stock skidded to 66 1/8 in late composite trading after a California jury ordered the car maker to pay $4.9 billion to six people who burned when their car exploded in 1993.
Mark Whitacre, the government informant in the
antitrust criminal case, was sentenced to 30 months in federal prison for his role in a agricultural-products price-fixing conspiracy. Michael Andreas, son of former ADM chairman Dwayne Andreas, and Terrance Wilson, a retired company executive, were sentenced to two years in prison and maximum fines of $350,000 each for their roles in the scheme to fix the price of lysine, a livestock feed additive.
In other postclose news (earnings estimates from
; earnings reported on a diluted basis unless otherwise specified):
Earnings/revenue reports and previews
said it expects to post a second-quarter loss of 17 cents to 22 cents a share vs. the year-ago profit of 3 cents. The two-analyst view called for a loss of 12 cents. The company cited a drop in revenue, which it said was caused by a longer than anticipated sales cycle for its products.
reported second-quarter earnings of 26 cents a share, including a $8.7 million gain on the sale of two non-core business units. The six-analyst forecast called for operating earnings of 19 cents vs. the year-ago 17 cents.
Mergers, acquisitions and joint ventures
said it will begin a $14-a-share tender offer for all common shares of
after the company rejected its $12.50-a-share offer.
elected Jorge Uauy its new chairman, replacing Alfredo Andonie.