Federal regulators have mandated new requirements for brokerage firms aimed at reining in risk from their trading customers who get split-second access to markets to buy or sell stocks.
Nov. 3, 2010 at 10:17 a.m.
Comments Off
Filed under: Earnings, Housing, Policy, Politics, Real estate Freddie Mac posts $4.1B loss for third quarter
Government-controlled mortgage buyer Freddie Mac on Wednesday posted a narrower loss of $4.1 billon in the third quarter as it asked for an additional $100 million in federal aid — substantially less than the $1.8 billion it sought in the second quarter.
GM’s tax break worth as much as $45 billion
General Motors can get a tax break of up to $45 billion as part of its U.S. government-financed restructuring, documents filed with federal regulators earlier this year showed.
The Wall Street Journal earlier reported that GM would not have to pay federal taxes on up to $50 billion in profits. A later version of this story revised this figure to about $45 billion.
This figure also includes $18.88 billion of carry-forwards, according to the automaker’s annual filing from April. Get the full story »
Icahn raises stake in Motorola to 11.3%
Activist investor Carl Icahn has increased his stake in Schaumburg-based Motorola Inc. to about 11.3 percent, up from a 10.7-percent holding he disclosed at the end of August.
In filings with the U.S. Securities and Exchange Commission, Icahn said he spent about $120.9 million to buy 15.2 million additional shares of Motorola on Tuesday. Get the full story »
Hyatt profit soars 83% on business travel rebound
The Park Hyatt hotel in downtown Chicago. (E. Jason Wambsgans/Chicago Tribune)
Hyatt Hotels Corp. posted sharply higher quarterly profit on Wednesday as demand for business travel improved.
The hotel owner and operator, controlled by the Pritzker family in Chicago, posted third-quarter earnings of $30 million, or 17 cents per share, up from $5 million, or 3 cents per share, a year earlier. Get the full story »
Nov. 3, 2010 at 8:34 a.m.
Filed under: Cell phones, Consumer electronics, Consumer news, Hotels, Travel Hotel replaces room keys with cell phones
Visitors to a Stockholm hotel will be able to use mobile phones instead of keys to unlock the doors to their rooms. Assa Abloy AB, the world’s largest maker of door locks, has launched a pilot in which Clarion Hotel Stockholm will lend customers mobile phones with close-range radio chips, much like devices used for contact-less payments at gas stations. Get the full story »
Federal Signal profit falls on acquisitions, litigation
Federal Signal Corp. posted a lower quarterly profit Wednesday because of expenses related to newly acquired businesses and an increase in legal costs associated with ongoing litigation over its emergency sirens. The manufacturer reported third-quarter earnings of $2.5 million, or 4 cents a share, down from $4.4 million, or 9 cents a share, a year earlier. Get the full story »
R.R. Donnelley takes fewer charges, earnings rise
R.R. Donnelley & Sons Co. said its third-quarter earnings rose more than quadrupled, as the printing company took smaller charges for restructuring and other special items. The company reported net income of $53.3 million, or 25 cents a diluted share, compared with $13.1 million, or 6 cents a diluted share, a year ago. The quarter included charges totaling $48.7 million, down from $131.7 million a year earlier. Get the full story »
Duane Reade boosts Walgreens October sales
Drugstore giant Walgreens said October sales rose nearly 4 percent buoyed by its acquisition in April of large New York pharmacy chain Duane Reade stores. The Deerfield-based pharmacy chain said October sales were $5.85 billion, up of 3.7 percent from $5.64 billion compared to October of 2009. Get the full story »
U.S. private sector adds 43,000 jobs in October
U.S. private employers added 43,000 jobs in October compared to a revised loss of 2,000 jobs in September, a report by a payrolls processor showed on Wednesday. The September figure was originally reported as a loss of 39,000. Get the full story »
MillerCoors profit up despite sluggish beer sales
MillerCoors said cost cuts and price increases helped it improve third-quarter profit 36 percent despite soft sales in a “sluggish U.S. beer market.” Excluding special items, net income increased to $334 million from a year ago. Get the full story »
Hyatt to add Park Hyatt in New York expansion
Hyatt Hotels Corp. intends to open its first luxury hotel in New York–a 210-room Park Hyatt–in a Midtown condominium tower under development by Extell Development Co. In unveiling plans for the luxury hotel, set to open in 2012, Hyatt has gone from just one hotel in Manhattan–the Grand Hyatt in Midtown–at the start of this year to now having plans for six. Get the full story »
T-Mobile launching 4G in Chicago this week
T-Mobile USA Inc. said it is launching 4G wireless service in the Chicago area this week, heightening competition among mobile operators to provide the fastest connectivity to laptop- and smart phone-toting consumers. The Bellevue, Wash.-based carrier said its upgraded network will cover the city and suburbs within a 20-mile radius.
T-Mobile first lit up 4G service in September 2009 and is in about 75 metropolitan areas. Chicago is part of T-Mobile’s expansion to six new cities, and the company is aiming to offer 4G in 100 markets covering 200 million people by year-end.
Russian company plans to bid for Potash
Russian fertilizer company Phosagro plans to bid for Potash Corp, according to a media report, rivalling BHP Billiton’s $39 billion offer awaiting a crucial ruling from the Canadian government. Phosagro Chairman Vladimir Litvinenko has asked Russian Prime Minister Vladimir Putin to approve a potential deal and request financing from Russian banks, Russian business daily Vedomosti reported on Wednesday. Get the full story »
Nov. 3, 2010 at 5:30 a.m.
Comments Off
Filed under: The day ahead in business
Reports: Factory orders for September, 9 a.m. ISM service index for October, 9 a.m.; Automakers release vehicle sales for October.
Meetings: Federal Reserve announces decision on interest rates.
Major earnings: Aetna Inc.; Anheuser-Busch InBev; AOL Inc.; CVS Caremark Corp.; Molson Coors Brewing Co.; MGM Resorts International; News Corp.; Prudential Financial Inc.; PulteGroup Inc.; Qualcomm Inc.; Time Warner Inc.; WellPoint Inc.; Whole Fords Market Inc.
