ADVERTISING
Chevrolet changes slogans
Chevrolet is dropping its “Chevy Runs Deep” slogan and replacing it with the new tagline “Find New Roads,” saying that it’s better geared toward drivers outside the United States.
The General Motors brand pointed to its significant overseas expansion over the past several years, noting that it now sells its vehicles in more than 140 markets around the world.
“Find New Roads will enable the whole company to rally around a consistent theme for the brand, and at the same time serve as an external message that works in all markets,” GM marketing chief Alan Batey said in a news release.
Super Bowl sells out of ads
Super Bowl ads have sold for more than $4 million for some 30-second spots for this year’s game.
CBS Corp. CEO Leslie Moonves said all the commercials for the NFL championship Feb. 3 in New Orleans were sold out.
Companies paid an average of $3.5 million for a 30-second spot last year. TV’s biggest event averaged more than 111 million viewers in 2012.
FAST FOOD
McDonald’s testing wings
McDonald’s could be adding “Mighty Wings” to its chicken menu. The world’s biggest hamburger chain is set to expand its test of chicken wings to Chicago this week, after a successful run in Atlanta last year. The wings are expected to be sold in three, five or 10 pieces with prices likely starting at $3, according to Lynne Collier, an analyst with Sterne Agee.
A spokeswoman for McDonald’s confirmed the test in Chicago would start this week but said there weren’t any plans yet to bring the wings to other cities. Adding chicken wings to the permanent lineup could be tricky. Prices for chicken wings have been climbing over the past year, reflecting an increase in the number of restaurants serving them, said David Harvey, an agriculture economist who specializes in poultry and eggs at the U.S. Department of Agriculture. In December, the cost of wings in the wholesale market in the Northeast was 26 percent higher than a year ago. Wings sold for $1.90 a pound that month, compared with $1.30 a pound for boneless, skinless chicken breasts.
TRAVEL
U.S. business trips decline
Fewer business travelers are likely to hit the road this year as the travel industry is challenged by corporate America’s persistent economic fears.
Business travelers are expected to take 431.8 million trips in 2013, the Global Business Travel Association said. The industry trade group had forecast 435 million trips back in July.
The latest estimate would mean a 1.1 percent decline from the 436.5 million trips taken in 2012.
Fewer people traveling, however, doesn’t mean lower costs. Airfare, hotel rooms, meals and car rentals have helped to push up the overall price of business travel.
In 2012, business travelers spent $254.9 billion, up 1.6 percent from the prior year. This year, the travel association expects another 4.6 percent increase to $266.7 billion. That’s down slightly from the $268.5 billion predicted back in July.
EMPLOYMENT
Jobless rates decline in cities
Unemployment rates fell below 7 percent in a majority of U.S. cities in November, suggesting steady job gains are benefiting most parts of the country.
The Labor Department says rates fell in November from October in 215 of the 372 largest metro areas. Rates were unchanged in 33 and rose in 124.
Rates dropped below 7 percent in 192 cities. That’s the first time since the recession ended that more than half of large cities had rates below that threshold. The department says 52 areas had rates below 5 percent.
WALL STREET
Dow Jones falls 55 points
Stocks closed lower Tuesday as traders awaited the start of the corporate earnings season. The Dow Jones industrial average dropped 55.44 points, or 0.4 percent, to 13,328.85. The Standard & Poor’s 500 index fell 4.74, or 0.3 percent, to 1,457.15. The Nasdaq composite index shed 7.01, or 0.2 percent, to 3,091.81.
Among stocks in the news, GameStop Corp. was down $1.56 at $23.19 after reporting lower holiday sales and saying fourth-quarter earnings would be at the low end of its guidance. Yum Brands Inc. was down $2.85 to $65.04 after saying it expects KFC’s sales in China to suffer because of a recent government investigation of its poultry. Sears Holdings Corp. was down $2.76 at $40.16 after announcing its CEO is stepping down next month and will be replaced by chairman Edward Lampert.
Compiled from staff and wire reports