BRIEFCASE.Byline: - Staff and Wire Services News Corp. opts for settlement NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of - News Corp., the media conglomerate controlled by Rupert Murdoch, has reached a settlement with a group of shareholders who sued the company over its handling of a ``poison pill'' anti-takeover defense Noun 1. anti-takeover defense - resistance to or defense against a hostile takeover opposition, resistance - the action of opposing something that you disapprove or disagree with; "he encountered a general feeling of resistance from many citizens"; "despite . Lawyers for the shareholders said Thursday that News Corp., in a reversal, told them it would put the poison pill A defensive strategy based on issuing special stock that is used to deter aggressors in corporate takeover attempts. The poison pill is a defensive strategy used against corporate takeovers. to a vote at its annual shareholders meeting in October. The company had previously said its board had been within its rights to change its mind about the requirement of a vote to extend the provision. The tentative settlement was reached the day before Murdoch was scheduled to be deposed in the case and less than three weeks before a Delaware Chancery Court judge was to begin hearing arguments over the company's decision to renege on a pledge to seek shareholder approval before extending the takeover defense takeover defense See shark repellent. plan. March turns out slow for retailers NEW YORK - A moderating economy and cooler weather gave consumers little incentive to shop in March and left retailers with tepid sales for the second month in a row. The later arrival of Easter this year also hurt business, but should help boost results in April. As the nation's merchants reported their monthly results Thursday, Wal-Mart Stores Inc., J.C. Penney Co., Gap Inc., Abercrombie & Fitch Co. and Sharper Image Corp. were among the disappointments. Bright spots were wholesale club operator Costco Wholesale Corp. and Nordstrom Inc., both of which beat Wall Street expectations. The International Council of Shopping Centers-UBS sales tally of 60 retailers rose a slim 1.9 percent in March, less than the 3 percent gain originally expected for the month. It marked the weakest sales growth since November 2004, when the tally rose 1.8 percent. BlackBerry maker short of forecast TORONTO - Research In Motion Ltd., the Canadian maker of the popular BlackBerry wireless e-mail device, posted a modest fourth-quarter profit Thursday, but its revenue fell short of forecasts. Company shares tumbled more than 4.5 percent on the news in New York trading. Revenue for the three months ending March 4 was $561.2 million, up 39 percent from $404.8 million in the same quarter of last year, but less than the company had originally expected.Analysts polled by Thomson Financial Thomson Financial A major provider of information, analytical tools, and consulting services to the financial community. The firm, a division of Thomson Corporation, is best known to investors for its First Call segment, which publishes consensus earnings expected the company to earn, on average, 67 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. on $567.19 million in revenue. CME CME See: Chicago Mercantile Exchange CME See Chicago Mercantile Exchange (CME). to take over electronic trades NEW YORK - The Chicago Mercantile Exchange Chicago Mercantile Exchange (CME) Chicago Mercantile Exchange (CME) is the largest futures exchange in the United States and the second largest exchange in the world for the trading of futures and options on futures. Inc. will become the exclusive electronic trader of energy futures and options listed on the New York Mercantile Exchange New York Mercantile Exchange (NYMEX) The world's largest physical commodity futures exchange. , the two companies said Thursday. While energy futures and options on crude oil, natural gas, gasoline and other products will still be traded on the floor of the NYMEX See New York Mercantile Exchange. NYMEX See New York Mercantile Exchange (NYM). , CME will take over all electronic trading of these products both during the floor session as well as before and after it, company executives said in a conference call with reporters. The agreement will last until 2016. Trading on CME's Globex technology platform will start in the second quarter of this year on a limited basis, expanding to more NYMEX products in the third quarter, including all energy contracts as well as metals contracts. Tax benefit gives Rite Aid a boost HARRISBURG, Pa. - Rite Aid Corp.'s earnings soared in the fourth quarter on the strength of a huge income tax benefit and improving pharmacy sales, the nation's third-largest drugstore chain reported Thursday. Without the tax benefit, the company's profit missed Wall Street expectations.Rite Aid earned $1.25 billion, or $1.83 a share, for the three months ended March 4, up from $223 million, or 35 cents a share, a year ago. Revenue rose 10 percent, to $4.77 billion from $4.34 billion a year ago. Sales in stores that were open at least a year rose 2.5 percent, it said. Card maker sees its profit double CLEVELAND - American Greetings Corp., the nation's second-largest maker of greeting cards, reported Thursday that its profit nearly doubled in the fourth quarter on higher sales, decreased expenses and a lower tax rate. Earnings rose to $41.8 million, or 58 cents per share, in the three months ended Feb. 28 from $21.4 million, or 28 cents, the previous year. The latest results included a loss of 12 cents per share from the sale of its South African business Business in South Africa is vibrant and alive. Business varies from informal traders selling anything from potatoes to plastic ware. Business may be incorporated in various forms including
Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight totaled $509.3 million, up 5 percent from $485.5 million a year earlier. The company also said its latest earnings rose in part because of a lower tax rate and a reduction in shares. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion