company news

UPS to Raise Rates by 4.9% in 2011

UPS (UPS) will raise rates by 4.9 % for UPS ground packages in 2011. UPS will also raise rates by 4.9% for all air express and U.S. origin international shipments, the company said in a statement.

Verizon Earnings Drop 25% in Third Quarter

Verizon Communications (VZ) reported earnings of 31 cents per share for the third quarter, compared with 41 cents per share last year. The third quarter earnings included non-operational charges of 25 cents per share, the largest of which was related to pension settlements

Electronic Theft Now Bigger Problem Than Physical Theft: Survey

Reported theft of information and electronic data is now a bigger crime problem than physical property losses, according to a poll by security consultancy Kroll. More than 27% of 801 companies surveyed reported some kind of data loss, while the portion reporting physical theft fell slightly from 28% in 2009, The Financial Times said.

Philips Reports Third Quarter Profit of $728 Million

Royal Philips Electronics NV (PHG) reported third quarter earnings of 524 million euros ($728 million), or 55 euro cents per share, up from 174 million euros a year earlier. Profit rose on lower costs and a gain of 154 million euros from the sale of the company%u2019s stake in NXP Semiconductors, Philips said in a statement.

Novartis Sells U.S. Rights to Enablex for $400 Million

Novartis (NVS) agreed to sell the U.S. rights to bladder medicine Enablex for $400 million. Ireland-based Warner Chilcott will take over the marketing, sales and manufacturing of the drug in the United States, Novartis said in a statement. The deal is expected to close by the end of October.

Darden Restaurants Reports Quarterly EPS of 80 Cents

Darden Restaurants (DRI), owner of brands including Olive Garden and Red Lobster, reported quarterly net earnings from continuing operations of 80 cents per share, up from 67 cents per share a year earlier. Sales from continuing operations were $1.81 billion in the quarter ended Aug. 29, up 4.2% from a year earlier, the company said in a statement.

AIG May Sell Japanese Units to Prudential Financial for $5 Billion

American International Group (AIG) may sell two Japanese life-insurance units to Prudential Financial Inc. (PRU) for a total of as much as $5 billion, The Wall Street Journal said. The agreement is currently "a few days away" from being ready, The Wall Street Journal said without naming its sources.

UPS Launches Marketing Campaign to Promote Logistics Business

Package-delivery company United Parcel Service (UPS) is launching its largest ever marketing campaign to promote its logistic business to small and medium- sized companies looking to export their products. Print, TV and digital-media ads in the U.S., China, Mexico and the UK will promote UPS logistics with the slogan "We [Heart] Logistics" The Wall Street Journal reported.

Campbell Soup Reports Quarterly Earnings of 33 Cents Per Share

Campbell Soup Company (CPB) reported net earnings of 33 cents per share for the quarter ended Aug. 1, compared with adjusted net earnings of 30 cents per share a year earlier. The improvement in earnings was driven by a lower effective tax rate and a reduction in weighted average diluted shares outstanding, the company said in a statement. Sales fell 1% to $1.518 billion in the quarter.

3M to Buy Biometrics Company Cogent for $943 Million

Office supply maker 3M (MMM) agreed to buy biometrics company Cogent Inc. for $943 million, or $10.50 a share. A subsidiary of 3M will begin a tender offer to buy all outstanding shares of Cogent in the next ten business days, the companies said in a statement. Cogent%u2019s board unanimously recommended that shareholders accept the offer, and the deal is expected to close in the fourth quarter.

Kraft Foods Hikes Full-Year Outlook

Food giant Kraft, which is currently engaged in a hostile takeover bid for Cadbury, boosts its full-year profit outlook after logging strong operating gains.

KB Home's First Profit Since 2007

In another encouraging sign for the real estate market, builder KB Home says it earned $100.7 million over the last few months -- its first quarterly profit since 2007. The company also expects to turn a profit this year.