Business Briefs

Published: Wednesday, January 22, 2003 at 6:01 a.m.
Last Modified: Tuesday, January 21, 2003 at 9:49 p.m.

Two local apartment complexes purchased

  • Two local apartment complexes, Regency Oaks and Country Gardens, have been purchased for more than $9.6 million by Saul and Netty Silber of Gainesville.
    The 148-unit Regency Oaks at 3230 SW Archer Road was owned by Regency Oaks Apartments LLC and was built in 1972. The mixed complex has one- and two-bedroom units and sold for $6 million. Country Gardens, 2001 SW 16th St., has 99 one- and two-bedroom units and was owned by Country Gardens Apartments LLC. The complex, which was built in 1971, sold for $3.65 million.
    An Orlando firm, Smith Equities Corp., brokered the deal, with financing by Compass Bank.
    - Doris Chandler

    War fears overshadow profits; stocks decline

  • NEW YORK - Wall Street looked askance at earnings reports Tuesday, with investors bidding stocks sharply lower despite healthy profits at such firms as 3M and Ford.
    Analysts said a spate of disappointing corporate outlooks last week along with ongoing fears of war with Iraq made investors skeptical of better-than-expected earnings. Concerns about war increased after a gunman in Kuwait opened fire on a vehicle carrying American civilians, killing one and wounding another.
    The Dow closed down 143.84, or 1.7 percent, at 8,442.90. The broader market also retreated for the fourth day in a row. The Nasdaq composite index fell 11.94, or 0.9 percent, to 1,364.25. The Standard & Poor's 500 index fell 14.16, or 1.6 percent, to 887.62.
    - The Associated Press

    Energizer agrees to buy Schick for $930 million

  • Battery and flashlight maker Energizer Holdings Inc. is getting into the shaving business, announcing an agreement Tuesday to buy the Schick-Wilkinson Sword unit from Pfizer Inc. for $930 million.
    Schick-Wilkinson Sword ranks second to Gillette Co. in production and sale of men's and women's razors and other shaving products. The deal will put Energizer and Gillette, which makes Duracell batteries, in direct competition for two key consumer products. Gillette is the industry leader in both areas.
    - The Associated Press

    Knight Ridder earnings surpass expectations

  • NEW YORK - Knight Ridder, the second largest newspaper publisher in the country, reported better-than-expected fourth-quarter results Tuesday, helped by an 8 percent increase in advertising revenue in December.
    The San Jose, Calif.-based company also reaffirmed its 2003 outlook of earnings per share of $3.84, an estimate in line with analysts' forecasts. It earned $96.63 million, or $1.16 per share, for the three months ending Dec. 29, compared with $74.98 million, or 88 cents per share, a year earlier.
    - The Associated Press

    Citigroup takes hit because of settlement

  • NEW YORK - Citigroup's earnings took a hit in the fourth quarter because of a costly settlement with federal and state regulators, but the banking giant still reported record profits for the year.
    Wells Fargo & Co. of San Francisco extended its run of rising profits and met analysts' earnings expectations for the quarter, while U.S. Bancorp of Minneapolis also was on target with its earnings numbers. Earnings at Mellon Financial of Pittsburgh came in below analysts' expectations, and the banking services company said it would shed 650 jobs.
    - The Associated Press
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