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BUSINESS NEWS.(TO THE POINT)
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DaimlerChrysler says Q4 at risk
The German automaker is no longer confident about meeting 2001 profit targets of $1.1 bil-$1.55 bil after the Sept. 11 attacks. But Daimler expects to top its Q3 forecast, thanks to a faster than expected restructuring of its ailing Chrysler unit. Its U.S. shares rose 1.18, or 4%, to 29.98.
Chrysler will build a sports coupe in Germany. The Crossfire will be sold in 2003 and will be the first Chrysler car sold in the U.S. with borrowed parts from Mercedes-Benz.
Fiat cuts output, idles employees
The Italian carmaker will trim production in October by 30,000 units, temporarily laying off 20,000 workers. Fiat earlier said the European car market should shrink 5%-8% in Q4 due to the terror attacks.
UPS cuts Q3 earnings forecast
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