Market Watch Diary February First 2005
New York Stock Exchange diary notes 2 263 new highs and 1 041 declines with 1 538 unchanged. Trading volume reaches 2 169 254 130 shares. Nasdaq diary also logged with similar activity and indices.
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Newspaper
Middletown Journal
Location
Middletown, Ohio, United States of America
Date
Feb 02, 2005
Page
7
New York Stock Exchange diary notes 2 263 new highs and 1 041 declines with 1 538 unchanged. Trading volume reaches 2 169 254 130 shares. Nasdaq diary also logged with similar activity and indices.
SBC Communications says it expects to eliminate about 13 000 jobs after its 16 billion acquisition of AT&T Corp closes. Many cuts may come via attrition rather than layoffs. The plan adds to existing cuts of at least 12 000 jobs before the merger finalizes, totaling about 25 000 roles.
Former HealthSouth chief financial officer Bill Owens testified that Richard Scrushy directed a scheme to inflate earnings, describing the ex-CEO as a micromanager who oversaw acquisitions and even where staff parked. Owens, who secretly recorded talks for the FBI, outlined a wide network of executives aiding the fraud. If convicted, Scrushy faces a life-like sentence due to the multibillion-dollar case.
American Express Co will spin off its financial advisory business to sharpen focus on charge and credit cards payments processing and travel services. Shares jumped over 6 percent as the firm shifts to core operations while Citigroup sells Travelers life business to MetLife for 11.5 billion. The moves reflect a bid to boost profitability and curb the legacy supermarket banking model.
Butler County Port Authority, after $40,000 in early funding from Middletown and the county, explores a $6 million plan to convert the old Western States site on Ohio 4 into a community resource center with low-cost leases for social service agencies. The project could be owned by the authority with strong leases or financed with agency backing, pending private lender options.
A Harvard University study finds medical illness triggers about 46.2 percent of bankruptcies, rising to 54.5 percent when births deaths and gambling are included. The analysis covers 1,771 filers in 2001 across five states, with 2 million Americans affected yearly and 700,000 children. Most bankrupts had health insurance at illness onset, and many lost coverage during illness.
Adolph Coors Co shareholders overwhelmingly approved a 3.4 billion merger with Molson Inc. The deal, approved by Molson last week, aims to boost international reach. Court hearing in Quebec set for Wednesday. closing anticipated February 9. The combined group will run 15 breweries and employ about 15,000 people.
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