March 22, 2001 |
Three of Wall Street's biggest brokerage firms reported earnings declines for the latest quarter Wednesday because a plunge in equities throttled investment-banking revenue. Profit at Morgan Stanley Dean Witter & Co. fell 30% and was off 28% at Lehman Bros. Holdings Inc. for the quarter ended Feb. 28. Both results were slightly higher than analyst forecasts. Bear Stearns Cos. said earnings for the period dropped a deeper-than-expected 40%.
CALIFORNIA | LOCAL
June 6, 1995 |
Four large creditors Monday challenged Orange County's plan to pay off $175 million in notes maturing this month and force holders of $800 million in short-term debt to wait a year to collect. The creditors represent mostly investors who hold notes due in July and August. They are Alliance Capital Management L.P., The Benham Group, Putnam Investment Management and The Northern Trust Corp. The lawsuit filed in Bankruptcy Court came as no surprise to Orange County officials.
February 16, 2006 |
U.S. industrial output fell 0.2% in January as warm weather slashed power usage, Federal Reserve data showed Wednesday. But a boost in manufacturing and strong capacity use fanned inflation fears. Shortly after the report was released, new Fed Chairman Ben S. Bernanke told Congress that the U.S. economy was running so close to capacity, it faced increasing inflation risks that could require higher interest rates to temper. The Fed said utility output fell 10.
April 5, 2001 |
Radiance Medical Systems Inc. stock surged nearly 39% Wednesday after bullish comments from analysts about the Irvine company's clinical trials for a radiation balloon catheter. Shares of the Irvine medical products maker climbed $1.19 to $4.25 in Nasdaq trading, one of the best percentage gains in U.S. markets. Earlier in the session, the shares traded as high as $4.50. Analysts said the company's U.S. clinical studies remain on track. A day earlier, Prudential Securities Inc.
June 4, 1997 |
The nation's main economic forecasting gauge fell in April for the first time in 15 months, according to a report released Tuesday, the latest sign that a slowdown is likely later this year. The Conference Board said its index of leading economic indicators, which is meant to forecast activity six to nine months ahead, fell 0.1% in April--the first decline since a 0.7% decline in January 1996--after rising 0.2% in March.
CALIFORNIA | LOCAL
March 12, 1995
Two recent Times articles have questioned the selection of A.G. Edwards & Sons as a co-senior underwriter for Orange County, stating that the selection resulted from something other than merit. The articles are inaccurate and unfairly criticize our firm and others involved in trying to solve the crisis in Orange County. We certainly appreciate your recognition that one of our brokers acted responsibly in expressing concern about the investments made by Robert L. Citron, but the suggestion in the article that the broker's criticism resulted in our selection by Orange County is inaccurate.
February 17, 2005 |
A jump in starts on single-family housing pushed total U.S. housing starts to a nearly 21-year high in January, but other data released Wednesday were not as robust. Home mortgage applications dipped last week and industrial production was flat in January as warm weather damped demand for heating and dragged down utilities output. U.S. housing starts climbed 4.7% to a seasonally adjusted annual rate of 2.16 million units in January from an upwardly revised 2.
September 8, 2004 |
Eli Lilly & Co., which introduced the world's first commercial insulin for diabetes in the 1920s, said Tuesday that U.S. regulators cleared its Cymbalta antidepressant for use in relieving diabetes-related nerve pain. The Food and Drug Administration decision makes Cymbalta the first drug approved for diabetic peripheral neuropathic pain, a condition that the company estimates affects as many as 5 million Americans.
February 6, 2007 |
Shares of Herbalife Ltd., which sells dietary and weight-loss supplements, rose above the $38-a-share offer by private-equity firm Whitney & Co., its largest shareholder. The shares rose $7.02, or 21%, to $40.12. Whitney's offer, disclosed late Friday, was 15% more than the closing price of Herbalife shares that day and valued the company at $2.7 billion. The company is based on Grand Cayman Island but has its headquarters in Los Angeles. The cash takeover bid by New Canaan, Conn.
December 3, 1997 |
The economy's steady but cautious growth is set to continue beyond the holiday shopping season, according to a private report released Tuesday. The index of leading economic indicators, a key gauge of future economic activity, rose 0.2% in October, the sixth straight monthly gain, according to the Conference Board, the private research group that monitors the economy. "This modest increase . . .