Business news briefs
down off 65%
Chrysler said net income fell 65 percent in the first quarter as the automaker spent heavily and shipments fell to prepare for new models. Chrysler said revenue dropped 6 percent, despite an 8 percent increase in sales, indicating it is still solidifying its comeback from a government bailout and bankruptcy in 2009.
J.C. Penney to get
J.C. Penney confirmed that Goldman Sachs will provide it with $1.75 billion in financing. The five-year loan can be used to fund operations, as well as pay off some debt. The retailer has been burning through cash. Earlier this month, it said it would draw $850 million from its $1.85 billion revolving credit line.
Virgin Galactic's SpaceShipTwo made its first powered flight Monday, breaking the sound barrier in a test that moves the company closer to its goal of flying paying passengers into space. A jet released the ship, whose pilots triggered its engines to reach an altitude of 55,000 feet before gliding to a landing north of Los Angeles.
Kodak to sell 2
units to U.K.
Eastman Kodak Co. has agreed to sell its personalized and document imaging businesses to its U.K. pension plan as part of an agreement that settles $2.8 billion of claims that the retirement fund had sought from the photography pioneer.