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Boeing (BA)
The former director of marketing at the Boeing Helicopters Credit Union in Ridley, PA, and his brother were sentenced Monday on charges of conspiracy, loan fraud and bank bribery.
Anthony Forte, 43, of Glen Mills, Pa., who was also an executive vice president at the credit union, was sentenced to 28 months in prison and ordered to pay $1.26 million in restitution, according to the U.S. Attorney’s Office in Philadelphia.
His brother, David Forte, 39, of Prospect Park, Pa., was sentenced to one day in prison and ordered to pay $178,445 in restitution. His sentence took into account the fact that he has been diagnosed with a malignant brain tumor, the U.S. Attorney’s Office said.
Feb 23 · 8:40:00 PM · Source: Philadelphia Business Journal
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by Michael Oliveto
PHI Inc. (PHIIK)
Some helicopters in the Gulf of Mexico -- such as those transporting workers to and from offshore oil rigs -- may soon be able to safely fly much closer together, according to Sikorsky Aircraft Corp. Sikorsky, in partnership with helicopter service company PHI, has announced the development of helicopter signaling technology that allows equipped choppers to reduce the buffer zones between them from 20 miles to as little as five miles apart.
An aircraft equipped with the technoloogy automatically transmits its position and other pertinent information to land-based receivers, which then relay the
information to the Federal Aviation Administration's air traffic control
center in Houston for tracking and directing air traffic, Sikorsky announced at a recent air show.
The expectation is that the automation will lighten the load on air controllers, translating into improved on-time performance and efficiency for helicopter operators and the oil workers they shuttle to and from platforms in the Gulf.
Feb 23 · 8:17:00 PM · Source: Company Press Release · Related: United Technologies
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by Jeffrey Epstein
Alcoa (AA)
Fitch Ratings has affirmed the ratings for Alcoa Inc of Issuer Default Rating (IDR) at 'BBB-' and Short-term IDR at 'F3'.
The Rating Outlook remains Negative.
Feb 23 · 7:52:00 PM · Source: Reuters
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by Michael Oliveto
International Coal Group, Inc. (ICO)
SCOTT DEPOT, W.Va., Feb. 23 /PRNewswire-FirstCall/ -- International Coal
Group, Inc. (NYSE: ICO) ("ICG" or the "Company") announced today that its
wholly-owned subsidiary, ICG, LLC (the "Borrower"), has entered into a new
four-year $125 million senior secured asset-based loan facility (the "ABL
Loan Facility") which refinances its existing $100 million credit facility
previously set to mature in June 2011. The new ABL Loan Facility is available
for loans and the issuance of letters of credit. Subject to certain
conditions, at any time prior to maturity, the Borrower may elect to increase
the size of the facility up to $200 million. The new ABL Loan Facility has a
maturity date of February 22, 2014.
The obligations of the Borrower under the ABL Loan Facility are guaranteed
jointly and severally by the Company and all of the Company`s current and
future wholly-owned subsidiaries and it is secured by a first-priority
security interest on substantially all of the Company`s assets.
In addition to the re-fi, impact of the move is to give ICG more breathing room. The new loan setup increases ICG's credit facility by $25 million immediately, and up to $200 million in the future.
Feb 23 · 7:51:00 PM · Source: Company Press Release
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by Jeffrey Epstein
Chevron (CVX)
SANTA FE, N.M., Feb. 23 /PRNewswire/ -- In the presence of Governor Bill
Richardson, Chevron Mining Inc. (CMI), a subsidiary of Chevron Corp (NYSE:
CVX) announced that sister company Chevron Technology Ventures (CTV), will
build a one megawatt concentrating photovoltaic solar facility on the tailing
site of CMI's molybdenum mine in Questa, New Mexico. The project will
demonstrate and evaluate an emerging solar technology and a practical use of
previously impacted land.
The electricity produced will be sold to Kit Carson Electric Cooperative
through a power purchase agreement. Project construction is scheduled to
begin in spring 2010 and conclude by year-end.
The demonstration project will be the largest concentrating solar photovoltaic
installation in the U.S. This is one of several solar technologies being carefully watched for practicality and a future potential payoff.
Feb 23 · 7:39:00 PM · Source: Company Press Release
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by Jeffrey Epstein
Legg Mason (LM)
BALTIMORE -- Legg Mason Inc. (NYSE:LM) has disclosed a 20.80 percent stake valued at $330.21 million in Eastman Kodak Co. (NYSE: EK) according to Form 13G filings with the U.S. Securities and Exchange Commission.
The Baltimore-based investment firm said it owned 55.78 million shares in the Rochester, N.Y. maker of photographic equipment. The stake's value was based on Kodak's Feb. 22 closing stock price of $5.92 per share.
Is this a case of how low can you go with Kodak? Is Legg Mason seeing something traders have missed with EK now for years? Is the once might & powerful Rochester, NY company destined for a comeback? Long ago I actively followed Eastman Kodak, with it's fall from grace these past 6-8 years I took it off my monitor and forgot about it. Know what, I think it's time to put it back on the screens.
Feb 23 · 3:51:00 PM
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by Jerry Byrne
Dell (DELL)
CIO Today reported that Dell’s fourth quarter was “disheartening,” due to a profit margin that was below expectations, which resulted in a 5% decline in net income despite an 11% increase in revenues.
Dell’s earnings release attributed the margin issue to higher growth in its lower-margin consumer division (11%) than in its business division (9%).
Dell’s problem—having to trade off between growth and profitability—is due to the loss of its competitive advantage. The company’s spectacular growth and stock price appreciation of the 1990’s (the stock peaked in 2000) reflected the fact that Michael Dell had devised a fantastic new model for making desktop computers—building them to order. By minimizing parts and finished goods inventories as well as accounts receivable (because most customers ordered and paid for Dell’s PC’s over the Web in advance), the company was able to be both the lowest cost supplier of a commodity product (desktop PC’s), as well as be very profitable. But since then, laptops PC’s have grown faster than and taken share from desktops. This trend is expected to continue. Trefis.com estimates “that desktop sales declined from a peak of 153 million units globally in 2008 to 137 million in 2009. We believe that desktop unit sales will dip further in 2010 and slowly recover to 2009 levels” in 2016. In contrast, Trefis projects that “global notebook and netbook shipments to continue to grow from an estimated 157 million shipments in 2010 to about 230 million shipments by the end of” 2016.
Unlike desktop PC’s, laptops are complex to manufacture and cannot be “built to order.” This requires Dell to have parts inventory, finished goods inventory, inventory in the distribution channel, and store inventory. As the company is seeking to expand its retail presence, the latter inventory will have to grow.
Feb 23 · 12:59:00 PM · Source: CIO Today
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by Stuart Skalka
U.S. Bancorp (USB)
U.S. Bank has launched an enhanced cash vault service called Advanced Cash
Credit and Notification solutions. The new solutions include Remote Cash Deposit
and the DTS® Tracking System. Both services help companies streamline their cash
handling needs, provide additional information regarding their deposits, reduce
cost and mitigate risk.
Remote Cash Deposit is designed to mitigate the risk of fraud and reduce labor
expense associated with cash handling, while also increasing staff safety and
productivity.
Feb 23 · 10:58:00 AM · Source: Company Press Release
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by Larry Etter
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