Frontier Financial Corp. approved a one-for-10 reverse stock split Wednesday, a move that will allow the Everett-based company to continue trading on the NASDAQ stock exchange. The holding company of Frontier Bank adopted the last-resort measure after NASDAQ officials sent a warning letter saying the company’s shares registered below $1 for 30 consecutive business days. Those low prices mean the bank is out of compliance with the exchange’s minimum share price. Early October was the last time Frontier’s stock traded above $1. The reverse split means every 10 shares of Frontier stock now equal one share. The decision reduces the number of common shares to about 4.7 million, according to a statement from the bank. The split went into effect at 5 p.m. Wednesday, Frontier officials said.
Farm gear sales slump for Deere
Deere and Co. said sales of tractors, combines and other agricultural mainstays slumped in the fourth quarter, and it expects farmers to remain cautious about new equipment purchases because of the weak global economy. The company ended fiscal year 2009 with a profit of almost $874 million but lost $223 million in the fourth quarter because of big charges related in part to pension costs and job cuts. Its sales of farm and construction equipment fell 28 percent in the fourth quarter. Deere, based in Moline, Ill., is the biggest U.S. maker of farm equipment, and sluggish economic conditions in the United States and much of the rest of the world continue to drive down demand for agricultural mainstays.
Bankruptcies rise by about 33 percent
Bankruptcy filings in federal courts jumped by more than one-third this year as businesses and individuals struggled to regain their footing in a weakened economy. New numbers from the Administrative Office of the U.S. Courts show about 1.4 million bankruptcy cases were filed this fiscal year. That’s up 34.5 percent compared with the more than 1 million cases filed last fiscal year. The bankruptcy figures cover a period from Oct. 1, 2008, to Sept. 30. Filings under Chapters 7, 11, 12 and 13 all rose — particularly filings for Chapter 11 protection, which increased 68 percent. Overall, business filings were up 52 percent, while nonbusiness filings rose by 34 percent.
Luxury jeweler sees sales growth
Strong overseas sales and cost-cutting kept a decline in Tiffany & Co.’s third-quarter profit to a bare minimum, causing the luxury jeweler to raise its full-year profit outlook heading into the crucial holiday season. The luxury sector has seen sales drop sharply during the recession, but Tiffany’s results signal that the high end is on the mend, said Edward Jones analyst Matt Arnold. Tiffany earned $43.3 million, or 35 cents per share, for the period that ended Oct. 31.
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