Lockheed, Boeing Resubmit Plan
Lockheed Martin and Boeing resubmitted to U.S. regulators a proposal to combine their rocket-launching businesses, two days after withdrawing the original one. By withdrawing and refiling, the companies get 30 more days to win support for the plan, Lockheed said.
The antitrust review of the original proposal couldn't be completed within the 30 days required by law after the Federal Trade Commission and Defense Department sought more information on cost savings. When Lockheed and Boeing made public their planned United Launch Alliance venture in May, they said it would save the government $100 million to $150 million a year.
Sears Cuts Retiree Health Care
Sears Holdings said it will cut medical coverage to retirees under age 65. About 6,750 retirees, 15 percent of those enrolled in the company's retirement program, will pay the full cost of premiums beginning Jan. 1, a spokesman said. Benefits will be restored for the retirees when they turn 65, provided they retired before Jan. 1, 2000.
Sears said in April that it would end pension contributions and tuition reimbursements for most employees, to align its policies with competitors such as Wal-Mart Stores and Home Depot.
Google Seeks TV Expertise
Google is seeking to hire a manager who will apply its search and advertising technology to television. The manager would oversee search and advertising technologies, called GoogleTV, that will "enhance users' television viewing experience," according to a job posting yesterday at Google's Web site.
Offering a search engine for TV shows and advertisements that are more tailored to viewers' interests would be one way for Google to expand beyond advertising on the Web, which currently generates 99 percent of its sales.
Katrina Hurt New Orleans Utility
Entergy's New Orleans subsidiary filed for bankruptcy protection after its facilities sustained as much as $475 million in damage from Hurricane Katrina.
The utility said the storm caused roughly $1.1 billion in damage.
Six Flags management, in filings with the Securities and Exchange Commission, said Redskins owner Daniel M. Snyder was trying to scare away potential buyers of Six Flags with his proposal to oust chief executive Kieran Burke and two other Six Flags executives and to install Snyder and his team. Snyder's proposal would "chill the interests" of potential buyers by making it uncertain who would be in charge, Burke wrote. Snyder said last week that he wouldn't pay more than $6.50 a share to increase his stake in the company. Shares of Six Flags closed yesterday at $7.23, up 16 cents.
Freddie Mac's portfolio of mortgages and mortgage-backed securities, after a couple of months of contraction, grew at an annual rate of 32. 2 percent in August, the mortgage finance company said. Freddie Mac, which continues to gain market share from its larger rival Fannie Mae, in August bought $40.4 billion worth of assets for investment purposes, compared with $23.2 billion in July.
JDS Uniphase, which split its shares five times during the Internet stock bubble, asked shareholders to approve a reverse split. The ratio was not specified, but the company said shareholders would get eight to 10 shares for each share they now have.
New Century Financial reduced its 2005 earnings forecast to a range of $7.25 to $7.75 a share because of "a significant deterioration in the secondary market for loans," chief executive Robert K. Cole said. New Century previously predicted a profit of $8.25 to $9 a share.
Compiled from staff and news service reports.