Shares of Navistar International Corp. rose in early trading Tuesday, after the truck and bus manufacturer said it sees a stronger economy ahead and raised its fiscal 2011 earnings guidance. Get the full story »
Jan. 25 at 5:02 p.m.
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Filed under: Earnings, Manufacturing, Stock activity, Transportation Brighter earnings outlook lifts Navistar shares
PrivateBancorp targets toxic commercial real estate loans
PrivateBancorp Inc.’s quarterly profit beat analysts’ estimates as its loan loss provisions halved and the lender expects to reduce its exposure to toxic commercial real estate loans this year.
The bank’s shares rose as much as 7 percent, to a high of $16.09, Tuesday morning on the Nasdaq. They pared some of the gains to close up 1.2 percent, at $15.19, at nearly three times the usual volume. Get the full story »
Jan. 25 at 4:44 p.m.
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Filed under: Earnings, Manufacturing, Stock activity, Telecommunications Triple whammy sends Tellabs’ stock down 19%
Barron’s | Tellabs’ shares dropped 19 percent Tuesday on fourth quarter earnings that came up short, a forecast for continued weakness in the first quarter and a stock downgrade amid intense competition in the telecommunications sector.
Yahoo 4Q revenue falls; 1Q decline expected
Yahoo Inc.’s quarterly net revenue fell 4 percent and it forecast a further slide this quarter as it struggles to revive growth in the face of intense competition from Google and Facebook.
Yahoo shares were down 4.4 percent, at $15.39, in extended trading Tuesday. Get the full story »
Jewel to close Chicago Lawn store
Minneapolis-based SuperValu Inc. confirmed Tuesday that it will close a Jewel-Osco at 6057 S. Western Ave. next month. A Jewel spokeswoman said no further closure announcements are expected at the chain. The store’s 130 employees will be offered positions at other Jewel stores.
In a statement, the company said that “the decision to close a store is always difficult,” but in a challenging environment, the move “will strengthen Jewel-Osco’s overall business.” Get the full story »
ICC move opens state to more electric utilities
This time last year, Chicagoans had just one choice when it came to their electricity supplier: Commonwealth Edison. As of this week, they have four choices and could see more, thanks in part to a recent Illinois Commerce Commission decision that allows alternative electric suppliers to bill customers through ComEd.
The ruling makes it easier for alternative electricity suppliers to compete here because they don’t have the expense that comes with billing customers. Customers who choose to purchase their electricity through another supplier receive a single bill that includes the charges from the company that supplies the electricity and from ComEd for delivering it. Get the full story »
Recalls squeeze Johnson & Johnson in 4Q
Johnson & Johnson’s revenue has slumped for a second straight year, prompting its chief executive to make an extraordinary pitch to soothe investors and defend the company’s handling of 17 costly recalls.
The health care giant, hammered by the weak global economy, growing pricing pressures and recalls that have kept many popular nonprescription medicines off store shelves, reported Tuesday a 12 percent profit decline and a 5.5 percent drop in sales for the fourth quarter. Get the full story »
Disney confirms layoffs in video game unit
The Walt Disney Co. is confirming layoffs amid a restructuring of its video game division, a money-losing unit that is focusing more on mobile and social games and away from expensive-to-produce console games.
The company didn’t specify the number of people affected, however. Get the full story »
27.6% teen jobless rate for 2010 an Illinois record
More than a quarter of Illinois teenagers looking for jobs last year could not find one, according to preliminary data by the Employment Policies Institute, a think-tank that focuses on entry-level employment issues.
Illinois’ rate climbed to a record high of 27.6 percent, up from 25.8 percent in 2009 and well above the national average of 25.9 percent. Get the full story »
Gov’t opens investigation into 2010 Fusions
The government has opened a preliminary investigation into reports of wheel studs breaking on some 2010 model year Ford Fusion sedans. Get the full story »
JBS makes verbal Sara Lee offer, sources say
Brazilian beef processor JBS has made a verbal buyout offer for Sara Lee Corp. and is expected to submit a written proposal in the coming day, two sources familiar with the situation said.
JBS made its verbal overture on Monday evening, the sources said. The terms of the offer were not immediately available. Get the full story »
Continental, Aeromar in code-sharing deal
Aeromar and Continental Airlines, a wholly-owned unit of United Continental Holdings, Inc., said they will begin code-sharing on their flights Feb. 1.
Get the full story »
Google to hire more than 6,200 this year
Google plans to hire more than 6,200 workers this year in the biggest expansion yet by the Internet’s most profitable company. Get the full story »
Airbus, Boeing clash ahead of WTO verdict
irbus and Boeing traded blows on Tuesday ahead of a final World Trade Organization ruling on claims Boeing received subsidies, in a tit-for-tat case brought by the European Union over similar U.S. claims against Airbus. Get the full story »
