communication system is giving the
Chicago Board of Trade
its share of problems. Trading on the nation's largest derivatives exchange has been halted until Sunday night due to MCI WorldCom's troublesome frame-relay network. The CBOT was opened today for business after a power failure prompted an early close yesterday. According to
, vice president at
IBJ Lanston Futures
Michael McGlone said that his firm is "losing business -- lots of business" as a result of the complications. The exchange said it is deciding on whether to take legal action against the telecommunications services provider.
In other postclose news (earnings estimates from
; earnings reported on a diluted basis unless otherwise specified):
Earnings/revenue reports and previews
reported second-quarter earnings of 24 cents per share, a penny below a two-analyst estimate, and down from the year-ago 49 cents. The company said in
that it has brought
on board to devise strategic alternatives.
Mergers, acquisitions and joint ventures
inked a deal that would allow
to buy the company for $12.50 a share. According to
the creators of ENStar Acqusition, president and CEO Jeffrey Michael and director James Michael, along with its controlled entities own roughly 65% of ENStar's outstanding shares. The deal, which still needs majority approval from non-Michael shareholders, is expected to be completed by the end of fourth quarter.
says it was notified by the U.S.
Food and Drug Administration
that an ingredient in
, an erectile disfunction product, may cause tumors. The FDA is expected to notify Senetek of a decision regarding phentolamine mesylate within 30 days.
Savoir Technology Group
announced that it will launch a cost reduction program the produce a restructuring charge of $13 million for the third quarter. The computer distributor and integrator told
that its plan involves consolidating facilities, cutting back-office functions and centralizing its base operations. The proposed cost cutting plan will hopefully save the company roughly $3 million a year in operating expenses.
Horizon Kids Quest
said it will acknowledge a $800,000 third-quarter charge and shut down two of its 14 facilities in Idaho. The company told
that the the charge will be used for asset write-offs and lease termination charges.