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.

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NEW YORK SUN CONTRIBUTOR

WALL STREET

NYSE Votes To Take Over Pan-European Exchange

Shareholders of NYSE Group Inc. overwhelmingly voted to support the New York Stock Exchange parent’s takeover of pan-European exchange Euronext NV. The transaction won the support of about 99.7% of the shares voting, the NYSE said at a special meeting of investors yesterday. More than 75% of eligible shares were voted; final results will be available today, the NYSE said. Euronext investors also voted in favor of the deal Tuesday in Amsterdam. The merger will create the first trans-Atlantic stock exchange company, to be known as NYSE Euronext.

— Dow Jones Newswires

FedEx Sees Increase In 2Q Earnings

CHICAGO — FedEx Corp. posted an 8.5% increase in second-quarter earnings, boosted by strong volume in its express and ground operations, and said it sees a healthy global economy in the second half of its fiscal year. The package delivery company’s stock, however, fell in early trading as its third-quarter guidance disappointed investors. The stock was recently down 2.4% to $111.23 after dipping as low as $109.60.

— Dow Jones Newswires

RETAIL

iPod-Compatible Shoes Help Nike’s Profits Rise

Nike Inc., the world’s biggest athleticshoe maker, said second-quarter profit rose 8.1%, helped by iPod-compatible shoes and a tax gain. Net income climbed to $325.6 million, or $1.28 a share, beating analysts’ estimates. Profit was $301.1 million, or $1.14, a year earlier, Nike said yesterday in a statement. Revenue grew 10% to $3.82 billion, the biggest gain in a year.

— Bloomberg News

eBay Cedes Control Of Chinese Auction Site

BEIJING — EBay Inc. announced yesterday that it is turning over control of its Chinese auction Web site to a Beijing-based partner in a new joint venture, marking a strategic shift as the American company tries to penetrate China’s market. The deal with Tom Online Inc.comes as foreign companies struggle to adapt to China, the world’s no. 2 Internet market. Yahoo Inc. launched a strategy similar to eBay’s last year, turning over management of its China operation to a local partner, commerce site Alibaba.com.

— Associated Press

GAMBLING

Trump Loses Bid To Build Philadephia Casino

PHILADELPHIA — Trump Entertainment Resorts, Inc. lost a much-sought-after bid to build a standalone casino in Philadelphia, which sent the company’s share price down over 13% yesterday. Shares closed in regular trading down 13.2% to $19.78 on volume of 5.1 million compared with average daily volume of 382,550. The company’s bonds also dipped, with its 8.5% of 2015 off 0.375 points to 99.875 in brisk trade.

— Dow Jones Newswires

NY Sun
NEW YORK SUN CONTRIBUTOR

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.


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