daily briefing

daily briefing

March 19, 2009

Glen Burnie Bancorp buys back 9% of stock

Glen Burnie Bancorp announced yesterday that it spent nearly $2.55 million to buy back more than 9 percent of its stock from a single shareholder. The parent of the Bank of Glen Burnie agreed to pay $9.30 for each of the 274,179 shares of common stock owned by former director Eugene P. Nepa. The company is authorized by its board to spend up to another $953,493 to buy back stock, as part of a repurchase program that earlier acquired 55,300 shares.

Eileen Ambrose

Bank of America must reveal Merrill bonuses

CHARLOTTE, N.C. : A New York judge ordered Bank of America Corp. yesterday to disclose information about bonuses given to employees at Merrill Lynch & Co. just before the bank bought the company Jan. 1. New York Attorney General Andrew M. Cuomo is investigating whether Bank of America and Merrill failed to provide proper disclosures to shareholders about the bonuses. Bank of America said it would comply.

Associated Press

Sun Microsystems, IBM reported in talks

SAN FRANCISCO : If International Business Machines Corp. scoops up Sun Microsystems Inc. for $6.5 billion, as the companies are discussing, IBM would be making an opportunistic grab for a deep well of technology that Sun has nearly buried itself developing, experts say. Sun's commitment to research and development has made it a pioneer in high-end servers, microprocessors for servers, and open-source software.

Associated Press

Starbucks OKs swap of stock options

SEATTLE : Starbucks chief executive Howard Schultz promised shareholders yesterday that the gourmet coffee company will succeed despite the global economic downturn by taking on its competitors and offering customers a better deal. Shareholders voted yesterday to allow eligible employees to exchange some of their underwater stock options for a lesser amount of new options with lower exercise prices.

Associated Press

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