewer than Ford had targeted.

It was the company's first profitable quarter since the second quarter of 2007, when it earned $750 million. Ford reported a full-year loss of $2.7 billion last year, and cautioned that the rest of this year will be tough.

"The remainder of 2008 will be a challenge but we are cautiously optimistic despite the external challenges," CEO Alan Mulally said in a statement. "Our plan is working."

Ford also lowered its industrywide U.S. vehicle sales forecast for the full year to a range of 15.3 million to 15.6 million. In January it had expected full-year sales of 16 million.

A rise in the dollar pushed prices for oil and other commodities lower, helping to send the Dow Jones industrials up more than 160 points.

Sellers held sway early in the session after the government reported sales of new homes fell last month to the lowest level since 1991. While the decline was expected, it appeared to stir concerns that the hangover from the housing bubble would remain an intractable obstacle for the economy.

The early decline in trading wasn't surprising, as investors tried to square their concerns about forecasts from Amazon.com Inc. and Starbucks Corp. with the drop in weekly unemployment claims and the results from Ford.

Some of the outlooks issued by companies in recent days have underscored a worrisome notion that the economy might enter a prolonged period of sluggishness, while others signaled for some investors that Wall Street had been overly dour in its assessment of the business climate.

The outlooks underscored a worrisome notion that the economy could show a more prolonged slowdown than some had expected.

Wall Street is awaiting quarterly reports from names like ConocoPhillips, Motorola Inc. and PepsiCo Inc. due early Thursday.

Investors awaiting another onslaught of quarterly numbers are also keeping watch for some of the week's most notable economic figures. Among the data, the Commerce Department is expected to report that sales of new homes fell in March and weigh in with findings on sales of durable goods - big-ticket items like refrigerators, cars and computers.

But early Thursday investors appeared to focus on the lackluster outlooks issued by Apple and Amazon. Apple released a third-quarter profit forecast that missed Wall Street's forecast, while Amazon predicted lower operating income than investors expected.

The Public Service Commission announced Wednesday that its ruling on a request from Kentucky American Water to build a treatment plant on the Kentucky River will be released at 10 a.m. Friday.

The plant, if approved, would include a pipeline to bring water to Lexington.

There has been strong opposition to the pipeline, mostly from people who live along the proposed route.

Louisville Water Co. intervened in the PSC case, pushing its proposal for a pipeline to bring treated Ohio River water from Jefferson County.

But first, lenders would have to agree to wipe out part of their debt. And the borrowers would have to show they could afford the new mortgage. They also would have to agree to share any future profits on the home with the government.

The plan would be a massive expansion of the Federal Housing Administration, the Depression-era mortgage insurer. The FHA would take on $300 billion in new loans for as many as 1 million distressed homeowners, most of whom otherwise wouldn't qualify for a government-backed loan.

Taxpayer dollars would be at risk should borrowers default on their new mortgages. The FHA, however, would have some non-taxpayer money to cover losses. The agency would collect a 3 percent fee on the refinanced loans, as well as annual 1.5-percent premiums, and share a portion of borrowers' proceeds if the property is refinanced or sold in the future.

The measure by Rep. Barney Frank, D-Mass., House Financial Services Committee chairman, is expected to get committee vote next week. A similar bill is taking shape in the Senate. The Bush administration is backing the same concept, although on a smaller scale.

But as the tough times that have struck the auto industry were described, another speaker pointed out that those tough times mean big bucks for the companies he represents.

"Whenever sales go flat, aftermarket sales go up," said John Waraniak, who represents thousands of small companies that make everything from fuel additives to the kind of stuff shown on MTV's Pimp My Ride.

Because when economic pressures hit car owners, they tend to "keep their vehicle and just upgrade it," he said after addressing the ballroom of visitors at the Marriott Griffin Gate.

And that's the benefit to the 7,200 companies in the Specialty Equipment Market Association.

Their conversations with management came as Lexmark announced first-quarter earnings that exceeded expectations but continued to show a trend for laser: revenue is climbing but profit is falling.

In the first quarter, revenue rose 1 percent for the division, but income fell 7 percent. And the quarter also saw another trend continue -- shipments of laser printers fell, just as they have in all but one of the last five quarters.

Lexmark says it's shipping the products that matter -- higher-end printers whose owners print more pages and use more toner.

