Google’s lightning-quick acquisition of online video pioneer YouTube once again demonstrated the Internet search leader’s penchant for pouncing on golden opportunities that leave its rivals scrambling to catch up. Perhaps no Google competitor has fallen behind in recent months as much as Yahoo Inc. – an Internet icon battling perceptions that it has lost its competitive edge, even as it continues to attract the largest audience on the Web. Google’s $1.65 billion deal to buy YouTube, announced Monday, is just the latest flexion of the firm’s muscle.
Old brewery sold for $9.9 million
A developer has bought the original Rainier Brewery site in Seattle’s Georgetown neighborhood for $9.9 million and plans to convert it into stores, light industrial businesses, offices and homes. Sabey Corp. bought the 5.5-acre site from Rainier Cold Storage and Ice last week. The property includes four former brewery buildings: a brew house, malt house and bottling plant.
Sprint Nextel CEO leaves abruptly
Sprint Nextel Corp. on Tuesday announced that Tim Donahue is leaving as chairman of the struggling cell phone carrier, the second unexpected departure of a top executive in six weeks. The company did not name a replacement for Donahue, 57, who was chief executive officer of Nextel before it was acquired by Sprint last year for $35 billion, creating the nation’s third-largest cellular provider with more than 40 million wireless customers and $40 billion in annual revenue.
Supervalu earnings quadruple this fall
Supervalu Inc., the nation’s third biggest supermarket chain operator, said Tuesday its earnings nearly quadrupled in its second quarter because of its newly purchased Albertson’s grocery stores. Supervalu also boosted its guidance for the year. The company’s shares rose $1.38, or 4.5 percent, to close at $32.39 on the New York Stock Exchange. Chairman and CEO Jeff Noddle said the Albertson’s purchase added to profit right away, not counting one-time costs from the acquisition.
Dow Jones sets another record
The Dow Jones industrial average set its fourth record close in two weeks Tuesday, finishing less than a point above its previous closing high. After a lackluster day of trading, broader indexes also rose slightly, putting the Standard &Poor’s 500 back near its five-year highs.
Rates rise on short-term T-bills
The Treasury Department auctioned $16 billion in three-month bills at a discount rate of 4.85 percent, up from 4.765 percent last week. Another $15 billion in six-month bills was auctioned at a discount rate of 4.89 percent, up from 4.825 percent last week. The three-month rate was the highest since these bills averaged 4.855 percent on Sept. 5. The six-month rate was the highest since 4.92 percent on Sept. 18. The discount rates reflect that the bills sell for less than face value. For a $10,000 bill, the three-month price was $9,877.40 while a six-month bill sold for $9,752.78. The weekly Treasury auction was held on Tuesday this week because of the Columbus Day holiday.
From Herald staff and news services
Talk to us
> Give us your news tips.
> Send us a letter to the editor.
> More Herald contact information.
