Archive: April 20, 2008 - April 26, 2008

Roundup: Orbital Sciences, XM, Freddie Mac

From staff and wire reports *Orbital Sciences, a satellite and rocket manufacturer in Dulles, said its board authorized the repurchase of up to $50 million of its common stock. The 12-month buyback replaces a previous $50 million program -- under which Orbital acquired $45.2 million of common stock -- that...

By Terri Rupar | April 25, 2008; 5:43 PM ET | Comments (0)

TechPost: Multitasking The Web 2.0 Way

Intridea, a D.C. area Web company with 15 employees, has no office. It hasn't received any venture capital. It's happy to work in the background. And in just a year in existence, it's launched four products. Intridea may be the model company for the modern Internet economy. It's much...

By Zachary Goldfarb | April 25, 2008; 1:00 PM ET | Comments (0)

Membership Boosts Coventry Health Care

From the Associated Press Managed health plan provider Coventry Health Care said first-quarter profit rose 2.7 percent, to $125 million (81 cents a share) from $121.7 million (76 cents) in the comparable period a year earlier, as revenue surged on increases in membership. Total operating revenue jumped 32 percent, to...

By Terri Rupar | April 25, 2008; 10:08 AM ET | Comments (0)

Early Briefing: Private-Federal Competition

*President Bush proposed an initiative in 2001 to force federal employees to compete for their jobs against private contractors. The goal was to decrease costs, even if the work stayed in the government. But critics say this "competitive sourcing" initiative had disappointing results, with morale shaken among civil servants and...

By Terri Rupar | April 25, 2008; 5:00 AM ET | Comments (0)

Genworth Financial Hurt by Housing Slump

From Bloomberg News Genworth Financial, the Richmond insurer spun off by General Electric, said profit fell 64 percent as the U.S. housing slump led to losses at its U.S. mortgage-insurance unit for the second consecutive quarter. Profit fell to $116 million (27 cents a share), from $324 million (71 cents...

By Terri Rupar | April 24, 2008; 4:40 PM ET | Comments (0)

Roundup: Media General

From staff and wire reports *Two former executives at AOL and PurchasePro, a defunct Las Vegas software company, were cleared of civil fraud charges by a jury today. Regulators accused them of concoting sham financial transactions in 2001. Kent Wakeford, a former executive director at AOL's business affairs unit, and...

By Terri Rupar | April 24, 2008; 4:18 PM ET | Comments (0)

Profit Falls at Virginia Commerce Bancorp

Assets at Virginia Commerce Bancorp of Arlington are up 21.3 percent year-over-year as of March 31, to $2.5 billion. But the banking company's profit fell almost 36 percent, to $4.1 million from $6.5 million in the comparable period a year earlier. Provisions for loan losses in the quarter were $4.1...

By Terri Rupar | April 24, 2008; 3:11 PM ET | Comments (0)

Eagle Bancorp Profit Flat

Eagle Bancorp's profit was basically flat in the first quarter, at $1.7 million. Assets at the Bethesda company grew almost 16 percent, to $899.5 million. The company said its asset quality remains strong. Net interest income grew 8 percent, to $8.6 million, though net interest margin shrunk to 4.19 percent...

By Terri Rupar | April 24, 2008; 12:00 PM ET | Comments (0)

NII Holdings Beats Expectations

From the Associated Press NII Holdings of Reston, a wireless service provider to Latin American businesses, said its first-quarter profit and sales grew, surpassing Wall Street expectations as the company expanded its subscriber base. NII earned $113.6 million (65 cents a share), up 35 percent from $84.2 million (47 cents)...

By Terri Rupar | April 24, 2008; 11:21 AM ET | Comments (0)

T. Rowe Price Profit Up 6 Percent in Tough Market

From the Associated Press T. Rowe Price Group's profit jumped 6 percent in the first quarter, to $151.5 million (55 cents a share) from $142.9 million (51 cents) in the comparable period a year earlier, as a the investment manager's funds continued to do well in spite of a tough...

By Terri Rupar | April 24, 2008; 11:18 AM ET | Comments (0)

FBR Swings to a Profit

From the Associated Press Investment bank Friedman, Billings, Ramsey Group of Arlington said it swung to a profit in the first quarter as it reduced expenses and avoided investment losses in its mortgage banking unit. Profit was $45.1 million (30 cents a share), compared with a loss of $185.9 million...

By Terri Rupar | April 24, 2008; 10:25 AM ET | Comments (0)

Early Briefing: A Different Kind of Bet on Gold

*CytImmune, a Rockville biotech, is betting on nanoparticles of gold to target cancer tumors like a smart bomb, delivering a drug so strong that it has been known to either cause more cancer or shut down the cardiovascular system. Says Lawrence Tamarkin, the company's founder: "No company that I know...

By Terri Rupar | April 24, 2008; 5:00 AM ET | Comments (0)

Earnings: Corporate Executive Board, LaSalle, W.R. Grace

*Corporate Executive Board of Arlington said first-quarter profit fell 18 percent, to $15.9 million (45 cents a share) from $19.4 million (50 cents). Revenue grew 10.8 percent, to $138 million. "We have confidence that we are on the right set of priorities to drive 2008 outcomes and longer-term growth, but...

