Newspaper article St Louis Post-Dispatch (MO)

Morning Briefing

Newspaper article St Louis Post-Dispatch (MO)

Morning Briefing

Article excerpt

Chicago Firm Buys 5 Percent Of Stifel

A Chicago securities firm has bought a 5.1 percent stake in Stifel Financial Corp. of St. Louis. Stifel is the parent of the Stifel Nicolaus & Co. regional brokerage firm.

The buyer, Scattered Corp., is a 9-year-old firm that specializes in arbitrage, the buying and selling of securities to take advantage of anticipated price changes. "The stock is cheap," said Scattered trader Joseph Treaber.

Stifel's stock jumped 6.1 percent Wednesday, closing at $6.50 a share. The stock, which had traded in the $10 range a year ago, had fallen in the wake of weak financial performance and a federal investigation into the firm's municipal-bond operations.

In a filing with the Securities and Exchange Commission, Scattered said it bought 197,600 Stifel shares for $1.1 million in the past 60 days. Scattered said its holding in Stifel is an investment and that it "may discuss management or other matters of the company" with Stifel officials. From staff and wire reports

***** Delta Rehires Workers

Some of the workers who lost their jobs in Delta Air Lines' big cost-cutting are being rehired to new positions at lower pay.

The Atlanta airline has hired about 75 former mechanics to do such part-time work as fixing damaged cargo containers and scraping jets in preparation for repainting, Delta spokesman Todd Clay said Wednesday.

The new jobs pay between $9 and $11 an hour with no benefits, compared with the $18 to $22 an hour that mechanics earn.

The 75 are among about 2,000 mechanics whose jobs were eliminated last year. Associated Press

***** Mosby-Year Book Buys 2 Health Info Firms

Mosby-Year Book Inc. …

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