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February 29, 2008

PerkinElmer completes acquisition

PerkinElmer Inc., a Waltham health sciences company, said today that it has completed its acquisition of the newborn metabolic screening business of Pediatrix Medical Group of Florida.

PerkinElmer, which sells an array of life sciences instruments and services, said the completion of this transaction expands its capabilities in the neonatal health field.

In December, PerkinElmer announced plans to buy the business; terms of the transaction were not disclosed.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 3:44 PM | Comments (0)

Akamai prevails in patent lawsuit

Akamai Technologies Inc. said today that it prevailed in a patent lawsuit against Limelight Networks Inc. and was awarded nearly $46 million in damages by a jury in the US District Court of Massachusetts.

Akamai of Cambridge is a global service provider for accelerating content and business processes online.

In afternoon trading on the Nasdaq Stock Market, Akamai shares were up $2.43, or 7.3 percent, to $35.91.

Akamai said that the jury returned a verdict today that Arizona-based Limelight is infringing the content delivery patent asserted by Akamai, and as a result, the jury awarded Akamai $45,526,946 in damages, plus interest.

An attempt to reach Limelight was not immediately successful.

The verdict, which came at the end of a three-week trial in Boston, stemmed from a lawsuit that Akamai had filed in 2006, the company said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 3:00 PM | Comments (0)

Customer notifications going out in TJX breach

Millions of customers who may have had credit card information compromised by a data breach at stores owned by Framingam-based retailer TJX Cos. are being told about their rights under a proposed settlement.

A program that includes mailings and newspaper and magazine notices began Friday in the United States, Canada, and Puerto Rico.

Notification was ordered by the federal court in Boston that's handling a consumer lawsuit that led to the proposed settlement.

The court hopes to reach people who made purchases or returned items at stores owned by TJX Cos., including such chains as T.J. Maxx and Marshalls.

The breach wasn't detected until December 2006.

A toll-free phone number has been set up for consumer information -- 1-866-523-6770 -- along with a Web site, www.TJXsettlement.com. (AP)

Posted by globebusiness at 2:24 PM | Comments (0)

Sonus shares fall after it reported preliminary sales

Sonus Networks Inc. shares fell today after the Westford company predicted its fourth-quarter revenue will slightly miss analysts' estimates and gave first-quarter and 2008 guidance that disappointed analysts.

The networking hardware and software maker's shares fell 62 cents, or 16.1 percent, to $3.24, in morning trading on the Nasdaq Stock Market. In the past year, the stock has traded between $3 and $9.03.

Sonus said late yesterday that according to preliminary results it expects fourth-quarter revenue of $97.1 million, compared with $79 million in the year-ago quarter.

Analysts polled by Thomson Financial expect revenue of $97.3 million.

For the full year, Sonus anticipates $320.3 million in revenue, compared with $279.5 million in the prior year.

The company said it is waiting to release full financial results until an audit of its financial statements has been finished, and it plans to file a late filing notification for its annual report with the Securities and Exchange Commission.

Sonus plans to report its full-year 2007 results in mid-March.

Also Thursday, the company predicted in a conference call that its first-quarter revenue will total about $72 million to $76 million. Sonus also predicted 2008 revenue will rise 20 percent over 2007 revenue -- which assumes an expectation for about $384.4 million in full-year revenue.

Analysts expect first-quarter revenue of $90.4 million and 2008 revenue of $417 million.

Cantor Fitzgerald analyst Edward Jackson reiterated his "Buy" rating for the stock and lowered his price target to $4.75 from $5.50 on Friday, based on the company's preliminary fourth-quarter results and "disappointing" first-quarter and full-year 2008 guidance.

"While yesterday's call was frustrating, it does not negate the strength of Sonus' financial position or the competitive position the company maintains in its addressable markets," he said in a note to investors.

The analyst also lowered his 2008 estimates for Sonus.

Also Friday, Jefferies & Co. analyst George C. Notter reiterated his "Hold" rating for the stock in a note to investors and lowered his price target to $3.50 from $6.25.

"This quarter's disappointing guidance was consistent with our concerns about the company's 'real' quarterly run-rate. In hindsight, one has to wonder if Sonus is really a $75 million/quarter business with fourth-quarter results that were anomalous," he said.

Notter also lowered his 2008 estimates for the company. (AP)

Posted by globebusiness at 11:56 AM | Comments (0)

Hub Fed chief: Credit problems may spread

US balance sheet constraints are largely confined to a few large institutions, but there is a risk they could become widespread if house prices fall further, Boston Federal Reserve Bank president Eric Rosengren said today.

Rosengren cited estimates on US mortgage credit losses of about $400 billion, with half of that being borne by leveraged institutions.

"Balance sheet constraints are primarily occurring at a few large institutions with significant exposure to more complicated financial products," Rosengren told a forum sponsored by the University of Chicago Graduate School of Business and Brandeis University International Business School.

"But then again, there is downside risk that balance sheet constraints could become more widespread ... - particularly if housing prices experience more significant declines."

So far, Rosengren said, small and medium-sized businesses are "not complaining" about credit conditions, which reflects the lack of exposure these companies had to securitized products or the risky subprime mortgage market.

He also said that despite the potential risks, he was optimistic that US monetary policy would help mitigate troubles in the mortgage and credit sector.

"Lower rates are likely to result in higher house prices than would occur in the absence of monetary easing," he said. "This should reduce the foreclosure rate and reduce some of the concern that housing problems will become more widespread."

He added though that monetary policy is not a "panacea" to the credit sector's problems, but a solution would involve a combination of monetary, regulatory, and fiscal measures.

He said some of the possible solutions to addressing the credit problems are not tied to monetary policy.

In recent years, he said the subprime market had become the major avenue for low- and moderate-income borrowers to buy homes. "There would seem to be a strong economic incentive for borrowers to seek FHA (Federal Housing Administration) insurance and get a prime rather than a subprime rate." (Reuters)

Posted by globebusiness at 11:44 AM | Comments (0)

Stop & Shop expands "Low Prices Every Day" push

The Stop & Shop Supermarket Co. said today that it is expanding its "Low Prices Every Day" program to include salad dressings and condiments.

The Quincy-based chain of 389 stores started the program in the fall of 2006; it initially covered produce, and the program has since been expanded to cover other categories, including dairy products, frozen foods, and baby care products, a spokesman said.

Now the program will also cover products such as ketchup, mustard, and relish as well as olive oil, mayonnaise, pickles, and olives, Stop & Shop said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 11:32 AM | Comments (0)

Biogen Idec prices a public offering

Biogen Idec Inc. said it has priced a public offering of $1 billion principal amount of senior unsecured notes.

The Cambridge company markets such drugs as Rituxan for non-Hodgkins lymphoma and rheumatoid arthritis and Avonex, a multiple sclerosis drug; with another firm, it markets a second MS drug called Tysabri.

Biogen Idec said the offering of senior unsecured notes includes $450 million in aggregate principal amount of 6.0 percent notes due 2013 and $550 million in aggregate principal amount of 6.875 percent notes due 2018.

Sale of the notes is expected to close March 4.

The company plans to use the net proceeds from this offering, together with cash on hand, to repay indebtedness under its $1.5 billion bridge facility, the proceeds of which were used to repurchase shares of Biogen Idec's common stock in a $3 billion "Dutch Auction" tender offer settled July 2.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:23 AM | Comments (0)

Extreme Makeover talks trash with WMI

Waste Management, a Houston provider of waste-management services, said it will help reunite a Maynard family in a dream home that will result from an episode of "Extreme Makeover: Home Edition," an ABC reality show.

Waste Management said it will be among the supporting cast of contractors and service providers that will work with the Extreme Makeover team to ensure that Renee and Paul Giunta and their children receive a new home in seven days.

In addition to providing free waste services, Waste Management said that "all material generated by the project will be recycled or converted into green power."
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:49 AM | Comments (0)

Alnylam says it has acheived RNAi first

Alnylam Pharmaceuticals Inc. said that it has established a significant first with results from a research trial that support its theory of creating drugs and treatments based on RNA interference, or RNAi.

Specifically, the Cambridge biopharmaceutical company announced today that its Gemini trial has achieved "human proof of concept with an RNAi therapeutic, a first for the industry."

Alnylam is seeking to develop novel technologies based on RNA interference, or RNAi, a naturally occurring mechanism within cells for selectively silencing and regulating specific genes; because many diseases are caused by the inappropriate activity of specific cells, the ability to silence genes selectively through RNAi is thought to have great potential.

Today the company said that results from its Gemini trial with ALN-RSV01, an RNAi therapeutic for the treatment of respiratory syncytial virus, or RSV, showed statistically significant anti-viral efficacy.

“With the positive results from Gemini, we believe that Alnylam has demonstrated the first ever human proof of concept with an RNAi therapeutic,” Alnylam chief executive John Maraganore said in a statement. “As such, these new data represent a key milestone and a major ‘de-risking’ event for the advancement of RNAi therapeutics, as well as important progress for our RSV program. While there’s more to do in our efforts, these results also highlight Alnylam’s continued leadership in the field of RNAi therapeutics, and our commitment to advancing this promising new class of medicines to patients.”

Alnylam said it has scheduled a conference call this morning to discuss the results of the Gemini tests further.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:46 AM | Comments (0)

3Com postpones vote on buyout

3Com Corp. said it will adjourn today's shareholder meeting without a vote on its proposed $2.2 billion buyout by Bain Capital Partners and China's Huawei Technologies Co.

The networking equipment maker said it will continue to work with Bain to address U.S. lawmakers' concerns over the deal's implications for national security.

