Earnings roundup: Global Payments 1Q profit rises, Immucor earnings grow 7 percent in 1QAmong the earnings stories for Thursday, Oct. 1, from AP Financial News: Next CEO of BofA still uncertain, but will have to repair damaged relations, balance sheetNEW YORK — The CEO who succeeds the departing Ken Lewis at Bank of America Corp. will have plenty of repair work to do, including mending relationships with regulators and investors after the animosity that followed the acquisition of Merrill Lynch & Co. this past year. US Shipping Partners’ bankruptcy reorganization plan confirmedEDISON, N.J. — Petroleum and chemical shipper U.S. Shipping Partners LP said Thursday that a New York bankruptcy court has confirmed its reorganization plan. Leap Wireless, MetroPCS shares fall after analyst downgrades shares on rising competitionSAN FRANCISCO — Shares of Leap Wireless International Inc. and MetroPCS Communications Inc. fell Thursday after a JPMorgan analyst downgraded both companies to “Neutral,” saying rising competition in the prepaid wireless market presents a challenge for them. RAM Energy shares soar as analyst initiates coverage with “Market Outperform” ratingNEW YORK — Shares of oil and gas company RAM Energy Resources Inc. soared on Thursday, as an analyst initiated coverage of the company with a “Market Outperform” rating. September US auto sales fall following Cash for Clunkers buying spree over the summerDETROIT — A Cash for Clunkers hangover hit every major automaker except Hyundai last month, pushing down sales and leaving the industry searching for signs of a recovery in October. Constellation Brands says consolidated distribution will help profits as it reverses 2Q lossMILWAUKEE — Wine and spirits maker Constellation Brands Inc. said Thursday no matter how consumers limit alcohol purchases this holiday season, it hopes its new distribution system will help squeeze out more profits, continuing the trends of its second quarter. Porsche Cars North America September sales rise 8 pct, a 2nd consecutive monthly increaseATLANTA — Porsche Cars North America Inc. said Thursday its September auto sales rose 8 percent, the second month in a row Porsche reported a rise. Ford says US auto sales in Sept. fell 5.1 percent; clunker hangover hurts demandDETROIT — Chrysler Group LLC reported a 42 percent sales drop last month, while Ford Motor Co. says its September sales fell 5.1 percent, revealing a tough hangover from this summer’s Cash for Clunkers buying spree. Philadelphia Newspapers creditors seek right to make “credit bid” at bankruptcy auctionPHILADELPHIA — Creditors hoping to take over Philadelphia’s two main daily newspapers accused the current owners Thursday of trying to “game” the bankruptcy system to keep insiders in control. Frontier Airlines leaves Chapter 11 protection, but still faces stiff competition in DenverFrontier Airlines emerged from bankruptcy protection on Thursday, under new ownership but still facing a tough competitive situation at its Denver base. Constellation Brands moves to 2nd-quarter profit, partly on absence of impairment chargeMILWAUKEE — Wine and spirits maker Constellation Brands Inc. said Thursday that it moved to a fiscal second-quarter profit because of lower restructuring costs and the absence of last year’s impairment charge, beating analyst estimates. After Ken Lewis’ departure, next Bank of America CEO must make Merrill deal pay offNEW YORK — Ken Lewis’ legacy as CEO of Bank of America Corp. will likely be determined by whether his successor can do what Lewis couldn’t: prove that the bank’s messy acquisition of Merrill Lynch & Co. was worth the money. Los Angeles Times, Washington Post pulling plug on joint news service after 47 yearsSAN FRANCISCO — The Los Angeles Times and The Washington Post are breaking up their news service after 47 years, making it the latest casualty of the media upheaval driven by the array of alternative information and entertainment sources on the Internet. Crocs enters credit facility agreement with PNC Bank for up to $30 millionNIWOT, Colo. — Crocs Inc. has secured up to $30 million in revolving loans under a new credit agreement with PNC Bank, the company said Wednesday. Maryland firm including 21-year-old wants to become player in Atlantic City casino industryATLANTIC CITY, N.J. — A Maryland private equity fund whose chief investment officer is barely old enough to roll the dice or have a legal drink wants to become a player in the Atlantic City casino industry. Bank of America CEO Ken Lewis to retire from troubled bank by end of the yearNEW YORK — Ken Lewis, the embattled CEO of Bank of America Corp., is leaving the company, succumbing to nearly a year of strife that followed his company’s acquisition of Merrill Lynch & Co. Darden Restaurants falls as co. warns 2010 profit will likely be within lower half of rangeNEW YORK — Shares of Darden Restaurants Inc. slid Wednesday after the owner of the Olive Garden and Red Lobster chains cautioned its fiscal 2010 earnings will likely be within the lower half of its predicted range. CIT Group shares plunge in premarket amid report lender is again on brink of bankruptcyNEW YORK — CIT Group Inc. shares plunged Wednesday as the commercial lender is reportedly trying to craft an exchange that would cut its debt and offer bondholders an equity stake in the company in a bid to avoid bankruptcy. Wal-Mart chairman warns of lethargic economic recovery, eyes growth in China and IndiaKUALA LUMPUR, Malaysia — The chairman of Wal-Mart Stores Inc. warned Wednesday the global economic recovery will likely be lethargic, even as the retailing behemoth sees great growth potential in China and India. Economy dips at better-than-expected pace of 0.7 percent in spring, probably growing nowWASHINGTON — The economy shrank less than expected in the second quarter as businesses and consumers trimmed their spending at a slower pace, buttressing beliefs that the economy is now growing. Hotel workers union approves new contract agreement with 4 Atlantic City casinosATLANTIC CITY, N.J. — The union representing 15,000 Atlantic City casino hotel workers approved a new contract Monday with four casinos, providing raises for most workers and guaranteeing benefits won’t be reduced. Hartford Financial names former Bank of America executive Liam McGee as chairman and CEOHARTFORD, Conn. — Life insurer The Hartford Financial Services Group Inc. on Tuesday named Liam E. McGee, the former head of consumer banking at Bank of America, as its new chairman and CEO. Performance parts maker Holley seeks bankruptcy protectionWILMINGTON, Del. — Holley Performance, a supplier of high-performance products to professional racers and street car enthusiasts, has filed again for Chapter 11 bankruptcy protection. Nike’s 1st-quarter profit flat but beat, shares risePORTLAND, Ore. — Nike Inc. on Tuesday reported its profit was practically unchanged in its fiscal first quarter while revenue fell sharply as consumers around the globe limited their spending. Johnson & Johnson, Xerox, Abbott Labs, Applied Materials are among big market movers MondayNEW YORK — The following stocks were among those that moved substantially or traded heavily Monday on the New York Stock Exchange: Hartford Financial names former Bank of America executive as CEOHARTFORD, Conn. — The Hartford Financial Services Group Inc. on Tuesday named Liam E. McGee, a former Bank of America executive, as its new chairman and CEO. Singapore wealth fund GIC recovers more than half of last year’s loss as stocks reboundSINGAPORE — Singapore state investment company GIC said Tuesday its investments fell more than 20 percent in the 12 months ending March, but have recovered more than half that loss as global stocks surged in recent months. Newspaper companies that have emerged from bankruptcy protectionNewspaper companies that have emerged from bankruptcy protection: Jabil Circuit posts lower 4th-quarter profit but results surpass analysts’ expectationsST. PETERSBURG, Fla. — Jabil Circuit Inc. posted a sharp drop in its fiscal fourth-quarter profit Tuesday, hurt by charges and lower revenue, but the electronics parts maker said the worst of the recession appears to be over. |
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