Sun Healthcare Group cuts 2009 profit, revenue outlook, plans restructuring moveNEW YORK — Health care facility operator Sun Healthcare Group Inc. cut its 2009 guidance Wednesday, citing an expected decrease in Medicare reimbursement rates, and said it will cut an undisclosed number of jobs to reduce costs. Smithfield Foods posts bigger fiscal 1st-quarter loss on hefty chargesMILWAUKEE — The nation’s largest pork producer, Smithfield Foods Inc. said Tuesday it posted a bigger first-quarter loss as one-time charges and lower domestic hog prices hurt results, despite curtailed production. US, Canadian authorities set Nov. 13 filing deadline for AbitibiBowater creditor claimsNEW YORK — U.S. and Canadian authorities set a Nov. 13 deadline for creditor claims against AbitibiBowater, the newsprint maker said Friday. Citigroup shareholders approve a plan that will allow bank to complete debt exchange programNEW YORK — Citigroup Inc. said Thursday that shareholders approved a plan to increase the number of outstanding shares so it can complete a debt exchange program that gives the government a minority stake in the banking giant. Greif posts decline in 3Q profit, but beats Wall Street estimatesDELAWARE, Ohio — Industrial packaging products manufacturer Greif Inc. said Wednesday its third-quarter profit fell 39 percent, though its adjusted results that excluded restructuring charges beat Wall Street expectations. Industry group wants Fannie, Freddie replaced, explicit government backing for mortgage bondsWASHINGTON — A mortgage industry group wants Fannie Mae and Freddie Mac replaced with private companies that would be able to issue mortgage bonds formally backed by the federal government. Danaher buying MDS unit for $1.1 billion, announces 3,300 job cuts as part of restructuringNEW YORK — Danaher Corp. on Wednesday stepped up its restructuring efforts and said it will cut an additional 3,300 jobs and close 30 facilities, nearly twice as many as previously planned. Filtration co. Donaldson says its fourth-quarter profit fell 51.5 percent as sales plungedMINNEAPOLIS — Donaldson Co. Inc., which makes filtration systems, reported Tuesday that its fiscal fourth-quarter profit fell 51.5 percent to $23.6 million as sales plunged 30.6 percent, but it beat analyst estimates. United Therapeutics says its board approves stock split that will take effect Sept. 23SILVER SPRING, Md. — Biotechnology company United Therapeutics Corp. on Tuesday said it approved a two-for-one stock split effective Sept. 23. JLL Partners and Warburg Pincus propose recapitalization of Builders FirstSourceNEW YORK — Affiliates of private equity firms JLL Partners and Warburg Pincus said Tuesday they have proposed to the board of building-products supplier Builders FirstSource Inc. a recapitalization of the company. Automakers hope to raise prices as US auto sales recover, but competition could foil plansDETROIT — When Rebbie Lewis McGowen decided to replace her 2000 Dodge Stratus sedan with a new loaded-out Jeep Grand Cherokee, she was amazed that her favorite dealer agreed to a price that was about the same as she paid for a similar Jeep nine years earlier. Armstrong World Industries shares upgraded; analyst cites value, prospects, investor interestNEW YORK — An analyst upgraded Armstrong World Industries Inc. Friday, saying its shares are cheap, its debt is shrinking and its dominant market share positions it for a big post-recession rebound. Micros Systems’ 4th-quarter earnings drop 22 percent due to restructuring and other chargesCOLUMBIA, Md. — Micros Systems Inc., which makes information systems for the hospitality industry, said Thursday its fourth-quarter profit fell 22 percent as restructuring and other charges ate into the bottom line. Investors still trading Fannie, Freddie, AIG shares, even though prices are likely to hit zeroWASHINGTON — Investors are still trading common shares of Fannie Mae, Freddie Mac and American International Group Inc. by the billions, even though analysts say their prices are almost certain to go to zero. Chief of tribe that runs Foxwoods Resort Casino warns of ‘dire financial times’NEW HAVEN, Conn. — The chairman of the tribe that runs Foxwoods Resort Casino is warning of “dire financial times” that he says threaten the tribe’s living standards. Report: Struggling