Huawei has strong ties to the Chinese government, and lawmakers and Bush administration officials have expressed concerns that sensitive military technology could be transferred to China through the 16.5 percent 3Com stake that would be held by Huawei.

3Com and Bain said last Wednesday they had withdrawn their filing on the deal with the Committee on Foreign Investment in the U.S.

The shareholders meeting will be reconvened on March 7.

3Com's shares jumped 49 cents, or 16.8 percent, to $3.40 in premarket trading. (AP)

Posted by globebusiness at 8:32 AM | Comments (0)

Nintendo tournament coming to Worcester

When it came to selecting a suitable site for a Wii Olympics of sorts, the video-game gurus of Nintendo could not overlook Worcester.

After all, Worcester Polytechnic Institute lays claim to having launched the first-in-the-nation undergraduate majors program in interactive media and game development.

So it is only fitting and just that WPI's campus center was designated to host one of four regional Nintendo Wii game tournaments, and the Wii Worcester wing-ding is scheduled for 3 p.m. tomorrow.

The tournament is part of Nintendo's promotion of the impending launch of a new Wii game - Super Smash Bros. Brawl.

According to WPI, the tournament will provide the first 256 people in attendance the chance to "brawl" one-on-one with other contestants in a single-elimination tournament to determine a winner in each region; regional winners will face off in a final multiplayer "brawl" at the New York City tournament, and the grand prize winner will receive that Croix de Guerre of gaming - a crystal-coated Wii.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:28 AM | Comments (0)

Sepracor swings to fourth-quarter loss

Sepracor Inc., a research-based pharmaceutical company, said today that it swung to a fourth-quarter loss, due to a hefty drug-licensing payment.

For the quarter ended Dec. 31, the Marlborough company lost $5 million, or 5 cents per share, compared with profit of $95.2 million, or 82 cents per share, a year ago. The recent quarter included a $75 million, or 70 cent per share, upfront payment to Bial to license its pipeline product, eslicarbazepine acetate, for epilepsy.

In addition, the company said it plans to restate its financials back to 2005 to reduce the amount of product revenue earned, due to government drug pricing.

Revenue fell 4 percent to $340 million from $353.3 million, hurt by the Centers for Medicare and Medicaid Services' (CMS) decision during the second quarter 2007 to institute a new, bundled payment amount for two of its inhalable products: Xopenex and generic albuterol.

Analysts polled by Thomson Financial, on average, expected profit of 53 cents per share, on revenue of $341.3 million.

"This past year was a challenging but transitional year for Sepracor. We took major steps toward securing the next phase of our planned growth, as evidenced by our corporate partnerships for the Lunesta franchise outside of the United States, advancements in our clinical pipeline, and strengthening of our commercial capabilities and organization," said president and chief executive Adrian Adams.

For the full year, profit fell to $58.3 million, or 50 cents per share, from $171.2 million, or $1.48 per share. Revenue rose to $1.23 billion from $1.18 billion.

Looking ahead to 2008, Sepracor projected earnings per share of $1.40 to $1.80, on revenue of $1.35 billion to $1.45 billion. In October, the company forecast earnings per share between $2.35 and $2.45.

Analysts forecast earnings of $2.28 per share on revenue of $1.34 billion. (AP)

Posted by globebusiness at 8:27 AM | Comments (0)

MassHousing approves $230k for sober housing

MassHousing, the state's affordable housing bank, said it has approved nearly $230,000 in funding for affordable sober housing in Brockton, Chelsea, Weymouth, and Worcester.

Since 2003, MassHousing said that it has created or preserved more than 1,000 units of sober housing across the state.

Homeless people and veterans are among those in need of affordable sober housing, the agency said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:25 AM | Comments (0)

Shepley Bulfinch gets Campbell U. project

Boston architect firm Shepley Bulfinch Richardson & Abbott has been selected by Campbell University to help with the relocation of its law school to Raleigh, N.C.

The university's Norman Adrian Wiggins School of Law is set to move to Raleigh in mid 2009, and Campbell University said it has retained Shepley Bulfinch and Raleigh architect firm Small Kane to do design work for the law school's $27.5 million building project.

The law school is currently located on the Campbell University campus in Buies Creek, N.C.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:21 AM | Comments (0)

February 28, 2008

Novell swings to a quarterly profit

Business software maker Novell Inc. swung to a profit in its fiscal first quarter, aided by rising maintenance and subscription revenue and lower operating expenses.

The Waltham company also raised its 2008 revenue outlook.

Novell shares rose 34 cents, or 5.2 percent, to $6.88 in after-hours trading, after finishing regular trading down 24 cents, or 3.5 percent, at $6.54.

For the quarter, Novell earned $16.8 million, or 5 cents per share, compared with a loss of $20 million, or 6 cents, a year earlier. On an adjusted basis, Novell earned 8 cents per share.
(AP)

Posted by globebusiness at 7:01 PM | Comments (0)

$1 million in aid coming for foreclosure counseling

At least half a dozen Massachusetts nonprofits that counsel people facing foreclosure will get more than $1 million in federal aid to expand their efforts.

The money is the state’s share of about $130 million Congress allocated in December to fund counseling for up to 400,000 families nationwide.

Most of the Massachusetts money will be distributed by the Housing Partnership Network to nonprofits in Springfield, on Cape Cod, on the South Shore, and possibly to a fourth group in Boston.

The rest of the money will be divided among a nonprofit with a statewide focus, the Citizens’ Housing and Planning Association, and two smaller groups focused on Boston.
(By Binyamin Appelbaum, Globe staff)

Posted by globebusiness at 6:45 PM | Comments (0)

Fidelity profits up 22 percent

A strong stock market and a reorganization of its leadership team helped push pre-tax income at Fidelity Investments, the world's largest mutual fund company, up 22 percent last year to $2.2 billion, the company said in its annual report.

In a letter to shareholders of Fidelity's parent company, FMR LLC, chairman and chief executive Edward C. "Ned" Johnson III said the company posted "strong operating results" for 2007.

But expenses also rose, he wrote, citing costs for employees, advertising, and interest. Johnson also noted that while the performance of many of Fidelity's mutual funds has improved, so far that hasn't translated into a flow of new investments into the funds.

Fidelity publishes the report to inform shareholders of the parent company. It is not required to make its financial performance public, but voluntarily chooses to do so.

Last year, the company converted to a limited liability corporation for tax purposes. As a result, it reports pre-tax income, which is then distributed to shareholders, rather than net income. The company also named Rodger A. Lawson, formerly vice chairman of Prudential Financial Inc., as its president. Lawson had previously worked at Fidelity in the late 1908s.

Fidelity is one of the largest employers in Massachusetts. At the end of December, the company employed 46,500 workers worldwide, including 12,700 in Massachusetts.
(By Ross Kerber, Globe staff)

Posted by globebusiness at 4:47 PM | Comments (0)

Bids for state-subsidized insurance come in high

New bids from four insurers who provide subsidized insurance under Massachusetts’ universal healthcare law have come in far higher than expected.

Chairwoman Leslie Kirwan has canceled today’s meeting of the Connector Board and is considering a public statement discussing the unanticipated cost growth and her hope the insurers can cut their proposed rate increases.

The insurers, Fallon Community Health Plan, BMC HealthNet Plan, Neighborhood Health Plan and Network Health, service the Commonwealth Care program. It provides subsidized healthcare to people earning up to three times the federal poverty level.

Last month, the board proposed raising copayments on the 169,000 people covered by the program. The concern is the suggested rate increases won’t be enough if coverage is more expensive than expected.
(AP)

Posted by globebusiness at 3:02 PM | Comments (0)

Mass. hospitals win fight over Medicare rates

A judge has ordered the US Department of Health and Human Services to reimburse Massachusetts hospitals up to $200 million because of an improperly calculated Medicare reimbursement rate.

Sixty-two hospitals in the state sued over a change in the way HHS calculates the hospital wage index that is used in reimbursing hospitals under Medicare.

In a ruling issued Tuesday, a federal judge in Washington, D.C., ordered the government to recalculate the wage index and pay the hospitals based on the new calculation.

The hospitals say the miscalculation cost them about $200 million.

The hospitals include Anna Jacques Hospital in Newburyport, Brigham & Women’s Hospital in Boston, and UMass Memorial Medical Center in Worcester.
(AP)

Posted by globebusiness at 2:47 PM | Comments (0)

Mass. jobless rate rises to 4.5%

Massachusetts added 900 new jobs in January, but the overall unemployment rate rose to 4.5 percent.

The December 2007 unemployment rate was originally reported at 4.5 percent, but officials later revised the figure down to 4.3 percent.

The tiny job growth in January was caused mainly by gains in education and health services as well as in leisure and hospitality jobs.

The Massachusetts unemployment rate continues to outperform the national rate for the eighth month running. The US unemployment rate stands at 4.9 percent in January, down from 5.0 percent in December.
(AP)

Posted by globebusiness at 2:38 PM | Comments (0)

Globe offers voluntary buyouts to employees

The Boston Globe's publisher announced today that the newspaper will be offering voluntary buyout packages as part of a broader cost-cutting effort.

The Globe is looking to cut 60 positions; the Worcester Telegram & Gazette will cut 20 positions. Boston.com will be excluded from the buyout offer. The publisher said the company would "continue to invest in this growing area of the business."

Employees will be offered two weeks pay for every year of service, with a cap of one year's pay. Those Globe employees with lifetime job guarantees will be offered three weeks pay per year of service, capped at two years' pay.

Publisher P. Steven Ainsley said in a memo to the staff, "This reduction in staff is a difficult but necessary step toward our ongoing goals of reducing costs and finding efficiencies that allow for the long-term health of our business."
(By Beth Healy, Globe staff)

Posted by globebusiness at 2:13 PM | Comments (0)

Liberty Mutual to open office in Springfield

Liberty Mutual Group plans to hire up to 300 people for a new office in Springfield.

