BUSINESS NOTES TRIO-TECH SIGNALS DECLINE IN EARNINGS.San Fernando-based Trio-Tech International said Tuesday that it expects third-quarter earnings of four 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. and fourth-quarter results to be well below the 12 cents per share of a year ago. This result was attributed to volatile conditions in the global semiconductor market. The company also said its Universal Systems subsidiary won an $800,000 contract for semiconductor handling and chemical dispensing equipment from a Texas-based global supplier of semiconductor products. The equipment is scheduled for installation by the end of June 2001. The company did not identify the customer. - Daily News Cash crunch forces Loudcloud layoffs SUNNYVALE, Calif. - Internet services provider Loudcloud Inc. announced cutbacks Tuesday, eliminating 122 jobs, or 19 percent of the company's work force. A cash crunch has forced Loudcloud to reorganize re·or·gan·ize v. re·or·gan·ized, re·or·gan·iz·ing, re·or·gan·iz·es v.tr. To organize again or anew. v.intr. To undergo or effect changes in organization. , the company said in a release. Loudcloud was founded by Marc Andreessen (person) Marc Andreessen - The man who founded Netscape Communications Corporation in April 1994 with Dr. James H. Clark. Andreessen has been a director since September 1994. , the Web browser The program that serves as your front end to the Web on the Internet. In order to view a site, you type its address (URL) into the browser's Location field; for example, www.computerlanguage.com, and the home page of that site is downloaded to you. pioneer behind Netscape. The layoffs leave Sunnyvale-based Loudcloud with 507 employees. The firings follow an aggressive expansion that has increased the company's payroll from 74 workers in January 2000. In trading 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. , Loudcloud shares rose 53 cents to close at $6.43 Tuesday. - Associated Press Associated Press: see news agency. Associated Press (AP) Cooperative news agency, the oldest and largest in the U.S. and long the largest in the world. TRW TRW The Real World (TV reality show) TRW The Right Way TRW Tactical Reconnaissance Wing TRW The Retriever Weekly (University of Maryland, Baltimore, MD) TRW Thompson Ramo Wooldridge Inc Inc. settles suit with retirees CLEVELAND - Industrial parts maker TRW Inc. has agreed to pay $48.5 million to settle a lawsuit on behalf of about 5,500 retirees over lump-sum pension payments. Attorneys discussed the proposed settlement with U.S. District Judge Ann Aldrich on Tuesday and will be in court May 29 to ask for preliminary approval, said Robert Gary, a lawyer for the retirees. He said the retirees in the class-action case chose a single payment over monthly lifetime checks. Gary said the dispute involved the way TRW calculated the lump-sum payments. About four years ago, Aldrich had ordered TRW to recalculate re·cal·cu·late tr.v. re·cal·cu·lat·ed, re·cal·cu·lat·ing, re·cal·cu·lates To calculate again, especially in order to eliminate errors or to incorporate additional factors or data. 10 years of lump-sum payments to the retirees. TRW appealed, but last December the ruling was affirmed. TRW continues to believe that it calculated the pensions properly, said spokesman Michael Jablonski. - Daily News Dollar General sued for inflating figures NASHVILLE - Three class-action lawsuits filed against Dollar General Corp. assert the discount retailer misled shareholders by releasing false financial information that inflated the company's value. The lawsuits filed Tuesday came a day after Dollar General said it expected to delay its 2000 annual report while investigators looked into accounting irregularities over the past three fiscal years. Shares of Dollar General fell 37 percent after the announcement. Shares of Dollar General closed down 74 cents to $15.76 in trading Tuesday 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. . Dollar General said in a release that it was investigating whether fraudulent accounting caused that irregularities and overstated o·ver·state tr.v. o·ver·stat·ed, o·ver·stat·ing, o·ver·states To state in exaggerated terms. See Synonyms at exaggerate. o earnings. - Associated Press Dow to cut 4,500 work force jobs DETROIT - Dow Chemical Co. plans to cut 4,500 jobs, or 8 percent of its work force, doubling its earlier job-reduction estimate as it looks to bolster savings from its purchase of Union Carbide Union Carbide Corporation (Union Carbide) is one of the oldest chemical and polymers companies in the United States, and currently has more than 3,800 employees. . Dow Chemical said Tuesday it plans to cut annual costs by $1.1 billion by early 2003, more than twice its $500 million projection when the takeover of Union Carbide was announced in 1999. The Midland-based company had previously said it was cutting 4 percent of its work force due to cost savings found through the acquisition, including the reduction of overlapping responsibilities. The $7.3 billion deal was completed Feb. 6. Shares of Dow Chemical rose 55 cents to $34 at the close of trading on the New York Stock Exchange. - Associated Press |
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