BUSINESS NOTES AMGEN TO RECLAIM $2 BILLION IN STOCK.THOUSAND OAKS Thousand Oaks, residential city (1990 pop. 104,352), Ventura co., S Calif., in a farm area; inc. 1964. Avocados, citrus, vegetables, strawberries, and nursery products are grown. - Amgen's board of directors on Tuesday authorized a $2 billion stock buyback Stock buyback A corporation's purchase of its own outstanding stock, usually in order to raise the company's earnings per share. stock buyback See buyback. plan to begin early next year. The Thousand Oaks-based biotechnology giant said the repurchase program would run from Jan. 1, 2001, through December 2002. Amgen spokesman David Kaye David V. Hope (born 14 October 1964), known professionaly as David Kaye, is a Canadian actor who is better known and revered for his work as a voice actor. Career said there were a couple of reasons for the stock repurchase plan stock repurchase plan 1. See buyback. 2. See self-tender. . ``First, we believe Amgen stock is an excellent value,'' he said. ``Second, shareholders would receive better tax treatment via a stock repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. than by receiving dividends.'' The company also said Chief Executive Officer Kevin Sharer would assume the additional role of chairman as of Jan. 1. He will replace Gordon Binder Gordon Binder is currently managing director of Coastview Capital, LLC, and previously was chairman of Amgen[1]. He joined Amgen in 1982, and previously had executive roles at the United Geophysical Corporation and the System Development Corporation. , Amgen's chairman since 1990, who will retire at the end of the year. Kaye said the company's board also amended a shareholders-rights plan intended to deter hostile takeover Hostile Takeover A takeover attempt that is strongly resisted by the target firm. Notes: Hostile takeovers are usually bad news, as the employee moral of the target firm can quickly turn to animosity against the acquiring firm. tactics. The plan allows shareholders to purchase additional shares of stock if someone acquires 10 percent of the company. - Daily News WellPoint rated in women's top 10 THOUSAND OAKS - For the second consecutive year, WellPoint Health Networks Inc. has been named one of America's Top 25 Public Companies for Executive Women by the editors of Working Women magazine. WellPoint ranked ninth on the top 25 list for 2000, moving up from 24th in last year's survey. The magazine recognized the Thousand Oaks-based company for its strong representation of women on its board of directors. Women represent 43 percent of the company's board. Leonard D. Schaeffer, WellPoint's chairman and chief executive officer, said he was proud that the company was now considered a top 10 company for executive women. - Daily News Cruise line A cruise line is a company that operates cruise ships. Cruise lines have a dual character; they are partly in the transportation business, and partly in the leisure entertainment business, a duality that carries down into the ships themselves, which have both a crew headed by the signs new-ship deal The parent company of Los Angeles-based Crystal Cruises signed a contract Tuesday with the French shipyard Chantiers de l'Atlantique Chantiers de l'Atlantique is one of the world's largest shipyards, based in Saint-Nazaire, France. It was created in 1861 by Compagnie Générale Transatlantique, but since 1984 has been owned by Alstom then Aker Yards since 2006. for the construction of a new luxury ship. The contract signing establishes a June 2003 delivery date, almost six months ahead of original plans, for the yet-unnamed 68,000-ton, 1,080-guest ship, said Crystal Cruises President Joseph A. Watters. Crystal Cruises operates the 940-guest Crystal Harmony Crystal Harmony is a cruise ship for Crystal Cruises and was built in 1990. During the Crystal Harmony's maiden voyage in the South American/Caribbean waters, the ship caught on fire due to water entering her engine system. and Crystal Symphony on worldwide itineraries ranging from seven days to a 104-day world cruise. - City News Service Microsoft settles temp staff lawsuit SEATTLE - Microsoft has reached a $97 million settlement of federal lawsuits from temporary workers who challenged the software giant's employment practices, which once allowed employees to be classified as temporary for as long as 14 years, a plaintiffs lawyer said. Between 8,000 and 12,000 current and former employees are expected to receive payments under the settlement, plaintiffs attorney Stephen Strong said Tuesday. - Associated Press Kodak develops low-profit forecast ROCHESTER, N.Y. - For the second consecutive quarter, Eastman Kodak Co. lowered its earnings projections to reflect a sharp slowdown in film sales it blamed largely on a slowing U.S. economy. The world's biggest photography company said fourth-quarter earnings are likely to be 65 cents to 75 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. compared with a previous projection of $1 to $1.15. That would be down 40 percent to 50 percent from the same period a year ago. - Associated Press Compaq earnings lag expectations HOUSTON - Compaq Computer Corp. on Tuesday became the latest high-tech company to warn that slow sales will cause fourth-quarter revenue and earnings to fall short of market expectations. The world's largest computer systems maker said revenue is expected to be between $11.2 billion and $11.4 billion, as much as 10 percent below expectations, though still 7 percent above year-ago levels. Earnings, excluding one-time charges, are expected to be between 28 cents and 30 cents per share. The consensus estimate of analysts surveyed by First Call/Thomson Financial was 36 cents per share. Compaq will report its actual figures Jan. 23. - Associated Press |
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