Gov. Deval Patrick made the announcement today with officials from the insurance company. The office will open later this year.

Liberty Mutual says the expansion is partly due to the state's shift to a "managed competition" system for auto insurance.

The office will be located in the former Springfield Armory in the Springfield Technical Community College park. It will include a customer service call center, among other business operations.

Liberty Mutual currently has 4,400 employees in 33 locations across Massachusetts. (AP)

Posted by globebusiness at 12:46 PM | Comments (0)

Avici shares up after profit, sales surge

Shares of Avici Systems Inc. jumped today after the networking technology company said its fourth-quarter profit multiplied nearly tenfold as revenue from its Internet routing products soared and operating costs declined.

The company, which is changing its name to Soapstone Networks, earned 29.2 million, or $1.90 per share, up from a profit of $3 million, or 21 cents per share, in the same period a year earlier.

Revenue jumped to $44.8 million from $15.9 million.

Product sales were $42.1 million, up from $14 million a year earlier.

Operating costs fell 13 percent to $8.1 million as research and other expenses declined.

For the full year, the company earned $62.3 million, or $4.16 per share, up from a profit of $8.3 million, or 60 cents per share, in 2006.

Revenue rose to $124.3 million from $82.2 million.

Shares rose 98 cents, or 13.8 percent, to $8.23 in late morning trading. The stock has traded between $5.76 and $13.96 in the past 52 weeks. (AP)

Posted by globebusiness at 12:36 PM | Comments (0)

Au Bon Pain expands in Pittsburgh

Au Bon Pain, an international cafe franchise headquartered in Boston, said it plans to two build two more cafes in Pittsburgh.

The chain, which currently has nine cafe locations in Pittsburgh, said it has contracted with Encore Construction Inc., a Maryland firm whose specialties include building restaurants, to build two full-service cafes in Pittsburgh.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 12:18 PM | Comments (0)

Verizon details Mass. broadband expansion plans

Verizon Communications Inc. announced today that it will invest $200 million in Massachusetts in 2008, applying to bring television service to 30 new eastern Massachusetts communities and DSL high-speed Internet to 23 communities in western Massachusetts.

The announcement comes in the midst of the Patrick Administration's push to expand broadband access to unserved and under-served communities, with a proposed $25 million broadband incentive fund.

State legislators from western Massachusetts praised the expansion by Verizon, which will bring service to two-thirds of the 32 towns that the state has said lack access to high-speed Internet.

"The Internet is basically the highway of the 21st century, and you can't build an economy without the ability to access the highway," said state senator Stan Rosenberg.

Verizon will also build its FiOS TV service beyond the 63 Massachusetts communities where it is available today. According to a preliminary filing with the state this year, Verizon had more than 78,000 television customers at the end of 2007.

Verizon said it will apply for licenses to offer television service in Ashland, Bellingham, Billerica, Danvers, Dover, Easton, Grafton, Hanover, Hingham, Hudson, Hull, Kingston, Lakeville, Malden, Marblehead, Mansfield, Maynard, Middleton, Milford, Millbury, North Andover, Northborough, Plymouth, Stoughton, Stow, Sutton, Taunton, Walpole, Westford, and Weston.

The company will also build DSL internet service to Becket, Blandford, Colrain, Cummington, Florida, Goshen, Hancock, Heath, Leverett, Leyden, Middlefield, Monroe, Montgomery, New Ashford, New Marlborough, Pelham, Plainfield, Rowe, Sandisfield, Tolland, Westhampton, Windsor, and Worthington.

Verizon will also add 200 customer service jobs within Massachusetts, and double the speed of its Internet offerings in two dozen communities mainly in central Massachusetts.
(By Carolyn Yoon Johnson, Globe staff)

Posted by globebusiness at 11:15 AM | Comments (0)

Javelin Pharmaceuticals complies with Amex rules

Javelin Pharmaceuticals Inc., a Cambridge company focused on pain-management treatments, said today that it has regained compliance with American Stock Exchange rules regarding director independence.

The company said it reported in a Securities and Exchange filing earlier this month that it had determined that Martin Driscoll, a company director, no longer qualified as independent.

But on Feb. 18, Javelin said its board elected Peter D. Kiernan III as a director and qualified him as independent under the Amex Rules.

The company further added that its corporate governance and nominating committee met Feb. 24 and reviewed the independence requirements for directors; the committee determined that of the board's eight directors, five qualify as independent under Amex rules.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 11:10 AM | Comments (0)

Settlement reached on Woburn Superfund cleanup

The federal government has reached a settlement with two companies over cleanup of a Superfund site in Woburn.

The Justice Department and Environmental Protection Agency filed the agreement on Wednesday in federal court in Boston.

The settlement resolves disagreements over the second phase of cleanup at the Industri-Plex site. Heavy metals and other contaminants are left over from more than a century of chemical and glue-making operations that ended in 1969.

The settlement spells out the cleanup obligations of two companies, Pharmacia and Bayer CropScience. Both firms are successors to companies that previously operated at the site.

Cleanup costs are estimated to be nearly $26 million for the second phase. (AP)

Posted by globebusiness at 10:49 AM | Comments (0)

Bruker shares hit 7-year high on profit news

X-ray technology and molecular analysis company Bruker Corp. said today that its fourth-quarter profit rose 44 percent on a surge in product sales.

The stock hit a seven-year high on the results, jumping more than 13 percent to reach $14 in morning trading.

The company earned $14 million, or 13 cents per share, compared with a profit of $9.7 million, or 9 cents per share, during the same period a year prior. Revenue rose 35 percent to $183.7 million from $135.6 million.

Analysts polled by Thomson Financial expected profit of 11 cents per share on revenue of $154.5 million.

Product sales made up the bulk of the revenue, rising 37 percent to $164.9 million, while service fees rose 23 percent to $18.4 million. Other revenue accounted for $449,000.

For the full year, the company earned $31.5 million, or 30 cents per share, compared with a profit of $18.5 million, or 18 cents per share, in 2006. Revenue rose to $547.6 million from $435.8 million.

Also, the company said it closed the $914 million cash-and-stock buyout of Bruker BioSpin Group on Tuesday. (AP)

Posted by globebusiness at 10:44 AM | Comments (0)

AMAG Pharmaceuticals shares hit year low

Shares of biotechnology company AMAG Pharmaceuticals Inc. plunged today after the company said it may have to conduct additional studies in order to gain approval for its experimental cancer imaging agent Combidex.

The stock fell $3.18, or 6.8 percent, to $44 in morning trading. They earlier traded as low as $42.70, after trading in a 52-week range of $43.59 to $72.95.

The Food and Drug Administration's review of Combidex has been ongoing since March 2005, when it asked for additional clinical data. In December, AMAG's European marketing partner Guerbet S.A. withdrew its application for the drug with regulators there after they indicated it was not effective.

Combidex, known as Sinerem in Europe, designed to help detect cancerous lymph nodes in conjunction with magnetic resonance imaging.

"Based on our review of the data from the Guerbet trial, it appears unlikely that the data from that trial will be sufficient to address the concerns raised by the FDA, which means we may have to sponsor one or more additional clinical trials to obtain approval for Combidex," AMAG said in a Securities and Exchange Commission filing Wednesday. "We cannot at this time predict with certainty the timing or likelihood of our ability to satisfy the conditions specified by the FDA for approval of Combidex, if at all."

The company is also waiting for FDA approval on its lead product candidate, Ferumoxytol, an intravenous iron replacement therapy for iron deficiency anemia in chronic kidney disease patients. Earlier in February, the FDA rejected a rival drug candidate, made by Daiichi Sankyo Co., sparking some investor concern that Ferumoxytol could face a tougher review process.

The FDA is expected to make a decision on Fermuxytol by Oct. 19. (AP)

Posted by globebusiness at 10:37 AM | Comments (0)

Affiliated Managers to open London office

Affiliated Managers Group Inc., a diversified asset management company in Beverly that refers to itself as AMG, today announced the opening of an office in London.

The opening of the London office is part of a company plan to extend the global institutional distribution capabilities of its affiliates to the Middle East.

"The Middle East, which includes some of the largest, most sophisticated pools of managed assets in the world, offers significant opportunities for AMG to help its affiliates service existing clients, as well as establish significant new client relationships," AMG executive vice president and chief operating officer Nate Dalton said in a statement.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:10 AM | Comments (0)

Inverness to close British facility

Inverness Medical Innovations Inc., a Waltham company specializing in rapid point-of-care diagnostic products, today announced its intention to close its Unipath facility in Bedford, England.

Inverness, which seeks to transfer Bedford manufacturing operations to lower cost production facilities such as those in China, said Unipath will commence discussions with employee representatives as part of a consultation process required by English law.

Unipath, Inverness said, employs over 400 people in the United Kingdom.

The intention to relocate those Bedford manufacturing operations "represents an acceleration of Inverness' ongoing plans to significantly reduce product cost, increase margins and extend product life cycles for its women's health and professional diagnostic product lines," Inverness said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:56 AM | Comments (0)

Boston Scientific launches new devices in Europe

Boston Scientific Corp. announced today the first European implants of new devices to treat heart failure and sudden cardiac arrest.

The Natick medical device maker said that doctors began performing implants of its Cognis cardiac resynchronization therapy defibrillator and its Teligen implantable cardioverter defibrillator.

The implants represent the beginning of the products' market launch in Europe, and the company said it plans to "build to a full launch in Europe and other international markets in the second quarter."

