Newspaper article St Louis Post-Dispatch (MO)
Priceline to acquire Kayak Priceline.com Inc. plans to buy online travel research company Kayak Software 52-week Corp. range for $1.8 billion to expand its travel business. Priceline will pay about $500 cash and $1.3 billion in stock and assumed options. The deal values Kayak at $40 a share 29 percent premium over its closing price Thursday. Shares of Kayak which also reported a 78 percent jump in third-quarter earnings soared in after-hours trading while Priceline shares fell.
JPMorgan gets buyback OK JPMorgan Chase said Thursday that it has won approval from the Federal Reserve to start buying back its own stock. The bank suspended the plan in May, after it revealed a surprise trading loss that grew to more than $6 billion. The plan calls for JPMorgan to buy back $3 billion of its stock in the first three months of next year. The bank also said it has reached an agreement in principle with the Securities and Exchange Commission to resolve two investigations into sales of mortgage-backed securities. One involves securities sold by Bear Stearns, which was near failure when JPMorgan bought it in March 2008.
Belden swings to a loss Belden Inc., a Clayton-based maker of cable products, reported a third-quarter loss of $38.8 million, or 87 cents per share, compared with a profit of $31.2 million, or 65 cents a share, a year earlier. Revenue slipped to $490.4 million from $519.7 million a year earlier.
LMI profit rises LMI Aerospace Inc., a St. Charles-based provider of engineering services and components to the aircraft industry, reported third-quarter net income of $5.6 million, or 48 cents per share, compared with $4.1 million, or 35 cents per share, a year earlier. Sales rose 9 percent to $70.6 million. (Tim Bryant)
Kohl's cuts outlook Kohl's Corp. said Thursday that its third- quarter net income rose about 2 percent but cut its earnings prediction for the full year. For the quarter ended Oct. 27, the Menomonee Falls, Wis.-based department store chain earned $215 million, or 91 cents per share, compared with $211 million, or 80 cents per share, a year earlier. …