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Boeing (BA)
Boeing reported a Q3 loss of $2.23 per share on net losses of $1.6 billion versus a $0.96 profit on net profits of $695 million in the year ago period.
Sales for the quarter were $16.7 billion which were a 9% increase from the 2008 Q3 sales of $15.3 billion. The Q3 results include a previously announced to R&D of costs that were incurred throughout July for the first three 787 flight-test aircraft of $2.46 per share, spending on those aircraft for August and September of $0.14 per share and the 747 charge of $0.99 per share. These costs were offset by the company's solid performance in other commercial aircraft programs and in its defense business.
Oct 21 · 12:16:00 PM · Source: Trading Markets
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by Michael Oliveto
American Electric Power (AEP)
American Electric Power Co Inc announced that its 1,009-megawatt Unit 1 at the Cook nuclear power station in Michigan is now planned to restart by the end of 2009.
In previous statements, AEP said it expected Unit 1 to return in 2009 as early as October. A spokesman for the company now said the unit would not return in October but the company still expected the unit to return in 2009. If the repairs were not successful for an October restart, the company had said, it could remain shut until 2011.
Oct 21 · 12:02:00 PM · Source: Reuters
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by Michael Oliveto
Abbott Labs (ABT)
Abbott Labs today
announced that it has completed its acquisition of privately held eye care
company Visiogen, expanding the company's vision care business with a
next-generation accommodating intraocular lens (IOL) technology to address
presbyopia for cataract patients.
Abbott's $400 million cash purchase of Visiogen boosts the company's presence
in the vision care segment, which it entered in February 2009 with its
acquisition of Advanced Medical Optics.
Oct 21 · 11:53:00 AM · Source: Reuters
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by Michael Oliveto
Piper Jaffray Companies (PJC)
Piper Jaffray Companies (NYSE: PJC) today announced net income of $9.3 million from continuing operations, or $0.47 per diluted common share, for the quarter ended Sept. 30, 2009, compared to a net loss from continuing operations of $27.5 million, or $1.75 per diluted common share, for the third quarter of 2008. In the second quarter of 2009, continuing operations generated net income of $11.6 million, or $0.59 per diluted common share. Third quarter 2009 net revenues from continuing operations were $119.7 million, compared to $73.5 million in the year-ago period, and $132.3 million for the second quarter of 2009.
The company's CEO said Piper Jaffray is "pleased with our third quarter results, our second consecutive quarter of solid performance. We have a balanced mix of businesses, and all of them contributed to our performance, the largest of which represented no more than a third of aggregate revenues,”
Oct 21 · 10:29:00 AM · Source: Business Wire
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by Larry Etter
Wells Fargo (WFC)
Wells Fargo & Co.'s (WFC) third-quarter earnings surged 98% as results were boosted by the bank's acquisition of Wachovia, but credit-loss provisions and net charge-offs continued to rise.
Wells Fargo, the third-largest U.S. bank by market capitalization, posted earnings of $3.24 billion, or 56 cents a share, up from $1.64 billion, or 49 cents a share, a year earlier. The company had 41% more shares outstanding in the most recent period amid the takeover. Revenue more than doubled to $22.5 billion.
Analysts polled by Thomson Reuters projected earnings of 37 cents on revenue of $21.64 billion.
Oct 21 · 10:26:00 AM · Source: Wall Street Journal
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by Larry Etter
Usg Corporation (USG)
USG Corporation (NYSE:USG), a leading building products company, today reported third quarter 2009 net sales of $822 million and a net loss of $94 million, or $0.96 per diluted share. For the same period a year ago, the corporation recorded net sales of $1.2 billion and a net loss of $36 million, or $0.36 per diluted share.
USG's CEO said USG's businesses continued to experience weak demand that resulted in lower sales in the third quarter. "In response to the steep sales declines over the past year we have focused intensely on customer satisfaction, cost reductions, product margins and liquidity. These initiatives have been effective in mitigating operating losses caused by dramatically lower demand. We have also been successful in generating cash from our operating activities and managing liquidity.”
Oct 21 · 10:20:00 AM · Source: Business Wire
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by Larry Etter
Koninklijke Philips Electronics, N.v. (PHG)
Philips Electronics (NYSE:PHG, AEX: PHI) today confirmed U.S. retail availability for its much-anticipated Wireless HDTV Link (SWW1800/27) that uses innovative technology to wirelessly deliver superior high-definition TV picture quality (up to 1080p) without ruining the aesthetics of the home. Unsightly wires are a digital burden of the past with the Philips Wireless HDTV Link which replaces the cables that connect the HD cable set-top box, HD satellite receiver, Blu-ray player and gaming console to a HDTV.
Oct 21 · 10:18:00 AM · Source: Business Wire
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by Larry Etter
CB Richard Ellis Group (CBG)
CB Richard Ellis Group, Inc. (NYSE:CBG) today announced the expansion of its existing U.K.-based investment banking platform into the Americas. CB Richard Ellis’ investment banking professionals in the Americas will assist real estate as well as lodging and gaming companies with recapitalization and restructuring strategies, merger and acquisition opportunities, and capital-raising needs.
Oct 21 · 10:14:00 AM · Source: Business Wire
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by Larry Etter
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