Early Briefing: Convention Center Hotel Clears Hurdle
Here's some of the local business stories in Friday's paper:
*A headquarters hotel for the Washington Convention Center can move forward after the District acquired a 60,000-square-foot parcel from Kingdon Gould III in exchange for a similar-sized plot a few blocks away. See story.
*Mayor Adrian M. Fenty announced a new taxi fare system that starts with a $4 minimum and ticks up steadily according to distance traveled and time stuck in traffic. See story
*The Navy terminated a General Dynamics contract to build a ship to patrol waters close to shore after the company and the service were unable to strike a deal on costs. See story.
*A long-delayed, multimillion-dollar plan to turn Waterside Mall in Southwest into a pedestrian-friendly, mixed-used project broke ground, with a gold-painted wrecking ball taking its first chunks out of the old shopping center. See story.
*United Therapeutics said final human testing of an inhaled form of its lead drug, a treatment for pulmonary hypertension, exceeded the minimal requirements set by the Food and Drug Administration. Its shares shot up, and its name was brought up as a possible acquisition target. See story
*Twenty-six area Giant supermarkets began selling SmarTrip cards, the plastic, reusable Farecards used on Metro buses and trains, agency officials said. See story.
*The Washington Post Co. reported third-quarter profit of $72.5 million ($7.60 per share) on $1.02 billion in revenue yesterday, compared with $73.3 million in profit ($7.60) on $946.9 million in revenue in the third quarter last year, as a worsening advertising slump at the company's largest newspaper offset continued growth at its education and cable divisions. See story.
*Deltek of Herndon priced its initial public offering of 9 million shares priced at $18 per share, the midpoint of the anticipated price range. Deltek, which makes business software, plans to use the nearly $42.9 million in net proceeds to repay debt. Deltek sold about 3 million shares.
Stockholders, including the company's senior management and directors, offered about 6 million shares. The stock closed at $17.95, down 5 cents, on the Nasdaq Stock Market. The trading symbol is PROJ. See press release.
November 2, 2007; 5:00 AM ET
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