6at4 Business Report: Facebook, Chrysler, American Airlines

February 1, 2012 3:03:30 PM PST
Facebook's IPO; American Airlines job cuts; Automaker profits up

AARP Tax Aid
With tax time fast approaching, AARP announced today that its offering help to seniors in Delaware who need it. IRS trained volunteers will staff 30 sites throughout New Castle County to provide tax preparation assistance to low and moderate income seniors. Last year, more than 11,000 thousand Delaware residents took advantage of the free services, and organizers expect a similar turnout this time around. You can get the tax help by following this link to www.aarp.org/taxaide.

Facebook IPO
NEW YORK (AP) - Facebook made a much-anticipated status update Wednesday: The Internet social network is going public eight years after its computer-hacking CEO Mark Zuckerberg started the service at Harvard University. That means anyone with the right amount of cash will be able to own part of a Silicon Valley icon that quickly transformed from dorm-room startup to cultural touchstone. If its initial public offering of stock makes enough friends on Wall Street, Facebook will probably make its stock-market debut in three or four months as one of the world's most valuable companies. Some are calling it the most-anticipated initial public offering since Google back in 2004.

American Airlines job cuts
AMR, the parent company of American Airlines, is laying off 13,000 employees as it tries to emerge from bankruptcy and all groups will have to reduce expenses by 20%. Employees can expect big changes as well to medical coverage for active employees now and when they retire. Plus, the company is ending its four pension plans and instead opting for a 401k plan.

Chrysler sales up 44%
It's the first of the month so automakers reported their January sales today. Chrysler said sales rose 44% last month and Nissan also led the pack with a 10% increase in sales. General Motors said sales dropped 6.1% as prices for their vehicles are up $1,000 from last year. If you're looking to buy a car, incentives are down right now. With sales still growing, it's actually a healthy sign for the economy.

Spirit Airlines adding $2 fee
The airline protesting new government rules says those new policies are forcing it to hike prices. Spirit Airlines today said it was adding two dollars to the price of every ticket. The airline has been a vocal opponent of new federal guidelines that force carriers to list all taxes and fees during the booking process. Before, you didn't see the full prices until you checked out. Transportation Secretary Ray LaHood said carriers shouldn't be charging unnecessary fees, and should be focusing on service. Spirit flies out Atlantic City International Airport.