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BUSINESS
June 7, 2001 | Associated Press
Russell Corp. said it will cut 800 jobs at four Alabama factories and report second-quarter earnings sharply below forecasts because of sluggish demand for its athletic apparel. The job cuts represent 5.3% of its worldwide work force of about 15,000 people. Russell shares fell $2.53, or 19%, to close at $15.86 on the NYSE. The firm lowered its second-quarter earnings forecast to 12 cents to 16 cents a share, down from the 27 cents expected by analysts surveyed by First Call/Thomson Financial.
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BUSINESS
December 18, 2001
* Cendant Corp. said it plans to buy vacation time-share operator Equivest Finance Inc. for about $98 million, or about $3 a share. The news sent Equivest stock soaring $1.70 to $2.95 in Nasdaq. * NationsRent Inc., which rents heavy construction equipment to contractors, said it's filing for Chapter 11 bankruptcy protection as a result of an industry slowdown. The Fort Lauderdale, Fla.-based company also announced the resignation of its chairman and chief executive, James Kirk.
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BUSINESS
December 6, 2000 | Times Staff
Standard & Poor's continues to shuffle the members of its famous blue-chip 500 index. Late Tuesday S&P said it will add Southland tech firms Vitesse Semiconductor (VTSS) and QLogic (QLGC) to the 500 index on Monday. It also will add health-care firm Stryker Corp. (SYK). Stocks to be dropped from the index are Polaroid Corp. (PRD) and textile makers Springs Industries (SMI) and Russell Corp. (RML).
BUSINESS
June 7, 2001 | Associated Press
Russell Corp. said it will cut 800 jobs at four Alabama factories and report second-quarter earnings sharply below forecasts because of sluggish demand for its athletic apparel. The job cuts represent 5.3% of its worldwide work force of about 15,000 people. Russell shares fell $2.53, or 19%, to close at $15.86 on the NYSE. The firm lowered its second-quarter earnings forecast to 12 cents to 16 cents a share, down from the 27 cents expected by analysts surveyed by First Call/Thomson Financial.
BUSINESS
December 18, 2001
* Cendant Corp. said it plans to buy vacation time-share operator Equivest Finance Inc. for about $98 million, or about $3 a share. The news sent Equivest stock soaring $1.70 to $2.95 in Nasdaq. * NationsRent Inc., which rents heavy construction equipment to contractors, said it's filing for Chapter 11 bankruptcy protection as a result of an industry slowdown. The Fort Lauderdale, Fla.-based company also announced the resignation of its chairman and chief executive, James Kirk.
BUSINESS
September 28, 2000 | Reuters, Bloomberg News
Athletic apparel maker Russell Corp. said third-quarter earnings will fall short of forecasts, citing disappointing European sales due to the weak euro and rising raw materials costs. But the Atlanta-based company expects earnings between 8% and 10% higher than in its third quarter of 1999, when Russell posted net income of $23.9 million, or 72 cents per share, excluding one-time charges, on sales of $344.9 million. Analysts on average had predicted Russell would earn 84 cents.
BUSINESS
April 18, 2003 | From Associated Press
Spalding Sports Worldwide is giving up basketball, football and other sports to focus on its golf game. In a $65-million deal, the oldest U.S. sporting goods firm is selling the Spalding name to Atlanta athletic wear maker Russell Corp. Chicopee, Mass.-based Spalding says the move will let it focus on its Top-Flite, Ben Hogan and Strata golf products, which account for about 70% of sales.
BUSINESS
December 6, 2000 | Dow Jones
Standard & Poor's said Tuesday that it will add QLogic Corp., an Aliso Viejo designer of chips and circuit boards that link computers and data-storage systems, to its S&P 500 Index. S&P said in a press release that QLogic, already an S&P MidCap 400 component, will join two other newcomers, Vitesse Semiconductor Corp. and Stryker Corp., effective Monday. The companies will replace Polaroid Corp., Springs Industries Inc. and Russell Corp., all of which will move to the SmallCap 600 index.
SPORTS
October 12, 1986 | Associated Press
The All American Bowl hopes to give $800,000 to each of the teams taking part in this year's football game, including $200,000 from a producer of athletic uniforms. Bowl President J. Robert Doody and Russell Corp. announced that the company will give $100,000 for academic scholarships to each school chosen for the Dec. 31 game.
BUSINESS
March 6, 1991 | Items were compiled and edited by Grassroots Research, a unit of the San Francisco money management firm RCM Capital Management.
A roundup of business developments spotted by other publications. Hospital Security: The same technology that prevents shoplifting is being applied to hospitals and similar wards. Sensormatic and Security Tag Systems, both based in Florida, sell hospital equipment that keeps track of patients by their bracelets. If one of the bracelets goes out of its designated ward, an alarm sounds.
BUSINESS
December 6, 2000 | Times Staff
Standard & Poor's continues to shuffle the members of its famous blue-chip 500 index. Late Tuesday S&P said it will add Southland tech firms Vitesse Semiconductor (VTSS) and QLogic (QLGC) to the 500 index on Monday. It also will add health-care firm Stryker Corp. (SYK). Stocks to be dropped from the index are Polaroid Corp. (PRD) and textile makers Springs Industries (SMI) and Russell Corp. (RML).
BUSINESS
September 28, 2000 | Reuters, Bloomberg News
Athletic apparel maker Russell Corp. said third-quarter earnings will fall short of forecasts, citing disappointing European sales due to the weak euro and rising raw materials costs. But the Atlanta-based company expects earnings between 8% and 10% higher than in its third quarter of 1999, when Russell posted net income of $23.9 million, or 72 cents per share, excluding one-time charges, on sales of $344.9 million. Analysts on average had predicted Russell would earn 84 cents.
BUSINESS
July 23, 1998
* Travelers Group Inc. and Citicorp said their shareholders approved their planned $70-billion merger by votes of 94% and 98.1%, respectively. The companies said they expect Federal Reserve approval of the deal, which would create the world's largest financial services company, within three weeks. * Scandinavian Airlines System ordered 13 new 737-600 aircraft, worth about $400 million, from Boeing Co. to expand its fleet for European travel.
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