Headline News
GDP
Q4 GDP Grew at 5.9%
The nation's gross domestic product, the broadest measure of the nation's economic activity, grew at an annual rate of 5.9% in the quarter, the Commerce Department reported today.
The numbers show the economy grew at a slightly faster pace than originally thought during the last three months of 2009.
Feb 26 · 10:19:00 AM
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by Larry Etter
Bemis Company (BMS)
Bemis Receives Regulatory Approval for Acquisition
Bemis Company announced that the U.S. District Court
for the District of Columbia has signed an order, approving Bemis` acquisition
of the Food Americas operations of Alcan Packaging, a business unit of
international mining group Rio Tinto plc (LON: RIO; ASX: RIO), subject to
certain conditions.
The Food Americas operations recorded 2009 net sales of
approximately $1.4 billion and operate 23 plants in North America, South
America, and New Zealand. With this agreement, Bemis has satisfied the U.S.
regulatory approval requirements necessary to complete the acquisition. Bemis
expects the transaction to close as soon as possible.
The order signed by the court requires Bemis to divest certain Alcan Packaging
Food Americas packaging assets in the United States after closing. The packaging
assets that will be divested represent approximately $100 million in annual net
sales and include two facilities with production equipment used to produce
packaging for fresh meat and retail natural cheese products.
Feb 25 · 9:15:00 PM · Source: Reuters
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by Michael Oliveto
Contango Oil & Gas (MCF)
Three Hurt in Contango Pipeline Rupture
Three workers received minor injuries and an oil-gathering platform near Houston was temporarily shutdown after a rupture of a 20-inch wide underwater oil pipeline, Contango Oil & Gas Company said Wednesday. The company implemented its emergency spill response plan, even though it said it expect little oil loss, perhaps less than a barrel.
The accident occurred when a dredge contracted by the Army Corps of Engineers to
dredge the Atchafalaya River Channel, snagged the pipeline, Contango said. The three workers were apparently employees of the private dredging company performing the dredging, and received medical treatment.
Kenneth R. Peak, Contango`s Chairman and Chief Executive Officer, said "We are
fortunate that we have received no reports of serious injury and any
environmental impact at this time appears to be minimal. We have worked closely
with the Army Corps of Engineers, the United States Coast Guard, and the
Minerals Management Service and are gratified by the assistance we have
received. A fly-over by our crew spotted a light sheen that they estimated at
less than a barrel. Repair vessels and a diving crew are en-route to the
location to assess the extent of the damage to our pipeline."
Six wells were "shut-in" but several others are unaffected, the company said. Contango is a Houston-based, independent natural gas and oil company.
This appears to be more of a headache for Contango than a long-term setback. Investigations and work in getting the pipeline back in service will take some time, but since many other wells and lines remain in service, production will likely not be severely affected.
Feb 25 · 8:53:00 PM · Source: Company Press Release
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by Michael Oliveto
Unemployment
Jobless Claims Climbing; Durable Goods Orders Weak
New orders for long-lasting U.S. manufactured goods excluding transportation unexpectedly fell in January, while the number of workers filing for jobless benefits rose last week, suggesting a loss of momentum in the pace of economic recovery.
The Commerce Department said on Thursday orders excluding transportation fell 0.6 percent last month after increasing 2.0 percent in December. That was below market expectations for a 1.0 percent rise.
However, overall orders jumped 3.0 percent, the biggest gain since July, as aircraft bookings soared. That was well above market expectations for a 1.5 percent rise. Orders increased 1.9 percent in December.
Separately, initial claims for unemployment benefits rose 22,000 to 496,000 last week, the Labor Department said.
Analysts had expected jobless claims to fall to 455,000.
Feb 25 · 5:10:00 PM · Source: CNBC
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by Michael Oliveto
General Dynamics (GD)
GD Delivers Lewis and Clark-class Supply Ship
General Dynamics NASSCO, a wholly owned subsidiary of General Dynamics, delivered USNS Matthew Perry (T-AKE 9) to the U.S. Navy. The ship is named in honor of Commodore Matthew C. Perry (1794-1858), the U.S. Navy officer who established American trade with Japan in the mid-19th century.
NASSCO began construction of USNS Matthew Perry in April 2008. The
689-foot-long supply ship will serve under the Navy's Military Sealift
Command. The ship is capable of delivering almost 10,000 tons of dry cargo
and petroleum products at one time to U.S. Navy and allied ships underway at
sea.
Feb 25 · 4:08:00 PM · Source: Reuters
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by Michael Oliveto
3M Company (MMM)
3M Mobile Dictation Software Released on iPhone
3M Health Information Systems has released 3M™ Mobile Dictation Software on the iPhone® platform, giving physicians greater control over their dictation workflow. The advanced mobile application, also available on the BlackBerry® and Windows Mobile® platforms, offers physicians the freedom of using a single device for phone, email, and dictation, and provides “anytime, anywhere” access via Wi-Fi or 3G wireless service.
Using 3M Mobile Dictation, physicians can dictate notes, view patient lists, and display current patient information on the smartphone screen, saving time and freeing them to focus on patient care. The software provides always-on connectivity, eliminating the need to synchronize smartphones to a dictation system, and is enhanced with a full range of security features that fulfill HIPAA and hospital-specific guidelines for encryption and authentication.
Feb 25 · 3:55:00 PM · Source: Company Press Release
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by Michael Oliveto
Boeing (BA)
Boeing and United Airlines Finalize 787 Order
Boeing and United Airlines have finalized an order for 25 787-8 jetliners. The agreement includes the opportunity to purchase another 50 Dreamliners. The order is valued at $4.2 billion at average list prices.
United expects to take delivery of the 787s at the same time it will begin to retire its Boeing 747s and 767s operating on international routes.
"Boeing and United Airlines share an 80-year partnership," said Jim Albaugh, president and CEO of Boeing Commercial Airplanes. "United, which launched the Boeing 777, now begins a new chapter with the 787 Dreamliner, the most technologically advanced commercial jetliner ever built."
Feb 25 · 3:44:00 PM · Source: Company Press Release · Related: UAL Corp.
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by Michael Oliveto
Boeing (BA)
Boeing's ZA004 Joins 787 Flight-Test Program
A third airplane has joined the Boeing 787 Dreamliner flight-test program. ZA004, the fourth flight-test airplane to be built, took off at 11:43 a.m. local time from Paine Field in Everett, WA.
The program plan called for ZA004 to fly before ZA003 because the data ZA004 is collecting is needed more quickly both for certification and development of the 787-9.
"Airplane No. 4 operated flawlessly today," Captain Heather Ross said after landing. "We've got a lot of work ahead of us but I can't imagine a better start to the flight test program for this airplane."
Feb 25 · 3:40:00 PM · Source: Company Press Release
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by Michael Oliveto
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