Lexmark's real profit lies in toner sales. It noted that sales of color laser products were up in the double-digit percentage range in the first quarter.

The company's dump truck drivers are turning off their engines and going to a break room, instead of sitting in the vehicles with motors running while waiting on loads.

"The trucking industry is just tough right now because of the price of fuel," said Mitch Haynes, vice president and co-owner of the trucking firm.

While some drivers are bemoaning gasoline prices of $3.59 a gallon or more, they've got it better than truck drivers, who are paying more than $4 a gallon for diesel.

Elbert Noel, an independent truck driver from Zoe in Lee County, usually fills up his tractor-trailer rig at "mom and pop shops" because they usually charge 5 or 6 cents less per gallon for diesel than other fuel stations, he said. He also buys diesel at stations that give a discount for paying cash.

Discounts on admission fees. Your company's human resources department might offer deals for specific attractions. Also try local grocers, travel magazines, travel guidebooks and Web sites. Don't forget your credit card company and membership groups. AAA members can save 23 percent on Busch Gardens season tickets for a group of four or more.

Consider Internet and cell phone roaming costs. Many hotels charge $10 to $25 a day for Internet access, so if you must go online, see whether there's a nearby library that has public computers. And instead of cell phones, consider calling cards.

Bring your own snacks and beverages. And stay away from the minibar. If you forget shampoo, toothpaste or the like, remember that some hotels offer such items for free.

Avoid renting a car. In addition to the rental cost, many hotels charge a hefty parking fee. Use public transportation and ask about free hotel shuttle service.

The sell-off accelerated and shares of other airlines dropped after Delta Air Lines Inc. CEO Richard Anderson said in Washington that in the face of record fuel prices domestic carriers would need to raise fares by 15 percent to 20 percent just to break even. At the same time, crude oil prices jumped by more than $2 and neared the once-unimaginable $120-a-barrel mark.

Anderson said higher fares would probably erode demand for air travel, and prompt carriers to further reduce their schedules.

UAL's loss, in what it called an "extraordinarily difficult" environment for airlines, was the biggest since the nation's second-largest carrier emerged from bankruptcy in 2006 and worse than Wall Street expected. Shares in the company plummeted more than 35 percent to close at $13.55 Tuesday, after setting a new low of $12.78.

"An airline ticket has got to reflect the full cost of fuel," Delta Air Lines Inc. CEO Richard Anderson told reporters, adding that such an increase was likely to depress demand and prompt carriers to further trim their flight schedules.

Cost-cutting measures "have largely been exhausted," Northwest Airlines Corp. CEO Doug Steenland said.

Since Dec. 20, carriers have raised fares nine times, according to BestFares.com, and a number of airlines in recent weeks have also raised fees for checking a second bag and other amenities.

When asked if a combined Delta-Northwest would be profitable in its first year, Anderson returned to a common theme: "It will all be a product of fuel prices ... and stay tuned for earnings tomorrow and you'll see what a dramatic effect it's had."

Results came out after the market closed and Apple shares fell $1.68, about 1 percent, to $161.21 at the open of trade Thursday.

While Apple's sales jumped 43 percent and profits rose 36 percent, higher than analyst estimates, lower-than-expected guidance for the third quarter held the stock down.

Apple shares are trading well below their 52-week high of $202.96 set in December. Worried that economic distress is pinching consumers' ability to pay for Apple's premium-priced products, investors lopped off 40 percent from the stock's value in January and February, though it has rebounded considerably since then.

Apple is considered especially vulnerable to slower domestic consumer spending because of its stronger presence in the U.S. than overseas, and because its computers and gadgets typically carry higher price tags than competing products.

Triarc Companies Inc., which is owned by billionaire investor Nelson Peltz, will pay about $26.78 per share for the company, which has about 87 million shares outstanding. The price is a premium of 6 percent from the company's closing price of $25.32 Wednesday.

Under the terms of the deal, shareholders at Wendy's, the nation's No. 3 hamburger chain, will receive 4.25 shares of Triarc Class A stock for each share of Wendy's stock they own.

Atlanta-based Triarc said its shareholders will have to approve a charter amendment in which each share of its Class B stock will be converted into Class A stock.

Triarc said it will also change its name to include the Wendy's name.