The American Stock Exchange's three top executives -- chairman and chief executive Salvatore F. Sodano, President Peter Quick and General Counsel Michael J. Ryan Jr. -- received notices from the Securities and Exchange Commission as part of an investigation into options trading and regulatory issues at the exchange, Amex confirmed. The so-called Wells notices allow the executives to make statements to the SEC before its investigators decide whether to take civil action against them.
AOL to Invest in Internet Travel Firm
America Online will buy an undisclosed minority stake in Kayak Software, an upstart in the Internet travel business that aims to lure customers away from dominant industry players such as Orbitz, Expedia and Travelocity. The investment is part of a larger AOL strategy to establish stand-alone businesses that attract an audience beyond AOL's Internet service customers. The company is also telling broadband subscribers in nine Southern states that they must find a new carrier by Jan. 17. Those who do not will have their accounts reverted to AOL's traditional dial-up service.
Microsoft said sales of its Halo 2 video game, the sequel to the best-selling title for its Xbox video-game machine, topped 2.4 million in North America. The game sells for $49.99. Halo came from Bungie, a game studio Microsoft bought in 2000. In the game, a genetically enhanced soldier named Master Chief tries to save mankind from an alien force called the Covenant that's attacking Earth.
(Daniel Acker -- Bloomberg News)
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Mortgage rates rose this week. Freddie Mac's weekly survey said rates on 30-year, fixed-rate mortgages averaged 5.76 percent for the week ended yesterday, up from 5.70 percent last week. Fifteen-year, fixed-rate mortgages rose to 5.16 percent from 5.08 percent. One-year adjustable-rate mortgages averaged 4.16 percent, up from 4 percent.
PricewaterhouseCoopers surveyed accounting clients and found that 80 percent are either struggling to meet or probably will miss deadlines for certifying that their financial controls are effective as required by the Sarbanes-Oxley Act.
Micron Technology, the world's No. 2 maker of computer-memory chips, struck a deal with the Justice Department to shield it from sanctions after an investigation found that some employees were fixing prices. The investigation found evidence of collusion by Micron and competitors in the $16.7 billion market for dynamic random access memory, or DRAM, chips, Micron said. The Justice Department is investigating Micron, Infineon Technologies, Samsung Electronics, Hynix Semiconductor and other chipmakers.
Disney's largest union group voted down a contract proposal and authorized leaders to call a strike if necessary, saying the proposed wage increase was too small to offset rising health care costs. A strike is unlikely soon because union officials plan to request federal mediation.
Computer Associates International's former general counsel Steven Woghin was barred from practicing before the SEC for his role in a $2.2 billion accounting fraud at the company. Woghin pleaded guilty Sept. 22 to charges stemming from his role, the same day former chairman and chief executive Sanjay Kumar was indicted.
Martha Stewart Living Omnimedia named Susan M. Lyne as president and chief executive, replacing Sharon Patrick. Lyne, former president of Walt Disney Co.'s ABC Entertainment unit, was elected to Martha Stewart Living's board in June. Patrick will resign, the company said. The media and housewares company is trying to restore its image and regain its financial footing after founder Martha Stewart's obstruction-of-justice conviction.
Four former Microsoft employees were charged with stealing $32.4 million worth of software and selling it on the side. Robert Howdeshell, a project coordinator, and three group assistants, Alyson Clark, Finn Contini and Christine Hendrickson, were charged with conspiracy to defraud the computer software supplier and selling products for personal gain.
Marvin Sambur, the Air Force acquisition chief, said he had been cleared by the Pentagon inspector general, which was looking into e-mails he sent in relation to a failed proposal to buy and lease tankers from Boeing. Critics had complained the deal was an expensive bailout for Chicago-based Boeing.