The devices are pending approval by the US Food and Drug Administration, Boston Scientific said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:42 AM | Comments (0)

Nano-Terra partners with Nestle affiliate

Nano-Terra Inc. announced technology collaboration agreements with Nestec Ltd., an affiliate of the Swiss food giant Nestle.

Nano-Terra is a privately-held Cambridge company focused on the commercialization of industrial applications of surface chemistry and smart materials.

Under the terms of the agreement, the companies said they will work together to use new techniques to develop and bring to market advanced next-generation pet product packaging solutions and manufacturing processes.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:35 AM | Comments (0)

FOX affiliate to be launched in Springfield

Western Massachusetts is about to get another TV station.

The new owner of Springfield's WGGB-TV, John Gormally, says he plans to launch a FOX network affiliate by the end of next month. He says the station will also air a local nightly newscast at 10 p.m.

The new station would give Springfield four commercial TV outlets as well as a PBS affiliate.

Gormally purchased WGGB, an ABC affiliate, from Sinclair Broadcasting last year for $21.1 million. (AP)

Posted by globebusiness at 8:27 AM | Comments (0)

Mass. AG fines Hingham excavating company

Attorney General Martha Coakley's office said it has reached a settlement with a Hingham excavating company over alleged violations of Massachusetts record-keeping laws.

As part of settling allegations that they failed to submit true and accurate certified payroll records, Albert Emanuello Sr. and Albert Emanuello Jr. of Emanuello Excavating admitted to violating state record-keeping laws, Coakley's office said.

The Emanuellos agreed to pay $17,000 in fines and also agreed to a agreed to pay $17,000 in fines and also agreed to a voluntary debarment under which they cannot bid on public works jobs for a period of one year, Coakley's office said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:24 AM | Comments (0)

Supercuts offers cellphone coupons

Local cellphone users may no longer have an excuse to sport a shaggy mullet, an unkempt coiffure, or, heaven forfend, an un-pomaded pompadour.

That's because a California company called Cellfire Inc. said it is teaming up with the salon chain Supercuts to offer discounts on haircuts and other grooming services at 75 stores in New England.

Cellfire describes itself as a nationwide mobile-coupon and discount-offer service.

Supercuts is offering Cellfire users a $2 discount off a haircut, $5 off a color service, or a free shampoo with the purchase of a haircut; consumers can subscribe to Cellfire’s mobile-coupon service to receive the Supercuts discounts at Cellfire.com or by texting “hair” to 22888, Cellfire said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:14 AM | Comments (0)

Northeastern wins $10m Homeland Security grant

Northeastern University said it is the first university in Massachusetts to win a Centers of Excellence Grant from the US Department of Homeland Security for explosive detection, mitigation, and response.

The Department of Homeland Security said that Northeastern will receive a grant of $10 million over the next four years and noted that research involving explosives detection could eventually lead to significant job creation.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:06 AM | Comments (0)

Justice Department investigates stent use

Natick medical-device maker Boston Scientific Corp. said the Justice Department is looking into allegations that Boston Scientific and other makers of bile-duct stents improperly promoted the devices for unapproved uses, Bloomberg News and Dow Jones Newswires reported.

Bloomberg and Dow Jones said that Boston Scientific disclosed the investigation in a filing with the Securities and Exchange Commission.

In the filing, Boston Scientific said it was cooperating with authorities and described the investigation as civil rather than criminal.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 7:57 AM | Comments (0)

Brennan will be Iron Mountain's new chief executive

Iron Mountain Inc. announced today that president and chief operating officer Bob Brennan will succeed Richard Reese as its chief executive in June.

Iron Mountain, a Boston company that provides information protection and storage services, said that Reese had notified its board of directors of his intention to step down as chief executive, a position he has held since 1981, at Iron Mountain’s annual meeting on June 5; he will become the company’s first executive chairman of the board.

“This transition represents a natural evolution of the senior leadership at Iron Mountain," Reese said in a statement. "I have been discussing a succession plan with the board and I feel that now is the appropriate time to implement it. Bob has been a leading candidate for the CEO position since he joined the company in 2004.”
(By Chris Reidy, Globe staff)

Posted by globebusiness at 7:23 AM | Comments (0)

February 27, 2008

SoundBite acquires a text-messaging company

SoundBite Communications Inc., of Bedford, which makes automated calling systems used in collections, has acquired the mobile text-messaging company Mobile Collect Inc., of Rochester Hills, Mich.

Mobile Collect specializes in delivering text messages to mobile phones at no charge to the recipient. Auto repair companies, advertisers, and debt collectors use the service to contact mobile phone users.

SoundBite will pay $500,000 for Mobile Collect and may pay additional fees of up to $2 million, depending on the revenue generated by the text-messaging business.
(By Hiawatha Bray, Globe staff)

Posted by globebusiness at 6:53 PM | Comments (0)

Shares tumble after EnerNOC posts a loss

Shares of EnerNOC Inc. tumbled today after the Boston company reported a much greater fourth-quarter loss than Wall Street had expected.

EnerNOC shares fell 32 percent, to $17.35, in afternoon trading.

The company, which makes products that allow utilities and electric grid operators to regulate supply and demand, lost $9 million, or 48 cents per share. That compares with a loss of $4.1 million, or $1.07 per share in the year-earlier period, when the company had almost 80 percent fewer outstanding shares.

Analysts had forecast a loss of 30 cents per share, on average, according to a Thomson Financial survey.

EnerNOC’s revenue more than tripled during the quarter to $19.7 million as it added customers and increased megawatts of capacity under management. However, costs outpaced the sharp revenue growth as the company added employees and posted higher stock-compensation expenses.

For the full year, EnerNOC’s loss widened to $23.6 million, or $1.80 per share, from $5.8 million, or $1.60 per share.
(AP)

Posted by globebusiness at 3:26 PM | Comments (0)

Biogen, Elan warn of liver injury from Tysabri

Biogen Idec Inc and Elan Corp Plc notified doctors of reports that "significant" liver injury occurred in some multiple sclerosis patients as early as six days after their first dose of Tysabri, the U.S. Food and Drug Administration said on Wednesday.

"Tysabri should be discontinued in patients with jaundice or other evidence of significant liver injury. Physicians should inform patients that Tysabri may cause liver injury," the FDA said in a notice posted on its Web site.

A copy of the companies' joint letter was posted at http://www.fda.gov/medwatch/safety/2008/Tysabri-dhcp-letter.pdf. (Reuters)

Posted by globebusiness at 1:00 PM | Comments (0)

Report: Weak economy won't hurt college job market

Many employers have not altered plans to hire spring college graduates, according to a survey by Challenger, Gray & Christmas Inc., a Chicago-based global outplacement consulting firm.

Despite signs of a steadily weakening economy, the survey found that less than three percent of employers have cancelled campus recruiting visits or plans to attend job fairs, the firm said, while 46 percent of respondents said their companies planned to hire the same number of graduates as a year ago.

The survey was conducted among 100 human resources executives during the week of Feb. 18, Challenger, Gray said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 12:53 PM | Comments (0)

EnerNOC stock shares fall on earnings report

Shares of EnerNOC Inc. fell 15.3 percent in morning trading today after the company reported a larger fourth-quarter loss than some Wall Street analysts had expected.

Boston-based EnerNOC, which uses technology to help power-grids manage their electricity supply during peak demand periods, said it lost $9 million, or 48 cents a share, for the fourth quarter.

Bloomberg News reported that five analysts that it had surveyed had estimated a loss of 29 cents a share.

In the fourth quarter from a year ago, EnerNOC lost $4.1 million.

Revenues for the fourth-quarter of 2007 were $19.7 million, up 234 percent from the same quarter a year ago, EnerNOC said.

At one point during morning trading on the Nasdaq Stock Market, EnerNOC shares were down $3.91 to $21.59.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 11:44 AM | Comments (0)

Staples awards $300k in grants

Framingham-based office-supply retailer Staples Inc. said its private foundation has awarded more than $300,000 in grants to nonprofit organizations across the country.

Donations from the Staples Foundation for Learning included seven grants to Massachusetts nonprofits that totalled $68,500, Staples said.

Among Massachusetts groups receiving grants were Artists for Humanity in Boston, the Boys and Girls Clubs of Greater Boston, and the Williamstown Rural Lands Foundation, Staples said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:40 AM | Comments (0)

Covidien gets tentative FDA approval

Medical products maker Covidien Ltd. said today that federal regulators granted tentative marketing approval for its generic version of Bristol-Myers Squibb Co.'s Cardiolite, an imaging agent used in cardiac stress tests.

Covidien's product, the Kit for the Preparation of Technetium Tc 99m Sestamibi Injection, helps clinicians see how well blood is flowing through the heart.

Tentative FDA approval means the FDA found Covidien's generic product to be safe and effective for use as recommended in the submitted labeling. Final approval can be granted once Cardiolite's marketing exclusivity period expires on July 29.

Shares of Bermuda-based Covidien fell 24 cents to $43.55 in morning trade. (AP)

Posted by globebusiness at 10:13 AM | Comments (0)

NE Advertising Hall of Fame inducts new members

The Ad Club of Boston inducted Jack Connors, Ed Eskandarian, and Paul La Camera into the New England Advertising Hall of Fame last night.

Connors is a founding member of Boston ad agency Hill Holliday; Eskandarian is chairman and chief executive of ad agency Arnold Worldwide, and La Camera is general manager of the WBUR Group, which includes a Boston NPR radio station.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:56 AM | Comments (0)

Allurent partners with Coremetrics

Allurent said today it is partnering with Coremetrics to "deliver effective Web 2.0 shopping solutions."

