BRIEFCASE.Byline: -- Staff and Wire Services Genentech Inc. profits escalate SAN FRANCISCO San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden -- Third-quarter profit surged 58 percent for biotechnology company Genentech Inc. behind strong drug sales and the introduction of a new treatment for an eye disorder, the company announced Tuesday. South San Francisco-based Genentech reported a profit of $568 million, or 53 cents a share, for the quarter, compared with $359 million, or 33 cents a share, for the same period last year. If not for special expenses, including employee stock options, the company said it would have earned $637 million, or 59 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 that basis, the company exceeded Wall Street analysts' expectations by eight cents a share, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. 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 . Genentech said it expected earnings per share to grow by 65 percent to 70 percent for the full year. Supervalu reports earnings increase MINNEAPOLIS -- Supervalu Inc., the nation's third-biggest supermarket chain operator, said Tuesday that its earnings nearly quadrupled in its second quarter because of its newly purchased Albertsons grocery stores. Supervalu also boosted its guidance for the year. The company's shares rose $1.38, or 4.5 percent, to close at $32.39 on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. . Chairman and Chief Executive Jeff Noddle nod·dle n. The head. [Middle English noddel, back of the head, perhaps from Latin n said the Albertsons purchase added to profit right away, not counting one-time costs from the acquisition. The Eden Prairie Eden Prairie A city of eastern Minnesota, a residential suburb of Minneapolis. Population: 57,300. , Minn.-based grocer and food distributor said it earned $132 million, or 61 cents per share, in the three months ended Sept. 9, up from $34 million, or 24 cents per share, during the same period last year. Sales more than doubled to $10.67 billion, up from $4.56 billion a year ago. Nextel chairman resigns position KANSAS CITY -- Sprint Nextel Corp. on Tuesday announced that Tim Donahue is leaving as chairman of the struggling cell-phone carrier, the second unexpected departure of a top executive in six weeks. The company did not name a replacement for Donahue, 57, who was chief executive officer of Nextel before it was acquired by Sprint last year for $35 billion, creating the nation's third-largest cellular provider with more than 40 million wireless customers and $40 billion in annual revenue. Donahue's resignation surprised some analysts, but Sprint spokesman David Gunasegaram said there had been speculation since the two companies merged that Donahue would stay for only two years. ImClone board members leave 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 -- ImClone Systems Inc. said Tuesday that its chairman and another board member resigned, following weeks of squabbles between the company and billionaire financier Carl Icahn, who was seeking their ouster ouster n. 1) the wrongful dispossession (putting out) of a rightful owner or tenant of real property, forcing the party pushed out of the premises to bring a lawsuit to regain possession. as part of a plan to shake up the biotech drug maker. ImClone shares rose more than 3 percent. ImClone said in a statement that Chairman David M. Kies and board member William W. Crouse resigned effective immediately. Company spokesman David Pitts said Kies cited ``personal and other reasons,'' while Crouse didn't give a reason for his departure. Icahn, Kies, and Crouse could not be reached for comment. |
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