Hoping to build on the success of a shoe that generated big sales but also was ridiculed when it was introduced 15 years ago, Reebok Inc. on Wednesday rolled out a next-generation high-tech sneaker with a name that takes a cue from computer software launches: the Pump 2.0. The shoe features an air chamber that molds itself to the shape of the wearer’s foot. But unlike its Pump predecessor, the new shoe inflates itself automatically after you put it on and take a few steps.
PeopleSoft board rejects takeover
PeopleSoft Inc.’s board of directors rejected Oracle Corp.’s $9.2 billion takeover bid Wednesday, thrusting the business software maker’s fate into the hands of its shareholders. After more than a week of deliberation, PeopleSoft’s board unanimously concluded Oracle latest $24-per-share offer was inadequate. It marks the fifth time that the Pleasanton, Calif.-based company has snubbed its bitter rival since the takeover battle began more than 17 months ago.
Yukos oil loses court action
A Russian court has frozen the Yukos oil company’s stake in one-time merger partner Sibneft, setting the stage for the possible confiscation of those shares by prosecutors and dealing yet another blow to Russia’s largest oil producer. The Prosecutor General’s Office said in a statement Wednesday that OAO NK Yukos’ 34.5 percent stake in Sibneft had been arrested by the court to “ensure the compensation of damage inflicted to the state.”
Export increase shrinks deficit
The U.S. trade deficit shrank to $51.6 billion in September, an improvement brought about as exports posted their best month on record. The latest snapshot of trade activity, reported by the Commerce Department on Wednesday, came after the deficit had swelled to $53.5 billion in August – the second-highest level ever registered. September’s trade deficit represented a 3.7 percent reduction from August.
Motorola offers new cellphones
Motorola Inc., which is introducing 20 new cellphones as it tries to avoid slipping to No. 3 in the market, signaled its confidence Wednesday for strong holiday sales and said there are no further product delays in sight. The company said its much-hyped new $900 Razr phone is “flying off the shelves” abroad as it nears its U.S. launch. A year ago, Motorola’s holidays were spoiled by a parts shortage and resulting shipment delays that kept some of its first camera phones – already behind its competitors’ – from being available during the biggest season for cellphone sales.
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