CombiMatrix Corp. of Mukilteo has begun work on a $2.1 million research project focused on developing the company’s technology for possible military and antiterrorism uses. The project, building on previous Department of Defense-funded contracts won by CombiMatrix, is intended to advance work on a small, automated detector for chemical and biological warfare agents.
Enron Corp. founder Kenneth Lay disclosed hundreds of millions of dollars in quarterly losses and a surprise $1.2 billion writedown in shareholder equity six weeks before the company fell into bankruptcy in December 2001, jurors in his fraud and conspiracy trial heard Monday on a tape of a quarterly earnings conference call. Prosecutors contend he still held back bad news from investors or wrongly described the losses as one-time events to give false hope that business would improve.
Google Inc.’s stock price dropped by more than 4 percent Monday, accelerating a recent shift in sentiment that has caused once-ebullient investors to become more circumspect about the online search engine leader. Google’s market value has plunged by 27 percent during the past month to wipe out nearly $40 billion in shareholder wealth. Google’s shares fell $16.91 to close at $345.70 on the Nasdaq Stock Market. The shares peaked at $475.11.
McDonald’s Corp. fries are not gluten-free. Not long after disclosing that its fries contain more trans fat than thought, McDonald’s acknowledged for the first time Monday that wheat and dairy ingredients are used for flavor. The substances can cause allergic or other medical reactions in food-sensitive consumers. The company said the move came in response to new rules by the U.S. Food and Drug Administration.
The Treasury Department auctioned three-month bills at a discount rate of 4.44 percent, up from 4.375 percent last week. Six-month bills were auctioned at a discount rate of 4.54 percent, up from 4.5 percent last week. The discount rates reflect that the bills sell for less than face value. For a $10,000 bill, the three-month price was $9,887.77 while a six-month bill sold for $9,770.48. Separately, the Federal Reserve said Monday that the average yield for one-year Treasury bills, a popular index for changing adjustable rate mortgages, rose to 4.67 percent last week from 4.6 percent the previous week.
From Herald staff and news service reports
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