Lane's End stud fees released; A.P. Indy stays at $300,000
Top stallion A.P. Indy will stand for $300,000 again in 2009, making him the highest-priced Thoroughbred stud. Lane's End Farm on Tuesday announced its stud fees, many of which are dropping. But there were some exceptions: Kingmambo, sire of Breeders' Cup Classic second-place finisher Henrythenavigator, will stay at $250,000, and Smart Strike, sire of top money earner Curlin, stays at $150,000. Lemon Drop Kid, who stood for $35,000 in 2008, will move up to $50,000. Mineshaft, who stood for $75,000, drops down to $40,000.
Robust profits at Archer Daniels Midland
Archer Daniels Midland Co. said Tuesday its fiscal first-quarter earnings more than doubled, beating Wall Street estimates as the company benefited from lower commodity prices and higher selling prices. The Decatur, Ill.-based food processor and ethanol producer said profit in the quarter ended Sept. 30 rose to $1.05 billion, or $1.63 per share, up from $441 million, or 68 cents per share, last year. The result beat the 69 cents per share expected by analysts in a Thomson Reuters poll. Sales rose 65 percent to $21.16 billion, easily surpassing Wall Street's estimate of $15.98 billion. Higher corn prices and energy costs sent ADM's corn-processing unit's operating profit lower by more than half. That was more than offset by the oilseed-processing unit, where the company realized higher selling prices because it was one of the few suppliers of soybean crush when the U.S. harvest was delayed.
Strike postponed debut of Boeing 787
Boeing Co. says the first flight of its long-delayed 787 jetliner has been postponed until next year because of an eight-week strike by union workers. The Chicago-based company had scheduled the inaugural flight for the fourth quarter of this year. But company spokesman Jim Proulx says the strike by 27,000 union workers pushed back the test flight to an unspecified time next year. The strike ended Saturday after union workers ratified a four-year contract with the company. The hot-selling 787 jetliner is expected to provide high fuel efficiency because of its construction from lightweight carbon composite parts.
Former Bear Stearns exec now at Fed
The former chief risk officer at investment bank Bear Stearns Cos., which nearly collapsed in March, is now a senior official of the Federal Reserve division that supervises U.S. banks. Michael Alix, who worked at Bear Stearns for 12 years and was its senior risk manager since 2006, was named a senior vice president in the bank supervision group of the Federal Reserve Bank of New York, according to an announcement by the Fed. The appointment is apt to raise questions because of the key role Alix played at Bear Stearns and given the Federal Reserve's role in Bear Stearns' sale to JPMorgan Chase & Co. In his new job at the central bank, Alix will help oversee the financial safety and soundness of banks, which are inspected by Federal Reserve examiners. "That's incredible," said James Cox, a Duke University law professor and securities law expert. "This is not reassuring," New York Fed spokesman Andrew Williams declined to comment.
Fannie Mae spends $6,000 on golf outing
Mortgage finance company Fannie Mae acknowledged Tuesday that it spent more than $6,000 on a golf outing after it was seized by the government earlier this year, but said it is halting similar company-sponsored events. Dallas-Fort Worth area television station KTVT reported Monday night that Fannie paid for 20 golfers, including several company executives, to attend a Sept. 29 golf excursion in Texas.
Marvel's earnings soar on 'Iron Man'
Strong box office receipts for the film Iron Man lifted Marvel Entertainment Inc.'s third-quarter earnings 39 percent, according to a report Tuesday from the movie, licensing and comic-book publishing company, which also raised its full-year forecast for 2008. But the story is likely to be different in 2009, when Marvel expects only "modest" performance because larger-than-expected portion of Iron Man revenue will be realized this year instead of next, having been paid early by the distributor; it won't be releasing a summer feature in 2009 and it expects Spider-Man-related sales to weaken.
Compiled from Staff, wire reports