Newspaper article St Louis Post-Dispatch (MO)

Business Digest

Newspaper article St Louis Post-Dispatch (MO)

Business Digest

Article excerpt

Furniture Brands listing secure Clayton-based Furniture Brands is back in the clear with the New York Stock Exchange. The company said Tuesday that it has been notified by the NYSE that it is back in compliance with listing requirements. In December, the company said it had received a notice from the exchange because its stock price had fallen below the minimum share price rule in which the average closing price has to be at least $1 a share over a consecutive 30-day period. The furniture manufacturer was given six months to regain compliance or risk being delisted. At the end of trading Tuesday, the companys stock closed at $1.46 a share. (Kavita Kumar)

CPI woes Beleaguered portrait studio operator CPI Corp. said Tuesday that has received notice from the OTC Markets that its stock no longer meets the standards to be on that market. The disclosure, which was made in a Securities and Exchange Commission filing, is the latest in a series of challenges facing the St. Louis-based company, which operates portrait studios inside of Sears and Walmart stores. Last month, the company said that it has been in default of a credit agreement with its lenders since November. And if it doesnt negotiate additional amendments, it may be forced into liquidation or bankruptcy. On Tuesday, the company said it had received a notice from OTC Markets in late January because shares of its common stock had fallen below a standard of being 10 cents for more than 30 consecutive trading days. If it doesnt regain compliance in 180 days, CPIs over-the-counter stock will be moved to a lower-tier market. (Kavita Kumar)

Missouri joins S&P suit Missouri has joined other states in suing Standard & Poors for giving high ratings to mortgage bonds that later crashed. S&P already faces suits from at least 14 states, including Illinois, and the District of Columbia. The U.S. Justice Department filed a similar suit Tuesday, and S&P had announced on Monday that it had been told that the government intended to file a suit. Responding to the Justice Department suit, S&P said that virtually everyone failed to predict the housing market collapse, and that S&Ps ratings were similar to those given by other agencies on the same bonds. …

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