Allurent of Cambridge provides e-commerce products that helps such retailers as Borders Group Inc. and Kohl's Corp. to create "compelling shopping experiences" at their online stores.

California-based Coremetrics is a provider of digital marketing optimization solutions.

Their partnership, Allurent and Coremetrics said, will help retailers "measure the effectiveness of Rich Internet Applications (RIAs) across their online stores - from site navigation to checkout - and then adjust their website to take advantage of this added insight."

Allurent and Coremetrics said their joint solution is already deployed at Anthropologie.com and UrbanOutfitters.com.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:48 AM | Comments (0)

Clean Harbors forecasts revenue uptick

Clean Harbors estimates first-quarter revenue between $225 million and $230 million

Clean Harbors Inc., a provider of environmental and hazardous waste management services, said today it expects first-quarter revenue of $225 and $230 million.

Favorable industry trends and the company's established position in the market are expected to help its revenue throughout the year, Alan McKim, Clean Harbors' chairman and chief executive, said in a statement. The first quarter is typically the slowest for Clean Harbors because of weather, the company said.

For the full year, Clean Harbors expects revenue to increase between 6 percent and 8 percent. In 2007, the company made $946.9 million in revenue. (AP)

Posted by globebusiness at 8:35 AM | Comments (0)

Student biologist wins Lemelson-MIT prize

MIT graduate student Timothy Lu was awarded the $30,000 Lemelson-MIT Student Prize for Inventiveness, the Lemelson-MIT Program said today.

Lu, a synthetic biologist, was honored for "for inventing processes that promise to combat bacterial infections by enhancing the effectiveness of antibiotics at killing bacteria and helping to eradicate biofilm, bacterial layers that resist antimicrobial treatment," the program said.

The Lemelson-MIT Program cites its goals as recognizing outstanding inventors, encouraging sustainable new solutions to real-world problems, and enabling and inspiring young people to pursue creative lives and careers through invention.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:22 AM | Comments (0)

Serbian software firm opens Boston office

Spinnaker New Technologies, a Serbian software development company, announced the official opening of an office in Boston, the company's first in the United States.

Spinnaker said its Boston office will offer a full range of information-technology services and solutions, including IT-consulting, custom software development, and system integration.

Spinnaker New Technologies is a wholly owned subsidiary of ComTrade Group, also of Serbia.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:20 AM | Comments (0)

DG Energy to power Haverill's Penacook Place

American DG Energy Inc. said it has agreed to provide clean energy to Penacook Place, a not-for-profit nursing home facility in Haverhill.

American DG Energy is a Waltham utility offering electricity, heat, hot water, and cooling to hospitality, housing, healthchare, and athletic facilities.

The value of the 15-year agreement with Penacook Place to American DG Energy is estimated to be $2 million over the program term, American DG Energy said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:15 AM | Comments (0)

New tenants move into Solomon Pond Park

Solomon Pond Park, an office park in Marlborough, is welcoming new tenants that will collectively account for 44,000 square feet of its roughly 495,000 square feet of space, one of the park's owners said.

One new tenant for 28,000 square feet of space is Toronto-based Brookfield Power, a power generation company, said Nordic Properties, which is part of a local venture with Great Point Investors LLC that owns the park.

Blue Cod Technologies, which provides custom computer programming, is expanding into an additional 12,500 square feet of space, Nordic Properties said, and Community Education Centers Inc. is leasing 4,300 square feet of space.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:09 AM | Comments (0)

Mortgage applications down

A drop in mortgage refinancing activity drove a decline in mortgage applications in the latest weekly survey from the Mortgage Bankers Association, a group that represents the real estate finance industry.

For the week ending Feb. 22, the survey's market composite index, a measure of mortgage loan application volume, was 665.1, a decrease of 19.2 percent on a seasonally adjusted basis from the previous week's reading, the association said, and on an unadjusted basis, the latest index was up 5.1 percent compared with the same week one year earlier.

The survey's refinance index decreased 30.4 percent from the previous week, and the seasonally adjusted index that tracks mortgage applications for newly purchased homes rose 0.2 percent, the association said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:06 AM | Comments (0)

Parametric Technology sets annual meeting date

Parametric Technology Corp., which refers to itself as PTC, announced today that it will hold its annual meeting of stockholders March 5 at 9:00 a.m. at its headquarters in Needham.

The annual meeting may be attended in person by shareholders, the company said, and there will be an audio webcast of the event at the company's investor website, PTC said.

PTC provides product lifecycle management, content management, and dynamic publishing solutions to more than 50,000 organizations worldwide.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:04 AM | Comments (0)

February 26, 2008

Comcast accused of stifling Internet debate

Comcast Corp. today acknowledged hiring people to fill seats before the start of a contentious federal hearing on how the company manages its broadband network.

Many people were turned away before the Federal Communications Commission hearing at Harvard Law School, leading critics to accuse Comcast of stifling debate on its practice of favoring some forms of Internet traffic over others.

Comcast said it hired people to hold seats only after an advocacy group called Free Press urged its backers to attend.

‘‘For the past week, the Free Press has engaged in a much more extensive campaign to lobby people to attend the hearing on its behalf,’’ Philadelphia-based Comcast said.

After Free Press accused Comcast of using unfair tactics, Comcast spokeswoman Sena Fitzmaurice confirmed the company hired people to fill seats. As Comcast employees arrived, they replaced the hired seat-warmers. Fitzmaurice declined to say who or how many were hired, how the company found them, or how much they were paid.

Hiring people to fill seats isn’t unknown in Congress and other forums, but Comcast’s critics said this case is unique.

‘‘First, Comcast was caught blocking the Internet. Now it has been caught blocking the public from the debate,’’ said Timothy Karr, director of an advocacy campaign backed by a coalition including Free Press. ‘‘The only people cheering Comcast are those paid to do so.’’

Comcast says its traffic management practices are necessary to keep other Internet traffic, like Web content, flowing smoothly.

During the hearing, FCC commissioners signaled they were ready to enforce ‘‘open Internet’’ policies.
(AP)

Posted by globebusiness at 8:17 PM | Comments (0)

Caliper settles patent case with licensing deal

Caliper Life Sciences Inc., which makes software used for drug development, today said it will cross-license technology with AntiCancer Inc. in order to settle a patent lawsuit.

Caliper, of Hopkinton, gains the rights to sublicense AntiCancer’s protein optical imaging patents to third parties. San Diego-based AntiCancer obtains rights to license Caliper’s fluorescent protein imaging patents to a specified number of third parties. That figure was not disclosed.

Each company will receive a royalty fee from the other for internal and contract research. The companies will share revenue from the licensing of each other’s patented products.

Additional details were not disclosed.
(AP)

Posted by globebusiness at 3:37 PM | Comments (0)

Court bars certain foreclosures

Attorney General Martha Coakley has won a court order that could prevent a subprime mortgage lender from foreclosing on many Massachusetts borrowers.

A judge granted her request for a preliminary injunction against Fremont Investment and Loan.

Coakley sued the California-based lender in October, accusing it of selling risky loans that it knew would fail, including ‘‘no documentation’’ loans.

She said Fremont significantly contributed to the state’s foreclosure crisis.

The injunction bars Fremont from pursuing foreclosure if an individual mortgage loan is deemed to be what the court order calls ‘‘presumptively unfair.’’

A phone message seeking comment from Fremont was not immediately returned.
(AP)

Posted by globebusiness at 2:52 PM | Comments (0)

Stop & Shop expands executive team

Stop & Shop of Quincy and sister supermarket chain, Giant Food of Landover, Md., announced the appointment of three executive vice presidents to complement their leadership structure.

Jim Dwyer, most recently a president for a unit of American Standard Cos., was named executive vice president of strategy and business development and will lead the company's marketing, corporate brands, store format development, pharmacy, strategic planning, and the Peapod home delivery service, the chains said.

Robin Michel joins the company as executive vice president and general manager of Giant-Landover, and will oversee Giant sales, operating profits, and employees, the chains said.

Jeff Slater will lead the company's human resource efforts as executive vice president of people, the chains said.

With 575 stores and 82,000 employees, Stop & Shop and Giant are owned by Dutch food retailer Royal Ahold NV.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 1:56 PM | Comments (0)

Monotype Imaging swings to profit

Monotype Imaging Holdings Inc, a provider of fonts and imaging software, said today that it swung to a fourth-quarter profit on rising sales and an accounting charge in last year's quarter.

The company, which is based in Woburn, reported earnings after preferred dividends of $4 million, or 11 cents per share, compared with a loss of $7.3 million, or $2.77 per share in the prior year.

Per-share results were adjusted to account for a 4-for-1 stock split in July.

Monotype, which had its initial public offering in July, also said its year-ago results were lowered by $9.9 million to account for the addition of convertible redeemable preferred stock. The stock was converted to common and redeemable preferred shares, with the preferred stock redeemed in connection with the IPO.

Sales for the period ended Dec. 31 rose to $27.5 million, up 8 percent from $25.4 million a year earlier.

Monotype's annual loss after preferred dividends widened to $25 million, or $1.55 per share, from $17.3 million, or $7.37 per share.

Full-year revenue gained 22 percent to $105.2 million from $86.2 million. (AP)

Posted by globebusiness at 12:41 PM | Comments (0)

Hub gas prices were still below peak

January gasoline prices in Boston, while high by historical standards, were somewhat below recent spikes and were lower than inflation-adjusted prices from the early 1980s.

That's one finding of a snapshot report on gas prices compiled by the Bureau of Labor Statistics, which is part of the US Department of Labor.

In January, the average price for all types of gas in Boston was $3.067 per gallon, which was slightly less per gallon than the national average at $3.096, the bureau said.