Japan Airlines mulls cutting 5,000 jobsTOKYO — Struggling Japan Airlines Corp., which is in the midst of major restructuring, is considering slashing 5,000 jobs in three years, a news report said Monday. Reader’s Digest files for prearranged Ch. 11 bankruptcy protection as part of restructuringPLEASANTVILLE, N.Y. — Reader’s Digest Association Inc. said Monday that it has filed for prearranged Chapter 11 bankruptcy protection as part of its restructuring plan. Six Flags to swap debt for equity as part of Ch. 11 restructuring; execs to get bonusesWILMINGTON, Del. — A plan filed Friday calls for Six Flags creditors to own a majority stake in the amusement-park company when it emerges from Chapter 11 bankruptcy protection. Harman International posts losses for 4Q and full year but beats Wall St. estimatesSTAMFORD, Conn. — Harman International Industries Inc. said Wednesday it posted losses for its fourth quarter and full fiscal year, though adjusted results for the manufacturer of audio and other products for automotive and consumer markets beat Wall Street estimates. JDS Uniphase 4th-quarter loss widens as revenue slumps 29 percentMILPITAS, Calif. — Communications equipment maker JDS Uniphase Corp. on Wednesday reported a wider fourth-quarter loss, felled by restructuring charges and a 29 percent decline in revenue as the economic slump curbed business equipment spending. Agilent posts 3Q loss on charges, but adjusted profit top estimates, issues strong outlookSANTA CLARA, Calif. — Testing instrument maker Agilent Technologies Inc. said Monday it slid to a third-quarter loss, reversing year-ago profit, as it booked restructuring and other charges. But adjusted results topped Wall Street expectations, and the company’s strong fourth-quarter forecast sent shares up 3 percent in aftermarket trading. Isle of Capri Casinos, Inc. appoints Eric Hausler senior VP for strategic initiativesST. LOUIS — Casino operator Isle of Capri Casinos Inc. said Monday it has named Eric Hausler as senior vice president of strategic initiatives. Chinese steelworkers’ protests prompt authorities to halt takeover of factoryBEIJING — China on Sunday called off the takeover of a state-owned steel plant after workers protested and trapped an official in the factory office for four days — the second time in a month that the country’s steelworkers have rallied to successfully avoid privatization. Hundreds of steel workers in central China protest purchase of plantBEIJING — Hundreds of steel workers in central China trapped a government official in their factory’s office compound for four days, angry at the official’s role in the state-run plant’s privatization, the local government said Saturday. Recovery in jobs, automaker sales key to better days for Detroit’s commercial landlordsTimes are tough for U.S. commercial property owners, but few have it worse than landlords in Detroit. Estee Lauder slips after posting 4Q loss; analyst says gains reflected in stock priceNEW YORK — Shares of Estee Lauder Cos. followed the broader markets lower Friday after the cosmetics company posted a fiscal fourth-quarter loss because of hefty restructuring charges and unfavorable exchange rates. Troubled lender CIT Group adopts tax-benefit plan, enters agreement with NY FedNEW YORK — CIT Group Inc. and the Federal Reserve announced Thursday an agreement which gives the central bank greater oversight of the troubled commercial lender. Restructuring charges and sagging sales cause Estee Lauder to post 4th-quarter lossNEW YORK — Estee Lauder Cos. said Thursday it posted a fiscal fourth-quarter loss because of hefty restructuring charges and unfavorable exchange rates that dampened sales for the cosmetics and perfume company. National Penn names Michael Hughes new chief financial officerBOYERTOWN, Pa. — National Penn Bancshares Inc., which operates banks in Pennsylvania and elsewhere, said Wednesday it is replacing its chief financial officer, effective Aug. 31. Journal Register emerges from Chapter 11, appoints new board membersNEW YORK — Journal Register Co., publisher of the New Haven (Conn.) Register and other newspapers, said it has emerged from bankruptcy protection and secured new financing from its lenders, six months after making its Chapter 11 filing. |
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