Irish budget airline Ryanair Holdings PLC will pay $3.57 billion for the 70 Boeing Co. airplanes it has ordered, a large discount on the listed price, the carrier said Friday. The price for each 737-800 airplane will be about $51 million, Dublin-based Ryanair said in a regulatory filing. Boeing’s list price is a range of $61.5 million to $69.5 million.
Nasdaq purchases trading network
The brewing stock exchange war heated up Friday as the Nasdaq Stock Market said it would buy Instinet Group Inc.’s electronic trading network for $934.5 million. The announcement came two days after the New York Stock Exchange, Nasdaq’s biggest rival, announced that it would merge with electronic trading firm. The pair of high-profile deals sets up what could be a brutal battle for dominance in stock trading.
Kodak reports first-quarter loss
Eastman Kodak Co., which is navigating a tough transition to digital photography, swung to a loss in the first quarter and missed Wall Street forecasts by a wide margin because of a steady slide in revenues from film and other chemical-based businesses and higher-than-expected costs to cover steep job cuts. Kodak reported Friday that it lost $142 million, or 50 cents a share, in the January-March period, compared with a profit of $21 million, or 7 cents a share, in last year’s first quarter.
AG cracks down on estate tactics
The state Attorney General’s Office has settled an investigation into estate planning sales tactics used by salesmen in the Everett and Seattle areas. Jack Chandler and Travis Derenzo, who did business as the Centre for Living Trusts in Everett and were agents for Seattle’s Normandy Mortgage, allegedly targeted senior citizens and sold living trusts, reverse mortgages and other financial products that were not in the customers’ best interest. Under the settlement, Normandy Mortgage will pay $40,000 in restitution and attorneys fees.
Costco adjusts profit predictions
Wholesale club operator Costco Wholesale Corp. said Friday it expects that third-quarter and full-year earnings will be below Wall Street expectations, citing lower gross margins than expected due to higher gasoline prices and reduced sales. But the company increased its quarterly dividend 15 percent. Shares of Costco fell $3.85, or 8.8 percent, to close at $40.17 on the New York Stock Exchange.
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