Tickers: Oct. 8
ALL Fuels & Energy Co. announced today that shareholders holding a majority of its outstanding shares had voted, by a written consent, to remove three directors, Mark Leonard, Steven Leavitt and Brian Gibson. The former directors were removed without cause, and following the removal, the remaining director, Dean Sukowatey, appointed two ethanol industry veterans, James Broghammer and Scott Zabler, to fill two of the existing vacancies on the company’s board of directors.
As a result of a settlement, Eli Lilly & Co. will pay $62 million and must change marketing practices, after state attorneys general alleged that the company used unfair and deceptive practices in marketing its anti-psychotic drug “Zyprexa.” Attorney General Tom Miller said states claimed Eli Lilly illegally marketed the drug for “off-label” uses not approved by the U.S. Food and Drug Administration (FDA), and failed to disclose to health-care providers the drug’s potential harmful side effects.
Keefe, Bruyette & Woods analyst Jefferson Harralson today upgraded Bank of America to “Market Perform” from “Underperform,” citing a recent dive in share price. BofA shares lost 26 percent yesterday, one day after it reported worse-than-expected third-quarter results earlier than planned. The bank also announced plans to boost capital by selling $10 billion of stock and halving its dividend. At close of markets yesterday, the company’s offering of 455 million shares priced at $22 per share, below the stock’s closing price of $23.77.
Last week, Des Moines-based Jacobson Cos. announced that it had purchased Dixie Warehouse Services LLC, a Louisville warehouse services provider. The merger makes Jacobson the fourth-largest warehouse-based third-party logistics provider in the country, with more than 6,500 workers and about 32 million square feet of warehouse space. The terms of the purchase were not disclosed.
Dice Holdings Inc. today announced it will host a conference call to discuss third-quarter 2008 financial results on Oct. 23 at 7:30 a.m. Iowa time. A press release with third-quarter 2008 financial results will be issued prior to the conference call that morning. The call can be accessed live over the phone by dialing (866) 800-8651 and entering the participant passcode, 92705562. A replay will be available two hours after the call and can be accessed by dialing (888) 286-8010; the replay passcode is 90123936. The call will also be webcast live from the company’s Web site at www.diceholdingsinc.com under the investor relations section.
Sauer-Danfoss Inc. announced today that it will hold a conference call on Oct. 30 at 9 a.m. Iowa time to discuss third-quarter 2008 results. The company will release third-quarter results after the close of U.S. markets on Oct. 29. The call is open to all interested parties on listen-only mode via an audio webcast, which can be accessed through the investor relations page of the company’s Web site at http://ir.sauer-danfoss.com. A replay of the call will be available at that site through Nov. 13.
The Iowa Department of Revenue announced that the annual interest rate in 2009 will be 8 percent, and the monthly interest rate will be 0.7 percent. The new rates were lowered from the 2008 tax year, which imposed a 10 percent annual tax and a 0.8 percent monthly tax. By statute, the Department’s interest rate is based on the average prime rate charged by banks on short-term business loans between October 2007 and September 2008. The department charges interest on taxes that are overdue; income, sales and withholding taxes are included. In addition, the department pays interest to taxpayers who file their income tax returns on time but do not receive their refunds by June 1. Late refunds of other taxes are paid with interest as well.