Sprint Nextel Workers Strike
Almost 1,000 Sprint Nextel employees went on strike to protest proposed benefit cuts. Workers in the Reston-based telecommunications company's local telephone division walked out in Florida, Tennessee, North Carolina and Indiana to protest plans to raise employees' health care premiums, weaken their job security and eliminate overtime pay for Sunday work, the Communications Workers of America said. Sprint Nextel chief executive Gary D. Forsee indicated previously that the company planned to spin off the unit.
EBay's PayPal to Buy VeriSign Unit
EBay's PayPal will acquire VeriSign's payment processing business for about $370 million to expand services to merchants. PayPal will pay cash and EBay stock for the VeriSign unit, eBay and VeriSign said. The agreement also calls for eBay to buy VeriSign technology that protects online shoppers against identity theft by giving customers special one-time passwords.
The acquisition of the VeriSign business, which processed more than $40 billion in payments in 2004, will add $100 million to eBay revenue in 2006 and add a customer base of 100,000 small and medium-sized businesses. EBay chief executive Margaret C. Whitman, right, is trying to make eBay, the largest Internet marketplace, more convenient and secure to attract new shoppers to its base of 65 million active users.
Intel Launches Two-Processor Chip
Intel began selling a chip with two processors, speeding up the introduction by as much as six months to improve its market position. By beating Intel to market with new chips, Advanced Micro Devices has boosted its market share to more than 10 percent for the first time, according to some estimates. The chip, code-named Paxville, has two processors built into the same piece of silicon.
Genentech reported a 56 percent surge in third-quarter profit. For the quarter ended Sept. 30, the company earned $359.4 million, up from the previous year's third-quarter earnings of $230.9 million.
Compiled from staff and news service reports.