February 23, 1999
Other earnings, excluding one-time gains and charges unless noted: * Home improvement retailer Lowe's Cos. said its earnings jumped a better-than-expected 48% in the fiscal fourth quarter to $106.2 million, or 30 cents a share, 3 cents higher than forecasts. Sales at stores open at least a year grew 8.2%, and total revenue jumped 22% to $2.92 billion. * Nordstrom Inc. said fiscal fourth-quarter profit rose 13% to $66.
January 7, 1999 |
In what Labor Secretary Alexis M. Herman heralded Wednesday as a "wake-up call" for employers, Texaco Inc. agreed to pay $3.1 million to 186 female managers who earned less than men doing similar work. The agreement set a record for Labor Department "glass ceiling" investigations involving sexual discrimination, although it is smaller than some other recent landmark cases, including a $176-million settlement that White Plains, N.Y.
December 25, 1998 |
* Aames Financial Corp. (ticker: AAM; Thursday close: $2.56, up 6 cents) was raised to "hold" from "sell" by Prudential Securities and Sutro & Co. * Ameritrade Holding Corp. (AMTD; $29, down $3.13) was cut to "hold" from "buy" by Deutsche Bank Securities. * Biogen Inc. (BGEN; $79.31, down 50 cents) raised to "strong buy" from "outperform" by Morgan Stanley Dean Witter and rated "buy" in new coverage by BancBoston Robertson Stephens.
December 24, 1998 |
Capital Z Financial Services Fund II, a private equity fund, said Wednesday it has agreed to pay as much as $100 million to take a controlling stake in Los Angeles-based Aames Financial Corp., a home equity lender. Aames, which bundles loans and sells them to investors, was hurt this year as falling currencies in emerging markets and Russia's default led investors to flee high-risk bonds for safer U.S. Treasury bonds. Aames Chief Executive Cary H.
November 18, 1998
Los Angeles-based Aames Financial Corp. said it's discussing a proposed capital investment by an unidentified equity fund of up to $100 million. Aames, which specializes in lending to those with bad credit, said the investment would probably be made "well below the current trading price" of its common stock and would result in "substantial dilution" to stockholders. Aames shares fell $1.25 to close at $1.88 on the NYSE. Aames this week reported a 97% plunge in first-quarter results.
November 17, 1998 |
Aames Financial Corp., a Los Angeles-based home equity lender, on Monday said its fiscal first-quarter earnings fell 97% and that it will stop selling its loans as securities, as funding for mortgage lenders dries up. Aames also eliminated its quarterly dividend and said it expects to report a loss in the quarter ending Dec. 31.