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Date: 09 January 2003
By Bloomberg News
Bloomberg News
Tyco International is looking in New York, New Jersey, Connecticut and Pennsylvania for offices so it can save money by leaving New York City space used by top officers; US headquarters, which is based is Bermuda, will remain in Exeter, NH (S)
Date: 10 January 2003
By Bloomberg News
Bloomberg News
Lehman Brothers Holdings will take fourth-quarter after-tax charge of $56 million to pay for settlement of charges that it misled investors with biased research; Lehman, which announced fourth-quarter earnings in December, says profit will be 23 percent less than originally reported; will post profit of $187 million, down from $243 million (S)
Date: 10 January 2003
By Bloomberg News
Bloomberg News
AstraZeneca says Food and Drug Administation has delayed decision on cancer treatment Iressa while it reviews safety of product; treatment has been linked to more than 80 deaths in Japan (S)
Date: 09 January 2003
By Bloomberg News
Bloomberg News
Bristol-Myers Squibb Co will pull antidepressant Dutonin from European market after 18 patients who took drug died; company will keep selling drug in US as Serzone; label carries Food and Drug Administration's highest alert, which notes that liver failure has been reported (S)
Date: 10 January 2003
By Bloomberg News
Bloomberg News
Schering-Plough says 2002 profit was $1.40 to $1.42 per share, below estimates (S)
Date: 10 January 2003
By Bloomberg News
Bloomberg News
Eastman Chemical reports fourth-quarter loss because sales declined while it reorganized (S)
Date: 10 January 2003
By Bloomberg News
Bloomberg News
Williams-Sonoma replaces Dale W Hilpert as chief executive with Edward A Mueller, director (S)
Date: 10 January 2003
By Bloomberg News
Bloomberg News
Immune Response Corp names John N Bonfiglio chief executive (S)
Date: 09 January 2003
By Bloomberg News
Bloomberg News
MGM Mirage and Mandalay Resort Group say fewer gamblers went to Las Vegas over holidays and that those who did bet less money, hurting fourth-quarter profit; 13 percent fewer people visited Las Vegas in November than in year-earlier period; MGM Mirage earned 24 cents to 27 cents per share in fourth quarter; Mandalay says it will earn 10 cents per share in quarter ending Jan 31, below 22 cents estimated by analysts (S)
Date: 10 January 2003
LEHMAN BROTHERS TO TAKE $56 MILLION CHARGE Lehman Brothers Holdings said yesterday that it would take a fourth-quarter after-tax charge of $56 million, or 21 cents a share, to pay for a settlement of charges that it misled investors with biased research. Lehman, which announced fourth-quarter earnings in December, said profit would be 23 percent less than originally reported. It will post a profit of $187 million, or 69 cents a share, down from $243 million, or 91 cents. Regulators announced last month a $1.4 billion settlement with 10 of the largest securities firms to resolve conflict-of-interest allegations. The agreement includes a $50 million fine against Lehman, plus a requirement that it spend $25 million to buy independent research for customers and $5 million on investor education. (Bloomberg News) SCHERING SAYS '02 EARNINGS ARE SHORT OF FORECAST Schering-Plough said yesterday that 2002 profit was $1.40 to $1.42 a share, below estimates, because of declining sales for its Claritin allergy medication. The company said earlier that it expected to earn $1.58 a share. It had profit of 27 to 29 cents in the fourth quarter, below the 44-cent average estimate of analysts surveyed by Thomson First Call. Schering-Plough won approval in November to begin selling a version of Claritin without a doctor's prescription after losing a battle to prevent generic versions from reaching the market. Shares of Schering-Plough rose 19 cents, to $23.06. (Bloomberg News) DELTA SAYS HALF OF 8,000 JOB CUTS WILL BE LAYOFFS Delta Air Lines, the nation's third-largest carrier, said yesterday that it would lay off about 4,000 employees who did not accept voluntary offers to leave the company. In October, Delta announced it would cut 7,000 to 8,000 jobs. About 3,900 employees have accepted voluntary severance packages and early retirement offers. The rest will be laid off. Most of the job reductions will be completed by May 1. The cost of the program is about $175 m