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LIQUIDMETAL GETS CONTRACT: Liquidmetal Technologies Inc. of Tampa received a $3-million contract with the U.S. Army for continuing development of a new alloy that could take the place of controversial depleted uranium as a coating for armor-piercing shells. The contract follows successful initial ballistic testing program of the company's "liquid metal" alloy, which is up to three times stronger than titanium and can be molded into precision parts.
PROGRESSIVE OPENS ONE-STOP: Progressive Insurance Corp. has opened a one-stop claims center in Tampa where auto accident customers can drop off a damaged vehicle and pick up a rental to keep until repairs have been made. The opening of the Tampa center, at 5911 Benjamin Center Drive, is part of a national rollout by Progressive. The company began testing the expanded claims center concept in 2000 in a half-dozen locations, including Orlando. By the end of this year it expects to have 27 centers nationwide.
NICHOLAS ANNOUNCES DIVIDEND: Nicholas Financial Inc. said it plans to pay a semi-annual dividend, starting with a payment of 5 cents a share Sept. 22 to shareholders of record Sept. 8. "We are instituting this dividend as a means to increase shareholder value," said chief executive Peter Vosotas. "We believe that the issuance of a dividend, in a very large measure, is an indication of the financial strength of the company." The Clearwater car finance company's stock closed Monday at $6.65 a share, up 15 cents.
ADELPHIA DEFENDANTS TOGETHER: U.S. District Judge Leonard Sand rejected a request Monday by Adelphia Communications Corp. founder John Rigas and his son Michael to be tried separately from his son Timothy and Michael Mulcahey, a former Adelphia director, all of whom are accused of looting the cable company. Sand also refused to dismiss some of the charges in an indictment that contains one count of conspiracy and 22 counts of securities fraud, wire fraud and bank fraud.
EBAY RESTATES EARNINGS: EBay Inc. revised its second-quarter profit Monday to include a charge of $30-million for a verdict against it in a patent suit. The online auctioneer said net income now stands at $91.9-million, or 28 cents a share. Reflecting the recent 2-for-1 stock split, profits were 14 cents a share after the 3-cent charge. July 24, eBay had reported second-quarter net income of $109.7-million. EBay said its third- and fourth-quarter forecasts remain unchanged.
METLIFE NOTES ERROR: MetLife Inc. lowered its previously reported second-quarter earnings by $31-million Monday because of improperly deferred expenses at its New England Financial affiliate and said the president of the division, Thom Faria, had left the company. The life insurer said adjusted net income comes to $580-million, or 79 cents a share, rather than $611-million, or 84 cents a share, as reported last week. The company also said three other employees were fired because of the improperly deferred expenses.
VERIDIAN TAKEOVER COMPLETED: General Dynamics Corp. said it has completed its $1.24-billion acquisition of Veridian Corp. after shareholders approved the plan. Veridian shareholders will receive $35 a share, General Dynamics said. The purchase of Veridian adds 7,300 employees and will boost sales of intelligence-gathering equipment and software, General Dynamics said. Veridian expects 2003 sales of $1.2-billion.
INCENTIVES UNDISCLOSED, MASS. SAYS: Morgan Stanley set up elaborate contests and incentives that encouraged its offices in the Northeast to push customers to buy the company's in-house mutual funds, and failed to disclose those measures to investors, Massachusetts authorities alleged Monday. Secretary of State William Galvin, whose office filed the administrative complaint, said the improperly disclosed sales brought the firm between $5-million and $8-million in commissions on mutual fund sales that likely amounted to tens of millions of dollars.
T-BILL RATES MIXED: The Treasury Department sold $16-billion in three-month bills at a discount rate of 0.940 percent, down from 0.945 percent last week. An additional $16-billion was sold in six-month bills at a rate of 1.030 percent, up from 1.025 percent. In a separate report, the Federal Reserve said Monday that the average yield for one-year, constant maturity Treasury bills rose to 1.26 percent last week from 1.22 percent the week before.
MICROSOFT TO APPEAL AWARD: A federal jury awarded Eolas Technologies Inc. of Chicago and the University of California more than $520-million in damages Monday after finding that Microsoft Corp.'s popular Internet Explorer browser infringed on a patent. Microsoft attorney Andy Culbert said that the jury's finding would be appealed. The jury could have awarded as much as $1.2-billion to the university and Eolas Technologies Inc. of Chicago.
DELTA 5 FORGO BONUSES: Delta Air Lines Inc. said five top executives will forgo any bonus payments this year as the company tries to persuade pilots to accept pay cuts as part of efforts to stem losses. CFO Michele Burns; Vicki Escarra, executive vice president and chief marketing officer; and Bob Colman, executive vice president of human resources, won't accept the bonuses, CEO Leo Mullin said in a memo to employees. Mullin and president Fred Reid already were planning to pass up such payments. Delta is asking its pilots to take pay reductions as part of a plan to reduce unit costs by about 15 percent.
VIRUS ATTACKS WINDOWS SITE: A virus-like infection that was the subject of urgent U.S. government and industry warnings spread rapidly Monday across the Internet, causing computers to mysteriously restart and coordinating an electronic attack against Microsoft Corp. Security experts said the infection, which exploits an unusually dangerous flaw in Windows software, wasn't yet seriously disrupting Internet traffic but posed that risk as it was expected to continue spreading quickly overnight. Infected computers were programmed to automatically launch an attack on a Web site operated by Microsoft. The site, windowsupdate.com, is used to deliver repairing software patches to Microsoft customers to prevent against these types of infections. Microsoft offers a free patch on the Web site to protect Windows users.
HOME DEPOT PICKS UP SHOW: The Home Depot announced Monday that it will replace archrival Lowe's as the sponsor of TLC's immensely popular home decorating show, Trading Spaces. The Atlanta home improvement chain will provide the materials for the design projects on the cable TV show that lets neighbors redesign a room in each other's homes. Financial terms of the deal with TLC's parent company, Discovery Networks, a unit of Discovery Communications Inc., were not disclosed. Lowe's has been sponsor of Trading Spaces since the show first aired in 2001.