NEW YORK TIMES CUTS EARNINGS FORECAST: The New York Times Co. warned investors Monday that its third-quarter earnings would fall below Wall Street estimates because of slower-than-expected growth in advertising in September. The company also lowered its full-year forecast. The news sent the company's stock price down 64 cents to close at $40.16 Monday on the New York Stock Exchange.
INTERACTIVECORP STOCK FALLS: Barry Diller's flagging Internet empire got hit again Monday. Shares of InterActiveCorp, whose units include Ticketmaster, Expedia and St. Petersburg's Home Shopping Network, fell nearly 3 percent, or 68 cents, to $22.82 after Goldman Sachs cut its rating.
TRUSTEE FORMS US AIRWAYS CREDITOR PANEL: Thirteen creditors of US Airways Group Inc., including a number of its labor unions, will make up the official committee of unsecured creditors in the company's Chapter 11 case. U.S. Trustee Clarkson McDow announced that the committee will include Airbus, the Association of Air Line Pilots, the Association of Flight Attendants, Bombardier, the Communications Workers of America, Electronic Data Systems Corp., General Electric Co., the International Association of Machinists & Aerospace Workers, the federal Pension Benefit Guaranty Corp., Sabre Holdings Corp., U.S. Bank, Wachovia Corp. and LSG Skychefs. Creditor committees generally play a central role in bankruptcy cases, helping shape the reorganization plan.
Nike Inc. reported a better-than-expected 25 percent increase in first-quarter profits on Monday, helped by its strongest U.S. orders in more than seven years. The quarter ended Aug. 31 for the Beaverton, Ore., sneaker and athletic apparel manufacturer.
1st Qtr Year Ago
Revenue $3.56-bil $3.02-bil
Net Income $326.8-mil $261.2-mil
Per Share $1.21 98 cents
Lennar Corp., the No. 3 U.S. homebuilder by stock market value, said fiscal third-quarter profit rose 12 percent, higher than analysts estimated. The Miami company also increased its earning forecasts for this year and next. The quarter ended Aug. 31.
3rd Qtr Year Ago
Revenue $2.75-bil $$2.27-bil
Net Income $225.2-mil $201.6-mil
Per Share $1.36 $1.21