Freight management company Hub Group Inc. posted a quarterly profit that beat market estimates, helped by strong growth at its intermodal segment. Get the full story »
Oct. 19, 2010 at 3:18 p.m.
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Filed under: Chicago executives, Investigations, Law firms, Litigation Chicago lawyer pleads guilty to tax shelter fraud
From Bloomberg | Chicago attorney Erwin Mayer has pleaded guilty to conspiracy and tax evasion charges for his role in a billion-dollar phony tax-shelter scheme that brought down his law firm in 2007.
ComEd petitions ICC to keep smart grid pilot alive
In light of a court ruling this month that placed funding for Commonwealth Edison’s smart grid pilot project in jeopardy, the utility is petitioning the Illinois Commerce Commission to wrap an additional $11 million into its $396 million rate-increase case.
The utility asked the commission to decide by the end of the month whether it will hear that request as part of a proposed 7 percent rate hike — a sign of good faith that would allow the utility to finish the project with the expectation that there would be some way for them to recoup the costs at a later day.
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Oct. 19, 2010 at 2:05 p.m.
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Filed under: Bankruptcy, Chicago executives, Media, Newspapers Tribune CEO Randy Michaels: I have not resigned
By Michael Oneal and Stacy St. Clair | Randy Michaels, the embattled chief executive of bankrupt Tribune Co., said Tuesday he did not resign from the company despite expectations that he might step down from his post or be asked to leave it at a board meeting Tuesday.
“I work here today and I’m still working,” he said on his way to lunch with Chief Operating Officer Gerry Spector.
The board of the Chicago-based media company met at Tribune Tower in Chicago Tuesday amid a swirl of controversy over disclosures of sexist and boorish behavior among Michaels and his hand-picked team of executives. Get the full story »
Verizon to offer $15 smartphone data plans
Verizon Wireless plans to introduce a less expensive–but restricted–data plan for smartphone customers next week, according to a person familiar with the plans, in a move that follows AT&T Inc.’s own offer of two tiers of pricing.
The nation’s largest wireless carrier by subscribers will offer a $15 monthly plan that gives customers 150 megabytes of data starting Oct. 28. But unlike AT&T, it will keep available its $29.99 monthly unlimited data plan. The change was first reported by technology news Web site Engadget. Get the full story »
U. of C. endowment outgains Harvard, Yale
From Bloomberg News | The University of Chicago reported that its investment portfolio gained 19 percent in the past year, beating Yale University’s 8.9 percent gain and Harvard’s 11 percent increase. Its endowment was valued at $5.54 billion as of June 30.Get the full story>>
Tate & Lyle plans Hoffman Estates research center
Tate & Lyle PLC, the maker of Splenda, announced Tuesday that it will open a $26 million innovation center in Hoffman Estates. The company plans to relocate about 80 employees from Decatur to Hoffman Estates, where an additional 80 jobs will be created. Get the full story »
Apple shares sink on iPad report
(AP Photo/Paul Sakuma, file)
Apple shares sank as much as 6 percent on Tuesday on disappointing iPad shipments and margins, but most analysts remained bullish on the stock, expecting a buoyant holiday season and sensing a buying opportunity.
Apple’s quarterly results were “solid,” but were “disappointing given the almost giddy investor sentiment heading into earnings and its recent history of trouncing expectations on almost every line,” Oppenheimer said in a client note.
Apple posted a better-than-expected profit helped by iPhone sales, but margins and iPad shipments came in below expectations during the fiscal fourth quarter. Get the full story »
Cook County sheriff to halt foreclosures again
By Becky Schlikerman | Cook County Sheriff Tom Dart is ordering his deputies to stop carrying out mortgage foreclosure evictions — again. Dart did the same two years ago after finding out many of those his deputies were forcing from their homes had paid their rent faithfully and didn’t know their landlords were having financial problems.
JetBlue attendant in famous meltdown pleads guilty
The JetBlue Airways Corp. flight attendant whose job-quitting meltdown landed him in court avoided jail time in a plea deal Tuesday that requires him to undergo counseling and treatment for a least a year.
Harley-Davidson tops Wall Street estimates
A sign outside Harley Davidson's headquarters in Milwaukee, July 19, 2010. (AP Photo/Morry Gash, file)
Harley-Davidson Inc. and Polaris Industries Inc. both posted profits that beat expectations, but high unemployment cast a pall over the former’s results.
Harley-Davidson’s beat stemmed from a higher operating profit at the company’s finance arm. Falling credit losses and cheaper borrowing costs at the unit helped offset continued softness in worldwide motorcycle sales.
Polaris’ beat resulted from a nearly 50 percent jump in sales of the company’s all-terrain vehicles, whose side-by-side seating plan has proved popular with buyers, including many farmers, who use the vehicle as a work vehicle. Get the full story »
Evans: ‘Appropriate’ to boost inflation temporarily
The U.S. Federal Reserve should pump more cash into the economy and temporarily stoke inflation to counter the stifling effects of high unemployment and undesirably low inflation, a top Fed official said on Tuesday.
“For many, my proposal will be a hard pill to swallow,” Chicago Fed President Charles Evans told a group of business leaders in Evanston. Get the full story »
FDIC lowers expected cost of bank failures by $8B
Federal regulators have lowered the estimated cost of bank failures by $8 billion over four years and are proposing no increase in the fees banks pay to replenish the fund that insures deposits. Get the full story »
Tribune board to weigh CEO Randy Michaels’ fate
Randy Michaels, second from left, listening to Sam Zell's press conference after he took over the Tribune Co. in 2007. (Chicago Tribune / Jose More)
By Michael Oneal and Phil Rosenthal | Tribune Co.’s board is preparing for the possible departure of embattled Chief Executive Randy Michaels, sources close to the situation said, and will explore his fate at a board meeting expected to begin about 9 a.m.Tuesday.
The sources said it was probable the board would conclude that Michaels has been too tarnished by the recent resignation of Lee Abrams, one of his top lieutenants, as well as a critical front-page New York Times story, to continue his tenure.
One source said Michaels was exploring resigning from the company and may present his decision to the board as soon as the Tuesday meeting in Chicago. The source said the board has discussed succession issues and a separation agreement for Michaels. Get the full story>>
