Nissan is recalling 2.14 million vehicles worldwide including the popular March and Mycra subcompacts for an ignition problem that may stall the engine — its third-largest recall ever.
Dow Chemical third-quarter earnings fall 28%
Dow Chemical says its third-quarter earnings fell 28 percent on a slew of one-time charges. Its adjusted results still topped Wall Street’s expectations. Get the full story »
Oct. 28, 2010 at 5:43 a.m.
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Filed under: Agriculture/Farming, Earnings, International, M&A Potash Corp. profit tops expectations
Potash Corp., the world’s top fertilizer maker, steamrolled quarterly earnings expectations on Thursday on the back of stronger potash demand and higher prices for its nitrogen- and phosphate-based nutrients.
The Canadian fertilizer maker is currently battling a $39 billion hostile bid from BHP Billiton. Potash Corp has flatly rejected BHP’s bid and launched a lawsuit against the Anglo-Australian miner in an attempt to stymie a takeover. Get the full story »
Oct. 28, 2010 at 5:41 a.m.
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Filed under: The day ahead in business
Local earnings: Potash, Motorola, Corn Products International, CME Group
Other earnings: Microsoft, ExxonMobil, Dow Chemical, Colgate, 3M Co., McAfee, Expedia, Tyco, MetLife
Reports: Initial jobless claims, 7:30 a.m.
Fed seen buying up to $100 billion in assets a month
Most leading economists expect the Federal Reserve to buy between $80 billion and $100 billion worth of assets per month under a new program to bolster the struggling economy, a Reuters poll found on Wednesday.
Estimates for how long the Fed will print money and how much it will eventually spend varied widely, from $250 billion to as high as $2 trillion.
In a similar Reuters poll of primary dealers conducted on October 8, dealers mostly forecast the total size of the new program at $500 billion to $1.5 trillion. Get the full story »
Allstate tumbles after 3Q earnings miss estimates
Allstate Corp.’s shares tumbled in late trading after the insurer’s third-quarter profit missed analyst estimates.
Operating earnings of $452 million, or 83 cents a share, were down 16 percent from the same period a year earlier as Allstate’s homeowners unit reported an underwriting loss on costs tied to settling a class-action lawsuit. Analysts surveyed by Thomson Reuters had expected an operating profit of 98 cents a share. Get the full story »
Continental flight attendants reject labor deal
Flight attendants for Continental Airlines have rejected a proposed contract. Their union says it’s because the agreement did not give them back enough of the concessions they made in earlier contracts. Get the full story »
Antitrust suit against Inbev, Anheuser-Busch falls
The latest court quest by 10 Missouri beer consumers who tried to block InBev’s $52 billion takeover of U.S. beer giant Anheuser-Busch has fallen flat. Get the full story »
Apple says again it expects margins to decline
Apple Inc. said on Wednesday it expects its gross margin to fall in coming quarters, echoing earlier comments, as it sells a larger mix of products such as the iPad. Get the full story »
Morningstar 3Q falls below Street expectations
Chicago data-tracking firm Morningstar Inc. reported quarterly earnings below Wall Street estimates, hurt by higher expenses, and said it would pay a dividend for the first time.
Net income for the third quarter was $20.8 million, or 41 cents a share, compared with $22.5 million, or 45 cents a share a year earlier. Get the full story »
Credit card companies pay $83M to colleges, groups
Credit card issuers paid $83 million to colleges, alumni groups, fraternities and sororities in 2009, and the University of Illinois Alumni Association received the biggest payment, according to a new Federal Reserve report.
The U.S. credit card act passed in 2009 requires credit card companies to submit to the Fed annually a copy of any agreement between the issuer and the college and alumni group, including how much they pay for the right to market their cards. Get the full story »
Playboy: ‘No plans’ to leave Chicago
Hugh Hefner, founder of Playboy Enterprises, said in an interview the company is “probably going” to move its headquarters out of Chicago.
A Playboy spokeswoman said Tuesday, however, that the company has “no plans” to move from Chicago.
Hefner, who is Playboy’s editor-in-chief and chief creative officer, was asked by Matt Pais of Chicago Tribune Media Group’s Metromix.com whether the offices will be moving out of Chicago, where Hefner launched his groundbreaking Playboy magazine and empire in 1953.
Get the full story: Tower Ticker
Dimon sells mansion for highly reduced $6.8M
By Bob Goldsborough | JPMorgan Chase & Co. Chairman and Chief Executive Jamie Dimon on Wednesday closed on the sale of his 18-room Gold Coast mansion for $6.8 million.
The buyer’s identity was not immediately available. Get the full story »
Aeroflot to seek $100M from Boeing over late 787s
Russian airline OAO Aeroflot will seek $100 million from Boeing Co. due to the late delivery of the Boeing 787 Dreamliner aircraft, Interfax reported Wednesday, citing Shamil Kurmashov, the company’s deputy director for financial investments.
Oct. 27, 2010 at 2:17 p.m.
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Filed under: Banking, Government, Regulations, Stock activity SEC sets vote on ‘naked access’ trading ban
The Securities and Exchange Commission will vote Nov. 3 on whether to adopt a proposed ban on “naked access,” a trading arrangement that allows some firms to trade anonymously.
Naked access, offered to customers by some major banks and brokerage firms, allows traders to buy and sell stocks on exchanges using a broker’s computer code, which can shield their identity from regulators and exchanges. Get the full story »
