Early Briefing: CSC Moving Here

*It seems like we've had to talk about companies moving away lately. But yesterday Computer Sciences Corp. said it's officially moving its headquarters from the L.A. area to the D.C. area. Along with that are probably a few hundred employees to add to the 11,000 who are already here. See story

*13,000 people showed up at a job fair in Prince George's County at the Gaylord National Resort and Convention Center that had 2,000 open jobs, Hula Hoops and karaoke. See story

*Fannie Mae chief executive Daniel H. Mudd received $12.2 million in compensation for 2007 - 15 percent less than in 2006, which is less than the drops in its stock price or earnings. See story

*Constellation Energy Group said it plans to sue Maryland in federal court to cancel almost $400 million in credits lawmakers pressured it to give electricity customers two years ago. See story.

*District union leaders said that the labor agreement used for the Nationals ballpark under construction in Southeast should be the model for future projects in the city.

*Municipal Mortgage & Equity, a Baltimore finance company specializing in multifamily housing, said its shares will be delisted from the New York Stock Exchange in a week and said a subsidiary has refinanced a home loan bond. Municipal Mortgage, commonly known as MuniMae, said its shares will be available to trade over-the-counter on the Pink Sheets starting Feb. 6.

*Fannie Mae's regulator appealed a court order that it give former chief executive Franklin Raines more than 170,000 internal documents stemming from its probe of the company's earnings overstatements. The Office of Federal Housing Enterprise Oversight, as well as capital markets, would "suffer irreparable harm" if the agency is forced to turn over the documents, OFHEO said in a filing asking U.S. District Court Judge Richard Leon to stay a Jan. 22 order.

*Sprint Nextel of Reston is seeking to settle a patent-infringement lawsuit it filed against Paetec Holding Internet phone calling. Sprint sued Paetec, which focuses on corporate customers, and three other companies Jan. 24, accusing them of infringing six patents. Sprint is seeking cash from the companies as well as a court order preventing them from using the patented technology.
Separately, Sprint said it would continue to support Direct Connect, its Nextel-branded walkie-talkie network, which industry observers had speculated the company might shutter.

*Lockheed Martin of Bethesda will cut about 650 jobs at a plant in Fort Worth as engineering and development work begins to conclude on its new F-35 jet fighter. The cuts will begin in April for about 250 employees, with the rest to follow later this year, said Joe Stout, a Lockheed spokesman.

*Media General shareholder Harbinger Capital Partners said it was disappointed by the Richmond newspaper publisher's reaction to its nomination of three candidates to the board of directors. Media General on Jan. 25 called the board nominations "hostile" and "ill-advised."

By Terri Rupar  |  January 31, 2008; 5:00 AM ET  | Category:  Morning Brief
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