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MCI WorldCom's Network Problems Idle Chicago Board of Trade

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MCI WorldCom


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

First Call

; 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

Merrill Lynch

on board to devise strategic alternatives.

Mergers, acquisitions and joint ventures



inked a deal that would allow

ENStar Acquistion

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.


Biotechnology company



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.