Friday, October 31, 2008
Circuit City Warned on Share Status
Richmond-based Circuit City said it was in danger of being delisted from the New York Stock Exchange. The nation's second-largest consumer electronics retailer said the NYSE had warned last week that the company's average closing stock price over a 30-day trading period was less than $1 per share. The stock trades under the ticker symbol "CC." The NYSE will add ".BC" to the symbol to indicate its "below criteria" status.
To remain listed on the NYSE, Circuit City said its stock would have to average more than $1 per share for 30 days. The company will have six months to meet that target.
The retailer lost $240 million during the second quarter and recently appointed a new chief executive.Gannett Board to Keep Dividend at 40 Cents
McLean-based Gannett, the largest U.S. newspaper publisher, kept its dividend unchanged after reviewing the payout during an industrywide plunge in advertising. The 40-cent quarterly dividend will be paid Jan. 2 to shareholders of record as of Dec. 12, Gannett said.LABOR
Miller's Legg Mason Unit to Cut Jobs
Legg Mason of Baltimore plans to cut about one-third of the jobs at Legg Mason Capital Management, the first layoffs at its investment unit run by Bill Miller, after assets fell 53 percent this year. As many as 50 people will be laid off, primarily from research, compliance, legal and operations. The unit's assets have dropped to $28 billion from $59.7 billion at the start of the year.EARNINGS
Dominion Resources, a Richmond energy company, said its third-quarter profit dropped 78 percent compared with the corresponding period a year earlier, to $508 million. Revenue rose 18 percent, to $4.23 billion.
Brink's, a security firm based in Richmond, said profit rose to $48 million from $25.9 million. Revenue rose to $948.8 million from $817 million.
Vanda Pharmaceuticals, a Rockville biotech, narrowed its loss to $10.9 million from $21.9 million. The company had no revenue.
Massey Energy, a coal producer based in Richmond, said its third-quarter profit rose to $54 million from $21.4 million. Revenue rose to $666.4 million from $521.9 million.
Compiled from reports by Washington Post staff writers, the Associated Press and Bloomberg News.