Since 1981, the lowest real price for gas in Boston was reported in March 1999, when gas was $1.296 per gallon, and the highest real price was in September 2005, shortly after Hurricane Katrina, when gas was $3.528 per gallon, the bureau said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 12:21 PM | Comments (0)

EMC, Partners collaborate on hypertension program

EMC Corp. and a division of Partners HealthCare announced a collaboration today that aims to help EMC employees with hypertension to better manage their health through proactive monitoring and education.

EMC of Hopkinton is a provider of data storage products, and Partners HealthCare of Boston is an integrated health system founded by Brigham and Women's Hospital and Massachusetts General Hospital.

The Partners HealthCare division collaborating with EMC is the Center for Connected Health.

EMC is the first company to participate in SmartBeat, a program designed by the Center for Connected Health, which uses a wireless blood pressure cuff and communicator, and an Internet-based feedback system, to aid employees volunteering for the study to self-manage their high blood pressure, the center said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 11:55 AM | Comments (0)

Suffolk Interiors lands FundQuest project

Suffolk Interiors, a unit of Suffolk Construction Co. of Boston, said it has been tapped to do an extensive remodeling project for the Boston office of FundQuest Inc., a provider of managed account investments and technology.

Suffolk Interiors said it expects to complete a 30,000-square-foot "fit out" on two floors within the One Winthrop Square building for FundQuest in mid March.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 11:18 AM | Comments (0)

Four South African firms select Progress Software

Progress Software Corp. said today that four South African companies have selected Progress EasyAsk software for their operational business intelligence.

Progress Software of Bedford is a global supplier of application infrastructure software used to develop, deploy, integrate, and manage business applications.

The South African companies using its software are Nedbank, Europ Assistance, Matrix Vehicle Tracking, and Integrated Healthcare Distribution, Progress Software said.

The software will help those companies to "enhance their business users' ability to quickly and easily access critical business data that can help them in their day-to-day decision-making," Progress Software said in a press release.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 11:03 AM | Comments (0)

Verizon FiOS coming to Abington

The board of selectmen in Abington yesterday granted Verizon Communications Inc. a cable franchise for its FiOS TV service, Verizon said.

The board's action will make the option of Verizon FiOS TV available to about 5,000 households, said Verizon, which added that FiOS TV service is available in 63 Massachusetts communities.

Headquartered in New York, Verizon delivers broadband and other wireline and wireless services to mass market, business, government, and wholesale customers.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:48 AM | Comments (0)

Calnan completes Wyeth project

J. Calnan & Associates Inc., a Quincy construction management firm, said it recently completed construction of a new administrative office in Wilmington for Wyeth, the pharmaceutical giant.

The build-out of the 50,000 square feet of space was a collaborative effort that included Jones Lang LaSalle, which represented the building's owner; Cambridge architect ADD Inc.; and RDK Engineers, which has offices in Andover and Boston, J. Calnan said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:41 AM | Comments (0)

Schnitzer joins Boston Scientific

Natick medical device maker Boston Scientific Corp. announced that Jay J. Schnitzer will join the company next month as a vice president and associate chief medical officer.

Schnitzer will be responsible for leading the medical input process for the company's endosurgery, neurovascular, and neuromodulation businesses, and he will report to chief medical and scientific officer Donald S. Baim, Boston Scientific said.

Schnitzer most recently served as an associate professor of surgery at Harvard Medical School, the company said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:59 AM | Comments (0)

IPG Photonics buys British Telecom portfolio

IPG Photonics Corp., an Oxford company specializing in high-power fiber lasers and amplifiers, today reported that it has purchased a photonics patent portfolio from British Telecom.

The patents are in the fields of optical fiber lasers and amplifiers, semiconductor devices, integrated optics, fiber gratings, high-speed systems, and optical networking, said IPG, whose press release did not disclose financial details of the transaction.

"With the purchase of these important patents, IPG's intellectual property portfolio is unparalleled in the fiber laser field," Valentin P. Gapontsev, IPG Photonics' chief executive, said in a statement.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:54 AM | Comments (0)

Mass. home sales, prices fall

Massachusetts single-family home sales had their worst January in at least 21 years, according to a report from the Warren Group, a Boston company that tracks New England real estate data.

"Single-family home sales fell 28.3 percent from 2,943 sales in January 2007 to 2,110 in January 2008," reported the Warren Group, which is also the publisher of Banker & Tradesman . "The median price for single-family homes dropped 4.4 percent from $340,000 to $325,000."

It was the worst sales performance for a January since the Warren Group began tracking real estate data in 1987, the firm said.

“This was a weak start for 2008’s housing market, but it was not unexpected,” Tim Warren Jr., Warren Group chief executive, said in a statement. “Sales have shown notable weakness since September 2007, and that trend continued in January.”

The Warren Group analysis of January sales echoed a separate report out today from the Massachusetts Association of Realtors, which uses a different method to track real estate activity.

According to the realtors association, the number of Massachusetts single-family homes sold in January fell 27.7 percent from January 2007, and the median selling price fell 5.6 percent, from $340,000 in January 2007 to $321,000 in January 2008.

January condo sales in Massachusetts fell 33.7 percent on a year-to-year basis, but the median selling price for a condo rose 3.5 percent, from $268,000 in January 2007 to $277,500 in January 2008, the Massachusetts Association of Realtors said, and in January, 1,984 single family homes were sold in Massachusetts, and there were 843 condo sales, the association said.

The Warren Group said: "Condominium sales declined 36.2 percent in January from 1,778 to 1,135. The median price fell 1.5 percent from $274,000 for sales in January 2007 to $270,000 for sales made in January 2008."

Association president Susan M. Renfrew said in a statement: “There is no question January reflects the anxiety people were feeling about the economy that last two months of 2007. However, this continues to be a buyer’s market, and there is opportunity. That, combined with low interest rates and the economic stimulus package recently signed by President Bush, should help the market.”

Tim Warren of the Warren Group offered his assessment of the local housing market in his statement.

“Judging by the last few months of lackluster sales and the ever-increasing number of foreclosures, which can create a glut of low-cost homes on the market, these downward trends are many months from ending,” Warren said. “The market is getting better and better for potential homebuyers as prices drop. But we have yet to see increased buyer interest translate into increased sales.”

Yesterday the National Association of Realtors reported that sales of existing homes nationwide fell to a nine-year low.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:23 AM | Comments (0)

Texterity makes executive changes

Texterity Inc. announced top management changes in a response to company growth.

Texterity, a privately held company headquartered in Southborough, is a provider of digital publishing solutions.

Texterity said it promoted Cimarron Buser to the post of senior vice president of marketing and business development, and it promoted Carl Scholz to senior vice president of technology and operations.

Bob Ludwick was appointed vice president of sales; most recently, he worked for the Pohly Co., where he was publisher of Continental, the inflight magazine for Continental Airlines, Texterity said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:18 AM | Comments (0)

Comprehensive gets Mass. pharmacy contract

Pharmacy services provider Comprehensive Pharmacy Services said it has been hired by the commonwealth of Massachusetts to manage pharmacy services in the state's 41 pharmacy facilities.

The Tennessee company said it has an $80 million, seven-year contract with the Massachusetts Department of Public Health's Office for Pharmacy Services; the contract goes into effect in April.

The Massachusetts Office for Pharmacy Services provides pharmacy services to public sector healthcare organizations, according to the company's press release.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:14 AM | Comments (0)

US foreclosure rates rise 8 percent

Nationwide foreclosure filings rose 8 percent in January from December, and filings were up nearly 57 percent from January 2007, according to RealtyTrac Inc., a California firm that is an online marketplace for foreclosure properties.

By RealtyTrac's definition, foreclosure filings include default notices, auction sale notices, and bank repossessions.

In January, foreclosure filings were reported on 233,001 properties, RealtyTrac said.

California, Florida, and Texas reported the highest foreclosure totals for the month, the firm said, and with 7,966 foreclosure filings in January, Massachusetts ranked sixth among states, RealtyTrac said.

“January’s foreclosure numbers demonstrate that foreclosure activity is continuing on its upward trend, substantially increasing from a year ago in many states,” James J. Saccacio, chief executive of RealtyTrac, said in a statement. “However, the 8 percent monthly increase in January is not as precipitous as the 19 percent spike we saw in January of 2007, and several key states actually experienced decreasing foreclosure activity from the previous month. It could be that some of the efforts on the part of lenders and the government - both at the state and federal level - are beginning to take effect."
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:08 AM | Comments (0)

Dassault launches new packaging product

The Lowell operations of Dassault Systemes today announced the availability of a new product for consumer packaged goods.

One of the French company's specialties is product lifecycle management solutions.

Now available, Dassault said, is the ENOVIA Consumer Packaged Goods Accelerator for global specification management.

"Designed to simplify the management of design specifications for products spanning multiple brands and markets, the solution will enable companies to more effectively manage regulatory compliance and operational costs while bringing products to market faster," Dassault said in a press release.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:03 AM | Comments (0)

February 25, 2008

Dissident hedge funds raise stake in Times Co.

Two hedge funds trying to elect a dissident slate to the board of The New York Times Co. amassed 19.03 percent of the company’s common stock before last week’s deadline for gaining voting power at the April 22 annual meeting, according to a report filed today.

That rivals the holdings of the Times Co.’s chairman, Arthur Sulzberger Jr., and his family, who have effectively controlled the selection of directors. A two-tiered stock structure gives the family unfettered control of nine of the 13 board seats; what the hedge funds are fighting for is control of the other four.

The funds, Harbinger Capital Partners and Firebrand Partners, contend the company is not taking full advantage of its potential value.

