Oct. 11, 2010 at 2:43 p.m.
Filed under:
Investing
By Julie Johnsson
Northwestern professor Dale Mortensen, center, is welcomed to a press conference at the University of Aarhus, in Aarhus, Denmark, Monday Oct. 11, 2010. (Polfoto/Andreas Szlavik)
Northwestern University professor Dale Mortensen won the Nobel Prize for economics, Monday, for demonstrating the job market is far more complicated, and irrational, than economists had believed.
Federal Reserve board nominee Peter Diamond was also honored along with Christopher Pissarides with the 10 million Swedish kronor ($1.5 million) prize for their analysis of the obstacles that prevent buyers and sellers from efficiently pairing up in labor, housing and other markets. Get the full story »
Oct. 11, 2010 at 11:08 a.m.
Filed under:
Beverages,
Investing,
Stock activity
By Emily Bryson York
Fortune Brands’ shares surged 13 percent on Friday on the news that William Ackman’s firm Pershing Square Capital Management had purchased an 11 percent stake in the company. But the stock’s ebullience has given some analysts pause.
Peter Lisnic of Robert W. Baird downgraded Fortune’s stock on Monday morning from “outperform” to “neutral,” saying that the stock is now priced higher than its peers.
“Our rating adjustment reflects current valuation metrics that are now at a material premium relative to blended peer group multiples,” he wrote. “While [Fortune] remains well positioned in its end markets, and execution during the recession and housing downturn has been superb, current valuation metrics would appear to discount a stronger macroeconomic recovery than we believe is likely, particularly in U.S. housing construction markets.” Get the full story »
Oct. 11, 2010 at 10:32 a.m.
Filed under:
Investing,
Pharmaceuticals
By Bruce Japsen
Technology firm NanoInk, Inc. said it has received $65 million in financing from Chicago investor Ann Lurie’s Lurie Investments.
“This financing provides working capital to continue our commercial activities and support our growing sales base,” said NanoInk chief executive officer James Hussey, a long-time local developer of biotechnology. “This financing also provides an opportunity for the company to convert substantially all of our debt to equity.” Get the full story »
Oct. 11, 2010 at 9:33 a.m.
Filed under:
Economy,
Investing
By Reuters
Half of financial professionals on Wall Street expect to get a higher bonus this year, and some of those expect a much bigger payout, according to an annual survey by financial job board, eFinancialCareers.com.
Eleven percent expect bonuses that are at least 50 percent higher than those paid out at the start of 2010, according to eFinancialCareers, a unit of Dice Holdings Inc, even though 2010 was seen as a “sideways” year for the stock market. Get the full story »
Oct. 8, 2010 at 7:01 p.m.
Filed under:
Investing,
Stock activity
By Dow Jones Newswires
Investor William Ackman (Reuters)
Activist investor William Ackman’s Pershing Square Capital Management confirmed it has built an 11 percent stake in Fortune Brands Inc. and said it plans to discuss the future of the business with the consumer conglomerate’s board and management.
Pershing, in a 13-D filing with the Securities and Exchange Commission, said that it believes Fortune shares are undervalued and that it plans to also have discussions with other shareholders.
Fortune shares on Friday closed 7.4 percent higher, at $55.85.
Get the full story »
Oct. 8, 2010 at 4:18 p.m.
Filed under:
Investing
By Becky Yerak
Illinois’ private equity industry is doing a better job of raising funds than the buyout industry nationally.
According to figures released by Dow Jones LP Source, an industry database that tracks private equity fundraising, 279 U.S. funds raised $68.8 billion in the first nine months of 2010, a 10 percent drop in capital from the same period last year.
But in Illinois, 22 funds raised $4.4 billion, up from $2.5 billion in the first three quarters of 2009, Dow Jones LP Source said. Get the full story »
Oct. 8, 2010 at 3:36 p.m.
Filed under:
Bankruptcy,
Investing,
Retail,
Updated
By Reuters
General Growth Properties Inc. on Friday named the board of its future spin-off company and appointed hedge fund manager William Ackman to become its chairman when the mall owner and property developer emerges from bankruptcy. Get the full story »
Oct. 8, 2010 at 1:05 p.m.
Filed under:
Exchanges,
Investing,
Stock activity,
Technology
By Dow Jones Newswires
Nasdaq OMX Group Inc., operator of the Nasdaq stock exchange, will strip information from stock orders that some traders say is too revealing.
Starting Dec. 6, Nasdaq will hide reference numbers assigned to orders meant to be invisible to the market, the exchange said Thursday in an alert to traders. Some traders were concerned that sophisticated computer programs could use those reference numbers to identify a larger pattern in orders and use that to manipulate prices. Get the full story »
Oct. 8, 2010 at 9:52 a.m.
Filed under:
Investing,
Retail
By Reuters
Activist hedge fund manager William Ackman, who has been known for big bets on retailers and real estate, on Friday said his fund has taken a 16.5 percent stake in retailer JC Penney.
Unveiling one of his biggest investments in months, Ackman’s New York-based firm Pershing Square Capital Management said it now owns roughly 39 million shares of common stock in the Plano, Texas-based retailer. Get the full story »
Oct. 6, 2010 at 5:25 p.m.
Filed under:
Development,
Government,
Investing,
Tourism,
Updated
By Kathy Bergen
The agency that runs McCormick Place got long-awaited financial relief Wednesday with the sale of $1.12 billion in bonds to restructure old expansion debt and finance an addition to the convention center hotel.
The bond deal, which represents the second step toward a state-mandated revamp of the convention center, also will restore depleted reserves and provide a short-term operating subsidy. Get the full story »
Oct. 6, 2010 at 7:26 a.m.
Filed under:
Investing
By Gail MarksJarvis
MarksJarvis on Money | Do you think like a millionaire?
If you’ve been shunning stocks, you apparently do. Reuters is reporting that the head of research for Societe Generale’s private banking group — which works with people with millions — has said clients aren’t as interested in stocks as they were in the past.
Oct. 5, 2010 at 10:54 a.m.
Filed under:
Food,
Investing,
Updated
By Reuters
Private equity firm Apollo Global Management approached food company Sara Lee about six weeks with regards to a deal, a source familiar with the matter said on Monday.
It was unclear if anything will come of that approach.
A deal would likely to have been struck in conjunction with investor C. Dean Metropoulos, a Connecticut entrepreneur known for reinvigorating food brands, who is an operating partner of Apollo, the source said. Get the full story »
Oct. 4, 2010 at 2:51 p.m.
Filed under:
Health care,
Investing,
M&A
By Associated Press
Navigant Consulting Inc., a consulting firm that provides dispute resolution and financial and regulatory advice, said Monday it bought EthosPartners Healthcare Management Group Inc. for $37 million.
By Dow Jones Newswires
Goldman Sachs downgraded Microsoft Corp. on Monday to neutral from buy, and lowered its price target on the software giant to $28 from $32.
Among the reasons for the move, the broker cited “increased caution near-term on a more elongated PC refresh cycle” as well as the threat that some of the notebook market could be cannibalized by tablet PCs, where Microsoft Windows doesn’t yet have a presence. Get the full story »
Oct. 1, 2010 at 3:56 p.m.
Filed under:
Banking,
Investing,
Small business
By Becky Yerak
A group of investors wants to invest about $10 million into Maywood-based First Suburban National Bank, and if it’s successful it wants to cater to Russian and Eastern European Jewish customers in the area, according to documents filed with the Federal Reserve. Get the full story »
