The Boeing Co. has completed about 25 percent of the design for its new 747-8 passenger plane. Since much of the design is the same as the 747-8 Freighter, which Boeing is building first, the engineering focus is on work that is unique to the 747-8 Intercontinental, comprising mostly fuselage and interior design. The most obvious difference is that the 747-8 Intercontinental fuselage will boast an extended upper deck. Boeing will deliver the first 747-8 passenger plane in late 2011.
Verizon earnings rise 5 percent
Verizon Communications Inc. said Monday its earnings grew 5 percent in the first quarter, boosted by its acquisition of Alltel Corp. and strong demand for its wireless, Internet and TV services. Verizon, which is the second-largest U.S. telecommunications provider, earned $3.21 billion, or 58 cents per share, compared with $3.05 billion, or 57 cents per share, a year ago. Excluding charges related to its acquisition of Alltel, Verizon earned 63 cents per share — 4 cents higher than analysts had expected.
Sonosite earnings fall 34 percent
Bothell-based SonoSite Inc., which makes portable ultrasound equipment, reported $1.6 million in first quarter operating income, a drop of 34 percent in comparison with a year ago. Revenue during the three months ending March 31 was $51.8 million, just 1 percent less that the comparable quarter last year. But changes in foreign currency rates during the most recent quarter cut revenue by about 8 percent. The company was also affected by cutbacks in hospital spending and a general drop in sales, the company reported.
Zumiez lawsuit dismissed by judge
A shareholder lawsuit claiming that Zumiez Inc. and three of its officers had issued misleading statements and engaged in insider trading has been dismissed by a federal judge in Seattle, the company announced. The case against Everett-based Zumiez, which is a retailer of action sports apparel and equipment, was dismissed with prejudice, meaning it can’t be refiled.
T-bill rates mixed in Monday auction
The Treasury Department auctioned six-month bills at a discount rate of 0.305 percent, down from 0.33 percent last week. Three-month bills were sold at a discount rate of 0.135 percent, the same as last week. For a $10,000 bill, the three-month price was $9,996.59, while a six-month bill sold for $9,984.58. That would equal an annualized rate of 0.137 percent for the three-month bills, and 0.310 percent for the six-month bills. Separately, the Federal Reserve said Monday that the average yield for one-year Treasury bills, a popular index for changing adjustable rate mortgages, fell to 0.52 percent last week from 0.55.
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