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By JAY HANCOCK | January 9, 2002
HAPPY New Year, AOL Time Warner shareholders. Your company's book value is about $50 billion less than management said it was a few weeks ago. Of course, AOL Time Warner is downplaying Monday's announcement that it would record a huge loss this quarter to reflect lower, more realistic values for its Internet assets. It blames the hit on a new accounting rule and says the change "does not affect the company's operations." Do not be misled. This is a real measurement of real money, an aftershock of the dot-com crash of 2000.
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BUSINESS
By JAY HANCOCK | August 18, 2004
THIS IS how the tech boom ends. First with a bang, then with a whimper and now with the weirdest strategic business turn since the DeLorean Motor Co. thought about becoming a cocaine dealer. Aether Systems Inc., which used to call itself "a one-stop provider of wireless software and services connecting people to the information they need, wherever and whenever they need it," wants to be a mortgage banker when it grows up. Pay no attention to prospectus language about "wireless handheld devices."
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BUSINESS
By Lorraine Mirabella and Lorraine Mirabella,SUN STAFF | February 2, 2000
With its shares selling at half their book value, Jos. A. Bank Clothiers Inc. is in a position to be attractive to suitors, the retailer's chief executive officer said yesterday. Bank's stock was unchanged yesterday, closing at $3.50 per share. The company's stock is trading at 57 cents on the dollar, with the company's book value at $6.19 per share. "It is clear that when a company is performing very well and is undervalued, as we are, in a market which is starting to shift to small-cap stocks, that people would be looking at us," Robert N. Wildrick, the chief executive, said yesterday.
BUSINESS
By William Patalon III and William Patalon III,SUN STAFF | April 26, 2002
U.S. companies are taking tens of billions of dollars in write-offs this week because of a new accounting rule that experts say might help clear away the lingering largesse of the last bull market. The new rule, known as FASB 142, requires companies to write off their impaired "goodwill" all at once, instead of amortizing it in annual amounts over 10, 20 or even 40 years. Some of America's best-known companies have announced huge write-offs: $2.97 billion by Aetna Inc., $1.48 billion by Viacom Inc., $856 million by AT&T Corp.
BUSINESS
By Scott Schnipper and Scott Schnipper,BLOOMBERG BUSINESS NEWS | July 1, 1996
WORRIED THAT the six-year bull run carried stock prices too high? Maybe you should relax and adopt an investment approach that one of its practitioners calls "pretty sleepy."It's buying shares priced low in relation to their book value, or net worth or liquidation value, if you prefer. Disciples say the strategy will let investors profit if prices keep rising -- but offers the prospect of owning stocks that will fall less than the rest if the market tanks. Meantime, these "cheap" stocks often are takeover targets.
BUSINESS
By Bloomberg Business News Staff Writer Timothy J. Mullaney contributed to this article | July 1, 1992
Loyola Capital Corp. stock has risen 11 percent following the acquisition of two other thrifts Monday.AmSouth Bancorp., based in Birmingham, Ala., signed adefinitive agreement to acquire First Chattanooga Financial Corp. for $106 million. Earlier, First Union Corp. of Charlotte, N.C., agreed to acquire DFSoutheastern Inc., parent of Decatur Federal Savings & Loan in Georgia, in a stock swap valued at $146 million.But Loyola is not on the verge of any similar transaction and is not in any merger talks with anyone, Chief Financial Officer James McAveney said.
BUSINESS
By Kristine Henry and Kristine Henry,SUN STAFF | December 4, 1998
Orion Power Holdings, a joint venture of BGE and a New York investment firm, announced yesterday that it is purchasing 72 hydroelectric generating plants in Syracuse, N.Y., for $425 million.In March, Baltimore Gas and Electric Co. and Goldman, Sachs & Co. formed Orion in order to buy power plants in response to deregulation and quickly changing competition.The deal announced yesterday is the first major purchase by Orion, and involves 72 plants from Niagara Mohawk Power Corp.Lori Scheiner, an Orion spokeswoman, said the plants are well-maintained and the purchase "was a good opportunity for Orion to develop its portfolio of assets."
