6at4 Business Report: Ford; Apple; Unemployment

March 15, 2012 2:42:36 PM PDT
Ford reportedly sued over faulty gas tanks; Apple stock hits $600; Jobless claims drop for week.

Ford Lawsuit
Ford gets slammed with a lawsuit. Reuters says the automaker has been sued for allegedly selling trucks over a 10-year period with defective fuel tank linings and for hiding the problem from consumers even as it warned dealers. The suit involves fuel tank linings on 10 E- and F-series truck and van models made between 1999 and 2008 that would "separate and flake off," which would eventually cause a sudden loss of engine power. Ruters says Ford did not immediately return requests for comment.

Jobless Claims at 4-Year Low
Here's more evidence the labor market is improving. First-time claims for jobless benefits dropped last week, matching the lowest level in 4 years. Companies have slowed the pace of firings and are expanding their workforces and that's good news for businesses, because if people have a job they are more likely to boost their spending.

Apple Stock Climbs
Apple's stock got a big boost today ahead of tomorrow's highly anticipated new iPad release. The stock hit $600 a share for the first time ever but settled at just under $586. Morgan Stanley said Wednesday they think Apple's stock can hit $720 a share and a lot of that based on sales of iPads.