Printer Friendly

BRIEFCASE.

Byline: -- Staff and Wire Services

Insider-trading operation busted

Investigators have broken up what they call one of the biggest Wall Street insider-trading rings since the 1980s -- a sweeping, $15 million scandal that involved power brokers at some of the nation's top financial firms and two lawyers.

In announcing the case Thursday, authorities described a criminal operation that used insiders at Morgan Stanley and Co. and UBS Securities LLC to steal valuable secrets from the companies.

Prosecutors also alleged a Banc of America Securities LLC broker accepted cash kickbacks and two former representatives of Bear Stearns & Co. obtained UBS inside information.

State Farm sees 65% profit rise

State Farm Insurance, the nation's largest insurer, said Thursday that profits climbed 65 percent in 2006 as claims dipped amid a relatively tranquil year for hurricanes and other natural disasters.

The Indiana-based insurer posted earnings of $5.3 billion, up from $3.2 billion the year before when payouts soared after a flurry of hurricanes including Katrina, the costliest disaster in U.S. history.

State Farm said catastrophe losses dipped by $4.1 billion from 2005, when the company paid out a record $6.3 billion for claims and expenses in the aftermath of Katrina, Rita and other tropical storms.

The company also said Thursday that it will pay a record $1.25 billion in dividends to auto policyholders after posting better-than-expected profits in its auto insurance lines.

Dell earnings off 33% in Q4

Dell Inc., which is the subject of a federal probe into its finances, said Thursday that fourth-quarter profits plunged 33 percent due to weak sales of laptops and notebooks, which account for the lion's share of its revenues.

Dell said it earned $673 million, or 30 cents per share in the quarter ended Feb. 2, compared with $1.01 billion, or 43 cents per share a year earlier.

Revenue fell 4 percent, to $14.4 billion.

Analysts had expected the PC maker to earn 29 cents per share in the most recent quarter, according to a survey by Thomson Financial.

Oracle Corp. to buy Hyperion

Business software maker Oracle Corp. will buy Hyperion Solutions Corp. for $3.3 billion in cash, renewing a shopping spree aimed at toppling rival SAP AG.

The deal announced Thursday will give Oracle an arsenal of Hyperion products that are widely used by SAP's customers. Hyperion's tools, known as "business intelligence" software, help chief financial officers and other top corporate executives track their company's performance.

Santa Clara-based Hyperion represents the largest prey to be devoured by Oracle since it gobbled up Siebel Systems Inc. for $6.1 billion a little over a year ago.
COPYRIGHT 2007 Daily News
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2007, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Title Annotation:Business
Publication:Daily News (Los Angeles, CA)
Date:Mar 2, 2007
Words:439
Previous Article:WRESTLING NOTEBOOK: AREA COMPETITORS GEARING UP FOR STATE MEET.
Next Article:LAKERS NOTEBOOK: RADMANOVIC FINED $500,000.
Topics:


Related Articles
BRIEFCASE BUSINESS GROUP TO HOLD FREE FAIR.
BRIEFCASE.
BRIEFCASE.
BRIEFCASE.
BRIEFCASE.
BRIEFCASE.
BRIEFCASE.
BRIEFCASE.
BRIEFCASE.
BRIEFCASE.

Terms of use | Privacy policy | Copyright © 2018 Farlex, Inc. | Feedback | For webmasters