Shares of Eden Bioscience Corp. begin trading today after a 1-for-3 reverse stock split that reduced the Bothell biotechnology company’s outstanding shares from 24.4 million to about 8.1 million. Under the split, each three shares of common stock were combined into one share. The move is designed to help the company regain compliance with Nasdaq’s listing requirements, which require that a stock’s minimum price to stay consistently above $1 a share. On Tuesday, before the reverse split, Eden’s stock closed at 76 cents a share.
First Heritage Bank profits jump 67%
First Heritage Bank said Tuesday that its first-quarter profit jumped 67 percent. The Snohomish-based bank reported a profit of $542,000, up from $325,000 in the same quarter last year. On a per-share basis, earnings grew to 28 cents from 17 cents. Bank president Cathy Reines attributed the improvement to strong loan growth and new efforts to cut overhead costs.
Crude oil prices hit another high
Oil prices settled at a new high above $71 a barrel Tuesday as supply threats around the world overshadowed a new report from OPEC forecasting weakening global demand. There was no fresh catalyst for Tuesday’s buying, but analysts said the market psychology would likely remain bullish until there is some resolution to a variety of geopolitical uncertainties, particularly the West’s nuclear dispute with Iran and output disruptions in Nigeria.
Gasoline prices boost inflation
A big jump in gasoline prices pushed inflation at the wholesale level up in March at the fastest pace in three months, as oil prices above $70 a barrel sent consumers a high-octane warning of expensive fuel costs ahead. The Labor Department reported that wholesale prices rose by 0.5 percent in March following a 1.4 percent decline in February, which had been the largest drop in nearly three years.
Banks post profits despite slowdown
Wells Fargo &Co., Washington Mutual Inc. and U.S. Bancorp posted first-quarter profits Tuesday that shrugged off a recent home-mortgage slowdown caused by rising interest rates. Earnings at San Francisco-based Wells Fargo, the fifth-largest U.S. bank, rose 9 percent to $2.02 billion – marking the first time in the company’s 154-year old history it had passed the $2 billion mark. Meanwhile, Seattle-based Washington Mutual reported a 9 percent jump in profits from stronger fee income, and U.S. Bancorp posted a 7.7 percent increase to $1.15 billion.
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