BUSINESS NOTES BOTTOM LINE POOR FOR MGM STUDIO.Byline: - From staff and wire reports SANTA MONICA Santa Monica (săn`tə mŏn`ĭkə), city (1990 pop. 86,905), Los Angeles co., S Calif., on Santa Monica Bay; inc. 1886. Tourism and retailing are important, and the city has motion-picture, biotechnology, and software industries. - Metro-Goldwyn-Mayer Inc. revised its second-quarter and full-year outlook Thursday due to the release of several movies that did not meet expectations. Revenues for the second quarter ending June 30 are expected to be between $265 million and $270 million, compared to $290 million in the second quarter of 2000. The bottom line, after the effect of new accounting rules, is expected to show a loss of between $30 million and $35 million. Before the effect of new accounting rules, the studio is expected to show a loss of between $20 million and $25 million. In the second quarter of 2000, the company reported earnings of $24.5 million. Earnings per share in the quarter are anticipated to be a loss in the range of 27 cents to 29 cents after the effect of new accounting rules. Reported earnings per share in the second quarter of 2000 were 3 cents. Nasdaq delists Maxicare Health Maxicare Health Plans Inc. announced Thursday that the company's common stock will be delisted from the Nasdaq National Market at the opening of business on Monday. The Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. company's stock will begin trading on the Pink Sheets under the ticker symbol Ticker Symbol An arrangement of characters (usually letters) representing a particular security listed on an exchange or otherwise traded publicly. When a company issues securities to the public marketplace, it selects an available ticker symbol for its securities which investors MAXIQ. Northrop extends offer for 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. extended Thursday its pending exchange offer for all outstanding shares of common stock of Newport News Shipbuilding Inc. to July 5. About 861,000 shares of Newport News Shipbuilding common stock had been tendered as of midnight Eastern time yesterday, when the exchange offer was previously set to expire. Newport raises cash for Sonicport CHATSWORTH - Sonicport Inc. announced Thursday that it has engaged Newport Capital Holdings Inc. to undertake a $2 million equity raise for Sonicport Inc. Funds will be used for a combination of day-to-day operations and future business growth, primarily in its new marketing strategy for its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , US Dataworks. Defective chain saws are recalled WASHINGTON - Stihl Inc. is recalling about 1,000 chain saws because a missing screw can cause the chain brake to fail, which could cause severe injuries. The recalled chain saws are marked with a label that reads ``STIHL,'' model number ``019T'' and serial numbers ``249129398'' through ``249956311.'' Consumers should return the saws to the stores where they were purchased for repair. Exodus shares take a nosedive nose·dive n. 1. A very steep dive of an aircraft. 2. A sudden, swift drop or plunge: Stock prices took a nosedive. Noun 1. SAN FRANCISCO - Shares of Exodus Communications Inc. plunged 30 percent Thursday after the Web hosting service A web hosting service is a type of Internet hosting service that allows individuals and organizations to provide their own websites accessible via the World Wide Web. Web hosts are companies that provide space on a server they own for use by their clients as well as providing delivered a rude financial surprise that amplified concerns about the once-vibrant company's ability to survive the dot-com meltdown. Shares in the Santa Clara-based company fell 68 cents to close at $1.57 Thursday 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. . The selloff sell·off n. The sale or disposal of a relatively large number of stocks, bonds, or commodities that often causes a sharp decline in prices. Noun 1. continued an investor retreat that has left Exodus' stock a fraction of its 52-week high of $69. Bay Area Gaps to cut 700 jobs SAN FRANCISCO - Gap Inc. on Thursday announced plans to eliminate as many 700 administrative jobs in an attempt to offset recent sales losses. The San Francisco-based retailer said it would trim its headquarters staff of 10,000 employees by as much as 7 percent by accelerating performance reviews during the summer. Heading into the year, Gap had anticipated expanding its administrative staff by as much as 4 percent. The cuts, which will be concentrated in the San Francisco Bay Area “Bay Area” redirects here. For other uses, see Bay Area (disambiguation). The San Francisco Bay Area, colloquially known as the Bay Area or The Bay , will be made through a combination of layoffs and attrition, the company said. |
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