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More banks failing

WASHINGTON - The toll of failed banks is mounting, with 80 institutions closed by regulators so far this year - the most since 1992 at the height of the savings-and-loan crisis.

The latest came Friday with the seizures of two small banks in Georgia and one in Alabama: ebank, located in Atlanta, with $143 million in assets and $130 million in deposits; First Coweta, based in Newnan, Ga., with $167 million in assets and $155 million in deposits; and CapitalSouth Bank, based in Birmingham, Ala., with $617 million in assets and $546 million in deposits.

The Federal Deposit Insurance Corp. was appointed receiver.

Solar is downgraded

MARLBORO - Evergreen Solar Inc., a maker of solar power products, was downgraded to "underperform" from "buy" by analyst Paul Clegg at Jefferies. The 12-month price target is $1 per share. (Bloomberg News)

Raytheon gets contract

MARLBORO - Raytheon Co. received a $6.5 million U.S. Navy contract to build two radar systems as a result of two base closures. Work will be performed in Marlboro, at McGuire Air Force Base and Robins Air Force Base. The contract resulted from Base Realignment and Closure Commission recommendations to move Marine Corps helicopters from Willow Grove, Pa., to McGuire in New Jersey, and from Atlanta to Robins in Georgia. Shares of Waltham-based Raytheon rose $1.27 cents to $48.22 in trading on Friday. (Associated Press)

RXi official resigns

WORCESTER - RXi Pharmaceuticals Corp. announced that Chief Financial Officer Stephen J. DiPalma will resign effective Aug. 28 to pursue other opportunities. President and Chief Executive Officer Tod Woolf said Mr. DiPalma had helped the company go public last year, as well as closing subsequent rounds of financing. The company said it would recruit a new chief financial officer. RXi shares fell 14 cents to close at $3.04 yesterday. (Associated Press)

Royal Ahold profit

AMSTERDAM - Royal Ahold NV, the Dutch operator of U.S. grocery chains Stop & Shop and Giant, reported Thursday a 42 percent fall in net profit for the second quarter due entirely to the sale of operations in the previous year.

Net profit was 195 million ($278 million), down from 336 million in the same quarter a year earlier, when Ahold booked a 162 million gain from the sale of its Schuitema stores in Europe.

Ahold said stripping out the impact of discontinued operations in both years, profits would have risen 8.5 percent. Sales rose 11 percent to

6.43 billion, and the company managed to improve margins to 4.8 percent from 4.3 percent.

Barnes & Noble profit

NEW YORK - Barnes & Noble Inc., the nation's largest bookstore chain, said Thursday its second-quarter profit fell 27 percent, but results beat analyst expectations as the company cut costs.

From local and wire service reports
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Title Annotation:MONEY
Publication:Telegram & Gazette (Worcester, MA)
Date:Aug 22, 2009
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