Methode Electronics, component devices and subsystems designer company, reported 1Q for fiscal 2006 net income of 13 cents share, even with the same period last year’s result. The shallow manufacturing benefits for the quarter are due to a number of the company’s business units having experienced the effects of rising costs of materials, most prominently in in petroleum-based products such as silicone, urethane and other resins, as well as the greatly increased cost of copper.

CORPORATE NEWS

Boeing machinists went on strike Friday for the first time in 10 years, following their negative vote to reject the company's latest contract offer.

Northwest, U.S. No. 4 airline, said surging oil prices could compel it to look for even greater labor concessions and force a bankruptcy filing. The company's pilots' union voted Thursday to reopen contract negotiations soon having in mind the carrier's not so rosy financial situation

Two groups of private-equity firms submit final offers of as much as $10 billion including debt for Ford Motor's Hertz unit, according to reports. One consortium composed of Bain Capital, Blackstone Group, Texas Pacific Group and Thomas H. Lee is competing against another group made up of Clayton Dubilier & Rice, Carlyle Group and Merrill Lynch Global Private Equity.