| Belo sets exchange rate for newspaper spin-off
DALLAS—Media owner Belo Corp. has set a date for spinning off its newspapers, including The Dallas Morning News, with stockholders getting one share of the new company for every five shares of Belo they own on Jan. 25. Belo also said Friday that it asked the Internal Revenue Service to let the transaction qualify as a tax-free distribution to its shareholders. Dallas-based Belo, which will keep its 20 television stations, said the shares of the newspaper company, A.H. Belo Corp., would be distributed Feb. 8 and begin trading on the New York Stock Exchange three days later under ticker symbol AHC. Belo announced Oct. 1 that it would spin off its four daily newspapers and their Web sites into a new company. Some shareholders had pressed for the split in hopes that Belo stock would rise without the weight of the newspaper division.
INSTANT VIEW 7-US crude stocks rise as refinery runs fall
No matter what the Fed does later on today, stocks are going to sell off taking crude with it, It sets a tone for the rest of the day.
I think crude was up because refinery runs were down. The gasoline figure shows that consumer are starting to finally feel the crunch of the economy.
Distillate demand has not been than high because of the weather, which helped build the crude.' TIM EVANS, ENERGY ANALYST AT CITIGROUP FUTURES RESEARCH
'The overall pattern here is in line with expectations: We were looking for builds in crude and gasoline-- we got them.
'The product demand numbers here were not strong. Overall, that's a concern for the market.
About the only bullish feature that I see is that the refinery operating rate was down.
Australian dollar climbs above US88c
THE Australian dollar was stronger at noon, after stepping above $US88c in a third consecutive day of recovery on the local share market. At 1200 AEDT, the Australian dollar was trading at $US0.8825/28, up from yesterday's close of 0.8738/42. During the morning, the domestic currency traded between a low of $US0.8808 and a high of 0.8832. The Australian share market gained three per cent during the morning session, encouraging carry traders to sell the low-yielding Japanese yen for high interest rate units like the domestic currency. The local unit is now trading above 94 yen for the first time in four days. RBC Capital Markets senior currency strategist Sue Trinh said the equity market rally was a more favourable driver of the Australian dollar than expectations that official interest rates will climb again next month.
Planet Technologies Announces Completion of Antigen Laboratories ...
RIDGEFIELD, Conn. and LIBERTY, Mo., Nov. 9 /PRNewswire-FirstCall/ -- Planet Technologies, Inc. (NASDAQ: PLNT) , a specialty pharmaceutical company focused on providing products for allergy and asthma sufferers, today announced that it has completed the acquisition of Antigen Laboratories, Inc. (Antigen), a privately-held FDA licensed manufacturer of allergenic extracts for immunotherapy. "As announced in September, the acquisition of Antigen's allergenic extract immunotherapy business complements our existing allergen avoidance product business. The Antigen transaction continues to deliver on our strategy to acquire and build specialty allergy businesses, focused on marketing value-added products to allergy sufferers through allergy-related physicians in the United States," said Ed Steube, Chief Executive Officer and President of Planet.
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