Pittman Steps Down At AOL Time Warner Shake-Up
Bob Pittman resigns as chief operating officer at AOL Time Warner amid a top level reshuffle at the media giant. The move follows weeks of speculation over executive tensions as Pittman, sent in April to rescue the AOL unit, faces a revenue drop. HBO chair Jeff Bewkes will run entertainment and networks, while Time Inc. chair Don Lagan will head media and communications.
MENTIONED IN THIS ARTICLE
Bob Pittman
AOL Time Warner
Pittman
AOL
Time Warner
HBO
Jeff Bewkes
Time Inc
Don Lagan
Media and Communications
Jobless claims fall to 17 month low
New claims for unemployment insurance for the week ending July 13 fell by 28,000 to 379,000, the Labor Department said. The seasonally adjusted reading marked the lowest level since February 17, 2001, following a prior week increase of 21,000, signaling a surprising improvement in the sluggish job market.
MENTIONED IN THIS ARTICLE
Labor Department
Wall Street earnings of area firms rise and fall
Sears in Lawrence reports quarterly earnings of 1.31 per share, up from 0.60 a year ago. Union Pacific Railroad serving Lawrence posts 1.15 per share, vs 0.95 prior year. UMB Financial, Kansas City based with a Lawrence bank, earns 0.63 per share, down from 0.75. A quarterly dividend of 0.20 is declared for Oct 1. Schlumberger, running a Lawrence production center, declares 0.18 per share dividend.
MENTIONED IN THIS ARTICLE
Sears
Lawrence
Union Pacific Railroad
UMB Financial
Schlumberger
Microsoft’s Q4 Profit Beats Last Year But Misses Forecast
Microsoft Corp reports fourth quarter profits of 1.53 billion dollars, 28 cents per share, up from 65 million dollars and 1 cent a share a year earlier, but well below analysts’ expectations due to telecom investment losses.
MENTIONED IN THIS ARTICLE
Microsoft Corp
Microsoft
Sprint Fon
Baxter Shares Fall After Revenue Miss Sparks Selloff
Baxter International shares plunged 26 percent after the medical products maker reported quarterly sales that disappointed investors. The $2.02 billion revenue was up 8 percent but about $80 million below consensus, though earnings met expectations. The stock closed down $11.41 at $32.
MENTIONED IN THIS ARTICLE
Baxter International
Baxter
Wall Street
Deerfield
Sprint Posts $68 Million Loss After Weak Wireless
Sprint Corp reports a 68 million dollar loss for the quarter as wireless division struggles. PCS adds 308000 customers versus 843000 a year ago, while FON earnings beat estimates but revenue fell 8 percent. Executive cites revenue challenges in local and long distance and delayed business purchases ahead of high speed data service launch.
MENTIONED IN THIS ARTICLE
Kansas City, Mo
Sprint Corp
Overland Park
Sprint
FON
Halliburton probes shadow Cheney tenure and profits
The SEC opened a probe into Halliburton accounting from 1998 and lawsuits allege stock overvaluation. Cheney, who led Halliburton 1995 to 2000, signed financial statements in 1998 and 1999 and later faced questions over revenue treatments from cost overruns.
MENTIONED IN THIS ARTICLE
Washington
Dick Cheney
Halliburton Co
Securities and Exchange Commission
Halliburton
Cheney
Judicial Watch
SEC
Secretary of Defense
Congress
White House
Middle East
Commission
Alan Bromberg
Dedman School of Law
Southern Methodist University
Oll
Terry O'Donnell
Bush
Hartford
Conn
Nancy Johnson
R-Conn
Granada sale will close downtown dance club for renovations
A tentative deal to sell The Granada at 1020 Mass prompts a planned August 4 closure for renovations. The new owner, Mike Elwell, will buy out Brett Mossman, with reopening timing unknown. An August 9 Call ing concert remains on schedule.
MENTIONED IN THIS ARTICLE
Granada
Mike Elwell
Brett Mossman
Mass
Elwell
Calling
Abe
Jake
Leading economic indicators unchanged in June
The Conference Board said its Leading Economic Indicators index held at 112.4 in June, matching May’s revised rise of 0.6 percent and meeting analyst expectations. Economist Ken Goldstein warned of a jobless, profitless recovery while consumer demand remains weak despite strength in housing and auto purchases amid ongoing corporate accounting concerns.
MENTIONED IN THIS ARTICLE
New York
U.S
Conference Board
Ken Goldstein
Also Mentioned on This Page
Media Glant
LABOR
Medical Products
Jumble
Telecommunications Sprint
PCS
Sprint Pcs
Thomson Financial
First Call
Phote
Clawhorn
Ljworld.com
Massman
Chad Lawhorn
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