They say the Times Co. should sell assets, focus on the flagship newspaper, The New York Times, and invest more in Internet operations.

The funds have said they do not intend to challenge the two-tiered stock structure or the control of the company by the Sulzbergers.

The company’s assets include About.com, The International Herald Tribune, The Boston Globe, a string of smaller newspapers, and a minority stake in the Boston Red Sox.

Last week, the company nominated four directors for election by Class A shareholders and sent letters to shareholders urging them not to return proxy cards from Harbinger and Firebrand. But it insisted the slate was preliminary and that it was still considering the candidates of the hedge funds.

Harbinger and Firebrand said they accumulated more than 27.2 million shares for about $500 million. They stated they own 19.03 percent of the Class A shares. Class A shares are more than 99 percent of the shares outstanding but have less voting power than the much smaller number of Class B shares.

The company said the Sulzberger family owns about 19 percent of all shares, A or B. That includes a family trust that holds almost 90 percent of the Class B shares, which are not available to the public and have sole power to vote on nine of the 13 board seats.
(New York Times News Service)

Posted by globebusiness at 8:27 PM | Comments (0)

Metabolix names a new CEO

The Cambridge biotechnology company Metabolix Inc. today named Richard P. Eno chief executive, effective March 17.

Eno replaces Jay Kouba, who became president, chief executive and chairman in May 2007 as the company sought a permanent replacement for James J. Barber, who resigned that same month.

Kouba will remain as chairman.

Eno was most recently vice president at CRA International, a management consultancy.
Metabolix is developing biodegradable plastics from corn sugar.
(AP)

Posted by globebusiness at 4:42 PM | Comments (0)

Harvard conference considers broadband traffic

The head of the Federal Communications Commission and other senior officials said today that they were considering taking steps to discourage cable and telephone companies from discriminating against content providers as the broadband companies go about managing heavy Internet traffic that they say is clogging their networks.

Kevin J. Martin, chairman of the FCC, told a hearing on network neutrality and network management today, "While networks may have reasonable practices, they obviously cannot operate without taking some reasonable steps, but that does not mean they can arbitrarily block access to certain services."

The hearing is being held all day today at Harvard Law School, near the congressional district of US Representative Edward J. Markey, a Malden Democrat who as the head of a House telecommunications subcommittee recently introduced legislation intended to prevent cable and telephone companies from discriminating in the way they control broadband traffic. (New York Times News Service)

Posted by globebusiness at 2:13 PM | Comments (0)

SiGe relocates Methuen operations to Andover

SiGe Semiconductor said today that it has relocated its Methuen operations to a larger facility in Andover.

SiGe Semiconductor is a global supplier of radio frequency solutions for wireless
systems.

The company said that it will occupy a newly renovated area of 12,500 square feet in Andover, and that the facility will house the company’s executive team, as well as research and development programs.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 1:52 PM | Comments (0)

Investors jump into Genentech

Shares of Genentech Inc. soared as much as 11 percent today after US regulators approved its drug Avastin for the treatment of metastatic breast cancer.

Analysts had not expected the ruling so early, and many raised their sales and earnings estimates. The approval is contingent on data to be released later this year from additional trials.

Genentech of California is one of the nation's largest companies in the life sciences sector - a sector of vital importance to Massachusetts.

Avastin is one of Genentech's most important products, with US sales of $2.3 billion in 2007. The breast cancer approval could add $500 million or more in sales a year, according to some analysts.

The approval gives a much needed boost to Genentech, the world's second-biggest biotech by sales. Its shares had fallen nearly 17 percent in the year prior to the FDA's ruling on Friday, compared with a decline of 7 percent in the American Stock Exchange biotechnology index over the same period.

"We view this as the best-case scenario and increase our sales estimates as a result," said Joel Sendek, an analyst at Lazard Capital Markets, in a report. "We forecast significant penetration in metastatic breast cancer as approval validates the safety and efficacy claim."

Some analysts are more cautious.

"Because some physicians already use Avastin extensively in the metastatic setting, we question the robustness of uptake, possibly providing an opportunity for investor disappointment," said William Tanner, an analyst at Leerink Swann & Co, in a report.

In addition, it is possible that data released later this year will show the drug is as effective at a low dose as at a high dose. Many doctors are already prescribing the half-dose for patients with lung cancer, which has caused lung cancer revenue to fall short of expectations, said Jim Reddoch, an analyst at Friedman, Billings, Ramsey.

"Lung cancer is a precedent for what we expect to happen in breast cancer," he said.

Avastin is the first in a class of drugs known as anti-angiogenesis therapies to be approved for use against breast cancer. The drugs starve tumors of essential blood and nutrients by blocking a protein known as vascular endothelial growth factor, or VEGF.

"We are still not certain whether it is possible to achieve the same or even greater benefit by using a lower dose than the maximal dose possible," said Dr. William Li, president and medical director of the non-profit Angiogenesis Foundation, which studies this class of drugs.

The approval of Avastin in breast cancer also establishes a bar for other drugs in the same class that are being tested against breast cancer, including Pfizer Inc's Sutent and Nexavar, a drug made by Onyx Pharmaceuticals Inc and Germany's Bayer AG, he said.

"I think overall the pharmaceutical industry will view this as a very positive development because it establishes that breast cancer is an approvable indication for anti-angiogenic therapies," Li said.

The U.S. Food and Drug Administration approved Avastin for use against breast cancer based on data that showed it extended the time before a patient's disease progressed, a measure known as progression-free survival, even though it did not prove the drug prolongs life.

It is the first time the agency has approved a drug on that basis in the front-line breast cancer setting.

But Bret Holley, an analyst at Oppenheimer & Co, said investors should not take that to mean the FDA will relax the parameters for approval for all cancer drug companies.

"I do think this will be positive for the sector, but this approval comes in the wake of very compelling clinical trial data," he said. "I don't think you'll see marginal drugs approved on this basis."

Genentech's shares were up $6.21, or 8.7 percent, to $77.80 in early afternoon trading on the New York Stock Exchange. Earlier they rose as high as $79.39. (Reuters)

Posted by globebusiness at 1:41 PM | Comments (0)

Japan seeks impact at Boston Seafood show

Japan - one of the world's largest importers of seafood -- is vying for a share of the steadily growing US seafood market with the first government sponsored exhibit at today's International Boston Seafood Show.

Facing a declining birthrate, Japan recently set out to increase its exports of agricultural and fisheries products worldwide to $10 billion in 2013 from about $3.7 billion in 2006, Toshinori Uoya, Japan's assistant director of the export promotion office, said this morning at a breakfast sponsored by the Japanese government.

America, which imports about 80 percent of its seafood, is a ripe market for Japan. In 2007, about $13.8 billion pounds of ocean products were imported -- a 35 percent increase from 2002, according to the National Marine Fisheries Service.

Japan, which boasts the world's largest wholesale fish market known as Tsukiji, in Tokyo, is sponsoring 10 seafood companies at a pavilion at the ongoing International Boston Seafood Show.
(By Jenn Abelson, Globe staff)

Posted by globebusiness at 12:57 PM | Comments (0)

Mass. announces grants for at-risk youth

The Patrick administration announced $3.1 million in grants for expanded job and educational opportunities for at-risk youth across the state.

The grants will be made to dozens of organizations working with such youth, the administration said.

"We know that the single greatest predictor of holding a job as an adult is holding a job as a teenager, and that is why we must do everything possible now to put our youth on a path that will lead to academic success and greater life time earnings," Suzanne M. Bump, Secretary of Labor and Workforce Development, said in a statement.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 12:24 PM | Comments (0)

Novell agrees to buy PlateSpin for $205 million

Business software developer Novell Inc. said today that it will pay $205 million for Toronto-based PlateSpin Ltd., which makes software for operating corporate data centers.

Waltham-based Novell expects to close the deal in the second quarter.

It will provide an update on the financial implications of the acquisition during its fiscal first-quarter earnings call, scheduled for Thursday.

Novell said it would integrate PlateSpin into its systems and resource management unit.

Novell products include network management and directory services.

Its shares rose 8 cents to $6.66 in morning trading on the Nasdaq Stock Market. (AP)

Posted by globebusiness at 12:14 PM | Comments (0)

Progressive entering Mass. auto insurance market

Progressive Insurance will begin offering auto insurance to Massachusetts drivers May 1, the company said. Progressive, which sells more auto insurance through agents than any other firm in the United States, said it wanted to enter the Massachusetts market quickly under the new managed competition system put in place by Insurance Commissioner Nonnie S. Burnes.

"We appreciate the work the division has done to create a regulatory environment that allows companies to compete for customers," said Cathy Wilton-Bransch, Massachusetts product manager for Progressive.

Progressive already sells commercial auto insurance in Massachusetts. Starting in May, individual consumer will be able to purchase policies through the company's website, progressive.com. Next year, it plans to have a network of agents in place for consumers who want to buy policies from local agents.

The insurer, based in Mayfield Village, Ohio, claims its rates will be 18 percent lower than the "average rates" paid by Massachusetts drivers in 2007.

Previously, auto insurance rates were set by the Division of Insurance, and insurance companies had little flexibility to vary from the approved prices. Under the new system, companies set their own rates, which go into effect unless they are challenged and disallowed by the insurance commissioner. Drivers whose policies renew April 1 will be first to obtain the lower rates set under the competitive system.

Proponents of managed competition claimed that the new system would draw additional companies into the Massachusetts market, increasing choices and leading to more price competition.
(By Jeffrey Krasner, Globe staff)

Posted by globebusiness at 12:07 PM | Comments (0)

Massachusetts gas prices rise

A surge in oil prices has sent the cost of gasoline soaring in Massachusetts and around the nation.

