WorldSpace Below IPO Price
Shares of WorldSpace fell $2.36, to $20, a day after the District-based satellite radio company's stock market debut. The decline left the stock below the initial offering price Thursday of $21 a share.
Delphi's Debt Piles Up
Auto parts supplier Delphi said it will use a credit line to finance operations, raising speculation that it may file for bankruptcy protection if restructuring talks with General Motors and the United Auto Workers union fail.
Standard and Poor's Ratings Services said Delphi has debt totaling $4 billion and unfunded pension and retirement liabilities of $14.5 billion. Delphi borrowed $1.5 billion of the $1.8 billion on its credit line.
SEC Questions Reebok Trades
The U.S. Securities and Exchange Commission froze the accounts of a Croatian woman who netted $2 million in well-timed trades of Reebok, which the agency said could have been made on inside information. The SEC does not know whether Sonja Anticevic has any connection to Reebok or Adidas.
SEC Criticizes Scrushy Rulings
Trying to preserve its civil lawsuit against Richard M. Scrushy over the accounting fraud at HealthSouth, the Securities and Exchange Commission criticized the judge in Scrushy's criminal trial, which ended in his acquittal.
The agency attacked rulings in which U.S. District Judge Karon O. Bowdre accepted defense claims that the SEC and the Justice Department improperly worked together on the fraud investigation.
CEO Shift at Lands' End
Sears Holdings said Lands' End chief executive Mindy Meads left and that senior vice president David McCreight will be her interim replacement. Meads joined Lands' End in 1991 and was named chief executive in January 2004. McCreight is a former Walt Disney Co. executive hired by Lands' End in December 2003 to run the men's, specialty apparel and footwear divisions.
Boeing Unit Leader to Retire
Boeing said the head of its satellite-intelligence unit, Roger Roberts, will retire at year-end. He will be replaced on an interim basis by Howard Chambers, vice president of program management, Boeing said.
Anti-Dumping Probe Opens
The European Union's executive agency opened an investigation into claims that cheap imports of recordable DVDs from China, Hong Kong and Taiwan have damaged European producers.
E.U. officials can recommend provisional trade restrictions during the investigation.
U.S. Executive Denies Pollution
An American executive of Newmont Mining, Richard B. Ness, told a court in Indonesia that his company did not pollute a bay on Indonesia's Sulawesi Island, sickening villagers and killing fish.
The government says a subsidiary of Denver-based Newmont Mining violated Indonesian laws by dumping millions of tons of mercury and arsenic-laced pollutants into the Buyat Bay.
Berkshire Hathaway, controlled by billionaire investor Warren E. Buffett, said second-quarter profit rose 13 percent, to $1.45 billion, as a decline in insurance losses helped offset a drop in underwriting. Revenue rose to $18.13 billion from $18 billion in the year-ago period. The Omaha company said insurance premium revenue fell to $5.2 billion from $5.48 billion, but insurance losses fell to $3.47 billion from $3.7 billion.
Liberty Media narrowed its second-quarter loss to $107 million from $314 million as the QVC television shopping channel sold more expensive merchandise and the number of subscriptions to the Starz and Encore movie networks increased. Revenue rose 12, percent to $2.02 billion.
Mills Corp. said second-quarter funds from operations, a common measure of real estate investment trust performance, increased to $65.8 million ($1.01 a share) from $61.2 million (94 cents) in the comparable quarter last year. Mills lost $19.3 million (30 cents) in the quarter down from a profit of $24.5 million (38 cents).
Fairchild, the McLean company that makes motorcycle accessories and distributes aerospace parts, lost $1.6 million (6 cents a share) on $115 million in revenue in the quarter ended June 30, compared with a profit of $7 million (28 cents) on $114 million in revenue in the year-ago period.
Compiled from staff and news service reports.