M&T securities acquires Pikesville brokerage
M&T Securities Inc., the brokerage and insurance arm of M&T Bank Corp., said yesterday that it has acquired Pikesville-based brokerage firm Peremel & Co. from PNC Investments LLC. M&T will operate the business as a standalone investment center under the M&T name at its current location on Reisterstown Road. The brokerage, which has eight employees, has 6,000 customers and $700 million in assets, M&T said. M&T Bank Corp. is a bank holding company for banking subsidiary M&T Bank, which operates branches in seven states, including Maryland, and Washington. Financial details of the deal were not disclosed.
Lorraine Mirabella
Martek's third quarter net income goes up
Martek Biosciences Corp. said yesterday that third quarter net income increased 47 percent to $9.3 million, or 28 cents per diluted share compared with $6.1 million, or 19 cents per diluted share for the corresponding period a year ago. Revenues were $88.4 million, a 14 percent increase from $77.8 million a year ago. The Columbia manufacturer of nutritional supplements said that its core infant formula business had strong international sales growth. Noninfant formula revenues were down because of seasonality and the slow economic environment. The company raised its outlook for the year. It expects total revenues between $349 million and $353 million, an increase of 14 percent to 15 percent. Net income is projected to be between $35.2 million and $36.2 million, and diluted earnings per share are projected to be between $1.06 and $1.09, an increase of about 65 percent after excluding the effects of a $10.8 million nonrecurring tax benefit in the prior year.
Sony recalls laptops for possible overheating
TOKYO : Sony Corp. is recalling 440,000 Vaio laptop computers worldwide because of a wiring flaw that could cause overheating. Sony said yesterday the recall involves 19 models in the Vaio TZ series manufactured between May 2007 and July 2008. The Tokyo-based consumer electronics company said improperly placed wires near the hinge connecting the body of the laptop and its display could wear quickly, causing a short circuit and overheating. A flaw in a circuit board inside the display could also overheat its rim. Sony has received 209 reports of overheating worldwide, including seven cases in which people received minor burns. The laptop problem comes two years after Sony had to engage in huge recalls of laptop batteries, which also caused overheating or even burst into flames. Sony's U.S.-listed shares fell 86 cents, or 2.3 percent, to $36.80.
