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UAL shares hit an unexpected high point

By TIMES WIRES
Published January 4, 2007

Shares in United Airlines parent UAL Corp. soared to a post-bankruptcy high Wednesday after industry analysts issued bullish reports for this year's profit outlook. The advance came amid a strong showing by airline stocks overall following lower crude oil prices. UAL led the rally, with its stock rising $2.62, or 6 percent, to $46.70 in afternoon trading on the Nasdaq stock market after peaking at $47.18. Goldman Sachs analyst Robert Barry said UAL is his "best buy" among airlines because its expected margin expansion is better than that of its peers.

Another Enron exec in prison

Enron Corp.'s former chief accounting officer, Richard Causey, started serving his prison sentence for participating in the fraud that brought down the company. Causey, 46, reported Tuesday to the Federal Correctional Institution in Bastrop, Texas, where he is to serve 5 1/2 years. Causey pleaded to one count of securities fraud in December 2005. With time off for good behavior, he could serve four years and nine months.

Electronics makers face Bluetooth suit

Three major electronics makers have been accused of violating patented work from the University of Washington with their use of the Bluetooth wireless technology found in millions of computers, cell phones and headsets. Japan's Matsushita Electric Industrial Co., South Korea's Samsung Electronics Co. and Finland's Nokia Corp. were accused of illegally incorporating unlicensed Bluetooth chip sets in a variety of products, including cell phones. The federal lawsuit seeks unspecified damages and an injunction barring the companies from selling those products.

Adelphia gets nod to pay off creditors

Adelphia Communications Corp.'s plan to emerge from more than four years of bankruptcy protection, pay its creditors and cease doing business was approved Wednesday by a judge. Adelphia, once the fifth-biggest U.S. cable television company, filed for protection from creditors in June 2002, a month before its founder, John Rigas, was arrested for looting the company. In July, Adelphia sold its cable properties to Comcast Corp. and Time Warner Inc. for $17.6-billion. Of that amount, $15-billion - about 84 percent of claims - will be distributed to creditors in cash and Time Warner Cable shares.

Morgan Stanley faces age bias suit

A former Morgan Stanley executive who earned as much as $1-million annually sued the company for age discrimination Wednesday, saying it ignored his distinguished 25-year career in firing him at age 55. Edward M. Sullivan brought the $30-million lawsuit in U.S. District Court. The company said age had nothing to do with Sullivan's departure and vowed to fight.

Board of Trade chief dies at 66

New York Board of Trade chief executive C. Harry Falk, who helped guide the commodities marketplace through the Sept. 11, 2001, terrorist attacks, died Wednesday. He was 66.

[Last modified January 3, 2007, 23:05:39]