Market News
FedEx (FDX)
FedEx said in a regulatory filing Friday with the Securities and Exchange Commission that the company was notified that the Internal Revenue Service was dropping its investigation into whether the company should have paid employment tax for the drivers of FedEx Ground service in 2002, a Moon-based subsidiary that the company runs using drivers it classifies as independent contractors.
The IRS is still auditing whether the those taxes should have been paid in 2004 through 2008. The IRS inquiry is one of a number of legal challenges facing the company regarding the company's use of independent contractors.
Nov 5 · 12:30:00 PM · Source: Pittsburgh Post Gazette
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by Michael Oliveto
Ford (F)
United Auto Workers union overwhelmingly rejected a proposed cost-cutting deal with Ford Motor Company, delivering a setback for the automaker as it seeks to bring down labor costs in line with U.S. rivals.
The UAW said that 70% of production workers and 75% of skilled trade workers voted to reject a proposed agreement the union leadership and Ford Motor Company negotiated in October to change the 2007 four-year contract. The deal would have brought Ford Motor Company labor costs in line with General Motors Co and Chrysler Group LLC.
Nov 5 · 12:24:00 PM · Source: Reuters
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by Michael Oliveto
Ford (F)
Editors at Popular Mechanics announced the winners of the magazine's
2010 Automotive Excellence Awards, and Ford Motor Company set a
precedent, winning more categories in a single year than any other automaker
in the history of the awards.
The Popular Mechanics Automotive Excellence Awards recognize the best in
automotive design and technology for 2010 model year vehicles in 10
categories.
Nov 5 · 12:14:00 PM · Source: Reuters
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by Michael Oliveto
Exelon (EXC)
Exelon shut the 867-megawatt Unit 2 at the Dresden nuclear power station in Illinois for planned refueling and maintenance early Monday, the company said in a release.
The company did not say when the unit would return to service in the release. Electricity traders guessed the unit would return in about a month.
Nov 5 · 12:08:00 PM · Source: Reuters
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by Michael Oliveto
Wendy's International, Inc. (WEN)
Wendy's Thursday said its third quarter earnings were $14.7 million, or 3 cents a share, a turn form a loss of $12.1 million, or 13 cents a share, in the year-ago period. Excluding one-time charges, the company said it would have earned 6 cents a share. Revenue rose to $903 million from $310 million on the back of the company's.
Nov 5 · 12:00:00 PM · Source: Company News Release
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by Larry Etter
Exelon (EXC)
Exelon Generation today announced
that the Old Dominion Electric Cooperative awarded it a ten-year
contract commencing on June 1, 2010 to provide 200 MWs of baseload generation
capacity and energy. ODEC awarded Exelon the deal as a result of a
competitive bidding process it initiated in June 2009.
The long-term contract with ODEC fits squarely within Exelon's hedging program
designed to manage market risks to maintain the value of its generation
portfolio. It also shows that there are opportunities for competitively priced
long-term bilateral contracts.
Nov 5 · 11:55:00 AM · Source: Reuters
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by Michael Oliveto
IMS Health (RX)
IMS Health announced Thursday it has entered into a definitive agreement to be acquired by investment funds managed by TPG Capital and the CPP Investment Board in a transaction with a total value of $5.2 billion, including the assumption of debt.
Nov 5 · 11:54:00 AM · Source: Company News
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by Larry Etter
DIRECTV (DTV)
DirectTV said this third quarter net income was $366 million, or 37 cents a share, compared with a profit of $363 million, or 33 cents a share, in the year-ago period. Revenue rose to $5.47 billion from $4.98 billion.
Nov 5 · 11:27:00 AM · Source: Company News Release
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by Larry Etter
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