Dec. 2, 2010 at 11:00 a.m.
Filed under:
Manufacturing
By Reuters
After racking up strong earnings growth in 2010, major U.S. manufacturers are expect to set the stage for a slower-paced 2011 when they meet with analysts and investors to lay out their expectations for the coming year.
Heavyweight industrials including Illinois Tool Works, General Electric, United Technologies Corp, 3M Co., Honeywell International and Danaher are all set to provide 2011 forecasts in the coming weeks.
Profit margins across the sector swelled this year as companies that cut costs to the bone during the brutal recession experienced a rebound in sales that helped the Standard & Poor’s capital goods industry index to rise about 14 percent, more than twice the gains of the broader U.S. stock market. Get the full story »
Dec. 2, 2010 at 10:17 a.m.
Filed under:
M&A,
Pharmaceuticals
By Associated Press
Lisle-based pharmacy benefit management firm SXC Health Solutions Corp. said Thursday it has agreed to buy specialty pharmacy provider MedfusionRx LLC for US$100 million. Get the full story »
Dec. 2, 2010 at 9:47 a.m.
Filed under:
Banking
By Becky Yerak
Harris Bank on LaSalle Street. (Phil Velasquez/Chicago Tribune)
About two dozen Illinois banks, including failed Amcore Bank and the parent of foreign-owned Harris Bank, tapped a Federal Reserve program that increased the amount of liquidity available to lenders during the financial crisis.
The Fed’s Term Auction Facility was established in December 2007, shortly after the first signs of the financial crisis began appearing.
Under the new Dodd-Frank Wall Street Reform & Consumer Protection Act of 2010, the Fed was required to make more details available on the more than 21,000 transactions in TAF and other programs intended to stabilize markets during the financial crisis, and to help get credit flowing again in hopes that the economy would recover and jobs would be created. Get the full story »
Dec. 2, 2010 at 9:35 a.m.
Filed under:
Autos,
Retirement
By Reuters
General Motors said on Thursday that it made a $4 billion cash contribution to pension plans for its U.S.-based hourly and salaried workers. Get the full story »
Dec. 2, 2010 at 8:44 a.m.
Filed under:
Exchanges
By Kathy Bergen
Chicago-based CME Group Inc., operator of derivatives exchanges, reported November volume averaged 14.2 million contracts per day, the highest average since September 2008, with one exception. Get the full story »
Dec. 2, 2010 at 8:06 a.m.
Filed under:
Retail
By Associated Press
Generous discounts lured American to stores for holiday gifts in November, providing cheer and robust sales gains for retailers. That raises hopes, already buoyed by reports of crowded malls, for a strong holiday shopping season.
As retailers report their monthly results Thursday, it showed that many different types of shoppers were in the mood to buy, from the affluent to teens. Stores reporting gains that topped Wall Street expectations included Costco Wholesale Corp., Target Corp., the owner of Victoria’s Secret and teen retailer Abercrombie & Fitch.
Dec. 2, 2010 at 8:02 a.m.
Filed under:
Pharmaceuticals
By Bruce Japsen
Baxter International Inc. said it has expanded a deal with Japan’s largest drug maker to bring its cell-based vaccine technology to that country.
The Deerfield-based medical product giant said terms of the agreement with Osaka, Japan-based Takeda Pharmaceutical Company Limited call for “Takeda and Baxter will expand upon their previously announced collaboration to bring Vero cell culture-based influenza vaccines to the Japanese market.” Get the full story »
Dec. 2, 2010 at 7:53 a.m.
Filed under:
Real estate
By Mary Ellen Podmolik
(AP Photo/David J. Phillip/file)
The number of foreclosed homes sold in Illinois during the third quarter fell sharply from the previous three months, but buyers who did enter the market were able to buy properties at prices more than 40 percent below the traditional market.
RealtyTrac reported Thursday that 6,844 foreclosed homes were sold in Illinois during the three months ended Sept. 30, a 24.34 percent from the second quarter. Still, sales of foreclosures represented almost 24 percent of all transactions.
The average foreclosed home selling price was $142,214 during the quarter, a 41.34 percent discount from the non-foreclosure average market price. Get the full story »
Dec. 2, 2010 at 7:44 a.m.
Filed under:
Jobs/employment
By Reuters
New U.S. claims for unemployment benefits rose more than expected last week, a government report showed on Thursday, but a drop in the four-week moving average to a fresh two-year low suggested the labor market was on the cusp of solid job gains. Get the full story »
By Wailin Wong
Motorola Mobility is planning to make tablet devices in two different sizes, Chief Executive Sanjay Jha said Wednesday.
Jha has previously voiced interest in the tablet space, but offered a few more details during an investment bank conference. Motorola Mobility will make both a 7-inch and a 10-inch tablet because “we view both formats as being quite meaningful,” Jha said. Get the full story »
Dec. 2, 2010 at 6:36 a.m.
Filed under:
Autos,
Energy
By Associated Press
The first mass-market electric cars go on sale this month. And Illinois authorities want the state to be in the driver’s seat in using plug-in cars.
The state’s Commerce Commission formed a committee called the “Initiative on Plug-in Electric Vehicles” earlier this year. It has asked utility companies to respond by Dec. 15 on how plug-in cars would affect Illinois’ electric grid. After that, a public meeting is planned in January. Get the full story »
Dec. 2, 2010 at 6:31 a.m.
Filed under:
Airplanes,
Defense
By Dow Jones Newswires
The defense arm of Boeing Co. is expecting a lackluster year followed by a modest pickup in 2012, the head of the unit said Wednesday. Get the full story »
Dec. 2, 2010 at 6:27 a.m.
Filed under:
Food,
Insurance,
Restaurants
By Dow Jones Newswires-Wall Street Journal
Senate Democrats accused McDonald’s Corp. of offering hourly workers a bad deal on health insurance, prompting a strong defense from a top McDonald’s executive who disclosed fresh details about the chain’s benefits. The exchanges came at a hearing Wednesday that was part of a Senate committee investigation into “mini-med” insurance policies, a type of limited health plan favored by retailers and restaurant chains. Get the full story »
Dec. 2, 2010 at 6:18 a.m.
Filed under:
Franchises,
Hotels
From Crain’s Chicago Real Estate Daily | Hyatt Hotels Corp. sold three suburban Chicago hotels — the Hyatt Lisle, Hyatt Deerfield and Hyatt Rosemont — for $51 million. The buyer, a joint venture of AREA Property Partners and Aimbridge Hospitality, will continue to operate under the Hyatt flag under long-term franchise agreements. Get the full story>>
Dec. 2, 2010 at 6:04 a.m.
Filed under:
Beverages,
Food,
International,
Packaged foods
By Associated Press
PepsiCo Inc. is buying a majority stake in Russian company Wimm-Bill-Dann Foods for $3.8 billion. The move will make PepsiCo the biggest Russian food and beverage company and broaden its presence in Eastern Europe and Central Asia. Get the full story »
