Business Desk
This article is from the archive of The New York Sun before the launch of its new website in 2022. The Sun has neither altered nor updated such articles but will seek to correct any errors, mis-categorizations or other problems introduced during transfer.
RANKINGS
SEVEN OF THE FASTEST-GROWING COMPANIES ARE IN NEW YORK, INC. SAYS
Seven of the fastest-growing companies in America are based in New York City, and 17 are in New York State, according to Inc. magazine. The annual Inc. 500 list arrives on newsstands today.
Manhattan-based FXCM, a foreign exchange brokerage, grew almost 1,200% in the past three years, earning it 60th place on the list and first place among the New York firms. SeamlessWeb, with a three-year growth rate of 1,100%, was close behind it at 68. SeamlessWeb allows its customers, mainly businesses, to use one centralized online system to order food from a number of restaurants.
Also on the list are FlexCorp Systems, a human resources firm; Liquid net Holdings, which facilitates stock trades between large investors; Intercept Interactive, which buys and resells online ad space;M imeo.com, an online printing center, and Cynergy Data, which sells electronic payment-processing equipment.
– Special to the Sun
FINANCIAL SERVICES
MERRILL EARNINGS RISE 49%
Merrill Lynch & Company, the largest American securities firm, said third-quarter earnings climbed 49% to a record, led by a surge in trading revenue and profit gains at its retail brokerage.
Net income rose to $1.38 billion, or $1.40 a share, from $922 million, or 93 cents, a year earlier, Merrill said in a statement yesterday. The New York-based firm was expected to earn $1.18 a share, the average estimate of 18 analysts surveyed by Thomson Financial. Revenue increased 38% to $6.68 billion. Merrill’s earnings cap the most profitable third quarter ever for Wall Street’s five biggest securities firms. Goldman Sachs and Lehman Brothers Holdings also posted record profits, fueled by proprietary bets on bonds, stocks, currencies, and commodities.
– Bloomberg News
CHICAGO BOARD OF TRADE GOES PUBLIC
CHICAGO – The oldest American futures and options exchange is going Wall Street after 157 years. The Chicago Board of Trade, founded to do business in corn and soybeans but now predominantly a marketplace for financial futures and options, hopes to raise as much as $147 million from an initial public offering today. The exchange needs the money to improve its trading technology and speed its ongoing embrace of electronic trading in a fast-changing industry.
– Associated Press
WINE
CONSTELLATION MAKES HOSTILE BID FOR CANADIAN WINEMAKER
Constellation Brands, the world’s largest winemaker, made a hostile bid of about $900 million for Canadian wine producer Vincor International after the company refused to negotiate a sale. Constellation is offering $26.31 a share in cash. The tender offer will begin on Thursday, Fairport, N.Y.-based Constellation said yesterday in a statement.
– Bloomberg News
TECHNOLOGY
NEWBORN IS NAMED GOOGLE
When Walid Elias Kai’s wife, Carol, was pregnant, he told friends and family he would name his child Google. No one expected Mr. Kai, a Lebanese man living in Sweden, to follow through on his promise – except, he says, for his wife. “Carol … knows how much I adore Google services,” Mr. Kai told a Google blogger, Karen Wickre. Oliver Google Kai was born September 12. His parents live in Kalmar, Sweden. Since Mr. Kai is studying for a Ph.D in search engine marketing, one has to wonder if he is angling for a job. To return the favor, perhaps Google should name its next product Walid. Young Google’s Web site is at www.google-kai.com.
– Special to the Sun
IN BRIEF
Instinet and Inet ATS will pay $1.4 million to settle claims they repeatedly provided inaccurate information on order execution quality, regulators announced yesterday … U.S. producer prices rose in September by the most in 15 years … Crude oil, natural gas, and gasoline fell as forecasts showed that Hurricane Wilma will miss storm-battered production platforms off the Louisiana and Texas coasts … Yahoo, the world’s most-visited Web site, will probably say third-quarter profit rose as new features such as financial advice columns and music videos attracted more advertisers.
– Bloomberg News and Dow Jones Newswires