On a day that saw the Nasdaq stock market lose nearly all its gains for 2004, Snohomish County technology and biotech companies were especially hard hit Wednesday. The losing pack was led by Everett-based Unova Inc., whose stock fell $2.28 a share – more than 10 percent – to close at $20.37. The area’s biggest public company, ICOS Corp. of Bothell, lost $3.43 a share, or 8 percent, to close at $39.57. Tim Raetzloff, who created and tracks the Abarim Snohomish County Stock Index, said 11 of the 15 locally based companies he follows were down today, making for the second-largest point loss in the nine-year history of his index. The combined market capitalization of the companies fell by nearly $500 million, a record one-day decline, Raetzloff said.
Kurve Technology Inc. of Bothell said it has raised $800,000 in a just-finished round of financing. The start-up firm has developed a device that can better deliver nasal spray forms of drugs into the sinuses. The new funding will allow Kurve to develop strategic partnerships with larger pharmaceutical companies, said Marc Giroux, the company’s chief executive officer. The firm already has signed a preliminary manufacturing agreement with a large maker of aerosol devices.
A Guyton, Ga., high school senior’s choice for a work-study job was a little too racy in the eyes of her school district. Laura Williams, 17, took a job about a month ago as a hostess at a Hooters restaurant, the national chain known for its scantily clad waitresses. Superintendent Michael Moore has asked Williams to quit, saying the job is not appropriate for work-study.
Business software maker Oracle Corp. raised its hostile takeover bid for rival PeopleSoft Inc. by 33 percent to $26 a share Wednesday, setting the stage for more high-stakes drama in the high-tech soap opera. The all-cash offer, which values PeopleSoft at $9.4 billion, tops Oracle’s previous bid of $19.50 a share. Oracle is betting that the new bid will win over PeopleSoft’s major stockholders and pressure PeopleSoft’s board to drop its resistance to the offer, transforming what has been a hostile battle into friendly negotiations.
The Ford Explorer Sport Trac got the worst rating among 14 vehicles subjected to a new government safety test designed to predict the likelihood of a rollover during a sharp turn. The Sport Trac earned two stars, meaning the rollover risk in a one-vehicle crash is 30 percent to 40 percent.
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