Business Digest

BUSINESS DIGEST

March 24, 2007|By The report was compiled from dispatches by Sun reporters and Bloomberg News.

Maryland: Investing

Morgan Stanley uses Sourcefire option

Morgan Stanley & Co. Inc., the lead underwriter in the initial public offering earlier this month of Columbia technology company Sourcefire Inc., has exercised its option to buy 865,500 shares of the company's stock. In buying the shares, Morgan Stanley exercised its full over-allotment option. The purchase brought Sourcefire's profit in the IPO to $86.3 million.

Stacey Hirsh

Nasdaq warns SafeNet again

SafeNet Inc., the Harford County technology company that has been under federal investigation for its stock-option awards and which announced earlier this month plans to be sold to a private equity firm, said yesterday that it received another notice from Nasdaq saying it failed to file its financial reports for 2006 in a timely manner. SafeNet remains under the threat of being delisted and is expecting a decision from Nasdaq about the delisting after March 30. Its stock will remain listed until then, unless the sale of SafeNet to privately held Vector Capital of California goes through before then, making SafeNet a private company.

Stacey Hirsh

Media

Magazine recognizes Constellation Energy

Constellation Energy Group, which posted $19.3 billion in revenue last year, said yesterday it has made BusinessWeek's annual list of the 50 best-performing companies in the United States for the first time. The business news magazine listed Baltimore-based Constellation No. 37 on its list, which selects "best in class" performers from each industry sector in the S&P 500 index based on sales growth, management's use of capital and other factors.

Paul Adams

Pennsylvania: Compensation

PNC's chief earns $18.1 million

PNC Financial Services Group Inc., Pennsylvania's biggest bank, paid Chief Executive Officer James Rohr $18.1 million in 2006 as the bank expanded its fee-based services. Rohr, 58, received a salary of $950,000, a cash bonus of $2.85 million, stock awards valued at $5.38 million, options worth $5.28 million and other compensation worth $3.6 million, the Pittsburgh-based bank, which recently bought Baltimore-based Mercantile Bankshares Corp. for $6 billion, said.

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