Overzealous expectations for sales of Apple’s (NASDAQ:AAPL) new iPhone 5 were belied by the company’s announcement that it sold 5 million iPhones over the weekend, though handily beating by over a million the sales performance of last year’s iPhone 4S. Consumers have apparently ignored reported problems with its maps application, the lack of a significant change in its aesthetics and any ground-breaking innovation over the previous model.
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An FTC report on Cigarette and Smokeless Tobacco Advertising and Promotion reveals that though spending on advertising and promotion fell from $547.87 million in 2008 to $444.20 million in 2010, the dollar value of sales increased from $2.76 billion in 2008 to $2.78 billion in 2010. In fact, the largest spending category in the cigarette report in both 2009 and 2010 was price discounts that effectively lowered the price of cigarettes to consumers. This should give an insight into the results of tobacco majors such as Altria (NYSE:MO), Reynolds American (NYSE:RAI), and Lorillard (NYSE:LO).
Delta Air Lines (NYSE:DAL) has commenced producing jet fuel from its Pennsylvania refinery that it purchased in an unusual move to get a hold on its fuel costs. The refinery currently relies on imported crude oil, but plans are afoot to switch over to crude sourced from North Dakota.
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