daily briefing

daily briefing

October 24, 2008

Track down tax refund or stimulus check

More than $4 million worth of stimulus checks and tax refunds belonging to thousands of Marylanders have been returned to the Internal Revenue Service as undeliverable. If your tax rebate or refund hasn't arrived, check with the IRS to make sure it has your correct address. Review the status of your check or refund online at www.irs.gov, clicking on "Where's My Stimulus Payment?" or "Where's My Refund?" Those without Internet access can call 866-234-2942 to find out about their stimulus check and 800-829-1954 to inquire about a refund. You also can check The Baltimore Sun's consumer blog at baltimoresun.com/consuminginterests later today for a list of people whose checks or refunds have been returned to the IRS.

Black & Decker has earnings drop

Towson power tool maker Black & Decker Corp. said yesterday that third-quarter earnings fell as weak economic conditions in the United States and Western Europe hurt sales. The company reported net earnings of $85.8 million, or $1.42 per diluted share, compared with last year's $104.6 million, or $1.59 per diluted share, for the quarter that ended Sept. 28. The earnings reflect a $15.6 million pretax restructuring charge, which was largely offset by other income and a lower-than-expected tax rate. Sales decreased 4 percent for the quarter to $1.6 billion, including a positive 3 percent impact from foreign currency translation. The company said that sales met expectations and that it has been reducing costs to offset the weak retail environment.

Sandy Spring Bank profit fell 34% in 3rd quarter

Olney-based Sandy Spring Bancorp Inc. reported yesterday a 34 percent drop in third-quarter profit as it boosted provisions for losses on residential real estate loans. The parent company of Sandy Spring Bank said net income fell to $5.4 million, or 33 cents per diluted share, compared with $8.2 million, or 50 cents per diluted share, for the quarter that ended Sept. 30. The state's second-largest publicly traded bank holding company said its provision for loan and lease losses totaled $6.5 million, compared with $800,000 for the third quarter of 2007, due mostly to a higher level of nonperforming residential development loans.

Lorraine Mirabella

AREVA plans nuclear parts plant

WASHINGTON : AREVA SA, the French nuclear engineering firm, and Northrop Grumman Corp. will build a $360 million plant in Virginia to make large reactor parts, anticipating a growth in U.S. nuclear power plant construction. The two companies said yesterday that the 300,000-square-foot facility will be near Northrop Grumman Shipbuilding's plant at Newport News, Va., and provide 500 jobs. It is expected to be completed in 2011. AREVA, which has a partnership with Baltimore's Constellation Energy Group, is one of three major nuclear power plant manufacturers and hopes to build at least seven new reactors in the United States.

Associated Press

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