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Date: 09 January 2003
By Bloomberg News
Bloomberg News
Tyco International is looking in New York, New Jersey, Connecticut and Pennsylvania for offices so it can save money by leaving New York City space used by top officers; US headquarters, which is based is Bermuda, will remain in Exeter, NH (S)
Date: 09 January 2003
By Bloomberg News
Bloomberg News
Bristol-Myers Squibb Co will pull antidepressant Dutonin from European market after 18 patients who took drug died; company will keep selling drug in US as Serzone; label carries Food and Drug Administration's highest alert, which notes that liver failure has been reported (S)
Date: 09 January 2003
By Bloomberg News
Bloomberg News
MGM Mirage and Mandalay Resort Group say fewer gamblers went to Las Vegas over holidays and that those who did bet less money, hurting fourth-quarter profit; 13 percent fewer people visited Las Vegas in November than in year-earlier period; MGM Mirage earned 24 cents to 27 cents per share in fourth quarter; Mandalay says it will earn 10 cents per share in quarter ending Jan 31, below 22 cents estimated by analysts (S)
Date: 08 January 2003
By Bloomberg News
Bloomberg News
Exxon Mobil Corp says Texas judge has thrown out main claims in lawsuit by state seeking royalties from company wells in eastern Texas; state sued company two years ago, clamining ownership of minerals under portions of highway that crosses Hawkins oil field; state plans to appeal portions of ruling (S)
Date: 09 January 2003
By Bloomberg News
Bloomberg News
Guess said Wednesday that its loss was wider than forecast last year after the company increased promotions and discounts to lure shoppers during the holidays.
Date: 08 January 2003
PILOTS FOR UNITED AIRLINES APPROVE 29% PAY CUT Pilots for United Airlines voted to approve the 29 percent interim pay cuts proposed by the carrier as part of its push to cut costs in bankruptcy, the pilots' union said yesterday. The 8,500 pilots are the first of United's employees to agree to the immediate, temporary pay cuts, and they did so by an overwhelming majority. Seventy-seven percent of pilots participated in the weeklong voting, and 92 percent of those approved the cuts as recommended by union leaders. As United's highest-paid union employees, the pilots will have the most taken out of their paychecks even if other unions follow suit. Flight attendants also have been voting since last week on whether to accept a 9 percent wage reduction, as agreed to by union leaders. Two smaller unions, representing flight dispatchers and meteorologists, are also conducting ratification votes on proposed 13 percent cuts. (AP) CIGNA CUTS 3,000 JOBS AND WILL TAKE A CHARGEThe Cigna Corporation, the health insurer, said yesterday that it was cutting more than 3,000 jobs as it revamps itself after failing to raise health premiums enough to cover medical costs. The company said it was cutting 3,250 employees to revamp its operations, leading to a $98 million after-tax charge in the fourth quarter of 2002. Cigna will cut 2,150 workers in the first quarter of this year.
Date: 09 January 2003
By Bloomberg News
Bloomberg News
General Motors Corp, whose $76 billion pension obligation is highest in US, says it will lower return it expects from assets invested on behalf of retirees after three years of stock market declines; will reduce 10 percent rate of return previously assumed for its US pension fund (S)
Date: 09 January 2003
By Bloomberg News
Bloomberg News
Shares of StorageNetworks Inc fall as much as 22 percent after company says it will cut about 110 workers, or half its staff, and co-founder Peter Bell resigns as chief executive; chief financial and operating officer Paul Flanagan is chosen to replace Bell; graph (S)
Date: 08 January 2003
By Bloomberg News
Bloomberg News
Commerce Department reports factory orders fell in November for third time in four months, indicating weakness in most manufacturing categories; manufacturing orders declined 0.8 percent after rising 1.4 percent in October; orders for nondurable goods declined 0.1 percent after rising 1 percent in October; new orders for durable goods fell 1.5 percent (M)
Date: 08 January 2003
By Bloomberg News
Bloomberg News
Storage Technology Corp says fourth-quarter profit and sales topped estimates it raised in October; sales were $584.1 million; product sales were 25 percent higher than in third quarter; revenue from services rose 2.9 percent; company's shares fall 40 cents, to $24.13 (S)/