Deliberations Begin in Hacker Case
A federal jury began deliberations in the trial of an accused computer hacker in one of the largest federal computer theft cases.
Scott Levine, left, former chief executive of the bulk e-mail firm Snipermail.com, faces 144 counts from a July 2004 indictment in what prosecutors described as one of the largest computer crime cases ever. Levine is accused of stealing 8.2 gigabytes of information from Acxiom, one of the world's largest database companies.
The violations occurred from around April 2002 to August 2003.
Motorola to Get $4.4 Billion in Foreign Profit
Motorola said it will bring back $4.4 billion in foreign profit in the second half of this year, thanks to new corporate tax breaks.
The electronics giant expects to record a third-quarter tax benefit of more than $200 million in connection with the repatriation of earnings from its foreign units, according to a filing with the Securities and Exchange Commission.
The American Jobs Creation Act, signed into law in October, temporarily reduces the tax rate on repatriated income if the money is reinvested permanently in the United States.
Clear Channel Prepares Billboard Unit for IPO
Clear Channel Communications, the largest U.S. outdoor-advertising company, said the initial stock sale of its billboard unit would probably raise about $350 million. The company plans to use the proceeds to reduce debt. Clear Channel also plans to spin off its live entertainment business, which produces concerts and plays.
Chinese computer maker Lenovo said its first-quarter profit rose 6 percent from the comparable quarter a year earlier, to $45.8 million. In its first statement of financial results since buying IBM's personal computer business, Lenovo said revenue tripled, to $2.5 billion. The acquisition made Lenovo the world's third-largest PC manufacturer. Lenovo has outlined an aggressive growth strategy that entails significantly expanding its electronics product line by the end of the year.
Optelecom-NKF of Germantown, which provides systems to send data, video and audio over networks, earned $488,000 (15 cents a share) on $9 million in revenue in the second quarter, compared with $303,000 (9 cents) on $4.3 million a year earlier. The company said its revenue more than doubled in its first full quarter since acquiring NKF Electronics, a company based in the Netherlands.
Gateway filed notice with the Securities and Exchange Commission that it will delay filing its second-quarter report because of accounting matters related to its April antitrust agreement with Microsoft.
Compiled from staff and news service reports.