BUSINESS
By BLOOMBERG NEWS | December 16, 1997
MINNEAPOLIS -- U.S. Bancorp, one of the nation's biggest banks, yesterday agreed to buy the century-old investment banking and brokerage concern Piper Jaffray Cos. Inc. for $730 million in cash.The transaction values Piper, a brokerage firm, at $37.25 a share. That is about four times book value -- assets minus liabilities -- a bigger premium than other banks paid this year to buy securities firms. Piper shares rose $6.625, or 22 percent, to $36.375 yesterday while U.S. Bancorp's stock rose $1.75 to to $115.
BUSINESS
By Fort Worth Star-Telegram | September 21, 1990
FORT WORTH, Texas -- With the notable exception of Southwest Airlines, U.S. airline stocks have dived so far that some industry financial analysts are beginning to wonder whether they haven't already hit ground.The impact of a huge increase in jet fuel prices and fears of recession have driven airline stock prices down sharply.The decline is reflected at Fort Worth-based AMR Corp., parent of American Airlines, as well as at Delta Air Lines and Southwest Airlines.AMR, which traded at $89.75 a share Sept.
BUSINESS
By BLOOMBERG NEWS | December 10, 1999
NEW YORK -- In his annual reports to Berkshire Hathaway Inc. shareholders, Chairman Warren Buffett shows a table that pits his investment record against the Standard & Poor's 500 index, the benchmark for most money managers.This year, the reading will look like an aberration. For the first time since 1980, Buffett, widely labeled as one of the world's shrewdest investors, won't beat the market.Buffett compares the annual percentage increases in Berkshire Hathaway's book value -- and there have been nothing but gains starting with 1965 -- with gains and losses in the S&P 500. Berkshire's book value, or net worth, includes its earnings over the years, the market value of its stocks and bonds and adjustments for acquisitions.
BUSINESS
By JAY HANCOCK | January 9, 2002
HAPPY New Year, AOL Time Warner shareholders. Your company's book value is about $50 billion less than management said it was a few weeks ago. Of course, AOL Time Warner is downplaying Monday's announcement that it would record a huge loss this quarter to reflect lower, more realistic values for its Internet assets. It blames the hit on a new accounting rule and says the change "does not affect the company's operations." Do not be misled. This is a real measurement of real money, an aftershock of the dot-com crash of 2000.
BUSINESS
By Lorraine Mirabella and Lorraine Mirabella,SUN STAFF | February 2, 2000
With its shares selling at half their book value, Jos. A. Bank Clothiers Inc. is in a position to be attractive to suitors, the retailer's chief executive officer said yesterday. Bank's stock was unchanged yesterday, closing at $3.50 per share. The company's stock is trading at 57 cents on the dollar, with the company's book value at $6.19 per share. "It is clear that when a company is performing very well and is undervalued, as we are, in a market which is starting to shift to small-cap stocks, that people would be looking at us," Robert N. Wildrick, the chief executive, said yesterday.
BUSINESS
By BLOOMBERG NEWS | December 10, 1999
NEW YORK -- In his annual reports to Berkshire Hathaway Inc. shareholders, Chairman Warren Buffett shows a table that pits his investment record against the Standard & Poor's 500 index, the benchmark for most money managers.This year, the reading will look like an aberration. For the first time since 1980, Buffett, widely labeled as one of the world's shrewdest investors, won't beat the market.Buffett compares the annual percentage increases in Berkshire Hathaway's book value -- and there have been nothing but gains starting with 1965 -- with gains and losses in the S&P 500. Berkshire's book value, or net worth, includes its earnings over the years, the market value of its stocks and bonds and adjustments for acquisitions.
