Nicor Inc.’s third-quarter earnings were flat as stronger results at the natural-gas company’s distribution business were offset by a decline at its shipping segment. Profit missed analysts’ expectations and Nicor cut its 2010 target to $3 to $3.10 a share from $3.10 to $3.30, mainly owing to lower-than-expected earnings at its shipping business. Get the full story »
Creditors sue Zell, banks over Tribune bankruptcy
Tribune Co. creditors filed sprawling lawsuits on Monday that take aim at Sam Zell, his banks and advisers for the disastrous leveraged buyout that plunged the publisher into bankruptcy two years ago.
The lawsuit accuses billionaire Zell and the Tribune board of defrauding Tribune’s creditors by pursuing the buyout of the owner of the Los Angeles Times and Chicago Tribune knowing it would lead to bankruptcy. Get the full story »
Girl Scouts uniforms to keep Made in USA label
The Girl Scouts of the USA announced Monday its uniforms will continue to be made in America following a public uproar over reports it was considering bids from overseas manufacturers.
The owners of a family run Passaic, N.J., factory that has been the main supplier of Girl Scout uniforms and sashes for years were told recently that the organization would be seeking bids for the job — including from a company in China. Get the full story »
Boeing: China to be world’s largest jet market by 2030
China will become the world’s biggest airplane market after the U.S. over the next 20 years and will likely require 4,330 new commercial airplanes valued at $480 billion over the same forecast period, with the bulk of new deliveries expected to be for smaller, single-aisle planes, according to a projection by Boeing Co. Get the full story »
BP returns to profit despite $7.7B charge in 3Q
BP PLC raised the likely cost of the devastating Gulf of Mexico oil spill by $7.7 billion Tuesday, dragging down its third quarter net profit by more than 60 percent despite higher oil and gas prices. In an earnings update, the London-based company said it returned to profit for the first time since the April spill, though net income of $1.79 billion was still well below a year-earlier profit of $5.3 billion because of the extra charge.
Nov. 2, 2010 at 5:30 a.m.
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Filed under: The day ahead in business
Meetings: Federal Reserve meets to discuss interest rates.
Major earnings: Archer Daniels Midland, Clorox Co., Electronic Arts Inc., Kellogg Co., MasterCard Inc., Medco Health Solutions Inc., NYSE Euronext, Pfizer Inc., Unilever NV, Wynn Resorts Ltd.
Blago, Snooki to pitch for pistachios
By Mary Ellen Podmolik and Andrew Grimm | At least it’s Snooki wearing the revealing green swimsuit and not Rod Blagojevich.
The ex-governor/convicted felon, along with the “Jersey Shore” star, are among eight celebrities tapped by Paramount Farms to star in a $20 million, six-week ad campaign touting Wonderful Pistachios. The Blagojevich ad made its debut during Sunday’s World Series telecast. Get the full story »
FDIC sues failed Ill. bank’s execs over losses
The FDIC sued 11 former executives and directors at a failed Illinois bank on Monday, part of the regulator’s efforts to recover more than $1 billion of losses in its deposit insurance fund.
The lawsuit accuses former officials at Heritage Community Bank of negligence, gross negligence and breach of fiduciary duty.
The Federal Deposit Insurance Corp is planning to sue more than 50 officers and directors of failed banks to help replenish its deposit insurance fund, a spokesman for the regulator said. Get the full story »
WMS Industries 1Q earnings beat Street
Gaming machine maker WMS Industries posted fiscal first-quarter earnings that were a penny above Wall Street’s expectations late Monday.
The Waukegan, Ill., company reported net income of $19.5 million, or 33 cents per share, on $187.5 million in revenue for the three months ended Sept. 30. That compares with net income of $19.8 million, or 34 cents per share, on $165.3 million in revenue in the same quarter last year.
Nov. 1, 2010 at 4:53 p.m.
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Filed under: Computers, Government, Software, Telecommunications, Updated Google sues Interior Dept. for favoring Microsoft
Google is suing the U.S. government for excluding its products from being considered for a five-year contract worth about $59 million to upgrade the Department of the Interior’s email system.
In a complaint filed on Friday, Google said the government abused its discretion and acted in a manner that was “arbitrary and capricious” by only considering sales proposals with email technology based on Microsoft Corp technology. Get the full story »
Charter One lays off ‘handful’ in Illinois
Charter One, a Royal Bank of Scotland Group unit that’s the 12th biggest deposit gatherer in the Chicago area, said it has laid off a “handful” of Illinois employees after a review of its commercial real estate lending division. Get the full story »
UPS joins FedEx with rate hike next year
United Parcel Service Inc. said Monday that it would raise rates by a net 4.9 percent starting Jan. 3.
UPS, the world’s largest package delivery company, said the net increase was for ground packages, all air express and U.S. origin international shipments. Get the full story »
With ‘honest services’ out, Skilling seeks new trial
The former CEO of disgraced energy giant Enron asked a federal appeals court Monday to grant him a new trial based on a Supreme Court ruling his attorney said puts his conviction for conspiracy and securities fraud in question.
Daniel Petrocelli, attorney for Jeffrey Skilling, presented his argument to a three-judge panel scheduled by the New Orleans-based 5th U.S. Circuit Court of appeals. The U.S. Supreme Court’s ruling in June that an anti-fraud law was improperly used to help convict Skilling in 2006 for his role in Enron’s calamitous downfall demanded a new trial, Petrocelli said. The jury received bad instructions, he said, that could have tainted their decision. Get the full story »
GTCR plans $3B buyout fund, its 10th
GTCR Golder Rauner, one of Chicago’s biggest private equity firms, plans to raise $3 billion for its 10th buyout fund, according to a recently filed statement with the Securities and Exchange Commission.
The Chicago-based firm raised $2.8 billion for its ninth fund in 2006. Get the full story »