The latest weekly survey by AAA Southern New England finds self-serve regular selling for an average of $3.05 per gallon in Massachusetts, nine cents higher than last week and 11 cents above the average from the previous week.

The state remains eight cents below the national average of $3.13 per gallon for regular unleaded.

Crude oil prices topped the $100 per barrel mark last week. (AP)

Posted by globebusiness at 12:05 PM | Comments (0)

Converse celebrates "icons"

What do actor James Dean and punk rocker Sid Vicious have in common?

Both are among "icons" being featured in a marketing campaign that is celebrating the 100th anniversary of Converse Inc., the North Andover-based brand of athletic footwear and apparel.

According to Converse, a campaign titled "Connectivity" marks "100 years of disrupting the status quo and features legendary icons from the world of music, arts, sports, and fashion."

Another icon recognized by the Converse campaign is the late gonzo journalist Hunter S. Thompson, who in his writing vigorously espoused such principles as "Free lunch, final wisdom, total coverage."

Converse is a wholly owned subsidiary of Oregon sneaker giant Nike Inc.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 11:32 AM | Comments (0)

Sherwin-Williams deploys Netezza technology

Netezza Corp. today announced that the Sherwin-Williams Co. has chosen it for the analysis of store performance and market basket information.

Netezza of Framingham specializes in data warehouse and analytic appliances, and Sherwin-Williams of Ohio is known for paint and coatings.

Sherwin-Williams is deploying a Netezza Performance Server appliance to provide its business users with the most up-to-date information available, Netezza said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:57 AM | Comments (0)

Zappos to install Kiva system

Kiva Systems said today that online retailer Zappos.com plans to install a Kiva fulfillment system at a Zappos distribution system in Kentucky.

Specializing in solutions for the distribution and order fulfillment industry, Woburn-based Kiva utilizes a fleet of mobile robotic drive units that bring inventory directly to warehouse workers.

Zappos plans to use Kiva's ItemFetch split-case picking system and OrderFetch shipping sorter at its Shepherdsville, Ky., facility to store, move, and sort a variety of products, including shoes, apparel, and accessories, Kiva said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:11 AM | Comments (0)

Boston Scientic lands 3 FDA approvals

Natick medical-device maker Boston Scientific Corp. said today that it has received Food & Drug Administration approval for three products in its cardiac rhythm management business.

The products include the Confient implantable cardioverter defibrillator, the Livian cardiac resynchronization therapy defibrillator, and an upgraded Latitude patient management system, the company said.

"Our cardiac rhythm management team is refocused on delivering therapy systems that meet physicians' needs for safety, reliability, and better patient outcomes," company president and chief executive Jim Tobin said in a statement. "These and other recent approvals are tangible examples of the team's revitalized commitment to quality and innovation."
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:42 AM | Comments (0)

Voltaire gets supercomputer contract

Voltaire Ltd., a company with its US headquarters in Billerica, said today that its switches are included in a new supercomputer dedicated to environmental science research.

Voltaire, an Israeli provider of grid backbone solutions for data centers, said that the Pacific Northwest National Laboratory will use its Grid Backbone switching solutions as part of a new high-performance computing system that aims to accelerate research discovery in environmental molecular sciences.

This represents a multimillion dollar deal for Voltaire, the company said without going into further detail in its press release about financial information.

According to Voltaire, the supercomputer at a Department of Energy facility in Washington state will be fully operational in September and it will be used for research projects related to bioremediation, energy production and environmental clean-up.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:35 AM | Comments (0)

YouCastr empowers amateur sports commentators

Watch out, WEEI. A Boston start-up is launching an Internet service that allows anyone to ape a radio sports talk-show host or mimic a color commentator covering the big game.

According to YouCastr Corp., its technology creates a "real-time, interactive global sports broadcasting network," and the stars of that network could be you.

In other words, anyone who thinks Tim McCarver is a pretentious gasbag can now offer their own World Series commentary. (Think of it as wannabe jock chroniclers engaging in real-time audio blogging.)

"With YouCastr, anyone can become a sports broadcaster," the company said in a press release. "On the simple, yet powerful website, users can easily broadcast live commentary on sporting events and create shows about their favorite local, high-school, college, and pro teams."

What's more, the YouCastr platform allows "broadcasters and listeners to interact live while simultaneously watching or listening to sporting events."

All that's needed is a personal computer, or a laptop, with a microphone and an Internet connection, the company says, and you too can sit in front of your TV while the game's on and offer commentary on the Bruins getting thrashed one more time by those dastardly Habs of Montreal.

And who's your audience? Anyone you're e-mailed in advance with a heads-up. These folks use their PC to connect to the YouCastr website. Then they tune in the game, and instead of the TV announcers, they hear your analysis over their computer's speakers. (And in case you say something dumb, listeners can get into the act by using YouCastr's live chat feature to twit you in text, the company says.)

The service is free for the moment, but YouCastr eventually envisions making money some day by having ads interspersed with your color commentary and by offering a premium package of services to folks who really get hooked on thinking that they're the next Jerry Remy.

YouCastr recently announced a strategic partnership with the CSB School of Broadcasting, just in case YouCastr users are looking to hone their skills.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:28 AM | Comments (0)

American Tower reviewing books on tax issue

American Tower Corp., which owns wireless communication towers, said today that fourth-quarter revenue rose 12 percent but delayed reporting additional financial information while it resolves a tax issue.

The Boston-based company is reviewing past tax accounting for its former satellite and fiber network access unit, Verestar, and said it may take non-cash adjustments to past revenue and net operating loss carry-forwards -- which are used to determine tax bills.

"The company has discovered potential prior period errors associated with certain non-cash tax-related items," American Tower said in a statement. "The company is in the process of completing its analyses, including an evaluation of the materiality of the potential errors and any impact on prior period financial statements."

American Tower did report revenue and other operating metrics from the fourth-quarter and full year. The company said its customers' need for expanded wireless coverage boosted demand, sending revenue up to $378.1 million. Rental and management revenue added 12 percent to $370.5 million.

Analysts expected revenue of $371 million, according to Thomson Financial.

The company reported $128.9 million in cash from operating activities. Free cash flow was $81.5 million.

Chief Executive Jim Taicelt said in a statement the higher revenue came from "robust demand for tower space among numerous carriers in all of our served markets."

For 2008, American Tower expects revenue from its rental and management segment to come in between $1.52 billion and $1.54 billion. Analysts expect $1.57 billion in total revenue. (AP)

Posted by globebusiness at 8:15 AM | Comments (0)

Visual journal partners with Wiley

The Journal of Visualized Experiments, which focuses on biomedical research, today announced a partnership with the Wiley-Blackwell business of publisher John Wiley & Sons Inc. to produce an online video publication.

According to its website, the journal, which refers to itself as JoVE, is based in Somerville.

The partnership will enhance articles published in Wiley-Blackwell’s Current Protocols with video demonstrations of experimental procedures to help increase their reproducibility, said the firms, which noted that Current Protocols specializes in life sciences research.

“Combining a traditional model of scientific publishing and new Internet technologies will produce strong synergies for JoVE, Wiley, and research scientists,” Rachel Burley, vice president and publisher at Current Protocols, said in a statement. “This partnership with JoVE will increase reproducibility of experimental studies across all the fields of biological and biomedical research.”
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:14 AM | Comments (0)

Captivate Network expands footprint

Captivate Network said its digital at-work news and entertainment network can now be found on more than 8,200 screens in 822 buildings across North America.

Generally found in office buildings, the wireless flat-panel television screens are often located in what the Chelmsford firm describes as a "distraction-free viewing environment," a.k.a. an elevator.

Besides news and entertainment, the screens show ads from the likes of Lexus, Toyota, and BMW, said Captivate Network, which noted that in 2007, it added 68 new buildings and 618 new screens to its portfolio.

Captivate is owned by Gannett Co., the Virginia-based media company.
(Chris Reidy, Globe staff)

Posted by globebusiness at 8:06 AM | Comments (0)

iBasis promotes Joseph to chief technology officer

Burlington's iBasis Inc. today announced that Ajay Joseph has been promoted to chief technology officer.

Joseph joined the company in 1999 and has been vice president of network architecture, said iBasis, a wholesale carrier of international long distance telephone calls and a provider of retail prepaid calling services and enhanced services for mobile operators

"Ajay has been at the forefront of the development of the iBasis global network architecture," Ofer Gneezy, iBasis president and chief executive, said in a statement.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:03 AM | Comments (0)

Axcelis rejects takeover proposal

Axcelis Technologies Inc., which makes ion implantation devices for chip makers, said today that its board of directors rejected a $544 million takeover proposal by Japan-based Sumitomo Heavy Industries Ltd.

Sumitomo and TPG, a private equity firm, offered to buy the outstanding shares of the Beverly company Feb. 11 for $5.20 per share, a 29 percent premium to Axcelis' closing price on Feb. 8.

The offer price is a nearly 1 percent discount to the company's closing price Friday.

The company said the board concluded the unsolicited proposal "substantially undervalues" the company.

Axcelis added that the proposal appears to be timed to "reap all the benefits" of the investments Axcelis has made in recent years in developing new products. (AP)

Posted by globebusiness at 7:55 AM | Comments (0)

February 22, 2008

Analyst: First Marblehead may face slow recovery

A Friedman Billings Ramsey analyst said today that it may take longer for First Marblehead Corp.'s business to rebound than he expected.

Based in Boston, First Marblehead helps banks like J.P. Morgan and Bank of America package student loans into bonds and sell them in the bond market. The company makes money mostly by charging fees for helping with the bond sales.

As investors sour on many types of risk, the market's appetite for bonds secured