Shares of Northern Trust Corp. jumped 4.4 percent on Tuesday as talk swirled that HSBC, Europe’s biggest bank, may be planning to make a bid for the U.S. trust bank and investment manager. Get the full story »
Boeing temporarily stops shipments of 787 pieces
Boeing Co. on Tuesday said it would tell suppliers to halt deliveries of sections for its 787 Dreamliner for two weeks because of delays at the company that makes a key part for the tail of the plane. Get the full story »
Oct. 26, 2010 at 10:02 a.m.
Filed under: Chicago executives, Earnings, Management, Personnel moves, Pharmaceuticals Hospira board has ’short list’ for new CEO
Hospira Inc. chief executive officer Christopher Begley said this morning that the company’s board will be interviewing candidates to succeed him in the next two months from a newly-created “short list.”
Begley, the top executive of the Lake Forest-based generic drug and device maker, told Wall Street analysts on the company’s third-quarter earnings call that “several dozen” applicants for his job have been pared down to a “short list.” Get the full story »
OptionsXpress beats Street on lower expenses
Online brokerage optionsXpress Holdings Inc. reported quarterly profit above expectations on lower expenses and taxes. Get the full story »
Consumer confidence up slightly, but still gloomy
A concierge and a valet assist a shopper at a mall in Glendale, Calif., Aug. 30, 2010. (AP Photo/Damian Dovarganes)
Americans got slightly more optimistic about the economy in October, but still have an overwhelmingly gloomy outlook, according to the latest reading on consumer morale.
The Consumer Confidence Index rose to 50.2 in October, up from 48.6 in September, the Conference Board, a New York-based research group that compiles the index, said Tuesday.
High unemployment and unfavorable business conditions have dragged the index down to a painfully low level, far below 90 — the level which indicates a stable economy. Overall, the index has been volatile, not trending in any one direction for more than three months in a row this year. Get the full story »
Chicago-area home prices improve for 6th month
Home prices in the Chicago area eked out a sixth consecutive month of ever-so-small improvement in August, putting them on par with the market’s health in early 2003, according to the widely watched Standard & Poor’s/Case-Shiller Home Price Indices, released Tuesday. Get the full story »
Southwest, AirTran announce fare sales
Both Southwest Airlines and AirTran Airways announced short-term fall fare sales Tuesday.
Southwest’s sale, which ends at 11:59 p.m. Pacific time Thursday, offers one-way tickets for $30, $60, $90 and $120 to select destinations, based on the length of travel. There are blackout periods during the December holiday period. Get the full story »
PrivateBancorp swings to profit in 3Q
PrivateBancorp, Inc., said it returned to profitability in the third quarter as a result of new loan growth. The Chicago-based bank on Tuesday reported net income of $4.5 million, or 6 cents a share for the third quarter, compared with a net loss of $31.2 million, or 68 cents a share, in the year-ago period. Get the full story »
Warren Buffett hires possible successor
Billionaire Warren Buffett renewed speculation about his successor Monday by hiring a new investment manager to handle “a significant portion” of Berkshire Hathaway Inc.’s investment portfolio. Buffett offered few details about Todd Combs, 39, but the move fits with the succession plan the 80-year-old has outlined for the company he leads. Get the full story »
Hospira profits tumble over lost cancer drug sales
Hospira Inc.’s third-quarter profit tumbled 40 percent largely due to the loss of U.S. sales of a generic cancer drug the company cannot sell due to a patent settlement that is keeping the cheaper version off the market.
The Lake Forest-based maker of generic injectable drugs and medication delivery devices said net income fell to $71.4 million, or 42 cents a share in the third quarter ended Sept. 30. That compares to $116.2 million, or 71 cents in the third quarter of 2009. Get the full story »
Ford posts $1.7B quarterly profit
Ford Motor Co. posted a $1.7 billion quarterly profit Tuesday that exceeded Wall Street expectations and said it expected to eliminate a net debt position in its automotive business by year-end. Get the full story »
Sony shares rise on Apple speculation
Shares of Sony Corp. rose nearly 3 percent at one stage on Tuesday as traders cited media reports speculating that the Japanese electronics maker could be a potential acquisition target of Apple Inc.
Helping to spark the speculation was a Saturday report in Barron’s that said cash-rich Apple could be contemplating a big acquisition and noted speculation about Adobe, Sony and Disney as potential targets. Get the full story »
Northern Trust, HSBC chatter persists
From London’s Daily Mail | Europe’s largest bank, HSBC, recently pulled out of its bid to acquire a majority stake in South Africa’s Nedbank, but rumours persist that it is lining up a $65 a share cash offer for Chicago-based Northern Trust.
Analysts have already said that a tie-up between HSBC and Northern Trust would make sense as it would significantly increase the UK bank’s assets and give the combined operation a firm lead in the fledgling prime custody arena. Get the full story >>
Oct. 26, 2010 at 5:30 a.m.
Comments Off
Filed under: The day ahead in business
Reports: S&P/Case-Shiller index of home prices for August, 8 a.m.; Conference Board Consumer Confidence Index, 9 a.m.
Major earnings: Bristol-Myers Squibb Co., Coach Inc., Dreamworks Animation SKG Inc., DuPont, Ford Motor Co., Kimberly-Clark Corp., Massey Energy Co., Royal Caribbean Cruises Ltd., United States Steel Corp., UBS AG
$103M verdict against Chicago’s Baker & McKenzie
A $103 million verdict was handed down Friday in Jones County, Miss., against Chicago-based Baker & McKenzie and one of its attorneys.
Joel Held, a Baker & McKenzie attorney based in Dallas, represented both sides of business relationship that turned sour for one client while the other benefited, according to court documents.
Get the full story »
