Market News
Intel (INTC)
Intel Corporation Monday announced that its board of directors has approved a 12.5 percent increase in the quarterly cash dividend to 15.75 cents per share (63 cents per share on an annual basis), beginning with the dividend that will be declared in the first quarter of 2010.
Nov 16 · 5:33:00 PM · Source: Company News Release
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by Larry Etter
Caterpillar (CAT)
Caterpillar and the law firm of Schlichter, Bogard & Denton announced that they have reached a tentative settlement of Martin, et al. v. Caterpillar Inc., et al.
The case involves a dispute over the administration of four 401(k) plans for Caterpillar employees and retirees. Under the tentative settlement, which must be approved by an independent fiduciary and the judge, Caterpillar will pay $16.5 million.
Nov 14 · 4:33:00 PM · Source: Reuters
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by Michael Oliveto
Citigroup (C)
Bain Capital is finalizing a roughly $1.1 billion deal to buy Japanese telemarketer Bellsystem24 from Citigroup.
Nov 14 · 4:28:00 PM · Source: Reuters
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by Michael Oliveto
Burlington Northern Santa Fe (BNI)
The Shareholders Foundation Inc. announced that a lawsuit has been filed in Texas State Court on behalf of investors in Burlington Northern Santa Fe Corporation over alleged breaches of fiduciary duty in connection with an alleged unfair takeover by Berkshire Hathaway Inc.
The complaint alleges, among other things, that the defendants engaged in secret negotiations and the board of Burlington Northern agreed to coercive deal lock-up provisions by agreeing to a matching right, a no-solicitation provision and a termination fee of $264 million.
Nov 14 · 4:11:00 PM · Source: Reuters
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by Michael Oliveto
Bristol-Myers Squibb (BMY)
Bristol-Myers Squibb will continue to pursue acquisitions, the drug maker's financial chief said, with its war chest bolstered this week by a $1.75 billion cash infusion from a debt refinancing by its Mead Johnson Nutrition Co. (MJN).
By the end of this year, Bristol-Myers expects to have gross cash of more than $10 billion and more than $2 billion in net cash, factoring in the company's debt,
Nov 14 · 4:07:00 PM · Source: The Wall Street Journal
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by Michael Oliveto
Baker Hughes (BHI)
Data from oil-field services company Baker Hughes indicates that the number of rigs drilling for oil in the U.S. climbed this week, but the gas rig total slipped as producers curbed output in response to low prices.
The number of oil and gas rigs climbed to 1,101, up 23 rigs from the previous week. The number of gas rigs was 728, a decrease of six rigs from last week, while the oil rig count was 361, an increase of 29 rigs. The number of miscellaneous rigs was unchanged at 12 rigs.
The number of gas rigs in use peaked at 1,606 in September 2008. Producers have reduced natural-gas drilling sharply over the past several months in response to falling prices, but the rig count has stabilized in recent weeks as producers bet on colder winter weather and an economic recovery that would spark demand for the fuel.
Nov 14 · 4:02:00 PM · Source: The Wall Street Journal · Related: Oil
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by Michael Oliveto
Boeing (BA)
The law firm of Izard Nobel LLP announced that a lawsuit seeking class action status has been filed in the United States District Court for the Northern District of Illinois on behalf of those who purchased the common stock of The Boeing Company between May 4, 2009 and June 22, 2009 (Class Period).
The Complaint charges that Boeing and certain of its officers and Directors violated the federal securities laws. Specifically, defendants made misleading statements in effort to: (i) forestall further cancellations of orders for the Dreamliner 787, Boeing's principal commercial airplane, particularly as the orders for its competition, Airbus A380, were gaining ground; (ii) conceal that the 787 had a structural problem in its design that would prevent the first flight of the 787 by June 30, 2009, and delivery in the first quarter of 2010; and (iii) enable Boeing to make a positive presentation concerning the test results for the 787 and the schedule for the first flight and delivery of the 787 at the Paris Airshow, scheduled for June 15-18, 2009, at which Boeing hoped to receive additional orders for the 787.
Nov 14 · 3:52:00 PM · Source: Reuters
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by Michael Oliveto
Boeing (BA)
Boeing has been awarded a $72 million U.S. Air Force contract for more than 2,900 Joint Direct Attack Munition (JDAM) tail kits.
Boeing will deliver the kits in 2011 and 2012. The Lot 14 production order is the second one-year option of a six-year contract Boeing received in January 2008.
Nov 14 · 3:50:00 PM · Source: Chicago Press Release
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by Michael Oliveto
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