BRIEFCASE.Byline: - Staff and Wire Services Northrop speeds stock repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. CENTURY CITY - Northrop Grumman Northrop Grumman Corporation (NYSE: NOC) is an aerospace and defense conglomerate that is the result of the 1994 purchase of Grumman by Northrop. The company is the third largest defense contractor for the U.S. Corp. announced Monday that it has entered into a $500 million accelerated share-repurchase agreement with Credit Suisse First Boston Credit Suisse First Boston was originally the trading name of the Financière Crédit Suisse-First Boston, a London-based 50-50 investment banking joint venture formed in 1978 between the First Boston Corporation and Credit Suisse. . Under the agreement, the company repurchased more than 9 million shares of Northrop Grumman common stock from CSFB CSFB Credit Suisse First Boston CSFB Cyclically Shifted Filter Bank at a price per share of $55.15. CSFB plans to purchase an equivalent number of shares in the open market. Equity firm to be Homestore player WESTLAKE VILLAGE - Homestore Inc. announced Monday that Elevation Partners, a private equity firm, has agreed to invest $100 million in Homestore in the form of convertible preferred stock Convertible Preferred Stock Preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date. Also known as "convertible preferred shares". . Under the agreement, Fred Anderson and Roger McNamee, managing directors and co-founders of Elevation Partners, will join Homestore's board of directors, increasing its number to 10. The company operates real estate Web sites, including Realtor.com, the official Web site of the National Association of Realtors The National Association of Realtors (NAR) is made up of residential and commercial realtors who are brokers, salespeople, property managers, appraisers, and counselors, and others working in the real estate industry. , and HomeBuilder.com, the official new-homes site of the National Association of Home Builders The National Association of Home Builders (NAHB) is one of the largest trade associations in the United States. Headquartered in Washington, DC, the association organizes one of the largest conventions in North America, The International Builders' Show, which draws more than . 6-month T-bills hottest in years WASHINGTON - Interest rates on short-term Treasury bills were mixed in Monday's auction, with six-month bills rising to the highest level since March 2001. The Treasury Department auctioned $19 billion in three-month bills at a discount rate of 3.870 percent, down from 3.890 percent last week. An additional $17 billion in six-month bills was auctioned at a discount rate of 4.155 percent, up from 4.125 percent last week. Separately, the Federal Reserve said Monday that the average yield for one-year Treasury bills, a popular index for making changes in adjustable-rate mortgages, rose to 4.32 percent last week from 4.26 percent the previous week. United creditors opposing Disney WASHINGTON - United Airlines' creditors have sided with the airline in its battle with The Walt Disney Co., saying the entertainment company's bid to collect a debt could have a staggering effect on the airline's other creditors. The dispute, scheduled for a hearing Nov. 18 before a bankruptcy judge in Chicago, involves tax benefits Disney said it lost when UAL UAL United Airlines (ICAO code) UAL Unified Accelerator Library (Brookhaven National Laboratory) UAL User Account Lockdown UAL User Access Layer UAL Universal Auxiliary Language UAL User Agent Layer Corp., United's parent company, rejected a lease in 2003 on a Boeing 757 jet that was partly owned by Disney. Disney took a $114 million pretax charge that year over aircraft-lease transactions involving UAL, which had been seeking to reorganize under Chapter 11 bankruptcy protection at the time. Disney said it's entitled to full compensation from the airline. If the judge agrees, the airline could owe a total of $5.1 billion in similar claims, said United and its creditors. |
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