BUSINESS
By Kristine Henry and Kristine Henry,SUN STAFF | December 4, 1998
Orion Power Holdings, a joint venture of BGE and a New York investment firm, announced yesterday that it is purchasing 72 hydroelectric generating plants in Syracuse, N.Y., for $425 million.In March, Baltimore Gas and Electric Co. and Goldman, Sachs & Co. formed Orion in order to buy power plants in response to deregulation and quickly changing competition.The deal announced yesterday is the first major purchase by Orion, and involves 72 plants from Niagara Mohawk Power Corp.Lori Scheiner, an Orion spokeswoman, said the plants are well-maintained and the purchase "was a good opportunity for Orion to develop its portfolio of assets."
BUSINESS
By BLOOMBERG NEWS | December 16, 1997
MINNEAPOLIS -- U.S. Bancorp, one of the nation's biggest banks, yesterday agreed to buy the century-old investment banking and brokerage concern Piper Jaffray Cos. Inc. for $730 million in cash.The transaction values Piper, a brokerage firm, at $37.25 a share. That is about four times book value -- assets minus liabilities -- a bigger premium than other banks paid this year to buy securities firms. Piper shares rose $6.625, or 22 percent, to $36.375 yesterday while U.S. Bancorp's stock rose $1.75 to to $115.
BUSINESS
By Timothy J. Mullaney and Timothy J. Mullaney,SUN STAFF | December 21, 1996
A Columbia software company became at least the 18th Maryland firm to go public since the beginning of last year, as Credit Management Solutions Inc. and its founders sold 2.6 million shares for $11.50 each.The offering left executives of the company owning more than 60 percent of the shares, and valued the firm overall at $82.9 million. The shares rose after Thursday's offering to close yesterday at $13.50.Credit Management sells software that lets consumer lenders automatically check the credit history of prospective borrowers and applies the lender's standard criteria for approving or rejecting loan applications.
BUSINESS
By Thomas Easton and Thomas Easton,New York Bureau of The Sun | September 1, 1991
New York -- It was another sublime August on Wall Street, with share prices hitting new records and brokerage companies posting record profits. Were it not for layoffs throughout the rest of corporate America, innumerable bankruptcies and an inability -- in a pinch -- to sell their own homes, stock traders might be excused for thinking the recession ended long ago.But the current euphoria is unlikely to last. Historically, the market has been unable to sustain a surge if the corporate financial underpinnings are weak.
BUSINESS
By Ross Hetrick and Ross Hetrick,Evening Sun Staff | May 15, 1991
The management of Loyola Capital Corp., the parent company of Loyola Federal Savings and Loan Association, again pleaded with frustrated shareholders to be patient, saying that some day their investment will increase in value.At the company's annual meeting yesterday, Joseph W. Mosmiller, Loyola's chairman and chief executive officer, described a prospering thrift with a low level of bad loans, stable earnings and a strong capital position. But some shareholders want something more -- dividends and a higher stock price.
BUSINESS
By Scott Schnipper and Scott Schnipper,BLOOMBERG BUSINESS NEWS | July 1, 1996
WORRIED THAT the six-year bull run carried stock prices too high? Maybe you should relax and adopt an investment approach that one of its practitioners calls "pretty sleepy."It's buying shares priced low in relation to their book value, or net worth or liquidation value, if you prefer. Disciples say the strategy will let investors profit if prices keep rising -- but offers the prospect of owning stocks that will fall less than the rest if the market tanks. Meantime, these "cheap" stocks often are takeover targets.
FEATURES
By Ralph Kovel and Terry Kovel and Ralph Kovel and Terry Kovel,KING FEATURES | March 17, 1996
I've started collecting Little Golden Books that I read as a child. Many of them seem too new to be original. Is there some way I can tell if they are old?The Western Publishing Co. has sold billions of Little Golden Books since it published the first dozen titles in 1942.Some titles were published for many years. The most valuable is a first edition. Check the book's first two pages. There should be a string of letters. The letter on the far left shows the edition the book. An "A" on the far left indicates a first edition; a "B", a second edition; and so on.The letters sometimes appear on the last page.
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