Johnson & Johnson is recalling yet another lot of over-the-counter Tylenol because of a musty or moldy smell. McNeil Consumer Healthcare business says it is recalling lot BCM155, or about 128,000 bottles, of Tylenol 8 Hour caplets that come in bottles with 50 pills. Get the full story »
Spurned partner plucks Brown’s Chicken from Ch. 11
From the Chicago Sun-Times | Pop-Grip LLC, an investment company backed by the children of a spurned vice president of Brown’s Chicken, submitted the highest bid of $585,000 at an auction Monday to take over the chicken franchise. The company said it intends to invest in the 28 Brown’s Chicken stores and “bring it back tasting better than ever.” Get the full story>>
Housing starts jump to 5-month high
New home construction surged to a five-month high in September, but permits for future building fell to their lowest level in more than a year, the government said Tuesday. Get the full story »
Jewel-Osco parent posts steep 2Q loss
Jewel-Osco parent Supervalu says it had a steep loss of $1.47 billion in the fiscal second quarter due to charges tied to a labor dispute at its Shaw’s chain and employee-related costs. Adjusted to exclude the charges, earnings totaled $59 million, or 28 cents per share. That is a penny shy of the 29 cents a share analysts expected. Get the full story »
BofA says it lost $7.7B on tied to credit reform
Bank of America Corp. said Tuesday it lost $7.65 billion during the third quarter due to a charge related to credit and debit card reform legislation passed over the summer.
Illinois Tool Works posts stronger Q3 profit
Illinois Tool Works Inc reported improved quarterly earnings Tuesday, lifted by strong demand for its welding and packaging products from manufacturers. Illinois Tool reported a third-quarter profit of $419.3 million, or 83 cents a share, up from $302.4 million, or 60 cents a share, a year before. Get the full story »
Playboy Club to return to London
From the Yorkshire Evening Post | Almost 30 years since its original club closed in London, Playboy Enterprises said it return to London next year in Mayfair. The new Playboy Club will include a restaurant, cocktail bar and casino, spread over two floors. The return has been discussed for at least a decade but now Playboy and its partner London Clubs International say they will open the venue in the first half of 2011. Get the full story>>
Mother sues Abbott over beetles in Similac formula
An Illinois mother is requesting class-action status in a lawsuit she filed against Abbott Laboratories Inc. over the recall of millions of containers of its top-selling Similac powered infant formula, which she claims, sickened her child and thousands of other children.
Abbott recalled the products on Sept. 22, following two reports from consumers stating they had found beetles or larvae in the formula. The insects and larvae were also found during an inspection at the Sturgis plant in Michigan, where the products are made. Get the full story »
Oct. 19, 2010 at 5:30 a.m.
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Filed under: The day ahead in business
Reports: Housing starts for September, 7:30 a.m.
Major earnings: Bank of America Corp., Bank of New York Mellon Corp., Boston Scientific Corp., Coca-Cola Co., EMC Corp., Goldman Sachs Group Inc., Harley-Davidson Inc., Johnson & Johnson, Lockheed Martin Corp., McClatchy Co., New York Times Co., Occidental Petroleum Corp., Peabody Energy Corp., Supervalu Inc., UnitedHealth Group Inc., United Technologies Corp., Yahoo Inc.
Oct. 18, 2010 at 5:26 p.m.
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Filed under: Computers, Consumer electronics, Personnel moves, Software, Technology Microsoft’s successor to Bill Gates to retire
Microsoft Corp said on Monday that chief software architect Ray Ozzie, the man who took over that role from co-founder Bill Gates, would retire and not be replaced.
The move signals a new phase in Microsoft’s shift toward cloud computing, which Ozzie championed, and cements control of the company’s direction under Chief Executive Steve Ballmer. Get the full story »
Allstate settles with states over claims software
Home and auto insurer Allstate Corp said on Monday it will pay 45 states a $10 million settlement after a review found it was inconsistent in the way it managed and used software to review bodily injury claims.
But the 18-month probe under the auspices of the National Association of Insurance Commissioners also found Allstate had not systemically underpaid claims, a finding that could have had much more serious implications. Get the full story »
Oct. 18, 2010 at 4:51 p.m.
Filed under: Consumer electronics, Earnings, Economy, Stock activity, Technology Apple trumps forecasts again, but iPad disappoints
(Reuters/Robert Galbraith)
Apple Inc. easily surpassed profit and revenue forecasts again but supply bottlenecks curbed iPad sales to below Wall Street’s bullish targets, sending its shares more than 6 percent lower.
Weaker-than-projected gross margins and iPad shipments disappointed investors who had expected more from a company that had smashed Wall Street’s targets in each of the past eight quarters.
Some analysts said sales of the iPad, which began only in April, should ramp up in the current quarter as the company resolves hitches in the supply chain. Get the full story »
Boeing says health care law behind plan price hikes
The big aircraft maker Boeing Co. says “cost pressures” from the new health care law are part of the reason it’s asking employees to pay more for their medical benefits next year.
In a letter mailed to employees late last week, Boeing said deductibles and copayments are going up significantly for some 90,000 nonunion workers.
Potash may have little choice but to negotiate
With its options running out and time running out, Potash Corp may soon have little choice but to negotiate with BHP Billiton over the $39 billion bid that the world’s largest fertilizer supplier has flatly rejected.
Since the Anglo-Australian miner announced its hostile bid in August, Saskatchewan-based Potash Corp has repeatedly assured investors that a rival offer would emerge. None has, and nearly all of the prospective suitors mentioned two months ago are now considered out of the running. Get the full story »
Walgreens CFO charged for 2nd time with DUI
Wade Miquelon. (Walgreen Co.)
Walgreen Co. Chief Financial Officer Wade Miquelon was arrested on suspicion of drunken driving last month, his second such arrest in a little more than a year, according to court records.
Miquelon, 45, of Winnetka, was stopped in a Jeep at 10:03 p.m. Sept. 25 in the 200 block of Sheridan Road in Kenilworth. Police ticketed him for having a tail light out, driving with a suspended license and driving under the influence.
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