LIQUIDMETAL IN PRODUCT-DEVELOPMENT DEAL: Liquidmetal Technologies of Tampa signed an agreement with LVMH Watches & Jewelry to develop additional uses for Liquidmetal alloys in products. LVMH Watches & Jewelry began working with Liquidmetal in 2001 to develop a watch case for its TAG Heuer brand. Liquidmetal said the LVMH Moet Hennessy Louis Vuitton unit is looking at how the material can be used in other accessories such as writing instruments, eyewear and other products. Financial terms were not disclosed. Liquidmetal alloy has more strength than commonly used titanium alloys and stainless steel.
MERRILL BANKER ON LEAVE: Merrill Lynch put a Houston banker on indefinite leave because he refused to appear before a Senate panel investigating Merrill's dealings with bankrupt energy trader Enron Corp. Schuyler Tilney, head of Merrill's energy investment banking unit and the husband of a former Enron advertising manager, is one of about 100 Merrill employees who personally invested about $16-million in a private partnership run by Enron's chief financial officer. Lawyers for Tilney did not return calls for comment.
ADMINISTRATOR WANTS MIDWAY LIQUIDATED: The administrator overseeing Midway Airlines' reorganization says the twice-grounded carrier should be forced into liquidation because it has failed to file financial information with the bankruptcy court. Marjorie Lynch, of a U.S. Bankruptcy Court in North Carolina, filed a motion seeking court approval to convert Midway's bankruptcy from Chapter 11 reorganization to Chapter 7 liquidation. That would shut down the airline and force the sale of its remaining assets.
SECOND DELAY GRANTED IN IMCLONE CASE: A federal judge has granted prosecutors another extension in their deadline to file an indictment against former ImClone Systems CEO Sam Waksal, while both sides continue discussions on a possible plea. The two-week window granted by Magistrate Andrew Peck in Manhattan is the second such delay in the case. Both sides now have until Aug. 9. Waksal was charged last month with insider trading for allegedly tipping relatives to dump millions of dollars worth of ImClone stock just before an announcement that the Food and Drug Administration had rejected the application for the company's cancer drug, Erbitux.
Earnings Superior Uniform Group Inc.
The Seminole uniform manufacturer said earnings dropped 25 percent in the quarter ended June 30 due in part to a bad debt reserve for one account. The company also said it had pared costs in the first half of the year by making an undisclosed number of staffing cuts.
2ndQtr Year Ago
Revenue $38.44-mil $38.37-mil
Net Income $1.49-mil $1.99-mil
Per Share 21 cents 28 cents
JetBlue Airways Corp.
The low-cost carrier posted a 37 percent jump in net income for the quarter ended June 30 as its business continued to balloon. Earnings per share remained flat as the company has a total of about 44-million diluted shares, compared with 33-million a year earlier. JetBlue closed up $3.65 at $44.50.
2ndQtr Year Ago
Revenue $149.3-mil $78.4-mil
Net Income $14.6-mil $10.7-mil
Per Share 33 cents 33 cents