Stocks rise modestly with energy leading the market ... and more

Stocks rise modestly with energy leading the market

NEW YORK -- Wall Street closed a quiet session with a moderate advance Thursday, with energy and other commodities companies leading the market as oil prices extended their record-breaking run.

Financial stocks were the worst performers of the day. Philip S. Dow, managing director of equity strategy at RBC Dain Rauscher in Minneapolis, said investors likely are still jittery over the sector, with continued concern about whether the companies have problems on their books beyond subprime mortgages. "Our guess is that the worst is not over for the financials on a fundamentals basis," he said.

The Dow rose 52.43, or 0.41 percent, to 12,866.78.

Broader stock indicators turned higher after fluctuating at times during the session. The Standard Poor's 500 index rose 5.11, or 0.37 percent, to 1,397.68, and the Nasdaq composite index rose 12.75, or 0.52 percent, to 2,451.24.

Crosstown Courier acquires ASAP Courier of Knoxville

CrossTown Courier has acquired the business operations of ASAP Courier of Knoxville, including the ASAP Delivery Services warehouse near McGhee Tyson Airport.

Marc Jinks, who manages the Knoxville area ASAP office located at 3260 North Bend Circle in Alcoa, said the company is looking for a larger space.

"We've been growing here since we came here three years ago. We've outgrown what we have, so we have to go," Jinks said Thursday. "We're looking at three or four locations now -- looking for a warehouse to move to."

Crosstown Courier, based in Nashville, provides full-service scheduled route and on-call courier pickup and deliveries as well as expedited freight and logistics services 24 hours a day, 365 days per year.

The company also provides warehousing services, legal filings, medical deliveries and freight deliveries.

"We do courier, logistics and expedited work that ranges from transporting envelopes to large trucks," Jinks said.

ASAP also has offices in west Knoxville and in Chattanooga.

NSK Steering Systems opens supply facility in Dyersburg

NSK Steering Systems celebrated the grand opening of its new facility in Dyersburg on Thursday with Gov. Phil Bredesen and Tennessee Economic and Community Development Commissioner Matt Kisber.

The facility is the first Japanese-owned auto supplier to locate in Dyersburg. The 100,000-square-foot plant will house 140 employees and represents a capital investment of more than $6 million.

"The decision by NSK to come to Dyersburg illustrates just what can be accomplished when we work together to attract new industry," Bredesen said.

"The result is that today we're celebrating the first Japanese-owned automotive supplier to make such a significant capital investment in rural West Tennessee."

William Berry, president of NSK Steering Systems America, said "We knew to come to Dyersburg would be to build on a tradition of excellence, and we have not been disappointed. The resources and the workforce here are exactly what we were looking for."

ASAP also has offices in west Knoxville and in Chattanooga.

Kleinfield named new ALCOA CEO; Belda to stay on board

PITTSBURGH -- ALCOA Inc., the world's third-largest aluminum producer, has named Klaus Kleinfeld as its new chief executive, the company said Thursday.

Kleinfeld, 50, had been the Pittsburgh-based company's president and chief operating officer since August 2007 and a board member since 2003. He succeeds Alain Belda, 64, who will continue as chairman of the board.

The announcement came as ALCOA shareholders gathered for the company's annual meeting in Pittsburgh. Kleinfeld had been viewed as Belda's likely successor.

Kleinfeld had been president and chief executive of engineering company Siemens AG, based in Munich, Germany, but stepped down last year.

"In the short amount of time Klaus Kleinfeld has been an Alcoan, he has made a significant difference for the company," Belda said in a statement. "Klaus has extraordinary energy, a keen understanding of global issues, is committed to continuing the strong operating performance of ALCOA, and embraces our values."

In April, ALCOA reported that first-quarter profits had fallen by more than half compared with the same period a year earlier as higher costs and a weak U.S. dollar weighed down results.

But executives said market fundamentals remained strong and that the company was well positioned to boost returns when the North American and European economies rebound.

Shares of ALCOA gained $1.56, or 4.1 percent, to close at $39.65 on Thursday.

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