By Terri Rupar | April 23, 2008; 5:32 PM ET | Comments (0)

Roundup: Circuit City, Fannie Mae,

From staff and wire reports *Wattles Capital Management, the activist hedge fund that wants to change Circuit City's management, said in a letter to the consumer electronics retailer that it should let Blockbuster examine its finances and start good-faith negotiations on a bid for Circuit City. Blockbuster went public last...

By Terri Rupar | April 23, 2008; 3:57 PM ET | Comments (0)

News That Lives on Your Desktop

By Kim Hart It's tough to keep up with all the blogs, Web sites and emails that have become daily required reading. Finding a way to have all that delivered directly to you, and then sifting through it to find the stuff you actually want to take time to read,...

By Terri Rupar | April 23, 2008; 3:10 PM ET | Comments (0)

FBR Capital Markets Swings to a Loss

From the Associated Press FBR Capital Markets, an investment bank majority owned by Friedman, Billings, Ramsey Group, said it swung to a loss in the first quarter due to declines in investment banking revenue and losses on merchant banking investments. FBR Capital Markets lost $10.2 million (16 cents a share)...

By Terri Rupar | April 23, 2008; 10:58 AM ET | Comments (0)

General Dynamics' Profit Up 32 Percent

From the Associated Press General Dynamics of Falls Church said first-quarter profit rose almost 32 percent, led by big sales increases in the division that makes armored vehicles, tanks and combat tools. Profit was $572 million ($1.42 a share), up from $434 million ($1.06 per share) in the first quarter...

By Terri Rupar | April 23, 2008; 10:52 AM ET | Comments (0)

Host Hotels Says Cash Flow Up; Plans Stock Buyback

Bethesda's Host Hotels & Resorts said a key measure of cash flow increased 10 percent in the first quarter and it announced plans to buy back $500 million of its common stock. The lodging company, which operates as a real estate investment trust, reported that a measure of cash flow...

By Dan Beyers | April 23, 2008; 7:48 AM ET | Comments (0)

Early Briefing: Tougher Regulation For Fannie, Freddie?

*Tougher regulation seems to be in the cards for Fannie Mae and Freddie Mac, after a closed-door meeting last week between senior Treasury officials, the top two members of the Senate Banking Committee and the heads of both mortgage finance companies. It was part of a renewed effort by Treasury...

By Terri Rupar | April 23, 2008; 5:00 AM ET | Comments (0)

Vocus Swings to a Loss, but Revenue Up

Lanham-based Vocus posted a loss of $403,000 in its first quarter, compared with a profit of $2,000 in the first quarter of 2007. Revenue grew almost 42 percent, though, to $17.9 million. The company, which provides software for PR management, said it added a net 219 new subscription customers in...

By Terri Rupar | April 22, 2008; 4:53 PM ET | Comments (0)

Value Added: A Chat With Eric Hovde

Most Fridays I walk from my office over to the The Palm restaurant a few blocks away, where I reward myself with a nice lunch. It's something I started 10 years ago to help me get through the week. People usually oohh and aahh when I tell them I...

By Dan Beyers | April 22, 2008; 4:40 PM ET | Comments (0)

Roundup: ICF, Carlyle Group

From staff and wire reports *ICF International of Fairfax is partnering with Merrill Lynch to sell emissions credits and climate-change policy advice. ICF, which advises governments and companies on environmental policy, and Merrill will form Merrill Lynch Green & Gold to help companies in the Americas, Asia and Europe that...

By Terri Rupar | April 22, 2008; 3:57 PM ET | Comments (0)

Sandy Spring Profit Up 8.7 Percent

Sandy Spring Bancorp said first-quarter profit was $8.2 million (50 cents a share), up from $7.5 million (49 cents) in the comparable period a year earlier. Assets gained 7.3 percent in that period, to $3.16 billion, helped by the acquisition of County National Bank last year. Nonperforming assets increased to...

By Terri Rupar | April 22, 2008; 11:11 AM ET | Comments (0)

Lockheed Profit Up 6 Percent

From the Associated Press Defense contractor Lockheed Martin said its first-quarter earning rose 6 percent as higher sales of space equipment, missiles and other combat tools offset a dip in fighter jet sales. Lockheed, the world's largest defense supplier, said it earned $730 million ($1.75 per share), up from $690...

By Terri Rupar | April 22, 2008; 10:10 AM ET | Comments (0)

Early Briefing: Dominion Plans Wind Projects In Va.

A wind farm in Palm Springs, Calif. In California, utilities must get 20 percent of their power from renewable sources by 2010. Photo Credit: By Sandy Huffaker -- Associated Press Photo * Dominion, a utility based in Richmond, said it would work with BP's alternative-energy unit to develop, own...

By Dan Beyers | April 22, 2008; 7:06 AM ET | Comments (0)

Up and Down: CapitalSource, Circuit City, Massey

Stocks had their best week in almost three months last week, helped by oil prices driving up energy stocks and Google's earnings. *Shares of CapitalSource of Chevy Chase (CSE) jumped almost 14 percent last Monday, the day its deal for retail banking operations of Fremont General was announced. They dipped...

By Terri Rupar | April 21, 2008; 12:00 PM ET | Comments (0)

Early Briefing: Brokering Power

It's Monday, which means the Business section focuses on what's local. Fred Malek, chairman of Thayer Capital Partners, at his wall of prized photos from years as a power broker. He's known as a man with a gift for winning trust. (By Bill O'Leary -- The Washington Post) *Fred Malek,...

By Terri Rupar | April 21, 2008; 5:00 AM ET | Comments (0)

 
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