Bookseller Borders Group Inc. could file for bankruptcy as soon as Monday or Tuesday, the Wall Street Journal reported Friday, citing people familiar with the matter. Get the full story »
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Nokia, Microsoft join forces on smartphones
In a major shift, Nokia Corp. Friday said it will adopt Windows Phone as its main smartphone platform, part of a broad strategic partnership with Microsoft Corp. that will see the next two years become a period of transition for the ailing handset maker.
“Nokia and Microsoft will combine our strengths to deliver an ecosystem with unrivalled global reach and scale,” said Nokia Chief Executive Stephen Elop, a former Microsoft employee. “Nokia is at a critical juncture, where signficant change is necessary and inevitable in our journey forward,” he said. Get the full story »
Kraft fourth-quarter profit hurt by costs; shares fall
Northfield-based Kraft Foods Inc. reported fourth-quarter earnings down 24 percent to $540 million. The company’s operating earnings, at 46 cents per share was in line with Wall Street expectations, but full-year earnings per share of $2.02 missed expectations by a penny.
The company’s shares fell 2.1 percent to $30.45 in after-hours trading. Get the full story »
Tarmac delay rules to extend to foreign airlines
Federal officials are poised to broaden new tarmac delay rules to include overseas carriers, closing a loophole that was exposed during the Boxing Day blizzard that shuttered New York City’s airports.
The U.S. Department of Transportation said Thursday it expects to issue the latest passenger protections in April and will likely build on a controversial 2010 rule that set fines of $27,500 for every passenger on board planes operated by domestic carriers that idle at an airport for more than 180 minutes. Get the full story »
Allstate rates rise; patience with execs runs thin
Allstate CEO Tom Wilson in 2008. (Alex Garcia/Chicago Tribune)
The average homeowners’ premium for Allstate Corp. customers rose by 7.1 percent in 2010, and Chief Executive Tom Wilson said Thursday that “you should expect to see it go up” in 2011 as well.
Wilson made the remark during an hour-long conference call with analysts and investors. He discussed the Northbrook-based auto and home insurer’s fourth-quarter results, which fell short of expectations. On a day when the wider markets were basically flat, Allstate stock closed down 3.6 percent to $31.20 a share, making it the day’s worst local stock performer.
Some analysts are becoming increasingly frustrated with Allstate’s management. Get the full story »
Boeing leaning toward building new 737
A model of the current Boeing 737 in Boeing's booth at a 2008 exhibition in Singapore. (AP Photo/Maye-E Wong, file)
Boeing Co. is still leaning toward building an all-new version of its hot-selling narrowbody 737, and the new plane would outperform Airbus’ competing A320neo, Boeing Chief Executive Jim McNerney said Thursday.
“We’re going to do a new airplane that will go beyond the capability of what the NEO can do,” McNerney said on a webcast of an event hosted by Cowen and Co.
He reiterated that the U.S. planemaker is still making its decision on whether to rebuild its 737 or simply put new fuel-efficient engines in the existing model. A redesigned plane would produce better fuel savings, but would take longer to bring to market. Get the full story »
Thin crowds greet Verizon iPhone
Thin crowds greeted Verizon Wireless’ launch of Apple Inc.’s iPhone, falling short of what some had expected.
Verizon Wireless began selling the iPhone on Thursday, ending AT&T Inc.’s more than three-year stranglehold on the device in the United States.
The lines in front of Verizon and Apple retail stores were noticeably shorter than mobs of customers that snaked around Apple stores during the summer launch of iPhone 4. Get the full story »
CBOE Q4 profit up; merger threat downplayed
CBOE Holdings’ quarterly profit jumped more than expected, and CEO William Brodsky sought to assure investors that the operator of the oldest U.S. stock options market has the edge over rivals pairing up in mega-mergers.
The disclosure on Wednesday that Germany’s Deutsche Boerse AG was in advanced talks to buy NYSE Euronext to create the world’s largest financial exchange company sent shares of CBOE soaring on rekindled investor hopes that it would be a takeover target.
The announcement came on the heels of a tie-up between the London Stock Exchange Group Plc and Canadian stock market operator TMX Group Inc . Get the full story »
CBOE a top target in exchange merger mania
CBOE Holdings and Nasdaq OMX Group may scramble to find deal partners as global exchanges’ merger mania returns with a bang.
Germany’s Deutsche Boerse announced on Wednesday it was in advanced talks to buy NYSE Euronext, hours after the London Stock Exchange said it had agreed to buy Canadian stock market operator TMX.
The deals sent shares of exchanges up across the board as investors bet more is to come. Get the full story »
CardStar adds Groupon to loyalty app
CardStar Inc., a company that makes a popular mobile application to organize store loyalty cards, is now including daily deals service Groupon in its app.
Boston-based CardStar said it is the first mobile loyalty app to integrate with Groupon. CardStar launched its app for the iPhone in January 2009 and has 1.3 million users. The CardStar app uses the GPS technology built into mobile phones to identify a user’s location and display Groupon deals for that area. Users will need a Groupon account to buy the deals. Get the full story »
Report: Apple begins production of new iPad
Apple Inc. has started manufacturing a new version of its iPad tablet computer with a built-in camera and faster processor, said people familiar with the matter.
The new iPad will be thinner and lighter than the first model, these people said. It will have at least one camera on the front of the device, but the resolution of the display will be similar to the first iPad, these people said. It will also have more memory and a more powerful graphics processor, they said.
The new iPad will initially be available through Verizon Wireless and AT&T Inc., but not Sprint Nextel Corp. or T-Mobile USA in the U.S., according to some of the people familiar with the matter. Get the full story »
Navteq launches traffic info in Middle East
Residents of the United Arab Emirates can now access traffic information from their GPS device or phone using Chicago-based NAVTEQ’s Traffic program. Get the full story »
Largest McDonald’s franchisee plans U.S. IPO
The largest McDonald’s franchisee globally is planning a U.S. listing that could raise as much as $1 billion, the Financial Times said on Wednesday.
Arcos Dorados might file for an initial public offering within days and could start trading in New York in April, the newspaper said, citing unnamed sources. Get the full story »
Sara Lee gives more breakup details; shares rise
Sara Lee's Ball Park franks on display at a grocery story, Jan. 28, 2011. The company is splitting into two public ones. (AP Photo/Paul Sakuma)
On the same day that Sara Lee Corp. reported second-quarter earnings, its executives attempted to clarify an announcement made in January that Sara Lee plans to split into two publicly traded companies early next year. The company’s shares rose 2 percent in midday trading.
The Downers Grove-based maker of cheesecake, Jimmy Dean sausages and other food products reported net income of $880 million, or $1.37 per share, for the quarter that ended on Jan. 1, up from $371 million, or 53 cents per share, a year earlier.
Last month, Sara Lee announced that its North American Retail and North American Foodservice business would be spun off, keeping the company’s name and remaining in Downers Grove. The International Beverage and International Bakery divisions will constitute a second company under the working name of CoffeeCo. CoffeeCo is expected to remain in the U.S. at first because of tax considerations. Get the full story »
