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BUSINESS IN BRIEF
Six Flags Short of Listing Rules
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Six Flags said it is "not in compliance" with the New York Stock Exchange's listing standards because its market capitalization has been less than $75 million for a 30-day average. The company now has 45 days to submit a plan demonstrating how it will comply with the exchange's rules by the end of an 18-month period.
Over the last year, the company's shares have shed 90 percent of their value, closing at 34 cents yesterday. Its market capitalization was $33.2 million as of the close of trading yesterday.
LEGAL
ICO Wins Damages From Boeing
ICO Global Communications of Reston won $236 million in punitive damages against Boeing and one of its units over a failed agreement to build a satellite telecommunications network.
Jurors in Los Angeles Superior Court today awarded ICO $59 million against Boeing Satellite Systems and $177 million against the parent company. The punitive damages come on top of $370.6 million in compensatory damages the jury awarded Reston, Virginia-based ICO on Oct. 21.
The jurors last week agreed with ICO's arguments that Boeing unfairly demanded additional money to finish and launch the satellites. Boeing said it would appeal the verdict.
EARNINGS
Chevron said third-quarter profit more than doubled, to $7.89 billion from $3.72 billion in the comparable period last year. Revenue rose 42 percent to $76.2 billion. The rise occurred after the price of crude surged to a record above $147 a barrel.
Compiled from reports by Washington Post staff writers, the Associated Press and Bloomberg News.
