BRIEFLY LITTON, NORTHROP COMPLETE MERGER.WOODLAND HILLS - Litton Industries Named after inventor Charles Litton Sr., Litton Industries was a large defense contractor in the United States, bought by the Northrop Grumman Corporation in 2001. Inc. completed its merger with 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. on Wednesday, having acquired all shares of Litton common stock not previously purchased in its tender offer. Litton shareholders as of the time of the merger will receive $80 in cash for each common share. FirstLook, Carlton reach agreement SHERMAN OAKS - Streaming media See streaming audio, streaming video and digital media hub. content provider FirstLook expanded its overseas operations through a new distribution agreement signed with Carlton Interactive Media, the company announced Wednesday. FirstLook offers companies the technology, tools and content to integrate streaming video content into their Web sites. The streaming media content includes access to an industry-leading library of more than 3.5 million video and audio previews of movies, DVDs, video games, music and TV programs. MarketWatch lays off 40 workers SAN FRANCISCO - MarketWatch.com Inc. announced Wednesday that it is laying off about 15 percent of its work force, making the popular online business news site the latest media outlet to shrivel in the face of an advertising slump. MarketWatch's cutbacks translate into the loss of about 40 jobs from its 250-employee payroll. The layoffs, coupled with other expense reductions, will save the company about $9 million annually. In trading Wednesday on the Nasdaq Stock Market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. , MarketWatch's shares dipped 5 cents to $2.85, well below its January 1999 initial public offering price of $17. The stock peaked at $130 shortly after its IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. . FCC (1) (Federal Communications Commission, Washington, DC, www.fcc.gov) The U.S. government agency that regulates interstate and international communications including wire, cable, radio, TV and satellite. The FCC was created under the U.S. studying News Corp. bid WASHINGTON - The head of the Federal Communications Commission Federal Communications Commission (FCC), independent executive agency of the U.S. government established in 1934 to regulate interstate and foreign communications in the public interest. hopes for a decision within weeks on News Corp.'s plan to take over TV station owner Chris-Craft Industries. First, three new commissioners who were confirmed by the Senate last week must examine the deal themselves. But Michael Powell, the FCC chairman, said it will be among the top issues for the five-member panel. The combination of News Corp., parent company of the Fox network, and Chris-Craft would run up against several media rules, including a 35 percent limit on how many households one company can reach through its TV stations. In Los Angeles, Fox owns KTTV (Channel 11) and Chris-Craft owns KCOP (Channel 13). Sara Lee Corp. earnings fall short CHICAGO - Sara Lee Corp.'s costly makeover in the midst Adv. 1. in the midst - the middle or central part or point; "in the midst of the forest"; "could he walk out in the midst of his piece?" midmost of an economic slowdown will cause earnings to fall short of expectations in the upcoming fiscal year, the consumer goods consumer goods Any tangible commodity purchased by households to satisfy their wants and needs. Consumer goods may be durable or nondurable. Durable goods (e.g., autos, furniture, and appliances) have a significant life span, often defined as three years or more, and giant warned Wednesday. Company executives cited challenging retail market conditions, a weak euro and the substantial product development and marketing expenses entailed in its reorganization. The Chicago-based company now expects earnings for fiscal 2002, which begins July 1, to be $1.25-$1.35 a share, down from the $1.34-$1.37 it foresaw April 25. Its shares fell 25 cents to close at $18.90 Wednesday 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. and are now trading below the level of four years ago. Integres Global into heavy stuff CHICAGO - Two transportation giants and a computer maker have formed a joint venture aimed at grabbing a share of the $50 billion-a-year heavy freight shipping industry. United Airlines, Roadway Express and Unisys announced Wednesday the formation of Integres Global Logistics Inc., to be based in Rancho Cordova, Calif. The three companies hold majority stakes in the venture, while American Airlines, G-Log and UTi Worldwide have minority ownership roles. Integres is targeting the commercial transportation market for goods and packages weighing more than 70 pounds. Federal Express and UPS dominate the market for smaller packages. - Staff and Wire Services |
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